u/unique_cucumber1
I have been investing in Quant Flexi Cap Mutual Fund through PhonePe for the past 2.5 years via SIP.
Earlier, my SIPs were linked to my HDFC Bank account, which I have now closed. I later added my Union Bank account for SIP debits, and investments are continuing successfully from the new account.
However, when I try to redeem my funds, the system still shows my old HDFC account as the only withdrawal option. Since that account is closed, I am unable to proceed with redemption.
I have already tried the following:
Attempted to update bank details via PhonePe
Used MF Central to update bank details
Uploaded required documents (old and new bank passbooks)
Despite this, the bank mandate for redemption is still not updated.
This is causing a serious issue as I cannot access my own invested funds.
Somebody please help me with this
I have been investing in Quant Flexi Cap Mutual Fund through PhonePe for the past 2.5 years via SIP.
Earlier, my SIPs were linked to my HDFC Bank account, which I have now closed. I later added my Union Bank account for SIP debits, and investments are continuing successfully from the new account.
However, when I try to redeem my funds, the system still shows my old HDFC account as the only withdrawal option. Since that account is closed, I am unable to proceed with redemption.
I have already tried the following:
Attempted to update bank details via PhonePe
Used MF Central to update bank details
Uploaded required documents (old and new bank passbooks)
Despite this, the bank mandate for redemption is still not updated.
This is causing a serious issue as I cannot access my own invested funds.
Requesting guidance on:
How to successfully update my bank details for redemption
Whether I need to submit any offline form or contact the AMC directly
What is the Expected resolution time and
Somebody Please help me resolve this