Zerodha 3 In 1 Account

Demat account cannot be operated alone. You need a trading account for the transaction and the bank account to transfer funds to your trading account. No wonder it looks like a hassle to beginners. Right? But Zerodha came up with the solution by providing its client Zerodha 3 in 1 account. 

Now, what is this 3 in 1 account? Well as the name goes, it opens all the three accounts demat, trading and bank accounts together thus preventing you from multiple documentation and other formalities. 

Wondering how to process and open these accounts, let’s dive in to understand how a 3 in 1 account works. 

Zerodha 3 In 1 Account Review 

Generally, every stockbroker offers 2 in 1 demat account facility, where one can have a trading and demat account. But the need to have a bank account and to reduce hassle Zerodha offers the bank account facility to its clients.

Here the stockbroker ties up with the bank, here IDFC bank offers banking services to its client. The account is opened directly while applying for the demat account online. 

To understand it in-depth, we should discuss each of the three accounts separately.

Zerodha Demat Account

Zerodha is a discount broker that facilitates trading in the stock market. To perform these trades, you have to open a demat account so that your securities (stocks and scrips) can be stored in a dematerialized (digital) form.

Opening a demat account, you have access to various trading platforms provided to you. You can use them for trading with ease and quickly. After you are associated with them, it means that you have some of the best trading apps like Zerodha Kite.

All your securities will be held, debited, and credited from this account.

Zerodha Trading Account

The trading account can be understood in simple terms as the bank account of the stock market. All the transactions are initiated with this. The investment or trading amount is deposited here.

The various charges levied on the trades and transactions of the stock market are added and deducted to and from your trading account. You can withdraw and deposit funds into this account with the bank account linked when you opened your account.

Zerodha Bank Account

Linking your bank account to the demat account is a mandatory step as your trading is dependent on the funds you transfer from your bank account.

Zerodha offers you the choice to link multiple bank accounts with it. The first account linked during the process of account opening is titled the default or primary account automatically. Other than that, you can add two more accounts.

These accounts are labeled as Secondary accounts. If you want to change the primary account in Zerodha, you can do so by following a simple procedure using the trading apps.

Here, if you can opt for the bank provided to you by the broker, you can have it while activating or opening an account with the broker. 

Now, we shall talk about the account opening process.

Zerodha 3 In 1 Account Opening

The account opening process for any broker is just the same. In the normal account opening procedure, you have the option to open the account online or offline. Similarly, in the case of the Zerodha 3 in 1 account, you have the choice to open this account online or offline.

If you want to open the Zerodha 3 in 1 account offline, you print out the form and fill in the details of your IDFC First bank account and the account would be opened in the same manner as listed below.

So,  here are the steps you need to follow to open a Zerodha 3 in 1 account online.

Zerodha 3 In 1 Account Opening Online

To start with, you need to have an existing bank account with IDFC First Bank. Once you have the bank details, you are eligible to open a 3-in-1 account with Zerodha.

The process remains the same, i.e., the steps listed below:

1. Registration by entering your mobile number and OTP. 
2. Verify e-mail ID
3. Enter the PAN Card
4. Verify your Aadhar by entering the OTP sent to your linked mobile number. 
5. Enter the personal details
6. Accept the Terms & Conditions
7. The final process is in-person verification followed by an e-sign. 

Note: if you open a normal demat account with Zerodha, you can always convert it to a Zerodha 3 in 1 account.

The only thing that is different here is that after the application form is e-signed using your Aadhaar Number or VID, a pre-filled POA form will be generated. You have to send the signed form to the Zerodha head office after printing it.

The address for the head office is:

Zerodha Head Office

153/154, 4th Cross Dollars Colony,

Opp. Clarence Public School,

J.P. Nagar 4th Phase,

Bangalore – 560078

Zerodha 3 In 1 Account Charges 

The charges levied on you for opening an account with Zerodha remain the same no matter which accounts you want to open. If you open an equity account, you pay ₹200 and if you want to trade in the commodity segment, you ought to open a commodity account.

You pay ₹100 extra for that. Further, you choose to open the account offline, you have to pay ₹300 extra. There are all the charges:

Another important charge levied on every trader and investor is the maintenance charges. You pay ₹300 + GST per annum. It is deducted from your trading account at the end of every quarter.

Although, if you want to convert your 2 in 1 account into Zerodha 3 in 1 account, no charge will be levied.

Zerodha 3-in-1 Account Minimum Balance 

Since the 3-in-1 links your bank account, so here you need to maintain a minimum balance to avoid the penalty charges. 

If we talk about the minimum balance in the IDFC First Bank account, you are required to maintain ₹10,000 as a monthly balance. However, no minimum balance is required for the Zerodha trading account. 

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Zerodha 3 In 1 Account For Existing Customers

You have the option to convert your existing Zerodha demat account into a 3 in 1 account. This can be done only when the primary bank account linked with your trading account is an IDFC First Bank Account.

So, the complete procedure for the same is as follows:

• Visit the Zerodha website and click on ‘Open an account. When the page loads, you’ll see the button to continue with Kite. 

• You will get redirected to the verification page. Here, verify your Personal Details and Bank Details.
• Now, click on the Convert to IDFC First Bank 3-in-1 Account button, as shown below:

• Now, download the Common POA. Print it and fill it up. Send the filled form to Zerodha Head Office. The address is:

Zerodha Head Office

153/154, 4th Cross Dollars Colony,

Opp. Clarence Public School,

J. P. Nagar 4th Phase,

Bangalore – 560078

• Once the POA is received at the head office, the request will be processed in 24 to 48 hours.

You’ll receive a notification for the opening of the Zerodha 3 in 1 account. Post this, you can use it and enjoy the various benefits of this account.

Some things you must keep in mind before you convert the existing account to a Zerodha 3 in 1 account:

• Zerodha does not charge you anything for converting your existing account to a 3 in 1 account. However, to change your primary bank, you will have to pay ₹25 + 18% GST.
• After converting the account, you can transfer the funds from your secondary bank accounts to trading accounts.
• If you get a message that reads – “Your IDFC bank details don’t match”, here are some of the reasons behind it:
  • The bank account does not have your PAN card updated. Update the PAN details using the internet banking portal or mobile banking facility.
  • This bank account is already linked to the trading account as a secondary account. The bank account holder should be you or in the name of the first holder for a Zerodha joint account.
• This facility to open a Zerodha 3 in 1 account is available for individual accounts.

Zerodha 3 In 1 Account Benefits 

There are multiple benefits of opening a Zerodha 3 in 1 account. They are as follows:

1. There is no limit or cap for fund transfer.
2. The fund transfer is free of any extra charges.
3. You will be able to do fast and real-time fund transfers from your bank account to the trading account without a complicated authentication.
4. You can view your IDFC First Bank savings account balance from the Zerodha trading account. So, you can track all of the assets as your holdings (stocks, ETFs, bonds, mutual funds, and cash) in just one window.
5. Other than this, once you open an account with the broker, you can reap the benefit of Zerodha refer and earn program where you can earn commission on brokerage of your referral.

Conclusion

The Zerodha 3 in 1 account is a facility extended to both new clients and existing clients. If you have an account with Zerodha, it can be converted to a 3 in 1 account using the Kite platform.

Contrarily, the new clients can open this account online and offline. The detailed process for both these conditions has been discussed above. The opening charges and the duration of account opening remain the same.

One thing that you should keep in mind before converting or opening this account is that it is only available for individual accounts and you have to maintain a minimum bank account balance of ₹10,000 per month.

We hope that all your queries regarding Zerodha 3 in 1 account have been answered. In case of any doubts, reach out to us.

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