How to Change Bank Account in Zerodha in some Simple Steps 2023

In this blog, you will be able to learn how you are supposed to change your bank account in Zerodha with the help of some straightforward steps which you are supposed to follow:

How to Change Bank Account in Zerodha in some Simple Steps 2023

Introduction

Changing your bank account which is linked to your Zerodha account is a straightforward process, but it's very important to follow the correct steps so that you will be able to ensure that you are experiencing a smooth transition. It doesn't really matter whether you are switching to a new bank or merely updating your account details, this guide will walk you through the process of changing your bank account in Zerodha.

Why Change Your Bank Account in Zerodha?

Before we dive into the steps, it's really very important that why you might need to change your bank account in Zerodha. Here are a few common reasons:

  • Switching Banks: By any chance, if you decide to move your primary banking services to a different bank, then you'll need to update your Zerodha account with your new bank account details.
  • Updating Account Details: Sometimes due to errors you may need to change your bank account information, and those errors could be incorrect account numbers or IFSC codes. It's very crucial to keep this information up to date so that you will be able to ensure a smooth trading experience.
  • Closing the Existing Account: If you're closing your current bank account for any reason, you must update your Zerodha account with your new bank account details to continue trading.

Now that you understand the importance of changing your bank account details in Zerodha let's explore how to do it.

Steps to Change Bank Account in Zerodha

Follow these step-by-step instructions to change your bank account in Zerodha:

Step 1: Gather Required Documents

Before you will be able to initiate the bank account change process, you are supposed to have the necessary documents ready:

  • New Bank Account Details: Have the account number, IFSC code, and branch details of your new bank account.
  • Canceled Cheque: You will need a canceled cheque or a bank statement for verification purposes. Ensure that your name and the new bank account details are clearly visible on the document.

Step 2: Visit the Zerodha Website

Access the Zerodha website and log in to your account using your credentials. If you don't have an account, you'll need to create one.

Step 3: Navigate to the Profile Section

Once you're logged in, click on your profile icon or name. This will usually be located in the top right corner of the screen.

Step 4: Update Bank Account Details

In the profile section, look for an option related to 'Bank Account' or 'Bank Details.' Click on it to start the bank account change process.

Step 5: Fill in the New Bank Details

You will be prompted to enter your new bank account details. This includes your account number, IFSC code, and other relevant information. Double-check all the details to ensure accuracy.

Step 6: Upload Documents

Attach the scanned copy of your canceled cheque or bank statement that you prepared in this document serves as proof of your new bank account.

Step 7: Submit the Request

Once you've filled in the necessary details and uploaded the documents, review everything to make sure it's correct. Then, click the 'Submit' or 'Update' button to send your request for changing the bank account.

Step 8: Verification and Confirmation

Zerodha's support team will review your request and the attached documents. This process may take a few days. You will receive an email confirmation once the change is approved and implemented.

Step 9: Update Your Trading Strategy

While you wait for the bank account change to be processed, it's an excellent opportunity to review and update your trading strategy, if necessary. Consider your investment goals, risk tolerance, and market conditions.

Step 10: Verify the New Bank Account

After receiving confirmation from Zerodha, verify that your new bank account is correctly linked to your trading and Demat account. You can do this by attempting a small fund transfer or checking your account details on the Zerodha platform.

Conclusion

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