Why is the mutual fund order rejected with the error TPV Invalid?
When an account is opened with Zerodha, a Third Party Verification (TPV) is carried out for the bank accounts. Similarly, when an account is enabled on BSE STaR MF, the exchange does a TPV of the bank account and marks the bank account as valid or invalid.
If a fund transfer is made using a bank account that is marked invalid, the purchase order gets rejected from the exchange with the rejection reason as TPV Invalid . In such cases, clients are requested to create a ticket and attach a copy of a bank statement or a cancelled cheque with the following details clearly visible:
- Name of the account holder
- Bank account number
- Bank and branch name
Zerodha will then contact the exchange to validate the bank account which will take up to a week, after which fund transfers can be made while purchasing mutual funds.