How to update bank account on a PPFAS folio

From WebNotes, a public knowledge base. Last updated 17 May 2026. Reading time ~6 min. Level: Beginner.

Key facts

Documentary proof	Cancelled cheque or bank passbook first page with the account holder's name pre-printed
Cooling-off period	7 days after the update before redemption proceeds, SWP credits, or NACH-mandate-replacement debits process to the new account
Mandate impact	Existing NACH mandates remain attached to the OLD bank account; SIPs continue to debit the old account unless mandates are re-registered
Processing time	1 to 2 business days for online update; 5 to 7 business days for offline physical form

This guide covers updating the registered bank account on a PPFAS Mutual Fund folio through the PPFAS SelfInvest portal at selfinvest.ppfas.com. The registered bank account is used for redemption credits, SWP credits, IDCW Payout credits, and as the default account associated with the folio’s mandate-based debits. Updating it is a regular service request, but the operational implications, particularly the SEBI 7-day cooling-off period and the mandate-replacement consideration, deserve careful attention.

Prerequisites

An active PPFAS SelfInvest account with the folio linked.
A new bank account in the investor’s name (same PAN as the SelfInvest account).
A cancelled cheque or bank passbook first page with the account holder name pre-printed. The name must match the SelfInvest account name.
An understanding of the SEBI 7-day cooling-off period: after the bank account is updated, the AMC is required to hold redemption proceeds, SWP credits, and other large-value credits for 7 days before crediting them to the new account. This is a SEBI-prescribed anti-fraud measure.
An understanding that existing NACH mandates do not automatically move to the new bank account. They remain attached to the old account. To shift SIPs and recurring debits to the new account, register a fresh NACH mandate at the new bank and update the SIPs.
For joint folios: both holders’ authorisation may be required if the mode of holding is Joint. For Either-or-Survivor folios, either holder can authorise.
An understanding that the bank-account update applies at the folio level. If the investor holds multiple PPFAS folios, the update can be propagated to all folios or restricted to specific folios via SelfInvest’s selection mechanism.

Step-by-step procedure

Step 1: Log in to selfinvest.ppfas.com

Open selfinvest.ppfas.com or the SelfInvest mobile app. Log in with PAN, password, and OTP, or biometric authentication.

Step 2: Navigate to Service Requests then Bank Account Update

From the dashboard, tap Service Requests then Bank Account Update (also called Update Registered Bank Account depending on the UI version). SelfInvest shows the currently registered bank account and the list of folios under the SelfInvest account.

Step 3: Enter the new bank account details

Enter:

Bank name.
Branch name (auto-populated from the IFSC lookup).
Account number (numeric, with mandatory length validation per bank standards).
IFSC (11-character, with the standard format AAAA0XXXXXX).
Account type (Savings or Current).

Select the folios to which this update should apply:

All PPFAS folios under the SelfInvest account.
A specific subset.

Step 4: Upload supporting documents

Upload one of the accepted supporting documents:

Cancelled cheque: The cheque must have the account holder name pre-printed (a hand-written name on a blank cheque is not accepted). Cross out the cheque with CANCELLED in capital letters before photographing.
Bank passbook first page: The first page of a savings passbook showing the account number, IFSC, and account holder name.
Bank statement: A recent (within the last 90 days) bank statement showing the account number, IFSC, and account holder name. The statement must be on the bank’s official letterhead or generated through net banking.

Upload as a clear JPEG or PDF, under 5 MB. The account holder name must match the SelfInvest account name; minor formatting differences (full stop, abbreviation) are typically tolerated, but material differences (different surname, missing middle name) trigger manual review.

Step 5: Authorise the update

Authorise with:

Aadhaar OTP (sent to the Aadhaar-registered mobile).
SelfInvest password and OTP.
Biometric authentication on the mobile app.

Step 6: Penny-drop verification

CAMS initiates a penny-drop verification on the new bank account. A Re 1 credit is sent to the new account. The bank returns the registered account holder name, which CAMS cross-checks against the SelfInvest account name. A match passes the verification automatically.

If the penny-drop fails (e.g., the new account is at a smaller co-operative bank not connected to the NPCI penny-drop API), CAMS may rely on the document upload for manual verification, which takes 3 to 5 business days.

Step 7: Wait for the SEBI 7-day cooling-off period

After the bank account update is processed at CAMS:

The new bank account is active in records immediately.
However, redemption proceeds, SWP credits, IDCW Payout credits, and other large-value bank credits processed during the 7-day cooling-off period are credited to the OLD bank account, not the new one. After the cooling-off period elapses, credits flow to the new account.
Alternatively, in some implementations, large-value credits are held entirely until the cooling-off period elapses. The exact behaviour depends on the SEBI-prescribed implementation at the AMC.

Plan time-sensitive transactions accordingly:

Redemptions during the cooling-off period: Either accept the credit to the old account or wait 7 days before placing the redemption.
SWP credits during the cooling-off period: Continue crediting to the old account; SWP recipients should keep the old account open during this window.

Step 8: Re-register NACH mandate against the new account if needed

Existing NACH mandates are linked to the old bank account. They remain operational against the old account; SIPs continue to debit the old account unless explicitly moved.

To shift SIPs and recurring debits to the new account:

Register a fresh NACH e-mandate or UPI Autopay mandate at the new bank (follow the mandate-registration steps in how to start a PPFCF SIP via SelfInvest portal).
Use how to modify a PPFAS SIP to update each affected SIP to reference the new mandate.
Cancel the old NACH mandate when no SIPs reference it any longer (see how to cancel a NACH mandate at PPFAS).

If the old bank account is being closed, this mandate-replacement step is critical to prevent SIP failures.

What can go wrong

Penny-drop fails due to name mismatch: A maiden-name versus married-name discrepancy, or a slight spelling difference between bank records and SelfInvest, causes the penny-drop to fail. Reconcile names at the bank or at the AMC’s records before retrying.
Old bank account closed before update completes: If the old account is closed and the SEBI cooling-off period has not elapsed, credits processed during the cooling-off may bounce back. The redemption is then re-routed, but this introduces operational friction. Keep the old account open until the cooling-off period elapses and any pending credits process.
SIP debits continue from the old account after the update: This is the most common surprise. The bank update does not move mandates. SIPs continue debiting the old account. To shift SIPs, re-register the mandate at the new bank and modify the SIPs.
NACH mandate ceiling at the old account exhausted but SIPs continue on the new mandate: A common setup. The old mandate continues operating until SIPs are explicitly re-pointed. Plan the mandate-replacement timing to coincide with the bank-account update.
Joint folio second-holder objection: Joint-mode folios may require the second holder’s authorisation. If the second holder is unreachable, the update is blocked.
Bank account in a different jurisdiction (NRE versus NRO versus resident): For NRIs, the new bank account must match the investor’s residential-status framework. NRI investors using an NRE/NRO account must follow the documentary route for NRI-specific compliance.
IFSC change due to bank merger: Bank mergers (e.g., a smaller bank merging into a larger bank) often change IFSCs. Even if the account number is unchanged, the IFSC needs to be updated. SelfInvest’s IFSC validation flags outdated IFSCs.
MF Central or MFU cross-AMC bank update: If the investor uses MF Central or MFU for cross-AMC management, the bank-account update through PPFAS does not automatically propagate to other AMCs. Each AMC’s bank record is independent. MF Central’s nominee-and-bank-management flow can update across AMCs simultaneously where supported.
Income-tax refund coordination: If the bank account is updated for the purposes of receiving a tax refund into the same account that PPFAS uses, ensure the Income Tax e-filing portal also reflects the new bank account.
Cooling-off period for fraud-prevention not refundable: The 7-day cooling-off is a SEBI-prescribed anti-fraud measure and cannot be waived by PPFAS, even for senior citizens or for emergency-redemption scenarios.

How to redeem PPFAS units via SelfInvest covers the redemption flow that respects the cooling-off period
How to set up SWP on a PPFAS scheme covers SWP setup; bank-account changes during SWP need to be timed around installment dates
How to modify a PPFAS SIP covers the SIP-modification step needed to shift to a new mandate
How to cancel a NACH mandate at PPFAS covers cancelling the old mandate after replacement
How to add or update a nominee on a PPFAS folio covers the related nominee-management flow
The reference article on the PPFAS SelfInvest portal covers the full portal functionality

External references

References

PPFAS Mutual Fund, SelfInvest portal at selfinvest.ppfas.com, bank-account-update flow (accessed May 2026).
PPFAS Scheme Information Documents for the seven active schemes.
SEBI Master Circular for Mutual Funds, 22 May 2024.
SEBI Investor Charter for Mutual Funds, 2021 (cooling-off period framework).
SEBI (Mutual Funds) Regulations, 1996.
NPCI NACH e-mandate framework documentation.
RBI operational guidelines on UPI Autopay and NACH.
CAMS Investor Services operational documentation.
PPFAS investor desk FAQ at amc.ppfas.com/faqs/.
AMFI industry framework on bank-account update and mandate management.

Reviewed and published by

WebNotes Editorial Team

The WebNotes Editorial Team covers Indian capital markets, payments infrastructure and retail investor procedures. Every article is fact-checked against primary sources, principally SEBI circulars and master directions, NPCI specifications and the official support documentation published by the intermediary in question. Drafts go through a second-pair-of-eyes review and a separate compliance read before publication, and revisions are tracked against the SEBI and NPCI rule changes referenced in the methodology section.

Last reviewed: 17 May 2026
Conflicts of interest: WebNotes is independent. No relationship with any broker, registrar or bank named in this article.