Open a Zerodha account for your kids online and invest together

Zerodha Feature Announcements
22

You can use UPI, it’s generally supported in the minor account as well.

23

I see. Then set up an SIP and make the payment manually via UPI. Go to pending payments inside Coin and pay for it. Make sure to do it early in the morning to avoid SIP failure and NAV issues.

24

@spolam , Which bank is not supporting e-mandate for SIP ?

25

IDFCFIRST BANK does not facilitate e-mandate for SIPs. When I visited ICICI today to open a minor account, they requested a deposit of 100,000 rupees. but in their port it says 2500 min balance.

Which bank do you suggest to open account for minors (2 kids ) ?

26

ICICI has become a robber these days and it shows up in their PAT. Try HDFC, Indusind and Kotak.

27

sure, thank you.

1 Like
28

ICICI Bank does not support eMandate for minor accounts.
Mandate registration fails.

image
Any other bank that allows it for minor accounts?
@Meher_Smaran ?

29

Checking this, @alwaysshri

30

@Meher_Smaran , HDFC bank also gives same error for minor account - "Mandate not registered Minor account " - how to overcome this issue?

31

I am able to register a UPI mandate for the minor account.
NEFT and other methods still are failing.

UPI is good enough for me!

32

I have a Zerodha minor account for my daughter, and also have an IDFC bank account. NACH mandate registration is not allowed for minor accounts.
UPI mandate registration also fails, but PhonePe doesn’t give a meaningful error message, but I am suspecting its due to it being a minor account.

So how does one create a autopay mandate for a minor account? Anybody from Zerodha, would be great if you can give pointers.

33

Checking this with the team, @varkey

34

ICICI Bank allows UPI autopay mandate for minor account. NACH was not allowed

1 Like
35

Thanks, looks like it probably is a PhonePe issue. I used another app (Jupiter) and was able to setup the UPI mandate using the minor account.

36

(post deleted by author)

37

Through which bank you were able to setup UPI mandate ?

38

Anybody knows if SBI will support UPI based mandate ?

I have been told from the branch that debit card won’t be issued. I am just wondering how UPI would be enabled then.

39

Icici.
Applied for debit card via app.

40

UPI can be enabled with Aadhaar card also. Ask your bank if they are live on this feature.