Hi guys, Welcome to our blog. When you open a Zerodha Demat account, the bank account is the first step that you have to complete. In this step, you have to mention the bank details that will be linked to your trading account. In the event, you want to change the bank account, then you can do so from the Demat account. In this article, we will talk about how to change bank account in Zerodha Demat account.
What is Zerodha and how it works?
Zerodha is a discount stock broker from India. They offer the lowest brokerage rates in the country and have revolutionized the Indian stock market. One of the services Zerodha offers is a Demat account. A Demat account is an electronic account where you hold your investments. It is a handy way to keep track of all of your investments in one place. In this article, we will show you how to change the bank account associated with your Zerodha Demat account.
How to Open an Account with Zerodha in 2022?
Opening a Zerodha Demat account is simple and free. You can open an account online in minutes by submitting a few simple details. There is no paperwork involved, and you can start using your account immediately once it is opened.
To open an account:-
you need to provide your name,
- date of birth,
- contact number,
- PAN card number
- email address.
- You will also need to select a username and password for your account.
Transferring Funds to Zerodha
After you have added your new bank account details in Zerodha, the next step is to transfer funds from your old bank account to Zerodha. In order to do this, you will need to login to your Zerodha account and click on the ‘Funds Transfer’ option. You can then enter the necessary details about your old bank account and the amount you wish to transfer. Once you have clicked on the ‘Submit’ button, the funds will be transferred to your Zerodha account and you will be able to start trading immediately.
Existing Brokers’ Account in Zerodha
If you are an existing broker with Zerodha and would like to change your bank account in Zerodha, please follow these simple steps: Login to your Zerodha account and click on “Funds Management” Under “Accounts”, click on “Deposit/Withdrawal” On the right-hand side, you will see a section called ” Transfer Funds to Other Accounts”. Click on “Add Account” and fill in the required details Once the account is added, you can transfer funds to and from your bank account and Zerodha account easily. If you have any problems, please feel free to get in touch with our support team.
How to Change Bank Account of Existing Brokerage?
Changing your bank account in Zerodha is a cakewalk. All you need to do is follow these simple steps:
1. Login to your Zerodha account
2. Click on the ‘Accounts’ tab
3. Under the ‘Bank Accounts’ section, click on ‘Change Bank Account’
4. Enter the details of your new bank account and hit the ‘Submit’ button
5. You will receive an email notification once the account is updated.
That’s it! You can now start trading using your new bank account.
Can I change my bank account to Demat account?
Yes, it is possible to change your bank account to a Demat account. To do this, you will need to fill in the Zerodha bank mandate form and submit it to Zerodha along with a canceled cheque and bank statement of the old bank account. Your account will be credited within 2 working days of submission of the form.
How to deactivate Zerodha Demat account? follow these steps:-
If you are not using Zerodha Demat account and would like to deactivate it, please follow the below-mentioned steps:
1. Login to your account and click on the ‘Deactivate Account’ button.
2. In the pop-up that appears, enter the required details and click on the ‘Deactivate Account’ button.
3. Your account will be deactivated within 24 hours.
Also check:- How to do registration of NBFC with the RBI in 2022?
Any of the changes you make are handled by Zerodha under your account login ID. But sometimes, some users may want to change their bank accounts for various reasons. It is not possible to directly charge your bank account on the website but still, it can be done.