Udyam Registration is a crucial document used for the identification of micro, small, and medium enterprises (MSMEs) of India. After registering on the Udyam Portal, a company needs to provide its bank details to receive schemes from the government subsidies and payments at hand. But occasionally, bank information on the Udyam Registration Portal needs to be updated when there is a change in a bank account, a branch change, or an update of account numbers.

If you've changed your bank or want to set up a new account to replace an old one, this article is going to be extremely helpful to you. In this article, we are going to explain step by step in simple language how to update bank details in Udyam Registration, what documents are needed, and what to do after the update.

Why update bank details?

It is not only a ritual for alteration of bank details under Udyam registration, but it is also necessary due to the following reasons:

1. To get the benefit of government schemes – Different MSME schemes are credited to the bank account.

2. To sanction loans and subsidies – Up-to-date bank details facilitate the sanctioning of loan and subsidy applications.

3. To prevent payment transaction issues – If the bank account is outdated, the payments will get rejected.

4. For professional reputation – New bank details reflect your company's professional image.

When do you need to update bank details?

You need to update bank details on the Udyam Portal when:

• You have changed your bank (e.g., from SBI to HDFC).

• Account number or IFSC code has been changed.

• You have relocated your branch to another location.

• The old current account has been closed.

• Or you may have opened a new current account in the business name.

Be sure, for Udyam Registration, bank details are required, and few documents are required.

1. Bank passbook or cancelled cheque on business name (clearly showing the name, account number, and IFSC).

2. Aadhaar Card (of the business owner).

3. PAN Card (business or personal).

4. Udyam Registration Number (registration certificate number).

5. Mobile number and email ID (registered on the Udyam Portal).

Step-by-step guide for updating bank details on the Udyam Portal

Now, let's understand how to update bank details. It's an easy process and can be completed from home within a few minutes.

Step 1: Open the Udyam Portal

First, go to the official Udyam registration portal.

Step 2: Click on 'Update Udyam Registration'

You may see the link "Update Udyam Registration" on the home page. Click on it.

Step 3: Provide Udyam Registration Number and Mobile Number in the updated Udyam Registration form

Provide your Udyam Registration Number and registered mobile number now.

Step 4: Choose either email or mobile number

Select either your email ID or mobile number through which you want to receive OTP

Step 5: Fill the dialog box

Now, get into the dialogue box on the screen. You need to fill in the details you wish to modify here.

Step 6: Input new bank information

Fill in the new account number, IFSC code, branch name, and bank name. It is very important to fill in the details in the right format so as not to make errors.

Step 8: Confirm and Submit

After you have confirmed all the details, click the "Submit" button. Validate the application via OTP or digital signing.

Step 9: Track Update Status

The instant you submit the form, you will be given an Acknowledgement Number. You can use this to track the status of your update.

Bank details will be updated when?

Bank details get updated normally within 3 to 7 working days. At times, it is delayed due to the delay in document verification.

What if you have problems updating?

If you do not get an OTP while updating bank details or the changes are not getting updated upon submission, then follow the steps below:

1. Clear your browser cache and reload your browser.

2. Udyam Helpline or write to support

3. Keep bank documents clean and valid.

4. If you cannot sort the problem out for yourself, visit a Udyam Consultancy Service.

Some Necessary Precautions

• Fill in proper bank details every time; a small mistake may affect your loan or subsidy.

• Closing the old bank account only after the new one is successfully linked.

• Keeping the same PAN and Aadhaar numbers.

• After submitting, keep an eye on the update status via email or SMS from time to time.

You Can Apply for Udyam Annexure Download Through Udyam Portal

Conclusion

Udyam Registration bank detail update is simple, but a necessary process. It not only allows your business to take advantage of government schemes, but it's transparent for financial operations as well.

In case you want to secure and systematize your business, verify bank details now and then and update them at the earliest if necessary.