How to Redeem Money from Mutual Funds on the Groww App

Important Update for Mutual Fund Investors on Groww

Due to a new SEBI regulation, there have been a few changes in the mutual fund redemption process.

• Linked Bank Account Requirement: The mutual fund redeemed amount will now be credited only to the bank account linked to your mutual fund folio.
• Verification Process: While redeeming, the Groww app will show you which bank account is linked to your folio. After redemption, the mutual fund house will verify if the account is valid and matches the folio holder’s name.
• Possible Request for Additional Documents: AMCs (Asset Management Companies) may ask for documents like bank statements for verification.
• Physical Cheque for Failed Verification: If verification fails, the redeemed amount will be sent via physical cheque to the address linked to your folio.
• Potential Delays: Due to the new process, updates from the AMCs and RTAs (Registrar and Transfer Agents) to Groww might be delayed, causing some delays in updating your dashboard on the app.

Updating Your Linked Bank Account-

If your linked bank account is not functional or you want to link a different account, follow these steps on the Mfcentral website:

1. Sign in or sign up on Mfcentral.
2. Click ‘Submit Service Requests’ and then ‘Change of bank account details’.
3. Select the folio and submit the change.
4. Upload new bank account details and documents, then submit.
   
   

• Processing Time: It may take 10-15 days to map new account details, after which you can place a redemption order.

For any concerns, you can reach out to our 24*7 customer support team. We’re here to help resolve any issues as quickly as possible.