The Unified Payments Interface (UPI) is an instant smartphone enabled inter-bank electronic fund transfer service available through your bank. It allows inter-bank transfer of money between any two bank account without even adding payee to your account.
Advantage of Fund Transfer via UPI
Instance Fund Transfer up to 1 lakhs
No need to add a payee in your bank account
What is BHIM (Bharat Interface for Money)?
BHIM is a mobile app promoted by the National Payment Corporation of India (NPCI). A person can transfer and receive funds via UPI using his/her registered UPI ID with the bank.
How to start using UPI for fund transfer to my trading account with Zerodha?
The 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.
Unlike other UPI transfers, you should not transfer funds 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:
Go to the "Funds" page on Kite and click on "Add Funds".
Select UPI as the payment mode in the window that opens up.
Enter your UPI ID and the amount you want to transfer and click on continue. Once you click on "Continue" button, you'll see next page that will ask you to "Go on the UPI app on your phone".
Go to the UPI app on your phone, you'll receive a collect request from Zerodha. Approve the request here. This will require you to enter your UPI PIN on the next step. Enter the UPI PIN that you receive on your mobile phone.
Now you will get a confirmation window on the Zerodha payment page. Make sure you click on the 'Close' button. If you directly close the window, the transfer will not show up on your account instantly.
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.
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.
BHIM / UPI ID is a 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 exampe - [email protected] where "abc" is a unique name.
UPI is like an email ID created by you with your bank for fund transfer to someone's bank account. There are no charges associated with UPI for peer to peer transfer. Some businesses do charge at Rs 9 + GST.
Copyright 2014-2020 by TopShareBrokers.com. All Rights Reserved.
Disclaimer:TopShareBrokers.com has taken due care and caution in compilation of data for its web site. Information has been obtained from different sources which it considers reliable. However, TopShareBrokers.com does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. TopShareBrokers.com especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.