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How to make payments using NEFT or RTGS on Coin?

To make payments on Coin using NEFT or RTGS, follow these steps:

  1. Click on Buy.
  2. Select the payment method as NEFT/RTGS.
  3. Enter the amount.
  4. Click on Buy now.
  5. Click on Confirm.
  6. Make the payment on the netbanking portal by entering the account details displayed on Coin.

If a client has missed checking the bank details for NEFT, the details can be viewed again by clicking on any order from the Pending orders and then clicking on View NEFT/RTGS info as shown above.

The transfer of funds through netbanking for mutual fund payments happens on a First In First Out (FIFO) basis.

Example scenario

  1. Two mutual fund orders are placed.
  2. The first order is placed for ₹2,00,000 and the second for ₹8,00,000.
  3. The available funds are ₹9,00,000.
  4. The order for ₹2,00,000 will be processed successfully based on FIFO, but the order for ₹8,00,000 will be rejected since the available funds will only be ₹7,00,000.

Did you know?

  • The funds must be transferred from the bank accounts linked with Zerodha.
  • When adding the payee or the beneficiary, select the account type as Merchant and not Individual. Furthermore, only NEFT or RTGS should be selected for transactions. IMPS payments are not to be made to this account.
  • Fund transfers using IMPS will be rejected.
  • The NEFT or RTGS payment confirmation cannot be checked on Coin. However, the units will be allotted after the settlement if the payment is successfully processed.
  • Payments for AMC SIP orders cannot be made using NEFT.
  • 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 NAV allocation, 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.

The account details displayed on Coin is unique for each client, and the breakdown is as follows: MFDICC006498ABXXXX, MFDICC is ICCL's unique account initials, 006498 is Zerodha’s member code and ABXXXX is the client's login credential.