It is mandatory for investors to ensure the following details. (Please refer to important note below)
A. Mention the details of the bank account from where the payment for subscription is made in the designated area of the application form / common transaction form or on the transaction slip. The mandatory details to be mentioned are:
- Bank account number,
- Bank name and
- The cheque / demand draft number.
B. Name of the first unit holder/applicant in mutual fund folio should be pre-printed as one of the bank account holders on the payment cheque.
If first unit holder/applicant name is not pre-printed on payment cheque, the investor should submit the following additional documents, with each purchase application.
1. Cheque Payments: If the name of the first holder is not pre-printed on the cheque, investors should submit any one of the following documents to establish that the payment is made from the bank account of the first unit holder:
- Bank Pass Book copy,
- Bank Statement copy, or
- Letter from bank
Tip: Investor are strongly advised to avail "Multiple Bank Accounts Registration" facility and register their various bank accounts with the fund and avoid submitting additional documents every time. Click here to know more.
2. RTGS / NEFT / Fund Transfers: Investors should submit a copy of the instruction to the bank containing the account title, account number and all account holders debited for the remittance.
3. Payments via Demand Drafts: Incase of Investments through Demand Drafts, the investors can submit any of the following supporting:
- Proof of debit to the investor's bank account in the form of a bank manager's certificate with details of account holder's Name, bank account number and PAN as per bank records, if available. Click here for the draft of the certificate
- Copy of the acknowledgement from the bank, wherein the instructions to debit carry the bank account details and name of the investor as an account holder are available.
- Copy of the passbook/bank statement evidencing the debit for issuance of a DD
Any of the above will be a valid supporting document in such subscriptions.
It must be ensured that such bank account number debited to issue Demand Draft is the same as the one of the registered bank account mandate(s) with the fund or the bank details mentioned in the application form.
- Please note that a demand draft issued against cash payment is not accepted by the fund.
Important Note: If the details and additional documents, where necessary, as mentioned above are not submitted with each subscription application, the application will be deemed to be through a "Third Party" payment and is liable to be rejected without any recourse to the applicant/investor. In case the funds are transferred to the mutual fund prior to rejection of the subscription, additional documents / details with respect to the investor and the payment may be sought prior to initiating a refund.