How to transfer larger funds (more than 10 lakhs) to Zerodha from my bank?

General
1

Hello!

I see, most of the banks (in my case, SBI) doesn’t allow to transfer more than 10 lakh rupees per day via online banking facilities such has NEFT/RTGS/IMPS or Zerodha’s payment gateaway.
When I try to add more funds, lets say 40 lakhs from my SBI bank account to Zerodha, The transaction fails.

Since I can transfer only 10lakhs per day, even if I wish to transfer 40Lakhs, is there any method by with I can transfer any desired amount to Zerodha’s account from my Bank?
Because it will take me minimum of 4 days just to transfer funds of 40 lakhs. Lets say I wish to transfer 70 lakhs, it will take 7 days. This results in huge opportunity loss.

Please let me know how do I transfer more funds instantly?

Thank You!

3 Likes
2

You can transfer via RTGS from a branch. The details are mentioned in the link below

How do I add money to my trading account using IMPS, NEFT or RTGS? (zerodha.com)

3

Yes, but they don’t allow to transfer more than 10lakhs via RTGS in my opinion.
How to transfer large amount like 40 lakhs or 70 lakhs?

I see on SBI’s website, it’s mentioned maximum limit for NEFT/RTGS is 10lakhs.

Thanks!

4

may be you need to use zerodha’s 3 in 1 a/c, which may help you to transfer the big amount.
@siva-reddy can give you more details.

5

For most banks the limit of 10 lakhs is for online rtgs limit.
RTGS via branch does not have any limit

3 Likes
6

OK. I didn’t know about this.

So in your opinion, particularly SBI will allow me to transfer large amount if I visit their branch physically?

7

Yes. I had the same issue with my bank as well and this was the only solution they could provide other than changing the account from saving to current

8

If I may ask,

  1. Which was your bank?
  2. How much amount were you trying to transfer?
  3. Did you change account to current or they kept savings account as it is? (Asking because I don’t wish to change my account to current from Savings. I’d like it to be Savings )

You know, SBI employees are very very rude and they just don’t answer properly and talk rudely. That’s why I want to clear my doubts here itself, regarding the procedure and details so that I can go there confidently.

9
  1. Which was your bank? Indusind Bank
  2. How much amount were you trying to transfer? over 50L on multiple occasion
  3. Did you change account to current or they kept savings account as it is? (Asking because I don’t wish to change my account to current from Savings. I’d like it to be Savings ) Savings is still active but I would be switching to current account so that going forward I don’t need to visit the branch too frequently.
1 Like
10

[quote=“eaglem, post:4, topic:103580, full:true”]
may be you need to use zerodha’s 3 in 1 a/c, which may help you to transfer the big amount.
@siva-reddy can give you more details.
[/quote] @Kaps

No limits from us, also all big banks won’t have any limits. This case has to do with individual user limits and this can be increased anytime by giving simple instruction to banks, most banks take this request from their net banking portal also, no need to visit branch. Just call customer care to find more or google on the process.

1 Like
11

Yes, I get that there’s no limit on part of Zerodha.

But I saw on the website of SBI and other big banks, that there is limit on maximum amount of fund transfer using NEFT/RTGS.
SBI is capping max limit as 10Lakh per day. That means just to transfer 70L, I need to wait 7 days.

I have savings account as I primarily don’t need bank account other than savings and normal things. Only big amount I need to transfer is to Zerodha, therefore switching to current account is not a feasible solution for me.

Still scratching my head how to transfer more than 10L per day.

You know, those SBI employees are impossible to have conversation with.
If we call customer care, they say visit nearest branch.
If we visit nearest branch, they say call customer care.

Will need to figure out if there’s any other way to transfer large funds.
All suggestions are welcome.

12

You know, main problem comes when zerodha does quarterly settlement of funds. They transfer the unused funds to our bank account. Now in order to transfer the funds back, there’s so much hassle as the bank would not allow more than 10Lakh per day.
We can miss lots of opportunity if we are unable to transfer funds quickly from our bank again back to zerodha’s trading account.

I will try visiting my bank’s branch to figure out more about this, but I’m sure they’ll be rude and never answer properly.

1 Like
13

May be try this once.
https://www.youtube.com/watch?v=LpejE-e4MvE#:~:text=Goto%20Fund%20Transfer%20O[ption,to%20change%20Fund%20transfer%20Limit.

14

Thanks for the link.

Yes I saw the video. But he just increased it from 1L to 2L.
I tried doing it, but can’t do more than 10L /day

15

I came across an article that mentioned that many banks impose these limits so as to prevent fraud even though RBI regulations don’t have any such requirements -

16

Yeah, I read that article too.
But what’s the solution then?

Visit bank’s branch physically to do RTGS everytime?
Do they even agree to do large value RTGS without showing tantrums or refusing straighaway?

17

Ask your bank to increase the daily limit ,I have account with axis and it is done from the net banking portal within a day after receiving the request

1 Like
19

There is an RBI mandate which caps the limit as 10L for savings account.
For current account the normal limit is 25L a day. But there is a process to increase this further. It involves double verification (i.e. 2 otp’s on two phone numbers) and once you enter both correctly you can proceed with the transaction.

20

Thanks for this info.
So how do I make that double verification thing happen to increase the daily limit?
It can be done using online banking website portal or I need to visit branch physically to request this facility?

21

@Kaps

Hi , I just checked the online transaction limits for RTGS in different banks. It seems only SBI has capped it at 10 lakhs. Other banks are as follows:

HDFC Bank:
“For Online transaction, the maximum amount of funds that can be transferred per day is as per the customer’s TPT limit (Maximum upto Rs. 50 Lakh)”

ICICI Bank:
RTGS (Internet Banking)
Maximum ₹ 10 lakh or ₹ 1 crore (based on customer segment)

IDFC Bank:
Transaction Type Minimum Limit Maximum Limit
RTGS Rs. 2,00,000 Rs. 20,00,000

So, it seems your best bet may be ICICI Bank if you want to transfer large amounts using internet banking. You can connect with them and ask more.