How to Update Your Bank Details in Your IEC Code
When you’re running an import-export business, keeping your financial details up to date is crucial. Your Import Export Code (IEC) is the key to smooth international trade, and having outdated bank details can cause delays in payments, customs clearances, and compliance issues.
But don’t worry! Updating your bank details in your IEC Code isn’t as complicated as it sounds. This guide will walk you through the process in a simple and easy-to-follow manner.
Why Updating Bank Details in IEC is Important?
Your IEC is linked to all your international transactions. If your bank details change due to a new account, bank merger, or any other reason, failing to update them in your IEC can result in:
✅ Payment delays from international clients
✅ Issues in availing export incentives and benefits
✅ Complications in customs clearance
✅ Mismatch in financial records
To avoid these hassles, it’s best to update your IEC as soon as possible.
Step-by-Step Process to Update Bank Details in IEC
Step 1: Log in to the DGFT Portal
- Visit the Directorate General of Foreign Trade (DGFT) website: https://dgft.gov.in
- Click on “Services” > “IEC Profile Management”
- Log in using your Username and Password
- If you don’t have an account, register using your PAN and email.
Step 2: Edit IEC Profile
- After logging in, go to “Modify IEC”
- Locate the “Bank Details” section
- Click on Edit to update the required details
Step 3: Upload Required Documents
To verify your updated bank details, you need to upload:
📌 Cancelled Cheque or Bank Certificate (with updated bank details)
📌 Bank Statement (if required)
Make sure the bank document:
✔ Matches the name of the IEC holder
✔ Clearly displays the IFSC Code, Account Number, and Bank Name
Step 4: Submit the Application
- After uploading documents, verify all details
- Click on “Submit” and proceed to payment (if applicable)
- You will receive an Application Reference Number (ARN) for tracking
Step 5: Approval and Confirmation
- DGFT will review your request
- If everything is in order, your IEC will be updated within 5-7 working days
- You can check the status using your ARN on the DGFT portal
Need Help? Let The Tax Compliance Handle It for You!
Updating IEC details can be time-consuming, but The Tax Compliance is here to make it easy for you. Our experts ensure hassle-free documentation and quick approvals so you can focus on your business.
📞 Call Us: (+91) 74-192-77-192
📧 Mail Us: thetaxcompliance@gmail.com
🌐 Website: thetaxcompliance.com
