Where will the amount withdrawn be credited?
The withdrawn amount will be credited only to the bank account linked to your mutual fund folio.
Key Points to Note:
- As per SEBI regulations (effective June 19, 2024), Asset Management Companies (AMCs) can transfer redemption proceeds only to the registered bank account.
- If you need to receive funds in a different account, you must update your bank details with the AMC before placing a withdrawal request.
- If your registered bank account is closed or inactive:
- The AMC will attempt to process the transfer but may fail.
- In such cases, they may issue a cheque/DD to your registered address.
- Redemption payouts usually take 1-5 business days, depending on the type of mutual fund you redeemed.
To avoid any delays, ensure your bank account details are updated with your AMC or through the investment platform you use.
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Where will the amount withdrawn be credited?
The withdrawn amount will be credited only to the bank account linked to your mutual fund folio.
Key Points to Note:
- As per SEBI regulations (effective June 19, 2024), Asset Management Companies (AMCs) can transfer redemption proceeds only to the registered bank account.
- If you need to receive funds in a different account, you must update your bank details with the AMC before placing a withdrawal request.
- If your registered bank account is closed or inactive:
- The AMC will attempt to process the transfer but may fail.
- In such cases, they may issue a cheque/DD to your registered address.
- Redemption payouts usually take 1-5 business days, depending on the type of mutual fund you redeemed.
To avoid any delays, ensure your bank account details are updated with your AMC or through the investment platform you use.
Was this article useful?
