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How To Transfer Fund To Sharekhan Demat Account?
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If you are reading this, the odds are that you are either an existing Sharekhan customer or have been planning on becoming one. As an investor, transferring funds to your trading account is necessary for capital addition and carrying out trades. This write-up highlights how to transfer funds to Sharekhan Demat Account. Stay tuned!
Here, you must understand that fund transfers can not be made directly to your Sharekhan Demat account or any Demat account for that matter. You need to have some type of trading account with your broker to do so. This is because a Demat account contains only shares in a dematerialized form.
Assume that you are buying shares. Here you must place your order through your trading account. Once the exchange confirms your “buy” request, the shares will be credited to your Demat account.
Also, read Sharekhan Account Opening, Sharekhan Franchise Details, Sharekhan Franchise Near Me, and Sharekhan Franchise Benefts.
There are several ways to transfer fund to Sharekhan Demat Account namely – via payment gateways, NEFT, Sharekhan mobile app, via automatic transfers and even by manually sending monthly cheques in the name of the broker.
Hence, you may either transfer funds online or through traditional cheques i.e. via the offline method.
However, transferring funds is possible only through your Saharekhan linked bank account. The broker allows linking up to 5 bank accounts for one user.
Choosing a bank account that is not registered with your Sharekhan account will cause the payment to fail/be canceled.
Online fund transfer to Sharekhan or any broker, for that matter, is a result of digitalization. It is not just quick, convenient, and easy but has also made trading a hassle-free process.
Gone are the days when transferring funds to one’s trading account meant a lot of waiting. Even in the best scenarios, it would take at least 3 days to reflect, which in many cases resulted in missing the trade opportunity.
Advancements in technology have highly modified stock trading and have made immediate payments possible. Fund transfer in Sharekhan is very convenient due to the payment gateways, online platform, and a user-friendly interface provided by the broker.
Earlier, the only alternative to add or transfer fund to Sharekhan Demat Account was by sending monthly cheques to the broker. As times have changed, the online transfer method has sorted things out for traders.
The online method includes transfers via UPI, NEFT, standing instructions (automatic transfers) and on the trading platforms (both web and mobile) provided by the broker.
Explained below are the different ways of how to transfer fund to Sharekhan Demat Account. Dive In!
You can add funds to your Sharekhan Trading Account online (from your registered bank account) by following these steps:
- First, log in to your Sharekhan account by entering the id and password provided by the broker
- Once you are logged in, click on the “Accounts” dashboard on the top left
- From the drop-down window, select “Transfer Fund” and under the select segment choose “Equity Trading account”
- Now, enter the amount you would like to transfer (your bank account should already be linked to your Sharekhan account, if not link/register it to continue)
- Once the amount is entered, click on “Move Cash”
- You will be directed to your online banking terminal
- Complete the OTP verification and you will be taken back to your Sharekhan account page
- A “Fund Transfer Confirm” notification will be prompted which indicates that your transaction is successful
- Note that any unlinked bank account can not be used for fund transfer in Sharekhan
Sharekhan Fund Transfer UPI
You can now transfer fund to Sharekhan demat account using UPI. This feature is newly launched by the broker and earlier only net banking was allowed for online fund transfers.
Also, this method is best for those who do not have accounts in the Sharekhan supported bank list. For example, if you have an account with Bank Of Baroda (which is not supported by Sharekhan for net banking), you can transfer fund to Sharekhan Demat Account via UPI.
However, the bank selected by you for UPI transfer must be linked/registered with your Sharekhan account.
Here’s how to add/transfer fund to Sharekhan Demat Account using UPI:
- Log in to your Sharekhan app
- Click on “More” on the bottom right corner and select “transfer funds”
- You will be directed to a page containing 3 sections – “cash transfer”, “withdraw cash”, and allocate funds
- Under the “cash transfer” click on the “equity cash transfer” ledger
- You will be directed to a new window wherein you need to fill the transfer amount
- Once done, select “By UPI” as the payment option and fill in your UPI id
- You may use any UPI app/platform of your choice namely – PhonePe, Google Pay, Bhim, etc.
- Now, click on “Move Cash” and you will be directed to a “payment request” window
- Go to your UPI app and accept the request to proceed (keep in mind the time-line allowed to accept because after that the request shall not be valid )
- Once you click on pay after confirming your UPI pin, the payment will be received by Sharekhan instantly
Also, know about Sharekhan Ledger will help you to make investment decisions.
Sharekhan Fund Transfer NEFT
NEFT (National Electronic Funds Transfer) is a way of internet banking using which you can remit funds to your Sharekhan account. This facility is only allowed by selected banks i.e. the banks supported by the broker.
To do so, you must visit your bank’s internet banking portal and add Sharekhan as a beneficiary/payee. Once you do so, you will be able to transfer fund to Sharekhan Demat Account
Following are Sharekhan’s bank details to add it as a beneficiary:
Bank Name – HDFC (Fort Branch)
Account No. – 15770340013466
Account Name – Sharekhan Ltd SIP Account
IFSC Code – HDFC0000060
MICR Code – 400240015
Sharekhan Mini Fund Transfer
Sharekhan Mini is the broker’s light and fast trading app. It is known for working will with slow/poor internet connection (low bandwidth) and providing major trading utilities. It can be accessed on any browser and is compatible with android, iOS, and windows.
The platform offers a secure fund transfer facility to your Sharekhan trading account via net banking and UPI. Besides, you can also withdraw funds using Mini.
Sharekhan Automatic Fund Transfer
As the name suggests, automatic fund transfer in Sharekhan is an automated process wherein you set “standing instruction” with your bank. This means that a specified amount of funds are transferred from your bank to your trading/Demat account every month at a date specified by you.
Standing instructions can be made towards SIPs, mutual funds, etc. This saves time (that you would otherwise spend on initiating tedious transfers or sending cheques regularly) and also makes trading very convenient.
You can do so using these steps:
- Firstly, you need to log in to your bank’s net-banking portal
- Then, click on “fund transfer” from the net-banking interface (you must pre-register to avail of this facility)
- Now register Sharekhan as a “payee” using these details
- Bank Name – HDFC (Fort Branch)
- Account No. – 15770340013466
- Account Name – Sharekhan Ltd SIP Account
- IFSC Code – HDFC0000060
- MICR Code – 400240015
- Finally, set “standing instruction” with the date, amount, and payment frequency of your choice
Note that this facility is offered by ICICI Bank, HDFC Bank, Citibank, and State Bank Of India. Besides, these transfers usually take about 3 days to get credited to the trading account. Hence, the transfer date must be set at least 3 days before the SIP date.
In simple words, if the date of your SIP is on the 10th of every month, set the fund transfer date on the 7th of every month.
Wondering how to transfer money from Sharekhan to the bank account? We’ve got your back.
You can transfer money from Sharekhan to a bank account using the following steps:
- First, log in to your Sharekhan account using the id and password provided by the broker
- Click on the “Accounts” dashboard on the top left side of the window
- A drop-down window containing “transfer fund”, “allocate fund”, and “withdraw fund” will appear
- Click on “withdraw fund” and enter the withdrawal amount
- Now, tick on the “by online” option for an online transfer of funds to your bank account
- Then click on “withdraw cash” and you are done
Nowadays, brokers offer a manual fund transfer facility to the client’s bank account. In such cases, the amount is credited immediately.
In case this facility is not available, you can place an online/call request at your broker’s bank to transfer funds from your trading to the bank account. Under this procedure, it takes 1 to 2 days for the funds to be credited to your bank account.
Trading accounts do not require maintaining a minimum balance. However, you must maintain the same to avoid any charges.
If your trading account has a debit balance, you will have to pay a “Delay-in-pay-in” fee of 18%.
The Sharekhan fund transfer time varies for different methods.
In the case of NEFT transfers, it usually takes about 2 to 3 hours for the funds to reflect in your trading account.
RTGS transfers are also the same as NEFT ones i.e. usually take 2 to 3 hours. However, the RTGS exceeding an amount of ₹2 lakh is transferred instantly to your Sharekhan account.
Net bankings are instant and reflect immediately in your trading account. Similarly, UPI transfers are instant too.
In the case of withdrawals, i.e. to transfer funds from the Sharekhan Demat account to your bank account, it generally takes 2 to 3 business days for the funds to reflect/be credited to your bank account.
The fund transfer charges in Sharekhan is nil. Yes, you heard it right, adding and withdrawing funds to and from Sharekhan Demat Account is absolutely free.
However, a maintenance fee of ₹400 is charged by the broker from your 2nd year. Other than this, all DP transfers and share transfers are free of cost.
Also, read Sharekhan DP ID.
In this article, we have mentioned several times that can you transfer fund to Sharekhan Demat Account via net banking only through the banks supported by the broker.
Some of the banks that fall under the Sharekhan Bank List
- HDFC Bank
- Kotak Mahindra Bank
- Oriental Bank Of Commerce
- Citibank
- Union Bank Of India
- Axis Bank
- State Bank Of India
- ICICI Bank
- Bank Of India, and many more.
In case you happen to have a bank account that does not fall under this list, you can use UPI for fund transfers. Just make sure that the UPI registered bank account is also linked to your Sharekhan account.
Note that this does not apply to Sharekhan’s NRI Trading Account.
Conclusion
The Sharekhan Franchise is one of it’s kind in the country and is known for serving customers through various Sharekhan branches and sub-branches.
Hope this detailed article cleared up the ways of transferring funds to and from Sharekhan. Happy investing!
Interested in trading, open the Demat account,
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