What is a “Default” bank account?
At the time of registering for this facility, you have to specify any one bank account as a Default” bank account. This account is used for redemption processing in case you do not specify the bank account in the request for redemption of units. Dividend proceeds, if any, are processed into the “Default” bank account only. • Which bank account will be used for dividend proceeds? Dividend proceeds, if any, are processed into the “Default” bank account only. • When will redemption be processed into the “default” bank account? Redemption is processed into the “default” bank account in the following scenarios: • No bank account is mentioned in the redemption request for receiving redemption proceeds • Details of the “Default” bank account are mentioned in the redemption request for receiving redemption proceeds • Maturity of investments in FMP schemes • In case you have already 2, 3 or 4 bank accounts in your folio and provide a new bank account for redemption along with the redemption req
Related Questions
- 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?
- Can iPlanet webserver 4.1 and 6.0 modify any of the default LDAP values?
- What is the process for changing the Default bank account?
