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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
  • IFSC
  • 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.