Can non-individual account holders invest in mutual funds through Coin?
Yes, non-individual account holders can invest in mutual funds through Coin using NEFT or RTGS. To make payments, follow these steps:
- Click on Buy.
- Enter the amount.
- Click on Buy now.
- Click on Confirm.
- Make the payment on the netbanking portal by entering the account details displayed on Coin.
The transfer of funds through netbanking for mutual fund payments happens on a First In First Out (FIFO) basis.
- Order is placed for ₹1 Crore on Monday, but funds are not transferred to ICCL.
- Order is placed for ₹1.5 Crore on Tuesday and ₹1.5 Crore is transferred to ICCL.
- As per FIFO, the order for ₹1 Crore will be processed and the remaining ₹50 lakhs will be refunded if no order for the matching amount placed till T+1 day.
The excess or unmapped amount gets refunded by T+4 days.
Did you know?
- The funds must only be transferred from the bank accounts linked with Zerodha.
- Fund transfers using IMPS will be rejected.
- The NAV allocation will be as per the settlement of funds to ICCL, which can take up to 24 hours from the time of transfer. To know the applicable NAV, see What is the cut-off time for mutual fund transactions on Coin and what is the applicable NAV?
- Fund transfers using HDFC net banking happen instantly.
- Current account holders can use this method to invest in mutual funds.
- One fund transfer to ICCL can be mapped to multiple orders placed on Coin, but multiple fund transfers cannot be mapped to a single order.
An order placed using NEFT or RTGS is open in BSE StARMF system till T+5 business days.