3-in-1 account with IDFC Bank

General
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UPDATE: IDFC FIRST Bank now requires Rs. 25,000 as Average Monthly Balance w.e.f. 1st April, 2019 and non-maintenance of the aforesaid AMB will attract a penalty from Rs. 50 - Rs. 400 as per the various segregated slabs of the maintained balance.

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what are the benefits of using 3in1 account

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I canā€™t see my idfc bank balance on kite funds page

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Thatā€™s not good. I guess Iā€™ll have to move back to my Kotak Edge saving account that requires only Rs.10,000/- AMB with lots of advantages over IDFC. The whole idea behind moving to IDFC was to have some kind of seamlessness which isnā€™t worth the effort.

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@nithin @Bhuvan
I had a chat with IDFC First Bank Representatives, they said that for 3-in-1 Zerodha account we need to open a savings account with minimum 25000/- as AMB. They also said that the zero balance account is no more available for new customers.

Donā€™t you think 25000/- as AMB is quite high for an account used for the purpose of trading?

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You are right. I made a mistake moving from Kotak to IDFC. My Kotak Edge account has AMB of 10,000 which is reasonable. Also keep in mind that Kotak is a much bigger bank than IDFC and has more/better services. For AMB of 25,000 IDFC is providing those services free of cost which are not much used in everyday banking. How many of write cheques frequent;y or order a demand draft?

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@Nithin @siva
What are the benefits?
Do we get 7% even after we utilize whole margin daily for intraday trades?

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Can check benefits here, also you wonā€™t be getting saving bank rate as it takes t+1 day to credit to your bank account.

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Hi @siva. Please correct me if I am wrong, but my IDFC 3-in-1 Account does not seem to work like other 3-in-1 accounts, like Axis below for example. The debits and credits do not happen automatically from the savings account. Instead we have to add/withdraw money manually from the trading account. Is this the way its intended to work or will things change in the future?

3-in-1
3-in-11223Ɨ687 72.2 KB

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@siva I also recently opened the saving account in IDFC to get it linked with Zerodha to avail 3-IN-1 benefits. So, it means 6% or 7% interest rate will only be availed if that is in the IDFC First bank account but not if it is zerodha funds for trading? Means, 3-in-1 is only helping us in to save on transfer charges that we can otherwise do with UPI or with net banking? Hope, I am clear with my query.
@NithinKamathā€¦Please help on below 2 queries. For example, if I have parked 2 lakh in my IDFC first saving account.
Q1 If I need to trade with 50,000 for intraday, do I need to transfer that first to zerodha fund from IDFC First manually or will it auto debit from the bank account?
Q2 If I have transferred 1,00,000 to my Zerodha funds but only utilized, 50, 000 out from that for intraday, will the remaining 50,000 kept in the zerodha fund will get 6% interest from the bank?

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@lindo
Can you please.

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Hi @Vikram_Verma,

Q1 If I need to trade with 50,000 for intraday, do I need to transfer that first to zerodha fund from IDFC First manually or will it auto debit from the bank account?

  • This has to be added manually, you allocate funds to the Zerodha account using the one click transfer on the Payin page on Kite.
    Refer:https://support.zerodha.com/category/account-opening/idfc-3in1/articles/benefits-3in1
    Q2 If I have transferred 1,00,000 to my Zerodha funds but only utilized, 50, 000 out from that for intraday, will the remaining 50,000 kept in the zerodha fund will get 6% interest from the bank?
    -The unutilized part of the funds lying in the Zerodha account will not yield any interest from the bank.
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Thank you @lindo @siva ā€¦means if I have KOTAK account connected to the zerodha, I will just need to bear transfer charges while transferring funds to ZERODHA while with IDFC First there is no transfer charges & instant transcation,

I need POA to be submitted for connecting my IDFC with Zerodha for 3-in-1. Will that be safe option or should I let my KOTAK bank connected only instead of IDFC? Please suggest.

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Hi Vikram,

Can you please clarify with a idfc zerodha 3in1 account can i withdraw funds in real-time even now ?

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Hi @r95990,

Withdrawal of funds is not real-time currently.

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Hi @Vikram_Verma,

This is correct.

It is an approved format and is absolutely safe.

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Hello,

I am not sure and actually I havenā€™t tried itā€¦

I am happy with the current setup, linked my HDFC account and I get it quicklyā€¦

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@lindo Thanks for the clarification Sir.

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Based on the info that I have read here is the summary between HDFC Account linked to Zerodha against IDFC First 3 in 1 with Zerodha.

  1. Fund Transfer to trading account is real time in 3 in 1 and HDFC Bank(without charges) it takes around 5-10 mins to reflect
  2. Fund withdrawal is same except that withdrawals in 3 in 1 account done on 2nd & 4th friday will be deposited only on follow on Monday against Saturday itself in HDFC Account.
  3. No limit on fund transfer in 3 in 1 and in HDFC it is Rs.25,00,000/- per day.
  4. 3 in 1 account is available only for Equity and Commodity should continue to be regular mode. Hence you can do fund transfer to commodity only during NEFT/RTGS timings without charges.

Additional 3 in 1 benefits can be seen when when funds are blocked during trading & only the required amount is deducted from savings account by end of the day or transfer funds during trading hours along with automatic withdrawal of excess money/margin into savings account by end of the day.

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Has anyone been using this featureā€¦Have both Zerodha and IDFC accounts but was not aware of seamless funds transfer between IDFC and ZERODHAā€¦Now I can actually move from Angel to Zerodha