3-in-1 account with IDFC Bank

General
83

That’s awesome! Can you please let us know by when this is expected?

1 Like
84

@siva @nithin Can you please advise expected timeline for this? Desperately waiting for it

85

Can’t give any timeline on it.

86

Opened a 3-in-1 IndusStox account & been trading in it for a week now.

2 things I liked so far is:

  1. I earn interest on money not used for trading. Instead of losing out like what happens in Zerodha
  2. Option chain with OI is displayed in the Upstox web portal & can place orders directly from there

1 thing which I dint like so far:

  1. Cant view the Bid\Ask when we are in the Order placement window

Sincerely hope Zerodha starts a true 3-in-1 Account, instead of the present marketing gimmick which it has with IDFC First Bank

4 Likes
87

Very bad, when Angel can provide realtime withdrawal zerodha which boosts about being larger broker and with latest tech is lacking to implement this feature.

88

@iTrader, can you help me with a query please? I am also contemplating moving a part of my trading capital to upstox, as I believe i am loosing some serious interest money (3~6%) when I keep my funds idle in Zerodha trading account (for a better trading opportunity)

In the 3-in-1 account of IndusStox, how does the MTM work for futures?

eg.

  1. if I start with 10 Lakhs in IndusInd savings account,
  2. and then do a smart transfer of 8 lakh into Upstox trading account,
  3. and then buy 1 nifty lot (75 units) at (say) 11000 price with some margin (assume Rs 1 Lakh) and hold it overnight, with closing price of 10800 (this a MTM loss of Rs 15K)

how does my end of the day balance at my IndusInd bank account (the part that earns interest) showup as
10L-8L or
10L-1L-15K, or
10L-15k?

Thanks in advance

1 Like
89

@siva as you are working with IDFC bank to make seamless fund transfer and ASBA , they recently added to view our holding in IDFC internet banking itself thats cool feature , we need to see a seamless fund transfer feature and ASBA as 3 in 1 account required

90

@bshubhranshu so far I have not held overnight position only Intraday, so this is what happens in that.

Upon Smart Transfer, Bank A/c will show the transferred funds in a separate line, trading A/c shows funds as available.

At the end of the day (I guess somewhere during midnight) the funds which are not used for trading gets reversed back i.e. Trading A/c shows zero (if we have made any profit, the profit remains in Trading A/c. We need to transfer this profit manually to bank if required), the separate line in Bank A/c is removed & becomes a consolidated single line balance. The next trading day, we need to do Smart Transfer again to have money in Trading A/c

In the case which you mention, I believe the logical thing which would happen is:
Day End balance = Initial Balance - Margin Money - MTM. The Day End balance will be reversed to the bank.
Anyway will update this thread when I hold an Overnight position & check if my above understanding holds good.

Hope the above was helpful in someway.

(Edit: The Smart Transfer is not available for Commodity Segment as of now. Don’t know if this will be added for Commodity Segment or not)

1 Like
91

@iTrader, this info is very helpful, thanks again!

92

@bshubhranshu just to keep you updated & those others who maybe interested.

For overnight position as guessed by me in my previous post, the formula for Day End Balance holds true. Also when you square off the position on next / subsequent days, the margin & profit / loss will be returned to your Trading A/c. I notice the settlement happens in morning around 5 or so.

But make note the above money remains in your Trading A/c & needs to be transferred back to the Bank A/c manually although we had transferred the initial margin money using Smart Transfer.

3 Likes
93

Waiting for true 3-in-1 like HDFC Securities, Upstox-Indusind etc.

94

Hi @siva,@shubhs9,@faisr,

I also have this same question. Recently I have updated my primary bank account in zerodha to IDFC First. Would it also be updated in MF’s invested via coin. When I asked the Mutual Fund CS team, they asked me to contact the DP for the update. since these are invested in Demat mode. How would i know the bank change is reflected in these invested MF’s?

96

Hi Sudheer, when you change your Primary Bank account same will be mapped to your Zerodha Demat account as well.

1 Like
97

@ShubhS9 please bring instant fund transfer to IDFC bank , make full fledged 3 in 1 account like bank brokers

98

After the latest SEBI - margin rule. The 3-in-1 account provided by Upstox is no more valid.

Post the SEBI rule, Upstox now does not transfer back any un-utilized funds in Trading A/c at the end of the day, even if you have transferred it via Smart Transfer.

With this new implementation of the 3-in-1 a/c provided by Upstox stands effectively cancelled. While they claim they will come up something new, their edge is now gone.

1 Like
99

@ShubhS9 @siva @nithin sir please launch instant withdraw to bank account

100

Yeah, we are working on it with some upside limit.

2 Likes
101

I’ve mapped my IDFC bank account with Zerodha and I’ve downloaded the 3-in-1 PoA. I’m supposed to sign it and post it to your address, BUT is there an online process for that. Maybe I can sign-scan-send it… or can use digital signature?

1 Like
102

You’ll have to send a hardcopy of POA.

103

Thank you for your reply, Shubh.
I had two more questions:

  • My (previously) primary account is now my secondary account on Zerodha. I had Bank Mandate set on that for COIN SIPs. How do I set Bank Mandate on IDFC account now (or, since this is 3-in-1 account, I wouldn’t need to do anything like that)
  • I also used to apply to IPOs through my previous bank account (now connected to Zerodha as secondary account). Then, the IPO stocks used to directly list in my holdings in KITE. Does this process remains same OR do I have to do things differently now?