HDFC Mutual Fund Offers registration of Multiple Bank Accounts

HDFC Mutual Fund Offers registration of Multiple Bank Accounts

Hey, Today I receive the news letter from the HDFC Bank and it announced that you can register up to 5 bank accounts with one folio and whenever you redeem your payouts, you can redeem in any of your registered bank accounts. Here is the detailed mail from HDFC Bank.

Dear Investor,

In our endeavour to continuously offer superior customer-centric services, HDFC Mutual Fund now offers a facility of registering upto 5 bank accounts in your folio for receiving redemption payouts. You must specify any one bank account as the “Default” bank account and register a maximum of 4 additional bank accounts^. Upon registration, you can opt to receive future redemption payouts into the bank account of your choice (i.e. any one of the registered bank accounts) without providing any further supporting documents at the time of redemption.

However, please note that the “Default” bank account will be used for settling redemption proceeds, in case you do not specify the bank account along with the request for redemption of units. Dividend proceeds, if any, will also be paid into the “Default” bank account. You have the flexibility to change/delete one or more of the registered bank account(s) and add new bank account(s), subject to a maximum of five accounts.

Once registered, we will intimate the registration of these bank accounts to you and also reflect them on your statement of account. Please check the same for correctness once you receive the intimation. We would like to, in your own interest, maintain confidentiality and security of your data and hence the bank account information will be partially masked. Your account statements will reflect a maximum of the last 4 digits of each registered account number.

I think this a a great news. Every Mutual Fund House should start this service.