Service requests in a mutual fund

When we invest in a mutual fund, we need to fill some forms and share some mandatory information with the fund management company. Before investing, we should know the right procedures so that we can complete the formalities without any glitch. Let us see some of the procedures we need to follow:

1. Registering the bank account

When you invest in a mutual fund for the first time, you must provide your bank account information for all your transactions as part of the procedure. If you change your bank in the future, you must share the information with the fund house. You can do so by filling up the ‘bank account registration form’. You could also make a request to remove from the records the information of previously registered bank account. It is also possible to register multiple accounts.

2. Folio consolidation

A folio is a set of investments that you register with a fund house. If you invest in a fund, they will provide you with a folio number which is a unique number carrying all your necessary information. If you share your old folio number while investing, the entire process will be convenient and easy as all investments could be brought together. Registering a new folio every time will create confutation.

3. Updating contact details

Many people stay invested in a mutual fund for a long time. If you get a new mobile number or sign up for a new e-mail address, you must register it with the fund house for future correspondence. Needless to say, it is essential to register a new home address in case of a change of residence. 

4. Change of name and signature

If you change your name after marriage or for another reason, you must register your new name with the fund house. You will  be required to present a copy of all the documents related to the name change as proof. You will also need to update the new signature in the bank’s and fund’s records.

5. Nominee 

A nominee is a person appointed by the actual owner into whose name securities or other properties are transferred in order to facilitate transactions. You can register a nominee for your mutual fund by filling the required forms. It is best to complete such formalities to ensure safety and avoid complications. You can register more than one nominee and cancel or change a nominee at any point.

6. Re-issuing a cheque

In the event of loss of the cheque of the dividend/repayment, you can request the bank to issue another one. You will need to duly fill a ‘cheque reissuance form’.


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