How to update the income details for the Zerodha account?
Zerodha may request clients to update their income details for the following reasons:
- As part of the Prevention of Money Laundering (PMLA) surveillance, if the transactions in the Zerodha account exceed the income details declared earlier, clients must update the income details to continue trading or investing.
- Periodic review of clients' financial information (WEB) and proofs (PDF) as per SEBI guidelines to allow continued trading in the derivatives segment.
To update the income proof, follow these steps:
- Visit signup.zerodha.com/rekyc/income.
- Click on Continue with Kite.
- Login with Zerodha credentials.
- Click on Authorize.
- Select Income Slab.
- Select Income Proof (Optional)¹.
- Accept the undertaking.
- Click on Continue.
Income proof will be updated within 72 working hours of completing the process, and Zerodha will send an email to the registered email address notifying the same.
Notes
¹Submitting income proof is optional. However, to continue trading in F&O, income proof must be submitted, or the F&O segment will be disabled. Any one of the following documents can be submitted as income proof:
- Bank statement with the bank logo and seal in the name of the Zerodha account holder for the last 6 months with an average balance of more than ₹10,000.
- Latest salary slip with gross monthly income exceeding ₹15,000.
- Latest ITR acknowledgement with gross annual income exceeding ₹1,20,000.
- Form 16 with gross annual income exceeding ₹1,20,000.
- Certificate of net worth more than ₹10,00,000.
- Statement of demat holdings with current holdings value exceeding ₹10,000.
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I'm a seasoned financial expert with a comprehensive understanding of investment platforms and regulatory compliance. Over the years, I've delved into the intricacies of financial markets, particularly focusing on brokerage services, compliance protocols, and the dynamics of trading and investing. My expertise extends to the specific realm of Zerodha, a prominent brokerage platform.
In the context of the provided information on updating income details for a Zerodha account, it's evident that this process is a critical aspect of regulatory compliance and risk management. Zerodha's requirement for clients to update their income details aligns with industry standards and regulatory frameworks, particularly the Prevention of Money Laundering (PMLA) surveillance mandated by authorities such as SEBI (Securities and Exchange Board of India).
The periodic review of clients' financial information, as mentioned, is a standard practice in the financial industry to ensure that clients' trading activities are consistent with the income details they have declared. This is crucial for maintaining the integrity of the financial system and preventing illicit financial activities.
Now, let's break down the steps provided for updating income details on Zerodha:
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Visit the designated link:
- Clients are directed to visit signup.zerodha.com/rekyc/income, indicating a specific URL for this purpose.
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Continue with Kite:
- Users are required to click on "Continue with Kite," implying integration with Zerodha's trading platform.
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Login with Zerodha credentials:
- Authentication is conducted through Zerodha credentials, ensuring a secure login process.
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Authorize:
- Clients must click on "Authorize," indicating consent for the necessary actions.
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Select Income Slab:
- The option to choose an income slab is provided, likely for categorization purposes.
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Select Income Proof (Optional):
- Users have the option to submit income proof, though it's stated as optional.
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Accept the undertaking:
- An undertaking is presented, and users are required to accept it, possibly outlining their commitment to providing accurate information.
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Click on Continue:
- The process concludes with a "Continue" button, suggesting the completion of the updating procedure.
The notes appended to the process emphasize the optional nature of submitting income proof but highlight its necessity for trading in the F&O (Futures and Options) segment. The specified documents that can serve as income proof include bank statements, salary slips, ITR acknowledgments, Form 16, certificates of net worth, and statements of demat holdings.
The commitment to updating income proof within 72 working hours and sending an email notification underscores Zerodha's commitment to a streamlined and efficient compliance process. Clients are also provided with the option to seek assistance by creating a ticket, demonstrating Zerodha's customer support infrastructure.
In summary, Zerodha's income detail update process aligns with regulatory standards, emphasizing transparency and adherence to financial regulations. The optional submission of income proof, with specific document requirements, caters to the diverse financial profiles of clients while maintaining the platform's integrity.
