Zerodha is one of India’s most popular discount brokerages, providing streamlined trading services to millions of users. An important aspect of managing your Zerodha account is ensuring your linked bank details are up-to-date. Whether you’ve closed an old bank account, need to update details after a merger, or simply want to switch to a different bank, knowing how to change your linked accounts on Zerodha is crucial.
In this article, we’ll guide you through the process of changing both your primary and secondary bank accounts within the Zerodha platform.
Understanding Primary and Secondary Bank Accounts
Before we dive into the steps, let’s clarify the concepts of primary and secondary bank accounts in Zerodha:
- Primary Bank Account: This is your main bank account linked to Zerodha. It’s used for both depositing funds into your trading account and withdrawing your trading profits. You can have only one primary bank account.
- Secondary Bank Account: You can link up to two secondary bank accounts to your Zerodha profile. These accounts are used solely for depositing funds into your trading account. Withdrawals can only be made to your primary bank account.
How to Change Your Primary Bank Account?
The process of changing your primary bank account on Zerodha depends on your account type and whether your Aadhaar is linked to a registered mobile number.
1. Online Process
If you have an individual or NRO Non-PIS Zerodha account with your Aadhaar linked to your mobile number, you can easily change your primary bank account online:
Steps to Change Your Primary Bank Account Online
- Log into Console: Visit console.zerodha.com and log into your Zerodha account.
- Navigate to Settings: Click on “Account” and then select “Bank.”
- Modify Account: Click on the “Modify bank account” icon.
- Enter New Details: Provide your new bank account number and IFSC code.
- Terms and Conditions: Read and accept the terms and conditions.
- E-Sign with Aadhaar: Proceed with e-signing and enter your Aadhaar number for OTP verification.
- Verification: Zerodha will initiate a small test transfer to your new bank account for verification.
2. Offline Process
The following account types will need to follow an offline process to change their primary bank account:
- Individual accounts without Aadhaar linked to a mobile number
- Individual accounts linked to a proprietorship bank account
- Joint Zerodha accounts
- NRE and NRO-PIS accounts
- Non-individual accounts (HUF, Corporate, Partnership, LLP, AOP, Trust)
Steps to Change Your Primary Bank Account Offline
- Download Form: Download the account modification form (PDF) from the Zerodha website.
- Attach Bank Proof: Provide valid bank proof (personalized cancelled cheque, bank statement, or passbook).
- Sign and Courier: Sign the form (with authorized signature if applicable) and courier both the form and bank proof to Zerodha’s head office address.
Processing Time and Fees
Whether you use the online or offline process, your primary bank account change will usually be processed within 72 hours. Zerodha charges a fee of ₹25 + GST for this service.
How to Change Your Secondary Bank Account?
The process to change a secondary bank account is generally simpler.
Steps to Change Your Secondary Bank Account
- Log into Console: Access console.zerodha.com
- Account Settings: Go to “Account” and then “Bank.”
- Modify: Click the “Modify bank account” icon next to the secondary account you wish to update.
- Update Details: Enter your new bank account number and IFSC code.
- Verification: A test transfer is made to verify the new account.
There’s no charge for changing secondary bank accounts, and it typically takes about 48 hours to complete.
Important Notes
- PayTM payments bank accounts cannot be linked to Zerodha accounts.
- You can convert an existing secondary bank account into your primary bank account through an online process.
- Always ensure your bank details on Zerodha are accurate to avoid delays in deposits or withdrawals.
If you encounter any difficulties or have specific questions about changing your bank account on Zerodha, don’t hesitate to contact their customer support team for guidance.