How do I change bank information in an existing folio?

One of our ClearTax users recently inquired about having his bank information for an existing folio changed.

You have two options for getting your bank information updated. First and foremost, if you want to change your current bank. Second, see if you’ve mentioned any incorrect entries.

Let’s take a look at each case individually:

Change to a new account: Follow these steps if you want to start saving with a new bank account and also want to update the new bank account information in your folio:

a. Download the appropriate AMC’s form.

b. Fill in your basic information such as your folio number, name, PAN, and so on.

c. Provide the information for both your existing and new bank accounts.

d. A cancelled cheque from both the old and new accounts.

e. Sign and return it to the appropriate AMC.

Change due to incorrect entry: We’re all human, and we sometimes make errors, such as mentioning the wrong account number or IFSC code. We can also correct those errors. The measures are as follows:

a. Download the appropriate AMC’s form.

b. Enter your information, such as your folio number, name, PAN, and so on.

c. Provide the information for both your existing and new bank accounts.

d. A cancelled cheque from your account.

f. A self-attested copy of any government-issued identification document.

g. Sign and return it to the appropriate AMC.

The whole procedure should take no more than ten working days. When you’re done, your folio will be updated with your new bank details.