07/03/2020
RBI issued statement on 5 March stating that it is superseding the board of troubled private sector lender YES Bank with immediate effect. Further RBI put moratorium and limited withdrawal up to Rs 50,000/- This has sent panic amongst customer leading to que in front of ATM. Insurance companies have also advised advisors not to accept cheque of Yes Bank as a safety measure for customers.
Investors who are currently investing thru Yes Bank or have given Yes bank as default back for redemption in folio may change their bank to some other bank to avoid problem. In case your SIP is going from Yes Bank, you would need to change so that fresh SIP can be deducted. We suggest immediate action so that you don’t face any issue in case of redemption or investment.
To change default bank, you need to either request for bank change or addition of multiple bank, where in you would be required to sign form and submit along with cancelled cheq with your name printed, in original.
Please contact us ASAP so that we can assist you.
