What happens when the bank account registered for dividend payment is incorrect, inactive or closed?

What happens when the bank account registered for dividend payment is incorrect, inactive or closed? 

If the bank account registered for dividend payment is incorrect, inactive or closed, the dividend may fail to be credited or may be returned to the company. 

  • Incorrect Bank Details: Update the correct bank account details through the applicable process and ensure that the updated details are registered with the company or its Registrar and Transfer Agent (RTA). 

  • Inactive or Closed Bank Account: Submit the required documents, such as the Client Master Report (CMR), updated bank account details and a cancelled cheque, to the company’s registered RTA, as applicable. Contact the RTA to initiate the necessary process for reprocessing the dividend payment. 

Note: The dividend will be reprocessed or credited to the updated bank account subject to document verification and the RTA’s applicable procedures. Contact the concerned RTA for further assistance. 

Update Dividend Bank Details

Find out which documents may be required to update bank details and reprocess dividend payments.

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