Are you a YES BANK Account Holder? Here is an Important Message for you
The recent moratorium on YES bank by SEBI has led to restrictions on the withdrawal limit from the bank, capping it to Rs 50,000 till 3rd April 2020. The withdrawal limit is applicable for your SIPs, EMIs and insurance premiums, linked to your account. When it comes to investments on Groww with YES bank as your primary account, you may face a few issues. But don’t worry we have got you covered! Here’s how.
Situation 1: You Want To Redeem Your Mutual Fund Investments
Solution: If for some reason you want to redeem your mutual fund investments, but have YES bank as your primary bank then here’s what to do.
In this situation too you would have to add another bank account because even if you place the redemption request and money comes in your YES bank account, you may face issues withdrawing the same.
So add another bank account and make it primary. You can follow the link below to know about this simple process.
Read More: How to Add or Change Bank Account on Groww
Now when you redeem your units, you will get the option to either redeem to Groww balance or the primary bank (the one you have added recently). Select accordingly.
This way you will be able to get the amount within 3-5 working days in the bank account you have chosen and you can make withdrawals whenever needed.
Situation 2: You Have Made An NEFT Payment Towards Your Investments
Solution: Now, if you have recently made any payments towards your mutual fund investments via NEFT, with YES bank as your primary account, then the money would have been debited from your YES bank account, however, it would not reflect on our end.
In this situation, we would urge you to stop any further NEFT payments until we send you communication on the same, as we are constantly in touch with the YES bank team to get this sorted.
Meanwhile please send a mail to [email protected] informing about your NEFT payment and we will help you out with all your queries. Don’t worry, if you have already made NEFT payments, your money would get credited back to your account between 5-7 working days.
Situation 3: You Want To Ensure Your SIPs Are Not Interrupted.
Solution: Due to the withdrawal cap, it is possible that your SIPs might not get debited from your YES bank account if the limit of Rs 50,000 has been exceeded. If you want to ensure your investments run smoothly, here’s what you can do.
You can add another bank account and make it your primary account. Post this you can make lumpsum payments into the mutual fund of your choice.
If you want to take the SIP route you can set up a mandate for the new bank added and going forward, your SIP amount will start getting debited from the newly added bank account.
Rest assured, the Groww team is on its toes to ensure your experience is as smooth as possible and we will offer your maximum assistance to help you sail through this situation.
Happy Investing!