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Five transactions that need your bank account details now

Here are five transactions that need you bank account details:

1. In order to enable direct transfer, it is now mandatory to provide bank details in several transactions with brokers,mutual funds, tax authorities and others.

2. A blank cheque is required to be attached to the documents, to ensure that the account details are correct and the account number and IFSC code can be captured.

3. Do not sign such a blank cheque. Simply cross it across the face, with the words “cancelled” so it cannot be used. Do not endorse such cheques.

4. If your signature has to be verified by the bank manager, provide that as an additional documentation. Most banks have a specific format.

5. If your bank account is held in joint names, it is important that the first holder is also the primary investor in the transaction for which bank details are being provided.

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