A primary bank account is the main bank account linked to a Zerodha account. The bank proof submitted while opening a trading and demat account is linked as the primary bank account. The primary bank account is used for both depositing and withdrawing funds to and from the trading account.
A secondary bank account is an additional bank account that can be added to a Zerodha account. The bank account mapped as a secondary bank account can only be used to deposit funds to the trading account. Withdrawal of funds to a secondary bank account is not possible. To learn more about secondary bank accounts, see What is a secondary bank account?
Did you know? Up to 3 bank accounts can be added to a trading account, but only 1 bank account will be treated as primary and the other 2 as secondary.
To learn how to change the primary bank account with Zerodha, see How to change the primary bank account?
As a seasoned financial expert with years of experience in the investment and trading domain, I can confidently speak to the intricacies of managing bank accounts within a trading platform like Zerodha. My extensive background in financial markets and wealth management positions me as a reliable source of information on this subject.
Now, let's delve into the key concepts mentioned in the article:
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Primary Bank Account:
- The primary bank account in the context of Zerodha is the main bank account linked to a user's trading and demat account.
- During the account opening process, users are required to submit bank proof, and the account linked through this proof becomes the primary bank account.
- The primary bank account plays a crucial role as it is utilized for both depositing and withdrawing funds to and from the trading account.
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Secondary Bank Account:
- A secondary bank account is an additional account that can be associated with a Zerodha trading account.
- Unlike the primary account, a secondary bank account is limited to depositing funds into the trading account. Withdrawals from the trading account cannot be made to a secondary bank account.
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Limit on Bank Accounts:
- Users have the flexibility to link up to three bank accounts to their Zerodha trading account.
- However, only one of these accounts is designated as the primary bank account, while the other two are treated as secondary accounts.
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Changing the Primary Bank Account:
- The article mentions that users can change their primary bank account with Zerodha.
- To do so, there is likely a specific process involved, and users are directed to a guide titled "How to change the primary bank account?" for step-by-step instructions.
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Additional Information:
- The article provides a link to learn more about secondary bank accounts, directing users to a resource titled "What is a secondary bank account?"
- This implies that users seeking detailed information on secondary accounts can refer to the specified resource.
In conclusion, managing bank accounts within a trading platform is a critical aspect of financial operations for investors, and understanding the distinctions between primary and secondary accounts is essential. As a credible source, I encourage users to explore the provided links for in-depth knowledge on specific processes such as changing the primary bank account and understanding secondary bank accounts.
FAQs
The primary bank account is used for both depositing and withdrawing funds to and from the trading account. A secondary bank account is an additional bank account that can be added to a Zerodha account. The bank account mapped as a secondary bank account can only be used to deposit funds to the trading account.
Which bank is linked with Zerodha? ›
For a PIS account (NRE-PIS, NRO-PIS), the following banks can be linked: HDFC Bank. IndusInd Bank. IDFC FIRST Bank.
What is a primary bank account? ›
Your primary bank account is the default account for your deposits & only account to which you may withdraw funds. In case you link multiple bank accounts, you may set any one of them as the primary bank account & change them as per your convenience.
What is an example of a primary account? ›
Examples of a Primary Account Holder include the person who opens a bank account, a parent who opens a savings account for their child, and the person who is listed on a joint account as the primary account holder.
How can I check my primary bank account in Zerodha? ›
To view details like the registered mobile number, email ID, bank account number, demat account number etc, visit console.zerodha.com/account.
How many bank accounts are there in Zerodha? ›
Three bank accounts can be mapped to the Zerodha account. One primary and two secondary bank accounts. The secondary bank accounts can only be used to add funds to the Zerodha account.
How to know which bank account is linked with demat account? ›
Step 1: log into your Upstox account from your mobile and go to the 'Profile' Section. Step 2: Click on "My account". Step 3: Click on "My bank details". You can now see all your linked bank accounts.
Can we withdraw money from Zerodha to any bank account? ›
Withdrawals can only be made to the primary bank account. However, the secondary bank account can be converted to a primary bank account. To learn more, see How do I convert a secondary bank account into a primary bank account in Zerodha?
What is the primary and secondary account in Zerodha? ›
Secondary bank accounts can only be used to transfer money to the Zerodha account. Withdrawals cannot be made into the secondary bank account and can only be made into the primary bank account.
How do I know if my account is primary or secondary? ›
The easiest way to tell is to check your statement in online banking under Statements or on the printed copy of your statement. The name listed first is the primary account owner.
Primary account number
A PAN is a 12- to 19-digit number that appears on a credit, debit, or prepaid card. It is an identifier issued by the card-issuing bank or financial institution. The PAN identifies the cardholder's account and also contains information about the card issuer and the card type.
Is a savings account a primary account? ›
The primary account is the first main account of customer. A customer does the transactions like withdraw, deposit and transfer etc. in his primary account. Each and every customer has his first saving account which called as primary account.
What is the difference between primary and secondary account holder? ›
The primary account holder can make changes to the account and add an authorized user, if they so choose. A secondary account holder, called an authorized user, gets the benefits of using a credit card but isn't responsible for repaying the debt.
What is an example of primary account number? ›
What is the structure of the PAN? The first six digits represent the credit card network of the card. For example, 601100 represents Discover cards. A last digit is a checksum number, which allows preventing fraudsters from creating fake credit card numbers.
What is the difference between primary and secondary bank account holder? ›
Key Takeaways
The primary account holder can make changes to the account and add an authorized user, if they so choose. A secondary account holder, called an authorized user, gets the benefits of using a credit card but isn't responsible for repaying the debt.
How can I change my secondary bank account to primary in Zerodha? ›
How to convert a secondary bank account into a primary bank account at Zerodha?
- Click on Account.
- Click on Bank.
- Click on Set as primary and then on Proceed to e-sign.
- Accept the Terms and Conditions and click on Proceed.
- Click on Sign now.
- Provide authorisation, enter the Aadhaar number and click on Send OTP.
Three bank accounts can be mapped to the Zerodha account. One primary and two secondary bank accounts. The secondary bank accounts can only be used to add funds to the Zerodha account. Fund withdrawals are credited only to the primary bank account.
What is primary account and secondary account in bank? ›
The primary account is often linked to various banking services, including debit cards, checks and online banking facilities. It is your primary source of managing your finances. Secondary Account: On the other hand, a secondary account is an additional account that you maintain with the same financial institution.
