In the world of online trading and investment, Zerodha has emerged as a leading brokerage firm in India. With its user-friendly platform and transparency, Zerodha has gained popularity among both beginners and experienced traders. If you are a Zerodha user and have decided to change your bank account, this article will guide you through the simple process step by step. Whether you are shifting to a new bank or simply updating your account details, changing your bank account in zerodha is easy and hassle-free.
Why Change Bank Account in Zerodha?
Before diving into the process of changing your bank account, let’s take a moment to understand why you might need to do so. There could be various reasons for changing your bank account in Zerodha:
- Shifting to a new bank: If you have recently opened a new bank account and wish to link it with your Zerodha account, you will need to go through the process of changing your bank account details.
- Better banking services: You might be unsatisfied with your current bank’s services and want to switch to a different bank that offers better facilities and customer support.
- Relocation: If you have relocated to a different city or country, it is common to change your primary bank account. In such cases, you will need to update your new bank account details in Zerodha.
How to Change Bank Account in Zerodha
Now that we have established the reasons for changing your bank account, let’s proceed with the step-by-step process.
Step 1: Visit the Zerodha Website
To initiate the process of changing your bank account in Zerodha, start by visiting the official Zerodha website.
Step 2: Login to your Zerodha Account
Login to your Zerodha account using your credentials. If you are a new user, you will need to create an account before proceeding further.
Step 3: Navigate to My Account
Once you are logged in, navigate to the “My Account” section. This section contains all the essential details related to your Zerodha account.
Step 4: Click on the ‘Profile’ Tab
Within the ‘My Account’ section, you will find a tab labeled ‘Profile’. Click on this tab to access your profile settings.
Step 5: Select ‘Bank Accounts’
In your profile settings, you will find an option labeled ‘Bank Accounts’. Click on this option to view and modify your existing bank account details.
Step 6: Add New Bank Account
Under the ‘Bank Accounts’ section, you will find an option to ‘Add New Bank Account’. Click on this option to enter the details of your new bank account.
Step 7: Provide Bank Account Details
In the given fields, enter the necessary details of your new bank account, such as the bank name, branch, account number, and IFSC code. It is crucial to provide accurate information to ensure a smooth transition.
Step 8: Upload Proof
To verify the authenticity of the new bank account details, you will be required to upload a copy of a canceled cheque or a bank statement. This verification step ensures the security of your account and prevents any fraudulent activities.
Step 9: Submit Request
Once you have entered all the required details and uploaded the necessary documents, review the information you have provided and click on the ‘Submit’ button to send a request to Zerodha for changing your bank account.
Step 10: Await Confirmation
After submitting your request, you need to wait for Zerodha’s confirmation. The process may take a few business days, during which Zerodha’s support team will verify the submitted details and make the necessary changes.
Additional Information: Things to Keep in Mind
- Charges: Zerodha does not levy any charges for changing your bank account. The process is free of cost.
Maintain Minimum Balance:Make sure to maintain the minimum balance required by your new bank in order to avoid any penalties or account closure. - Pending Transactions: It is crucial to complete or cancel any pending transactions before initiating the bank account change process to avoid any inconvenience or discrepancies.
- Updated Account for Payouts: After the bank account change is successfully processed, ensure that you select the updated bank account as your default account for receiving payouts from Zerodha.
Changing your bank account in Zerodha may seem like a complex procedure, but by following the above-mentioned steps, you can effortlessly update your details. It is essential to be cautious while providing your bank account information and to double-check all the details for accuracy. Zerodha’s support team is always available to assist you in case you encounter any difficulties during the process.
Remember, keeping your account information updated is crucial for a seamless trading experience. So, if you are planning to switch banks or have already done so, make sure to update your bank account details in Zerodha as well.
