Trading with Zerodha has become very popular in India. This is because of their low brokerage charges and easy-to-use platforms. However, you may want to change the bank account connected to your Zerodha trading account for different reasons. The process of changing your bank account on Zerodha is simple. It can be done online in just a few steps.
What You Need Before Changing Bank Account
Before you change your bank account on Zerodha, make sure you have:
Active Zerodha Trading Account
You need to already have a trading account with Zerodha. You can only change bank accounts if you are an existing user. If you don’t have a Zerodha account, you first need to sign up on their website.
Documents for New Bank Account
To add your new bank account, you need documents like bank statement, cancelled cheque, passbook copy etc. These are needed to verify your account. Keep the documents ready before starting the change.
Steps to Change Bank Account in Zerodha
Follow these easy steps to change the bank account connected to your Zerodha trading account:
Login to Your Zerodha Trading Account
Go to the Zerodha login page. Enter your user ID and password. This will log you into the Zerodha trading platform.
Go to Profile and Choose Bank Accounts
At the top right corner, click on your username. This will take you to Profile. Under Profile, select the Bank Accounts option.
Click on Add Bank Account
This will open the form to add a new bank account to your Zerodha account.
Enter Bank Account Details
In the form, fill all the required details like bank name, account number, IFSC code etc. Make sure the details match your new bank account.
Upload Verification Documents
You need to upload scanned copies of documents like cancelled cheque, bank statement etc. These should show your name, address and new account details.
Set the New Account as Default
Once your new account is added, set it as the default bank account. This will make the new account main for withdrawals and payments.
Delete Old Bank Account
If you want, you can now delete your old bank account from Zerodha. But it’s better to keep it as a backup.
Important Points to Remember
Here are some key points to keep in mind when changing bank account on Zerodha:
- First add new account before deleting old one. This ensures smooth transition.
- Verifying new account can take 1-2 days. Don’t initiate any withdrawals during this time.
- You can have multiple bank accounts connected to your Zerodha account.
- Withdrawals always happen from the default account. Change default as required.
- Tell Zerodha if your old account is closed. They will automatically deactivate it.
Changing the bank account on Zerodha is very straightforward. You can start the process online yourself. Just make sure you have the needed documents for new account verification ready. Maintain funds in old account until new one is verified. This avoids disruptions. Follow the steps properly and you can change your trading account bank easily.
Tips for Trading on Zerodha
Here are some useful tips for trading effectively on the Zerodha platform:
- Use simple order types like Market Order, Limit Order and Stop Loss Order when starting out. Learn about advanced order types later.
- Enable two-factor authentication and app passwords for account security.
- Get familiar with Zerodha’s trading platforms like Kite and Coin. Learn how to place orders quickly.
- Start with paper trading to understand the markets without real money risk.
- Analyze your trades regularly and maintain a trading journal. This will help improve.
- Don’t overtrade. Be patient and wait for right opportunities.
- Use Zerodha’s console to track portfolios, set price alerts and analyze data.
- Diversify across various assets like stocks, mutual funds and commodities. Don’t put all money in one asset.
For More details about Change Bank Account in Zerodha can be accessed online at zerodha official website. Also you can contact Zerodha Customer Care to update your account details.