How-to bank mandate MF folio NACH

How to update bank mandate on mutual fund folio

From WebNotes, a public knowledge base. Last updated 19 May 2026. Reading time ~6 min.

Key facts

Time required	3 working days for redemption credit
Cost	Free
Multi-bank registration	Up to 5 bank accounts per folio (most AMCs)
Cooling period	10 days for first redemption after new bank registration (AMFI guideline)

Procedure

Choose the route: AMC-direct or platformBank updates are folio-level, not KRA-level. Update via the AMC’s investor portal, via the platform (Coin, Groww, Kuvera, MFU, CAMS, KFin), or via offline forms at CAMS/KFin service centres.
Online via AMC portalLog in to the AMC’s investor portal. Navigate to Service Requests > Bank Details. Enter the new bank: bank name, IFSC, account number, account type. Upload a cancelled cheque copy showing your name.
Online via MFU or RTAOn MFU (mfuindia.com): Services > Modify Bank Details. On CAMS / KFin investor portals: Service Requests > Bank Mandate Update. Same documents needed: cancelled cheque or bank statement first page.
Offline form submissionDownload the AMC’s Bank Change Form. Fill in old and new bank details. Attach a cancelled cheque or bank statement first page (must show your name as account holder). Submit at the AMC office or a CAMS/KFin service centre.
Document verificationThe RTA verifies the cheque against the folio’s PAN and KYC. Cheques without the account holder’s name printed may need additional bank-attested confirmation.
Add or replaceMost AMCs allow up to 5 bank accounts per folio (multi-bank registration). Choose: add the new bank alongside existing banks (multi-bank), replace one, or set the new bank as default for redemption proceeds.
10-day cooling period for first redemptionPer AMFI guidelines, the first redemption to a newly registered bank has a 10-day cooling period. If you redeem within 10 days, proceeds may credit to the old default bank instead.
Re-mandate SIP NACHExisting SIP NACH mandates are linked to the old bank. To shift SIP debits to the new bank, raise a new NACH mandate; the old mandate doesn’t auto-switch. SIP installments continue from the old bank until the new mandate is active.

The bank mandate registered on a mutual fund folio controls two flows: redemption proceeds (where redemption cash credits to) and SIP debits (where SIP installments are pulled from). Updating the bank is a folio-level change, not a KRA-level change, and the procedure varies slightly per AMC and platform.

Conflict-of-interest disclosure. This guide is published by WebNotes Editorial Team for informational purposes. WebNotes has no commercial relationship with any AMC, RTA, platform, or bank. No affiliate commission is earned from bank updates.

Step-by-step procedure

See the procedure infobox above.

KRA vs AMC level

KYC at the KRA is name, PAN, address, mobile, email, and identity proof. Bank account is not part of the KRA KYC record (this differs from broking accounts, where bank is part of the broker KYC). Bank is registered at the AMC folio level. So bank updates always go to the AMC / RTA, not the KRA.

Multi-bank registration

AMFI’s Best Practice Guidelines allow up to 5 bank accounts per folio. This enables you to:

Receive SIP from one bank and redemption to another.
Set up backup bank for SIP if primary fails.
Receive lump-sum redemption to a different bank from regular SIP debit bank.

To use multi-bank, register all 5 at the folio and mark one as default for redemption.

10-day cooling period

Per AMFI guidelines, a redemption requested within 10 days of registering a new bank account credits to the previously registered default bank, not the new one. This is an anti-fraud control: a fraudster who hijacks a folio cannot immediately redirect redemption proceeds.

Plan large redemptions accordingly.

SIP NACH re-mandate

NACH mandates are signed authorisations from the bank to the AMC. The existing NACH mandate references the old bank’s IFSC and account. To shift SIP debits:

Submit a new NACH mandate for the new bank (eMandate or physical).
The AMC links the SIP to the new mandate.
The old mandate is cancelled.

The transition can have 1-2 SIP installments under the old bank during processing.

External references

References

SEBI (Mutual Funds) Regulations, 1996.
AMFI Best Practice Guidelines on bank mandate and multi-bank registration.
NPCI NACH 2.0 operational guidelines.
SEBI Master Circular for KYC dated 12 October 2023.

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