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. When a client places an order, and the order is processed, BSE conducts bank verification. During this verification period, the status of these orders is marked as TPV pending. Following verification, usually by T+1 or T+2 days, the status will change to either allotted or failed. If an order is successful, it will automatically be updated to allotted. However, if the order fails, the client must provide the required details for bank verification, as mentioned below.

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 may take up to a week. After that, fund transfers can be made while purchasing mutual funds.

Did you know? In the case of failed orders, the deducted funds will be refunded to the primary bank account linked with Zerodha within T+5 days.