How to Modify Bank Account Details?

4 mins read
by Angel One

Points to Note

Individual account holder

  • If you are an individual account holder, you can update your bank details online using this link through Angel One App.
  • The new bank account being added through the online process will automatically become your primary bank account. This means that any SEBI Payouts or automated  fund settlements and dividends will be received in the primary bank account.
  • Through the online process, you can add a new bank account or update the IFSC code (branch) of the existing bank account.
  • The account being added must belong to the same person as the Angel account holder.
  • You can add up to 5 bank accounts.
  • If auto-verification of the  bank account fails, a cancelled cheque needs to be uploaded for verification. 
  • Please have your Aadhaar card ready when requesting to e-sign the application online.
  • Ensure your Aadhaar card is linked to your mobile number to complete the process.

Joint account holder/ HUF account holder/ minor account holder/ NRI/ corporate account holder

  • To update your bank details, you can raise a ticket here  (Create Ticket —> Select Account Details under Category —> Select Profile Details under Sub-Category) and attach the filled-in bank modification form with relevant proof.
  • Any of the documents from the below-mentioned list are accepted as valid bank proof –
  1. Bank account statement
    • The front page should clearly show the client’s name, account number, IFSC code, and Micr code.
  2. Passbook
    • The front page with the client’s name, account number, IFSC code and MICR code should be clearly visible.
  3. Canceled cheque
  • If you are an HUF account holder, Karta’s signature and stamp are required. The bank proof must be in the name of the Karta, and only a HUF bank account can be added.
  • If you are a joint account holder, the form will require the signature of all holders. The bank account and proof must be in the name of the first account holder. Both joint and individual accounts of the first account holder can be added as new bank accounts.
  • If you are a corporate account holder, an authorized signatory signature and stamp are required. The bank modification form and proof are mandatory.
  • If it’s a minor’s account, the minor’s bank account and guardian’s signature are required.
  • If it’s an NRI account, then the bank modification form and proof is mandatory. Only Indian bank proof with NRE and NRO categories will be acceptable.

Process to Modify Bank Account Online

Step 1. Accessing the Bank Accounts option:

  1. Use this link to update your bank details.
  2. Alternatively, log in to the Angel One app, go to the Accounts page, and click on the Profile Widget.
    1. Use your mobile number/client ID and OTP to log in.

Step 2. Click on “Bank Accounts”.

Adding a new Bank Account

Step 1. Click on Add Bank Account

Step 2. Enter the new bank account number and IFSC code

Please make sure to add the bank account registered with Angel One account holder only

Step 3. Check if the branch name is correct and click on continue

Step 4. Automatic Bank account verification will be tried  and you will be redirected to the e-sign page if verification is successful

Step 5. In case the verification fails, you will get an option to either upload a cancelled cheque or try another bank

Step 6. Upload the canceled cheque and proceed to e-sign

Step 7. You will be redirected for esigning the request. Enter the Aadhaar details & OTP sent from Aadhaar on your mobile number

  • Make sure to use your own aadhaar card for e-signing.

    

Step 8. The request will be processed in 2-3 working days.

Editing a Bank Account

Step 1. Upon clicking “Bank Details,” all linked bank accounts will be displayed.

Step 2. Click on the 3 dots icon against the bank you wish to modify and click on edit.

Step 3. Enter the IFSC Code and click on continue

Step 4. Automatic Bank account verification will be tried  and you will be redirected to the e-sign page if verification is successful

Step 5. In case the verification fails, you will get an option to either upload a cancelled cheque or try another bank

Step 6. You will be redirected for e-signing the request. Enter the Aadhaar details & OTP sent from Aadhaar on your mobile number

  • Make sure to use your own aadhaar card for e-signing

    

Step 7. The request will be processed in 2-3 working days.

FAQs

How many times can a bank account be modified?

A bank account can be modified any number of times.

How many days will it take to reflect on account?

It will take 2-3 business days to process the request.

Is the IFSC code compulsory to modify a bank account?

Yes, the IFSC code is compulsory to modify a bank account.

Can I remove the bank account whenever required?

Yes, you can remove or delete the bank account whenever required.

Which documents are acceptable for modifying the bank account?

The following  documents are acceptable for modifying the bank account

  1. Bank Passbook (Latest 3 months transaction)
  2. Bank Statement (Latest 3 months transaction)
  3. Cancelled personalized cheque copy
  4. Banker’s verification letter having MICR and IFSC code along with Bank account number mentioned on it

Is it possible to change a bank account using a third-party account?

No, you can only change a bank account using your bank account.