3-in-1 account with IDFC Bank

PR4575 · January 16, 2019, 6:53am

Its now live for existing members!

Anybody who tries share your feedback here please.

https://support.zerodha.com/category/account-opening/idfc-3in1/articles/3in1-for-existing-users

PR4575 · January 29, 2019, 6:36am

Anybody tried?

lindo · January 30, 2019, 12:26am

Tried and worked, for many. The account linked to the Zerodha account has to be of IDFC first ,erstwhile IDFC bank(in primary) then the conversion can be done and the 3 in 1 benefits will be available after you send the updated signed common POA from that link post conversion.

san1 · January 30, 2019, 4:15am

@lindo Means we have to open IDFC bank account First, After that, through, above link will have to change primary bank account as IDFC, And then after we have to send POA from . This is procedure

Is I am correct ?

lindo · January 30, 2019, 4:33am

@san1:
Step 1: First open IDFC bank account,
Step 2: link the IDFC account as primary in Zerodha(follow the procedure here: https://support.zerodha.com/category/funds/adding-bank-accounts/articles/how-do-i-change-my-primary-bank-account-linked-with-zerodha?ref_query=primary%20bank)
Step 3: Convert using the link (https://signup.zerodha.com/idfc)
Step 4: You will now get the option to download common 3-in-1 POA, from the above page post-conversion that has to be printed, signed as per instructions here and couriered to Zerodha.

san1 · January 30, 2019, 4:38am

@lindo THANKS for information

Nataraj_Mandal · January 30, 2019, 5:06pm

Why not with SBI?

lindo · January 31, 2019, 4:55am

@Nataraj_Mandal: SBI has their own broking arm and hence would not go in a tie-up with Zerodha as it would be a conflict of interest for them, not that Zerodha wouldn’t consider this if it were possible.

rupeshmandal · January 31, 2019, 5:58am

Does converting an existing Zerodha account into an IDFC 3-in-1 account incur in any additional cost or any terms and condition changes for the existing account?

What are the merits/ demerits of the same? The Support article only talks about benefits. Anything hidden clause/ condition that we should know before proceeding?

lindo · January 31, 2019, 6:29am

Hi @rupeshmandal,

Does converting an existing Zerodha account into an IDFC 3-in-1 account incur in any additional cost or any terms and condition changes for the existing account?
-Nope

What are the merits/ demerits of the same? The Support article only talks about benefits. Anything hidden clause/ condition that we should know before proceeding?
-One click Fund transfer from IDFC first bank to Zerodha, you will be able to see the bank balance on the fund page on Kite. Plus the added benefit of 7% interest on the balance in the bank account compared with the 3.5% offered by other banks.

Kshiteesh_Saralaya · January 31, 2019, 7:00am

Hey @rupeshmandal,

For modifications in primary bank accounts, you will be charged Rs 25 + 18% GST. But apart from that there is no other charge for conversion to 3in1

rupeshmandal · January 31, 2019, 7:07am

The secondary bank accounts remain as earlier even after converting Zerodha into 3-in-1 IDFC A/c?
Or
money transfer can only be done through the IDFC account?

Kshiteesh_Saralaya · January 31, 2019, 7:08am

You can transfer funds to your trading account from both primary (IDFC) and your other secondary bank.

rupeshmandal · January 31, 2019, 7:30am

Thanks. Two suggestions:-

While converting it showed this error twice. On third attempt it worked. Please look into technical glitches.

Please update the support article and include the pointer that even after converting into 3-in-1 account one can do fund transfer from the secondary accounts as well. This is unlike how HDFC Securities or ICICI direct 3-in-1 account work. So this information would be useful to the users.

Kshiteesh_Saralaya · January 31, 2019, 7:57am

This is likely because of a time out issue. We’ll get it checked.

The article has been updated now

Nataraj_Mandal · January 31, 2019, 2:31pm

If I change my primary bank account to idfc then what would be with my mutual fund linked with sbi as primary bank account. Any adverse effect on Demat account ?

Vikram_Rao · February 1, 2019, 1:18pm

Hello All,

This afternoon I had a conversation with IDFC CS team, you need to maintain an MAB of 25K if you open an IDFC bank account… 25K idle funds parked in a bank … Not a good proposition …

Nishant_Mishra · February 1, 2019, 1:49pm

IDFC guys are encouraging everyone to open a 25K MAB account just to fulfill their sale targets but they have other account also which requires only Rs.250/- minimum balance. The difference between both these accounts is that in 25K MAB account you’ll get unlimited ATM withdrawals, free DDs and cheque books, free debit card (no annual fee and free replacement), etc.

I think if you’re opening this account only for Zerodha purpose you’ll not require all these features. Ask them to open a Zero Balance Savings Accounts with Platinum Debit Card with Rs.250/- MAB.

BTW, they also offer zero balance account without above mentioned deliverables.

Vikram_Rao · February 1, 2019, 1:53pm

I already have a IDFC zero balance account for close to 8 months… And per my conversation with IDFC CS team once I map the account with zerodha my zero balance account will be converted to regular savings account… And I don’t wanna maintain 25k in savings account I might use it for trading rather than earning 7 or 8% interest …

Nishant_Mishra · February 1, 2019, 2:02pm

Thanx for this information. But what would happen if I initially open a 25K MAB account and withdraw most of the funds (say 20K) after successfully mapping the account with Zerodha?