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Name Change

Your Financial Accounts Can Be Changed by Changing Your Name

If you are recently married or simply want to changing your name, you can do so. However, don't forget to change your name in your financial accounts as well, or you'll be locked out.

How to Change your Name in Bank Account After Marriage: You are thrilled to begin a new chapter with your spouse because you just got married. In addition, you now have a new last name that sounds nice. However, when the diligent bank teller stalls your efforts to deposit your wedding checks into the account you and your spouse—and your maiden name—shared prior to your betrothal, your walk on cloud nine is briefly brought back to earth. The guidelines express that payee names should match the record names, so until have the opportunity and willpower to roll out an authority improvement, and look at stores made to your new last name might have to stand by.

Change your name as soon as you can on all of your financial accounts to avoid problems like this after your wedding. Learn the process of changing the name in a bank account in this blog.

In addition, with respect to changes of name, an amendment to Rules 7 (3) and 7(4) has been published, which requires that

  • Every reporting entity shall develop an internal mechanism for detecting the transactions referred to in clauses (A), (B), (BA), (C), (D), (E), and (F) of sub-rule (1) of rule 3, in accordance with any guidelines issued by the director in consultation with its regulator, and for providing information about such transactions in such form as the director, in consultation with its regulator, may direct.
  • Every reporting entity, its designated director, officers, and employees must be responsible for following the method and mode of providing information as established by the director in conjunction with its regulator.

In light of the aforementioned guidelines, institutions have amended their KYC policy and have maintained strict adherence to it.

Why You Need to Change Your Name on Your Bank Accounts?

If you change your name, you need to update all of your accounts to keep them safe and avoid having problems logging in.

Your name, a government-issued ID, and other personal information are frequently used to verify your identity in a world where data breaches are common. Misalignments can result in issues that make it difficult to carry on with your normal activities

How Has the Government Made the Change of Name on Bank Accounts Easier?

The government amended the Prevention of Money Laundering (Maintenance of Records) Rules, 2005, in consultation with the Reserve Bank, and published a gazette notification G.S.R.730(E) dated September 22, 2015, titled Prevention of Money Laundering (Maintenance of Records) (PML) Third Amendment Rules, 2015.

In terms of clause 2 of the PML third amendment rules, an explanation has been inserted in clause (d) of Rule 2. which specifies that—

A document must be regarded as an “officially valid document for the purposes of this clause even if the name is changed after it is issued if it is accompanied by a marriage certificate issued by the State Government or a Gazette announcement reflecting the name change.

As a result, regulated entities are advised that when establishing an account-based relationship or undergoing periodic updation, they may accept a copy of a marriage certificate issued by the State Government or a Gazette notification indicating a change in name, as well as a certified copy of the “officially valid document” in the person’s existing name.

How to Get Help from Vakilsearch for Changing Your Name on Bank Accounts?

During the change of name in a bank account, there are a number of procedures that must be followed. To change your name in your bank account, follow the steps outlined below:

  • The first step during change the name in a bank account is to write an affidavit declaring your intention to change your name and have it notarized.
  • After you’ve filed the affidavit, you’ll need to place an ad in two local newspapers declaring that you’ve decided to change your name. Both the previous and new names should be disclosed in the advertisement.
  • The applicant must next have the same published in the Indian Gazette.
  • You must present a signed written application to the bank.
  • Then attach the notarized name change affidavit, gazette notification, marriage certificate (in the case of a name change after marriage), and copies of newspaper articles.
  • The bank will begin the process of changing your name in its system when your application has been validated and approved. You will receive an SMS or email confirmation once this process is completed.
  • You must then request that your new name be put on your passbooks, checkbooks, debit cards, credit cards, and other documents.

Get in touch with our professionals to complete the aforementioned steps in the most hassle-free manner without suffering through the rigors of legal missteps contained in the Process of changing your Name in your Bank Account.

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