I have a zerodha account since 2020 and my main account was Paytm Payments Bank Account. Later in 2023 I added my Sbi account and after a few days I made it primary account on console. I started investing through Coin in Mid 2023. I have 3 mutual funds total, one from Motilal, Zerodha and Aditya Birla each.
Today I was checking my Zerodha AMC investment through WhatsApp and it showed my linked bank as Paytm Payments Bank. Even though have been investing through my SBI account since early 2024 when PPBL was restricted by RBI. I thought it would have been changed to Sbi everywhere.
I have never redeemed anything on Coin and I’m not sure which Bank is linked to all three funds. And I’m not sure what will happen when I place redemption request. I changed my primary bank on console and I thought it would be updated with mutual funds as well.
Can someone clarify? @siva @Neelesh
Your mutual fund holdings at Zerodha is in a demat mode. You don’t have to worry about details getting updated with the Amc because the units do not lie with the RTA or the Amc. Technically, the RTA and amc are supposed to update your personal details, such as mobile number, email ID, etc, using a Benpos file, that the RTAs seek from the depository every week.
Here your RTA has not shared the details correctly with the Amc‘s, hence, it is reflecting incorrectly. Rest assured you don’t have to be worried about the redemption amount. As when you place a redemption order in the order, we communicate your primary bank account whatever is updated on console and Zerodha trading account as a primary bank account in which you want the payments to be credited to the exchanges. So the amount will be credited to the bank account what is mapped as a primary bank account with Zerodha.