How to Update Bank Details in an Existing Folio?

One of our users on Groww recently asked about getting his bank details updated for an existing folio. You can get your account created on Groww in less than 2 minutes.

You can get your bank details updated for 2 scenarios. First, if you want to change the current bank that you are using. Second, if you have mentioned any erroneous entry.

Let us look at each case at a time:

Change to a new account: If you want to start investing using a new bank account and also want to update the new bank account details in your folio, follow these steps;

1. Download the form of the respective AMC.
2. Fill in your general details such as Folio number, Name, PAN etc.
3. Provide the details of your current bank account and the new bank account.
4. A cancelled cheque of your old account and the new account.
5. Sign and send it to the respective AMC.

Change due to erroneous entry: We all tend to make mistakes and sometimes end up mentioning the wrong account number or IFSC code. We can get those errors corrected too. Here are the steps:

1. Download the form of the respective AMC.
2. Fill in your details such as Folio number, Name, PAN etc.
3. Provide the details of your current bank account and the new bank account.
4. A canceled cheque of your account.
5. Self-attested copy of any ID proof issued by the government of India.
6. Sign and send it to the respective AMC.

The whole process should take about 10 working days. Once done you will be able to see your new bank details updated in your folio.