You can make payments for mutual fund investments on Coin using NEFT or RTGS transfers directly from your linked bank account. This method is particularly useful for large investments and is available for current account holders as well.
Making NEFT or RTGS payments
To make payments on Coin using NEFT or RTGS:
- Click on Buy.
- Select the payment method as NEFT/RTGS.
- Enter the amount.
- Click on Buy now.
- Click on Confirm.
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Make the payment on the netbanking portal by entering the account details displayed on Coin.
If you missed checking the bank details for NEFT, you can view them again by clicking on any order from Pending orders and then clicking on View NEFT/RTGS info.
How NEFT/RTGS payments are processed
Your funds are transferred on a First In First Out (FIFO) basis for mutual fund payments.
Example scenario:
- You place two mutual fund orders.
- Your first order is for ₹2,00,000 and your second for ₹8,00,000.
- Your available funds are ₹9,00,000.
- Your order for ₹2,00,000 will be processed successfully based on FIFO, but your order for ₹8,00,000 will be rejected since your available funds will only be ₹7,00,000.
Understanding your unique account details
The account details displayed on Coin are unique for each client. The breakdown is as follows:
MFDICC006498ABXXXX
- MFDICC: ICCL's unique account initials
- 006498: Zerodha's member code
- ABXXXX: Your client login credentials
Things to keep in mind
- You must transfer funds from bank accounts linked with Zerodha
- When adding the payee or beneficiary, select the account type as Merchant and not Individual
- Only select NEFT or RTGS for transactions
- IMPS transfers can only be completed through bank accounts linked with Zerodha. IMPS transfers from unlinked bank accounts will be rejected
- You cannot check NEFT or RTGS payment confirmation on Coin, but units will be allotted after settlement if your payment is processed successfully
- You cannot make payments for AMC SIP orders using NEFT
- NAV allocation follows the settlement of funds to ICCL, which can take up to 24 hours from your transfer time.
- Fund transfers using HDFC netbanking happen instantly
- Current account holders can use this method to invest in mutual funds
- For lump sum or Zerodha SIP investments, if you don't select NEFT/RTGS as the payment mode, your payment will not be linked to the order and will be refunded within T+4 business days