Non-individual account holders can only use NEFT or RTGS for mutual fund investments on Coin, as instant payment methods are not available for these account types.
How to place an order
To invest in mutual funds through Coin:
- Click on Buy.
- Enter the amount.
- Click on Buy now.
- Click on Confirm.
- Make the payment on the netbanking portal by entering the account details displayed on Coin.
Your NAV allocation depends on when your funds reach ICCL, not when you place the order. Fund settlement can take up to 24 hours from your transfer time, which affects your applicable NAV rate.
Fund transfer process
After placing your order, your fund transfers work on a First In First Out (FIFO) basis. This means the first order you place will be processed with the first payment you make, regardless of when you actually transfer the funds.
Example scenario
- On Monday, you place an order for ₹1 crore, but you do not transfer the funds to ICCL.
- On Tuesday, you place an order for ₹1.5 crore, and you transfer ₹1.5 crore to ICCL.
- As per FIFO, your Monday order for ₹1 crore will be processed first, and you will receive a refund of the remaining ₹50 lakhs if you do not place another matching order by T+1 day.
Any excess or unmapped amounts will be refunded to you by T+4 days.
Fund transfer requirements
To ensure successful transactions, follow these payment guidelines:
- Linked accounts only: You must transfer funds only from bank accounts linked with your Zerodha account. Transfers from unlinked accounts will be refunded automatically.
- No IMPS transfers: IMPS fund transfers will be rejected and cannot be processed.
If you use HDFC netbanking, your transfers happen instantly.
Order mapping rules
Understanding how orders and payments connect:
- One-to-many mapping: You can use one fund transfer to ICCL for multiple orders placed on Coin.
- No many-to-one mapping: You cannot combine multiple fund transfers for a single order.
- Extended validity: Your orders placed using NEFT or RTGS remain active in the BSE StARMF system for T+5 business days, giving you flexibility in timing your payments.
Account details structure
The account details displayed on Coin are unique to your account and follow this format: MFDICC006498ABXXXX
Understanding the breakdown:
- MFDICC - ICCL's unique account initials
- 006498 - Zerodha's member code
- ABXXXX - Your individual client login credential