I would suggest you to check with IDFC … Because not maintaining the MAB would incur lot of charges… ( I appreciate ICICI in this matter, I’ve a 3 in 1 account opened in second half of 2008 (worst time to start trading career) since then I’ve not paid any penalty for not maintaining any MAB and I’ve subscribed for lot of their products, insurance, MF, credit cards ) check with IDFC … However it’s better to have a 3 in 1 account with IDFC and zerodha… You can with draw money real time … Who knows when one might need funds urgently…
I am a bit confused. My Zerodha account is already linked to Kotak.
Now I have opened an IDFC account.
Do I still need to send primary account modification form to HeadQuarter?
Is is possible to directly move to Step.3 and later send POA?
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Hey @Nishant_Mishra,
That wouldn’t happen. Only post conversion of IDFC account to primary would this be possible.
Thanx @lindo
So in my case I’ll have to first send ‘Primary account modification’ request to HQ and then link IDFC to my Zerodha account and then send POA. It that right? There’s no single click conversion?
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Are you guys transferring 25000 thru cheque for IDFC bank account opening? IDFC guy is insisting for the same.
And if you don’t maintain the Rs. 25,000 minimum balance, there is no penalty for it. 
Bet you didn’t know that. Basically, it is a zero balance account.
My dear sir,
I have not recorded the convo… but i am happy to do so for you… if you dont maintain the MAB of 25K you will be liable to pay the penalty…
Gimme your number i am happy to put you on the con call… or ill post my recording here tomorrow…
regards
Hi! Don’t go by anyone’s words, hit up IDFC Bank website and check it out. It’s clearly mentioned no penalty on not maintaining minimum balance. It’s their biggest USP. I also have a IDFC FIRST Bank account and I never maintain 25k and never ever did I pay any penalty.
This must be a requirement from IDFC bank end, not from Zerodha.
I just visited IDFC website and it says:
"If your balance falls below Rs. 25,000 we will charge you only to recover the cost when you do the following transactions on your account. These transactions will continue to be free of charge should you maintain a balance of Rs. 25,000 with us."
The services indicated above include:
Re-issue of Cheque Book Rs. 50 per cheque book
DD payable at branch locations Rs. 30
Replacement of Debit Card Rs. 100
Annual Debit Card fees Rs. 100
ATM Transaction Charge at any ATM in India First 5 ATM transactions - Free
6th transactions onwards : Rs. 20 + taxes for every cash withdrawal
Rs. 8 + taxes for any other transactions (for e.g. balance enquiry)
It means if you use your IDFC account only for Zerodha trading account funding/withdrawal and not for day-to-day banking you do not need to block your Rs.25,000/-.
However, if you maintain monthly average balance of Rs.25,000/-, the above services will be free and you’ll also be earning 6% interest. Not a bad deal. In case of emergency you may withdraw some funds and later top it up, if possible.
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Thanks for the detailed description.
Imp and urgent
IDFC POA- Pls read all the 26 clauses of.the POA that is reqd to be couriered to Zerodha.
Clause 8 : Zerodha has first and paramount kien on your IDFC bank account !!! This is despite seeking all the powers under other clauses of power of attorney to debit your IDFC account.
Clause 14. Allows Zerodha to enter into correspondence with any 3rd party reg any transaction in investment/financial products by the account holder …this is very broadbase and too wide and too sweeping a power !!!
*lien instead of kien
I wish Zerodha had partnered with a bigger/better private bank.
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Hey!
- With respect to Clause 8:
Zerodha has a lien with respect to the IDFC Bank account that is linked to your Zerodha demat account only with (i) “respect to losses/charges from the products offered by Zerodha”; and (ii) specifically “availed by you”
The clause is as narrowed down as possible. It needs to satisfy both conditions stated above.
- With respect to Clause 14:
Products such as Smallcase, Sensibull, Streak etc. are entities which are 3rd Parties and not Zerodha’s own products. This clause allows Zerodha to enable purchase of that product for you through Zerodha’s platform, if specifically “subscribed by you”.
Please do let us know on why you still feel that clauses are too wide for interpretation?
Follow up on clause 8:
Pls specify what all parts of IDFC savings accnt will be subject to lien ? FDs , RDs, investments, life insurance thru IDFC all of them or only the credit balance in the savings account ?
Follow up on clause 8:
Pls specify what all parts of IDFC savings accnt will be subject to lien ? FDs , RDs, investments, life insurance thru IDFC all of them or only the credit balance in the savings account ?
Schedule of charges changed by IDFC Bank.
Min balance required 25k now.