Posted on 3rd Jul 2018
by Vijay Jain
Unified Payments Interface (UPI) is an instant Smartphone enabled inter-bank electronic fund transfer service available through your bank.
The UPI payment option is an app based fund transfer that allows you to transfer funds from your mapped bank account to your trading account with Zerodha instantly using Zerodha’s kite mobile app and UPI app. It doesn’t require you to add bank details of Zerodha manually.
Advantage of Fund Transfer via UPI
How to start using UPI for fund transfer to my trading account with Zerodha?
First thing to know here is that you have to use Zerodha Kite app for UPI transfer. Secondly, the UPI ID you created should be with the same bank that you have mapped your Zerodha trading account to.
Unlike other UPI transfers, you should not transfer fund to Zerodha UPI address from your bank’s UPI App. If you do so, the money would be deducted from your bank account but would not reflect in your trading account. Rather you have to use Zerodha’s Kite mobile app. The steps are as follows:
What is transaction charges charged by Zerodha for adding funds using UPI?
Fund Transfer using UPI is completely free. You don’t have to pay any transaction fee.
What are prerequisites to start using fund transfer through UPI?
What is BHIM (Bharat Interface for Money)?
BHIM is mobile app promoted by the National Payment Corporation of India (NPCI). Person can transfer and receive funds via UPI using his/her registered UPI ID with the bank.
What is BHIM / UPI ID?
BHIM / UPI ID is an unique identifier (like email id) created by you which is mapped to your bank account and can be used to send or receive payments in BHIM / UPI system.
For [email protected] "abc" is a unique name.
What is the current limit for sending money through BHIM / UPI?
Usually the maximum limit per transaction is Rs 1 lakh and the maximum per day limit isalso Rs 1 lakh (subject to change). Do check with your bank for the limits.
Can I send money to someone who is not registered on BHIM / UPI from myBHIM / UPI ID?
Yes. Payment can be made via IFSC/ Account number or MMID/ Mobile number or Aadhaar number of the beneficiary.
What is UPI fund transfer and what are the charges for transferring money through UPI?
UPI is like an email ID created by you with your bank for fund transfer to someone’s bank account. There is no charges associated with UPI for peer to peer transfer. Some businesses do charge at Rs 9 + GST.
How to create UPI ID with my bank?
You can create UPI ID by login on to your account in your bank’s mobile App and then click on UPI and register a UPI ID of your choice.
Hope we are able to answer all your queries related to UPI fund transfer with Zerodha. Still if you have any queries then feel free to leave a comment below.
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