Unique name problem in my Mutual Funds

[federer.reddevil]

So I started investing 3 years back in SIP with the help of Paytm and Paytm Payments Bank. Now in my PAN Card my name is MyName <space> DadName whereas in my Aadhar the name is MyName <space> DadInitial

So last week I got an email from one of the fund house saying that I have to change the bank Account in the Mutual Fund. So I wanted to change the bank Account to IDFC now the issue is IDFC Account has my name in Aadhar format MyName <space> DadInitial and when I give a cancelled cheque as proof to Mutual Fund they are rejecting the Bank Account change saying there is a name mismatch with the name given in Mutual Fund Folio (PAN Name) and the Bank Account Name (Aadhar Name)

Any idea what can be done to resolve the situation atleast temporarily for the next 1month (since the fund house mentioned I cant make any transaction till I change PayTM bank to something else and I dont want my SIP's to stop) since I am planning to change PAN Name to Aadhar Format in 2nd week of August I dont want to risk it now with the IT deadline nearby since I dont know whether it will mess things up for IT filing.

 

[Tejo]

You can change name in bank records using pan.

In aadhar too you can change (limited chance)

& Vice versa.

 

[federer.reddevil]

You can change name in bank records using pan.

In aadhar too you can change (limited chance)

& Vice versa.

Yea planning to keep my Aadhar name in PAN but I dont want to change it before I finish submitting all the IT for this by July end so till then any way around this issue?

 

[Tejo]

Yea planning to keep my Aadhar name in PAN but I dont want to change it before I finish submitting all the IT for this by July end so till then any way around this issue?

Ask mutual fund AMC to do re-kyc and name change as per your requirement.

But my question, why don't you prefer father's name instead of father's initial ?

 

[federer.reddevil]

Ask mutual fund AMC to do re-kyc and name change as per your requirement.

But my question, why don't you prefer father's name instead of father's initial ?

Nothing like preference the only issue is at the moment I have cheque leaves from all the banks with initials if I have to change name in Aadhar then I have to ask banks for new cheque leaves again for which I would have to pay fees so thought PAN will be one time change and will be comparitively less costly rather than changing in Aadhar and then again going to banks changing there and then getting new chequebooks and all.

Comparing changing in Aadhar and then in all banks and then applying for new chequebooks I thought just changing in PAN then making them change in Demat/MF is a bit less cumbersome process when I think about it. However will tell you how it goes after I try implementing it.

If somebody tried changing it they can also say how their experience was whether it was easy or eventhough it sounds easy it ended up in a messy situation for you.

Other than that no reason for keeping initial instead of full name.

 

[federer.reddevil]

@Tejo moral of the story is make sure your PAN and Aadhar are ditto copy of each other

Wont ever make this same mistake in future after marriage with wife account or with kids account. This is giving me an absolute headache now

 

[panchabhut]

What is the name in your school leaving certificate and birth certificate?
Heard somewhere that PAN does not accept initials only as in first/last name

For updating Adhaar you need 1st class magistrate affidavit followed by publication in gazette. For updating PAN you need 1st class magistrate affidavit and certification by Class 1 Govt officer.

 

[Yugi]

Nothing like preference the only issue is at the moment I have cheque leaves from all the banks with initials if I have to change name in Aadhar then I have to ask banks for new cheque leaves again for which I would have to pay fees so thought PAN will be one time change and will be comparitively less costly rather than changing in Aadhar and then again going to banks changing there and then getting new chequebooks and all.

Comparing changing in Aadhar and then in all banks and then applying for new chequebooks I thought just changing in PAN then making them change in Demat/MF is a bit less cumbersome process when I think about it. However will tell you how it goes after I try implementing it.

If somebody tried changing it they can also say how their experience was whether it was easy or eventhough it sounds easy it ended up in a messy situation for you.

Other than that no reason for keeping initial instead of full name.

Why do you want to get new cheques when old ones with initials will be still valid. Having full name everywhere helps, else you will be going in circles for name mismatch issues. Now a days no systems allow initials, so better update aadhaar. Give passport as proof and you can change name without any issues.

 

[federer.reddevil]

What is the name in your school leaving certificate and birth certificate?
Heard somewhere that PAN does not accept initials only as in first/last name

My colleagues have initials only in PAN

In school leaving certificate it is like in Aadhar only Initials

Why do you want to get new cheques when old ones with initials will be still valid. Having full name everywhere helps, else you will be going in circles for name mismatch issues. Now a days no systems allow initials, so better update aadhaar. Give passport as proof and you can change name without any issues.

Paasport is another story with my middle name also that is not present in the PAN for some reson it doesnt show middle name and in Aadhar both Middle name and Last Name are with initials only.

I thought of giving the Passport name for all but being a south Indian it is like the comedy where the name is so big that it doesnt fit mine if I give the enire first name middle name and last name will be 28 characters.

Dont know how many places support names with 28 characters so dont want to take that risk. I dont want to be left in a scenario where I have to change the name in all the places if suppose in any of the place the whole 28 character name is not accepted and I have to again change my name.

So trying to change my name to FirstName <space> MiddleNameInitial <space> LastNameInitial which itself on its own comes to 13 chars

 

[sheru]

So I started investing 3 years back in SIP with the help of Paytm and Paytm Payments Bank. Now in my PAN Card my name is MyName <space> DadName whereas in my Aadhar the name is MyName <space> DadInitial

So last week I got an email from one of the fund house saying that I have to change the bank Account in the Mutual Fund. So I wanted to change the bank Account to IDFC now the issue is IDFC Account has my name in Aadhar format MyName <space> DadInitial and when I give a cancelled cheque as proof to Mutual Fund they are rejecting the Bank Account change saying there is a name mismatch with the name given in Mutual Fund Folio (PAN Name) and the Bank Account Name (Aadhar Name)

Any idea what can be done to resolve the situation atleast temporarily for the next 1month (since the fund house mentioned I cant make any transaction till I change PayTM bank to something else and I dont want my SIP's to stop) since I am planning to change PAN Name to Aadhar Format in 2nd week of August I dont want to risk it now with the IT deadline nearby since I dont know whether it will mess things up for IT filing.

Rules of CKYC had been made very strict now.

You have to have same First_Name Middle_Name Last_Name in PAN, Aadhar, IT Records.
Then only you'll be able to transact in MF.

Soon going to apply for other Govt ID cards as well.

Better get it sorted ASAP.

 

[federer.reddevil]

Rules of CKYC had been made very strict now.

You have to have same First_Name Middle_Name Last_Name in PAN, Aadhar, IT Records.
Then only you'll be able to transact in MF.

Soon going to apply for other Govt ID cards as well.

Better get it sorted ASAP.

I will have to wait till Oct as I will be out of the country for next 3 months will come back and then decide on how to resolve this headache

 

[sheru]

I will have to wait till Oct as I will be out of the country for next 3 months will come back and then decide on how to resolve this headache

Let me know if you want to sort it out before you go abroad.
I will be able to help you.
DM me.

 

[federer.reddevil]

Let me know if you want to sort it out before you go abroad.
I will be able to help you.
DM me.

With IT returns to do I am not taking any risks before the end of the month so will try and make all the changes after submitting IT and my trip