The standard procedure involved when you decide to change your bank primarily involves registering the new bank account by filling the registration form. You are also free to get rid of the existing details of your bank account by way of registering multiple accounts so as to make investments in your personal folio number. Secondly, it is not an uncommon practice to invest in mutual funds without any mention of our previous folio number. As a result, multiple folio numbers exist in your name. This leads to a lot of confusion and difficulty in managing several folios, especially when they are all a part of the same mutual fund. It is thus advisable to consolidate these folio numbers so as to simplify the process for you. This process will also give you the chance to know the amount and the tenors of each your fund such that you can wish to stop a particular fund in the eventuality of arriving at the desired returns. One of the best ways to consolidate your folios numbers is by filling in a ‘folio consolidation form’, which will enable you to direct all your investments to a single folio number, simplifying their tracking and managing process. It is also very important to provide accurate contact information so as to enable faster flow of communication. Update your mutual fund house whenever you change your mobile number or email id for instance. Thus, as soon as you undertake any transaction, you will receive an immediate SMS or email alert absolutely free of cost. This will enable your fund house to contact you on a frequent basis wherein you will be informed of all the developments that are taking place in your respective fund. This will also help you by eliminating your chances of opting for debts like loan, personal loan etc, to fund your goals in the eventuality of loses if the reason was lack of knowledge in your fund account. In order to eliminate such future mishaps and keep your funds safe and secured, it is important for you to be in constant touch with you financial advisor or your fund house and keep updating them regarding any changes in your contact details.
Also, if you have had a name change, it is important to inform your mutual fund house about the same, as it will have a direct impact on your investments. It is a very simple process that involves filling up a form, and submitting it along with a copy of the gazette, or your marriage certificate, in case your name change has been implemented after marriage. A banker needs to attest your document, along with signatures of all the holders involved in your folio. You need to submit all these documents to the mutual fund house, after which your investments will be directed in that name. Another important point of caution for an investor is that in case you have misplaced your cheque that was payable to you for dividend or repayment, you can always approach your nearest agent to reissue a new cheque by filling in a specific re-issuance form. This form too has to be signed by all the holders of your mutual fund. Nominating a nominee is an important step that must never be ignored by an investor. In case you have failed to appoint a nominee for your mutual fund, you can always do so, or in case you want to change your nominee, you can do that too by specifying the name of another nominee for your mutual fund. You can also desire to allocate more than one nominee for your fund by specifying the ratio in which the fund will be divided.