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My Default bank account is non functional/inactive/closed or I-Sec is unable to credit the funds to my Default account due to some reason. How will I get the credit my funds?

April 26, 2017account bank account closed credit Default Functional funds i-sec

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My Default bank account is non functional/inactive/closed or I-Sec is unable to credit the funds to my Default account due to some reason. How will I get the credit my funds?

1 Answer

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Any change in the status of your default bank account should be updated with I-Sec and the respective Payees on an immediate basis. If the same is not done, your withdrawal/redemption request will not be completed. For all such withdrawal request placed by you, the amount will be added back to your allocation amount. To receive the credit of your funds, you will have to place: 1. a request for changing your default bank account. 2. a fresh withdrawal request after the new default account is mapped. In case your redemption request has failed, you will have to get in touch with the Payee (AMC / Principal) for updating details of your new bank account with the Payee.