Hi Fyers Team
I have a doubt that recently I spoked with the customer care of fyers about in which bank account the mutual fund redemption is gone and they said that it will go in the bank with which you made the payment for purchasing mutual fund and then I asked that how to change that bank in which we have to recieve mutual fund withdrawal they said that it has to be done by amc (asset management company).
Then I called the amc HDFC amc about this and they told me that as mutual funds are in demat form the details are to be changed by your broker as in mutual fund in demat form amc only allots units all other details are managed by broker including bank in which credit is given.
I also have zerodha account and they also stores mutual fund in demat mode and I talked to them also with the same question and they told if you have to change bank in which mutual fund credit is to be given you just have to change the primary bank linked with demat account and it will get done. As the mutual fund are in demat form the money go to bank linked with demat account not the bank registered in amc.
Kindly check this with your higher authority and give me clarification about your process that in which bank the mutual fund purchased through fyers go and how to change it.