How to Change Bank Account in Upstox, Fyers, Zerodha, & Groww

How to Change Your Bank Account in Upstox, Fyers, Zerodha, and Groww: A Comprehensive Guide

Maintaining accurate bank account details with your stock broker is crucial for seamless transactions, fund transfers, and regulatory compliance. Whether you've changed banks, closed an old account, or simply need to update your information, this guide will walk you through the process of changing your bank account details in four popular Indian brokerage platforms: Upstox, Fyers, Zerodha, and Groww. We'll cover the specific steps involved in each platform, the required documents, and important considerations to ensure a smooth and hassle-free update. By the end of this article, you'll be well-equipped to manage your bank account details across these platforms, ensuring your investment journey remains uninterrupted. Let's dive into the world of broker account bank changes and arm you with the knowledge you need to stay in control of your finances.

Why Updating Your Bank Account Details is Important

Before diving into the how-to, it's essential to understand why keeping your bank account details updated with your broker is important:

• Seamless Transactions: Accurate bank details are crucial for seamless deposits and withdrawals, and prevent delays and issues in your fund transfers.
• Regulatory Compliance: SEBI mandates that all brokers maintain accurate client details, including bank account information, to ensure compliance and prevent fraud.
• Timely Fund Transfers: Updated bank information ensures that your funds are transferred to the correct account, especially when you withdraw profits or dividends, and prevents any misdirection of funds.
• Avoidance of Delays: Using an outdated bank account can cause delays in fund transfers, which may affect your trading ability and overall profitability.
• Security: Keeping your bank account information current helps safeguard your funds, as any unauthorized activity can be easily tracked through the bank account.
• Easy Withdrawal: Having the correct bank information makes withdrawing your funds a breeze and ensures a smooth experience.
• Compliance and Audits: Having accurate bank information is essential in case of audits, to ensure that all transactions are correctly recorded and reconciled, and will help with any tax or other filings.

These points emphasize the importance of always keeping your bank information with your broker accurate and up-to-date. Neglecting this could lead to several issues.

General Process for Changing Bank Account Details

The process of changing bank account details is generally similar across most brokers, although the specifics may vary slightly. Here’s a general overview of what the process will entail:

1. Access Your Account Settings: Log in to your trading account and navigate to the ‘Account Settings,’ ‘Profile,’ or similar section.
2. Locate Bank Details Option: Look for an option to view and update your bank account details. It might be named ‘Bank Details,’ ‘Linked Bank Accounts,’ or something similar.
3. Initiate Change Request: Start the process to change or update your bank details.
4. Provide New Details: Enter your new bank account number, IFSC code, account holder name, and other required information.
5. Upload Documents: You will need to upload a copy of your bank proof, such as a cancelled cheque, bank statement, or bank passbook.
6. Verification Process: Brokers may use various verification methods to confirm the authenticity of your request and your identity.
7. Confirmation: After verification, your new bank details will be updated, and you will receive a confirmation message from the broker.

This is the standard process across brokers and you must follow all the steps carefully to ensure that your bank information is updated seamlessly.

How to Change Bank Account in Upstox

Upstox provides both online and offline methods for changing your bank account details.

Online Method

1. Log in to Upstox: Open the Upstox website or mobile app, and log into your account using your credentials.
2. Go to My Account: Navigate to the ‘My Account’ section, and find the ‘Profile’ option.
3. Access Bank Details: In the profile, you will find an option to update your ‘Bank Details’.
4. Add New Bank Account: Click on the option to ‘Add a New Bank Account’.
5. Enter New Details: Enter your new bank account number, IFSC code, account holder name, and other details that are requested on the screen.
6. Upload Bank Proof: Upload a copy of your bank proof, such as a canceled cheque, a bank statement, or a copy of your bank passbook.
7. Verification Process: Upstox will then verify your documents, and then send you an OTP on your registered mobile number and email address for verification, as a security measure.
8. Submit Request: Once the OTP has been verified, submit the request.
9. Confirmation: You will receive a confirmation message once your new bank details have been successfully updated.

Offline Method

1. Download the Form: Download the ‘Bank Account Change Form’ from the Upstox website.
2. Fill the Form: Fill out the form carefully and accurately with all the correct details.
3. Gather Required Documents: Collect all the required documents like self-attested copies of your PAN card, address proof, and bank proof.
4. Submit the Documents: Send the form along with the required documents to the Upstox office by post or courier.
5. Verification: The Upstox team will verify your documents.
6. Confirmation: Once your bank details have been updated, you will receive a confirmation. This usually takes longer than the online method.

How to Change Bank Account in Fyers

Fyers offers an online method for changing your bank account.

Online Method

1. Log in to Fyers: Open the Fyers website or mobile app, and log into your account using your credentials.
2. Go to the Profile Section: Navigate to the ‘Profile’ section, which can usually be found under the settings menu or the account menu.
3. Select Bank Account Details: Find the option to manage your bank accounts, where you will be able to see all the current details.
4. Add a New Bank Account: Select the option to add a new bank account, and follow the prompts to input your details.
5. Enter New Bank Details: Enter the new bank account number, IFSC code, account holder name, and other information requested on the screen.
6. Upload Bank Proof: Upload your bank proof document, such as a canceled cheque, a bank statement, or a copy of your bank passbook.
7. Verification: You may need to undergo a verification process where the Fyers team confirms your identity and documents.
8. Submit Request: Submit the request for the change.
9. Confirmation: You will receive a confirmation message once your bank details have been successfully updated.

Offline process is similar to other brokers. You have to download a form from their website. Then fill it and send it along with required documents. You can refer this page - Fyers for more details.

How to Change Bank Account in Zerodha

Zerodha offers an online method for changing your bank account. 

Online Method

1. Log in to Zerodha: Log in to your Zerodha account through the Kite platform or the Zerodha website using your credentials.
2. Go to My Account: Go to the ‘My Account’ section, which is generally in the user profile menu.
3. Access Bank Details: Look for the ‘Bank Details’ option. This option might be available in the ‘Profile’ section or under the ‘Settings’ menu.
4. Initiate Change Request: Click on the option to change your existing bank details.
5. Enter New Bank Details: Enter your new bank account number, IFSC code, account holder name, and other details.
6. Upload Bank Proof: Upload your bank proof like a cancelled cheque, a bank statement, or a copy of your bank passbook.
7. Verification Process: Zerodha usually uses an online verification process, to confirm your identity and the documents provided.
8. Submit Request: Submit your request for change, and wait for it to be processed.
9. Confirmation: Once the verification is completed, Zerodha will update your bank details, and you will receive a confirmation message.

Offline process is similar to other brokers like upstox and fyers. You have to download a form from zerodha's website given below. Then fill form and send it along with required documents to given address in that page. You can refer this page - Zerodha for more details.

How to Change Bank Account in Groww

Groww also offers an online method to change your linked bank account:

Online Method

1. Log in to Groww: Open the Groww website or mobile app and log in to your account using your login details.
2. Go to Profile: Navigate to the ‘Profile’ section, usually found in the user settings menu, or by clicking on your profile picture.
3. Access Bank Details: Look for the ‘Bank Details’ option or a similar option in the profile section.
4. Add New Bank Account: Select the option to add a new bank account, and fill out all the required information.
5. Enter New Details: Enter your new bank account number, IFSC code, account holder name, and all other relevant information.
6. Upload Bank Proof: Upload your bank proof document. This may be a cancelled cheque, bank statement, or copy of your bank passbook.
7. Verification: Groww might use different methods to verify your identity, your documents, and your bank information.
8. Submit Request: After all the steps are completed, submit the request for a change of bank details.
9. Confirmation: You will receive a confirmation once your bank details have been successfully updated.

Groww does not usually provide an offline method for changing your bank details. I couldn't find any method in y research. So, the online method is the way to go.

Required Documents

While the documents you need might vary slightly depending on your broker, here is a list of commonly required documents:

• Bank Proof: A cancelled cheque with your name and account number printed on it, a bank statement of the last three months, or a copy of your passbook, showing the account details.
• Identity Proof: A copy of your PAN card, Aadhaar card, or any other identity proof that your broker might need.
• Address Proof: A copy of your Aadhaar Card, Passport, Voter ID, or any other address proof that your broker might require for verification.

Always check the specific document requirements of your broker before you begin the process.

Important Considerations When Changing Bank Details

Keep these points in mind when changing your bank account details:

• Accuracy: Ensure that all the details that you provide are accurate, and there are no spelling mistakes.
• Name Matching: Make sure the bank account name matches the name on your Demat and trading account.
• Verification Process: You will be asked to verify your details through various means, so please complete the process as directed.
• Processing Time: The time it takes to update your bank account information can vary across brokers. So, check with your broker for an estimated processing time.
• Inactive Accounts: Be aware that you may need to reactivate your account if you haven't traded for a while, as a change of bank details may trigger an automatic deactivation.
• Use Your Account: Do not use anyone else's bank account as this can cause issues with tax reporting and might also be considered fraudulent.
• Read Terms and Conditions: Carefully review the terms and conditions related to changing bank details before you initiate the change, so that you know all the implications of this activity.
• Keep Records: Keep a copy of all the forms and the documents that you have provided as proof, so that you have evidence of the change you have requested.

By being mindful of these considerations, you can make the process smooth and trouble-free.

Security Tips When Changing Bank Account Details

Here are some security tips to keep in mind when changing your bank details:

• Use Secure Connections: Always use a secure and private internet connection when updating your bank details online, and never use a public Wi-Fi, as they are not secure.
• Check the Website: Ensure that you are on your broker’s official website, and do not fall for any phishing attempts. Always double check the website address before entering your details.
• Secure Your Device: Ensure that your computer or mobile device is secured with a strong password, and that your software is up to date.
• Use Strong Passwords: Use a strong password for your trading account and enable two-factor authentication (2FA) for additional security.
• Be Cautious of Phishing: Be very cautious of any phishing emails or messages that ask for your account information and login details, and never share your details over email or SMS.
• Never Share OTPs: Never share any One-Time Passwords (OTPs) with anyone, as this may be used to compromise your account.

By following these tips, you can protect your information and your funds and ensure a safe and secure change of bank account details.

Conclusion: Managing Your Bank Account Details Effectively

Keeping your bank account information accurate with your stock broker is vital for seamless trading and investing. This article has provided a comprehensive guide on how to change your bank account details in four popular brokerage platforms: Upstox, Fyers, Zerodha, and Groww. By following the steps outlined in this guide and adhering to all security measures, you can ensure that your account details are up-to-date, and that your trading activities are not disrupted. By being proactive and well-informed, you can manage your account details effectively and trade with confidence.

I have given process for closing demat accounts of more brokers here - How to Close Your Demat Account Easily: Dhan, Groww, & More Broker Guide

Frequently Asked Questions (FAQs)

1. Why is it important to keep my bank details updated with my broker?

Updated bank details are essential for seamless deposits and withdrawals, regulatory compliance, and avoiding delays in fund transfers.

2. What documents are required to change my bank account details?

You typically need a cancelled cheque, bank statement, or passbook showing your account details, along with a copy of your identity and address proof.

3. How can I change my bank account details in Upstox?

You can change your details online through the ‘My Account’ section, or offline by submitting a form.

4. Does Fyers allow changing bank account details offline?

No, Fyers usually only allows you to update bank account information through their online platform.

5. How can I update my bank details in Zerodha?

You can update your bank details online through the ‘My Account’ section on the Zerodha website or Kite platform.

6. Does Groww have an offline method to update bank details?

No, Groww typically does not provide an offline option, and you must use the online platform to update your information.

7. What is the online process for changing bank details usually like?

The online process involves logging in, navigating to the profile section, adding the new bank account details, uploading proof, verifying, and submitting your request.

8. How long does it take to update my bank account details?

The time for updating varies across brokers, with online methods being quicker, and offline methods typically taking more time.

9. What precautions should I take when updating bank details online?

Ensure you use a secure network, use the official broker website, have a strong password, enable 2FA, and never share your login credentials or OTPs with anyone.

10. What if I face issues during the process of updating my bank information?

Contact your broker's customer support for assistance. You can also check their website for FAQs and help sections, to address your specific issues.