Need clarity reg zerodha 3 in 1 account
If anyone using upstox 3 in 1 they might be having idea that at the end of the day money will be back in savings account only profits will.be left in trading account
Is it same in zerodha also or any different?
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IDFC Min Balance with Zerodha: 10,000 or 25,000 INR (They have two account versions)
Upstox 3 in 1 (Indusind 3 IN 1) : No Minimum Balance. (No Single Branch Visit required to open the account) (You can open your bank account at any branch in India, it is not a case with IDFC, In IDFC you can open account only if IDFC bank is there in your city) (Auto Full KYC - You do not need to perform any Extra KYC in Upstox, such as Video KYC or any paper work)
I opted for Upstox 3 In 1. (Only 1000 INR Required to open the account, which you can withdraw after opening the account)
So, Basically choice is yours. Also, Indusind bank and IDFC now at giving same interest on FDs, IDFC now giving 0.30% more, but not worth if you need to block money in the saving accounts.
You do not need to pay even for SMS alerts.
Overall Indusind beats IDFC in all the terms.
This is totally free account. If You will get physical debit card it will be charged at 250 INR per year.
They will also give a Free Virtual Debit Card. (Lifetime Free)
You can block your physical debit card if you do not need it and enjoy totally free bank account.
IMPS / NEFT / RTGS are totally free unlimited. And yes, you will get saving bank account interest on remaining balance, which is not used for trading.
In Zerodha you need to send, 3-in-1 POA form to them, It is not a case with Upstox, you do not need to spend even 1 INR after opening the account.
Auto account linking of your Indusind bank account with Upstox they will do self whether your UPSTOX account is new or old does not matter, In Zerodha you need to manually link your account or convert your old IDFC account as a 3 IN 1 account.) (You will be charged approx 25 INR + GST in Zerodha for account changing, which is not a case with Upstox)
Upstox 3 IN 1 Is a better product than Zerodha 3 IN 1.
One more thing, You can get bank account number of your choice. (I do not think you can get a better bank account than this in whole India at ZERO cost)
Video Call Banking from the Branch - If you have any concerns simply do a Video Call at your bank branch. (Face to Face Issue solving)
Zerodha has been failed at this 3 IN 1 account offering for me.
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Yes, I agree. I was already an Indusind Bank customer, and I can safely say that this is the best bank in terms of service and product offerings, Upstox 3 in 1 is very neatly integrated with Indusind. As a trading platform and stock broker, Zerodha is much better, but if you look as 3-in-1 offering, Upstox takes the cake.
Now, coming to the original question, the money that you allocate for trading just gets blocked (as in the case of IPO) and only if your EOD settlement is negative, i.e. you have to pay something, only that amount gets debited and the remaining amount gets unblocked. (Only issue is, this happens normally late at night, around 10-11 pm, so till then the money remains blocked, as soon as the contract note is done, the money gets unblocked after settlement, if any). So, if you are only doing intraday, the money never gets out of your account and profits remain in the trading account, which you can withdraw after a day.
You have to allocate funds everyday as the remaining from previous day gets unblocked.
Lol who wants a bank account with a bank, which is run by monsters?
They recently revised rates yes, IDFC is now 0.30% more at FD rates.
Still, You need to block money with IDFC in saving account.
Hahah…I use Zerodha more than Upstox.
You are not required to tell me, I am not affiliated with Upstox, you seems to Paid by Zerodha wala.
Zerodha software is better than Upstox in all the terms.
But they failed at 3 IN 1 account offerings.
How many people look at while opening the account if the bank run by a big man or small man? Also, what is guarantee that if a bank runs by a big company it will not be failed EVER?
When i opened account at Zerodha, I looked at customer experience not at the name of the person behind the company.
When you buy Share of any company do you look at net worth of the owners of that company? Who knows if the owner will die tomorrow?
It means, small people will be always small and no-one will take their services ever.
For your kind information here is link of Indusind Video Call app to Branch: https://www.indusind.com/in/en/personal/video-branch.html
You do not even mentioned that if a person does not have IDFC branch in the city he cannot open the 3 IN 1 account.
Again, If IDFC can give me only these two services like:
- Zero Balance
- Open my account in another branch, there is no branch of IDFC in our city.
I am ready to open the account with them as well.
Governments can change their minds at any time and can sell stakes to anyone. Example: Railways, Coal India etc.
Will we close a bank account which have a history of 10 years banking with us, if any government sold its stake in that bank? even they are giving better services more than before or we will look at our relation with that bank or at the government relation with that bank?
Sorry to say, I do not trust any government or take any recommendations from them while buying any service for me.
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Not to fuel this unnecessary fight, but indusind is one of the scsb banks while idfc first is not, so no IPO 
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@nithin
Can we expect the interest benefit and smart transfer benefit as in upstox any time soon.
Did you guys ever try with IDFC First Bank.
I hope IDFC would support your proposal as it is continuously looking for wide customer base. And obviously zerodha giving such a benefit would pour lot many accounts to the bank.
There are huge risks for us to send back the money the same day (especially if a trade process etc has gone wrong). In case of bank brokers, they have full control on the money in the bank account, which isn’t in our case as it is a 3rd party partnership. I can’t comment if someone else is taking that risk, but we aren’t ready for it yet. You could just buy liquid bees in your account with us, it gets similar or more returns.
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In that case, you may hold the funds for an extra day or two, and we continue to earn interest. Appreciate your advise to hold funds in liquid bees, but IDFC gives us 7% interest where as Liquid bees around 4% return. Hope you consider this !
liquid bees not 4 % after TDS you will get 3%
So for upstox 3 in 1 - do you have to give POA (I know you said no need to send but do you sign any POA online?)
There is a discussion on this Reddit thread on the safest banks for your deposits in 2021 and it says -
IDFC FIRST Bank said I can’t open the IDFC FIRST Bank account because they don’t have a branch in my city. The online process is only if there is an IDFC FIRST Bank branch in the city. IDFC FIRST Bank has very few branches.
If you have already an Upstox account and you want to make it 3 IN 1, then you do not need to send any forms.
Yes same happened with me but Indusind accepts you, if even they do not have branch in your city.
What if rating of IDFC will go down next year then you will close your account?
Rating always changed, like Billionaire Forbes list.