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
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.
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:
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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Last updated on 30th Jul 2019
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.
Fund Transfer using UPI is completely free (As of now). You don't have to pay any transaction fee.
Usually the maximum limit per transaction is Rs 1 lakh and the maximum per day limit is also Rs 1 lakh (subject to change). Do check with your bank for the limits.
Yes, Payment can be made via IFSC/ Account number or MMID/ Mobile number or Aadhaar number of the beneficiary.
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.
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.