Relocating? Here's a list of financial documents to update

People relocate for various reasons. It could be a job transfer or a new job. It could be you moved within the city or you simply changed cites. Whatever the reason, relocation changes a few things, the most important being your address. And, this change of address plays an important part as far as your money life goes. Here’s a quick check-list of documents where updating your latest information is very important. To know more, read on.

Permanent Account Number (PAN): An important document where you need to update your change of address is the PAN. After all today, it’s almost impossible to do any financial transactions without giving a copy of the PAN card.

Pankaj Mathpal, a Mumbai-based certified financial planner and managing director, Optima Money Managers, said, “When there is a change in the address, you need to update with the PAN card authorities. The procedure is simple. But, you will have to ensure you fill the correct form.”

[caption id=“attachment_530159” align=“alignleft” width=“380”] If you fill the incorrect form, your PAN number will change and you will have to surrender the old PAN. Agencies[/caption]

So, the new card will continue with the old number, but at the back end it will have the details about your latest address change. Be careful and choose the form called “Changes and Correction in PAN details” and not the one for new PAN card (49 A). Finding this reminder silly? Not really, when you know that a surprisingly large number of people fill the incorrect form.

Moreover, consider the hassles the follows this mistake: If you fill the incorrect form, your PAN number will change and you will have to surrender the old PAN, and submit the (new) PAN number for all your financial documents and with the employer.

So it is better to be extra cautious while filling the correct form. “It’s important to update the new address on the PAN, since the Income Tax department uses the address updated on the PAN form to send correspondence, if any,“Mathpal said.

Link: Get more info about the same here .

Know Your Consumer (KYC):

Again an important thing to update with your new address is the KYC. For this, all you have to do is download the “change details” forms for individuals, attach the necessarily documents and submit the form at the Point of Sale. The list of PoS is available on the AMFI’s website. Again, it’s important that you fill in the correct form. “The good part is that once you update the details for KYC, you don’t have to get in touch with individual fund houses and like to update the details. This will happen automatically,” said Mathpal.

Link: Get more details on KYC here and fill this form

Bank Relationships:

If you are moving locations within the city, all you have to do is visit the bank branch and give them the address change request. Keep in mind that not all banks will take an address change request through net banking or the banks call centre. As far as moving from one city to another goes, many banks today even allow you to transfer your savings bank account from one branch to another.

So, you no longer need to open a new bank account in the new location. To get the savings account transferred, all you have to do is either give a written application at the bank branch or call the banks customer service centre. Alternately, you could also use the net banking channels to put the request. The best part is that your account number, debit card and cheque book won’t change and you could continue using the same. Also, in most cases, it does not take more than two working days for the transfer to take place.

As far as demat account goes, this address can be easily changed by filling the change if address request form. “However, if you are shifting cities, and your Depository Participant (DP) does not offer its service in the city, you have no option, but to open a new demat account with another DP, and get your shares transferred there,” says Mathpal.

Link: Get more info from your bank and DP’s website.

Other documents: Then there are other documents that you may need to update. For instance, the passport, insurance policy, credit card, IT forms and the like. With financial lives going online, things are much better now than ever. Now, you can simply ask for email statements and the like and avoid paper documents totally.

Many young professionals choose to have their parent’s address as the main address and have all financial documents reach there, while they are located in another city or place. While this might work for sometime, eventually it’s better to change address on these important documents.

This financial documents check list comes to our mind, do you have any other which you have like to add to this list. Feel free to let us know with your comments.