Nishitha Shrivastava, a 28-year-old advertising professional, moved to Goa from Mumbai after marriage. Once in the new city, she got busy looking for a new job and decorating her two bedroom apartment.

Lesson learnt: Nishitha Shrivastava, an advertising professional, moved to Goa from Mumbai after marriage. She faced problems in securing her debit card back after she misplaced it as she didn’t change her address. (Rakesh Mundye/Mint)

To avoid such unnecessary trouble you must update your documents while moving to a new city. Here is a list of financial products and documents that need to be updated with the new address when you relocate to a new city.


Since banks are still key to our financial life, make sure all banking products such as savings account, fixed deposits (FDs), credit cards and demat account are updated. Says Suresh Sadagopan, certified financial planner, Ladder7 Financial Advisories, “As all communications from the bank will be diverted to the address mentioned in the bank records, you must update your address, phone number and email ID." If you don’t, chances are that you may miss on important communications from your bank. For instance, if you need a cheque book, you just walk into an automated teller machine and request for one and it gets couriered to the address in the bank’s record. However, if you don’t update the address, getting your cheque book will turn out to be a time-consuming process.

How to do it: In the case of savings account, the procedure to update address varies from bank to bank. In some banks, you can call up the customer care and get your address changed after answering a few basic verification questions such as your date of birth and your debit card number. Once you verify your identity, the customer care executive will change the address as per the details provided by you.

Other banks, especially most government-owned banks, require you to personally visit the branch in which you have an account and write a letter to the branch manager along with a proof of address. A few other banks give you the option to visit the nearest branch of your bank and submit an application. Even a blank paper application will do. Some banks have a particular form for address change that you could fill on the spot and submit it with a copy of your attested address proof. The address change will take place within 7-14 days. The process is same for credit cards. However, it should be noted here that getting the address changed for credit cards is much more easier than other banking products.

Now with most of the banks enabled with core banking solution, you can access your FDs from any city across the country. However, if the branch of the bank with which you have an FD does not have core banking enabled, you will have to transfer your FD so that you can easily access it. Says Arvind Rao, chief financial planner, Dreamz Infinite Financial Planners, “It is preferable to transfer the deposits to the new city with the local banks/branches to facilitate easier servicing and follow-ups."

If you invest in shares, the demat account and trading account can be easily transferred to the new city. All you need to do is fill a form that your bank will provide and submit it with your address proof.


At present you can pay your insurance premium from anywhere in the country, hence, you may think an address change is not required. As insurance policy is not for your benefit but for your nominee, so is the address change. “Insurance policies, especially ones issued by Life Insurance Corp. (LIC), and health insurance policies, issued by government-owned health insurance companies, should be transferred to the new city because most of the services are offered by the service branch only," says Pankaj Mathpal, managing director, Optima Money Managers Pvt. Ltd, a Mumbai-based financial planning firm. If you fail to update the data on you policy documents, your nominees will face problems during settlement claims. Apart from this, you are likely to miss out the statements of dividends and payment receipts.

Private insurers usually have centralized claim processing cell and offer inter-branch services, hence it may not be necessary to transfer the policy but you must update the address.

Car insurance is valid across India. Says, Rahul Aggarwal, director, Optima Insurance Brokers Pvt. Ltd, “Though the car insurance policy is valid all over India, including during the transit period, for convenience of service it is better to inform the car insurer about the address change." Also, premium charges vary from city to city—in metros you will have to pay more compared with non-metro. If you are shifting to a non-metro, by informing the insurer about your new address, you can save some money.

How to do it: The procedure to transfer life and health insurance policies is to write a request letter mentioning your policy number and attaching the photocopy of your policy you want to transfer. You can send the request directly or through your agent to the branch where you have the policy. It gets updated on the same day, and at times may take 15-45 days, depending upon the case to transfer policy from one branch to another. You can also visit the branch and submit the details or get it done online.


In the case of investments, including Public Provident Fund (PPF), post office products such as small savings scheme, mutual funds, stocks, gold and bonds, an address change request will serve the purpose. “Investments, other than immovable properties, can be transferred to the branches/ local post offices of the new city for convenience. You need to convert all payouts from insurance, mutual fund schemes or any other investments you have made to direct credit mode," says Rao.

How do to it: In the case of PPF, you have the option of transferring the account from one bank to another bank, bank to post office or vice versa, and one city to another city. To transfer PPF account from your old post office to the new one, transfer forms are available with the postmaster that you will need to fill and submit. To transfer PPF account from a bank to a post office, the bank/its subsidiary will issue an account payee cheque or a demand draft for an outstation transfer. The account payee cheque will be in favour of the transferee head post office along with a certified copy of the ledger and all other related records in original. The account will be opened at the transferee head post office like any other new account is opened.

For mutual funds, you will have to update your know-your-customer (KYC) document. You can intimate your change of address to any convenient point of sale. You will have to quote your permanent account number (PAN) and submit it with an address proof. It will take at least 10 days for the change of address to be effective with all the mutual funds with whom you are invested. You don’t need to write directly to the mutual fund or its registrar for the change of address. The specified form can be obtained from the Association of Mutual Funds in India, mutual fund houses and Central Depository Services (India) Ltd’s (CDSL) website. All details of the holders in the mutual fund records will be replaced by the address details available in the CDSL Ventures Ltd record.

Post office products such as small savings scheme can be transferred by submitting a transfer form available at the post office.

If you have a locker in your bank, you will have to close it and open a new one in your current city as transfer option is not available. This will make it easier for you to access your valuables whenever required.

Income-tax records

Usually people do not update their bank details and address in income-tax (I-T) records and investment. Salaried individuals with a zero balance salary account generally don’t bother to close these accounts and even if they close it, they don’t inform the I-T department about the new address. “In case of I-T refund, the I-T department sends the refund in the account mentioned by you in your income-tax return (ITR) filing or PAN card. If transaction fails due to closed bank account, they send the payment by cheque/warrant to the address registered with them. If your address is not updated, it will return undelivered and getting the cheque reissued is a tedious process," says Mathpal.

I-T department usually takes into consideration the address mentioned on your PAN records and not the one in your ITR.

How to do it: You can apply for changes or correction in PAN data by submitting PAN change request form which is available online. The tax information network, operated by the National Securities Depository Ltd, provides this service. Here you can update details such as photograph, address and signature.


Passport is the most important evidence of your residence. Almost all institutions would accept passport as a proof of your address.

How to do it: Once you get your new address, you need to visit the nearest passport office branch. You need to fill up form-II and submit it along with a valid proof of your residential address at passport office of the area of where you reside. Your rent agreement would work as your address proof. If you apply for address change within a few months of shifting to the new place, you would also need to submit proof of your stay at your previous address.

Though not changing address may not have an immediate impact, it will help avoid problems in the future. Even if you plan to move back to your old city in a couple of years, address change update is necessary so that the entire period of your stay in the new city is comfortable.

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