Zerodha IDFC First Bank 3-in-1 account basically combines IDFC Bank Account, Zerodha Trading Account and Demat Account. It requires an existing bank account with IDFC First Bank to open this facility. The opening process is exactly the same as a regular resident account. It allows comprehensive financial actions through a single account.
In other words, the Zerodha-IDFC FIRST Bank 3-in-1 account is designed to offer a seamless and integrated banking and investing experience, consolidating essential financial services into a single, convenient account without any hassles as we face in opening each different account.
In the stock market, you will get a full-service broker, discount broker and bank-based broker. Bank-based broker is different from other brokers because it provides you 3 in 1 demat account in which demat account, trading account and bank account are connected together. And you do not have to make any effort to transfer the funds which are automatically deducted from your linked bank account.
But here the catch is Zerodha is not a bank-based broker. It is basically a discount broker. So, to make transactions easier they tied up with IDFC First Bank to provide a 3-in-1 demat account service.
Charges and Minimum Balance Requirements in Zerodha IDFC First Bank 3-in-1 Account
Now let’s look at the charges and minimum balance requirements in Zerodha IDFC First Bank 3-in-1 Account.
Fees and charges to open a Zerodha-IDFC Bank 3-in-1 account:
- Online Account Opening: Equity trading and demat account at ₹200
- Offline Account Opening: Equity trading and demat account at ₹500
Minimum balance requirements in Zerodha IDFC First Bank 3-in-1 account:
- Rs.10,000 monthly balance
Benefits of Using Zerodha IDFC First Bank 3-in-1 Account
There are a lot of benefits of using a 3-in-1 demat account which are mentioned below:
- Easy Integrations: It combines banking (IDFC First Bank), Demat (Zerodha) and Trading (Zerodha Kite) accounts into one integrated platform to make things easier and it also gives you interest on idle funds which is great.
- Quick and Free Fund Transfers: Enables instant and hassle-free fund transfers from bank account to trading account. You can now buy stocks and invest your money too fast.
- Cheap Account Opening: You are opening three different accounts at the same time, covering banking, trading, and demat services all in one shot.
- Seamless Account Management: Simplifies account management by consolidating multiple accounts, enabling easier monitoring and control of all financial activities.
- Transparent Fees Structure: The structure of fees and charges is very transparent here. You will get all the details of fees and charges on the websites of Zerodha and IDFC First Bank.
How can an NRI avail or apply for a Zerodha IDFC First Bank 3-in-1 account?
If you are an NRI then you may have some different processes to open a Zerodha IDFC First Bank 3-in-1 account. In that case, you may contact Zerodha customer support or visit this link to learn more about opening an account for NRI. Remember these points:
- NRI Zerodha accounts can only be opened offline.
- There are two types of accounts available: 1. PIS (Portfolio Investment Scheme) Account and 2. Non-PIS (Portfolio Investment Scheme) Account.
- For the PIS Account, a permission letter from RBI via Zerodha’s partner banks such as HDFC Bank, IDFC First, IndusInd, Axis Bank and Yes Bank. Funds from NRO and NRE accounts can be used.
- For the Non-PIS Account, no RBI permission is needed. Funds only from an NRO account can be invested. It is recommended for fewer restrictions and lower costs.
- Other important documents for opening an NRI account are various forms and declarations (FATCA, FEMA, P.O. Box, etc.). Passport, PAN card, overseas and Indian address proof. Cancelled cheque from NRO or NRE account. Also, you have to provide the ID proof of nominee if applicable.
FAQs:
What is a Zerodha IDFC First Bank 3-in-1 account?
Zerodha partnered with IDFC First Bank to offer a 3-in-1 account which combines a demat account, trading account and IDFC First bank account.
Can NRIs open a Zerodha account online?
No. NRIs have to open the Zerodha account via offline mode only.
What are the key features of a 3-in-1 account?
The key features include instant fund transfers, interest on idle money, a transparent fee structure and seamless integrations.
What is the minimum balance requirement in Zerodha IDFC First Bank 3-in-1 account?
You have to maintain a Rs.10,000 monthly balance in your bank account.
What are the two types of NRI Zerodha accounts, and how do they differ?
There are two types of accounts available: 1. PIS (Portfolio Investment Scheme) Account and 2. Non-PIS (Portfolio Investment Scheme) Account.
What documents are required to open an NRI Zerodha account?
For opening an NRI account are various forms and declarations like FATCA, FEMA, P.O. Box, etc. Passport, PAN card, overseas and Indian address proof. Cancelled bank cheque from NRO or NRE account (based on which one you have). Also, you have to provide the ID proof of nominee if applicable.
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