Do you want to open Zerodha multiple accounts? But, you are confused if that is allowed or not? Don’t worry, we got you covered. Read along to find the answer to this simple question.
So, let’s start with the first important question – Can you open two Zerodha accounts?
Can I Open Two Zerodha Accounts?
There are two types of accounts facilitated by this discount broker – Demat Account and Trading Account. So, the query raised is for both of them.
Opening multiple trading accounts with Zerodha is not permitted by the circulars issued by NSE and MCX. You can open only one trading account with Zerodha against a name and mobile number.
So, if you want to open more than one trading account with the depository participant (DP), you can consider opening accounts in the name of your family members or friends.
Similarly, you are permitted to have multiple demat accounts with different stockbrokers but you can only open one demat account with one broker. But Zerodha multiple accounts for demat are facilitated only in one situation.
Also, these requests for opening additional demat accounts could be denied at the choice of the depository participant team.
So, you are allowed to have Zerodha multiple accounts if they are demat accounts but not for trading accounts.
Zerodha Multiple Bank Accounts
Although you can have a single trading and demat account with Zerodha, to trade efficiently you can link multiple bank accounts.
The first one is tagged under the primary account and the rest (the number varies from broker to broker) are titled as secondary accounts.
In Zerodha, you are facilitated to link 1 primary bank and up to 2 secondary bank accounts with your Zerodha account.
Now, you must be wondering, what is the difference between the two types of bank accounts linked, right? Here is the answer:
The primary bank accounts are used to add funds to your trading account and make withdrawals. On the other hand, secondary bank accounts can only be used to add funds to your trading account.
However, if you have a resident individual account, then you are allowed to add a secondary bank account using the back office application Zerodha Console.
The last aspect you would want to know is – how do we decide which account will be primary?
The primary account is the one whose details were submitted during the Zerodha account opening.
Furthermore, there is a provision of Zerodha 3 in 1 Account as well, where you can get your bank account directly linked with the trading account of Zerodha. This works through IDFC bank only.
Zerodha is the best stockbroker with the largest active client base of over 3.6 million. It facilitates multiple accounts in the name of the same person only when the individual has a joint account and individual account.
On the other hand, for a trading account, you can have only one account against one mobile number and name.
If you want to link multiple trading accounts to one demat account, that is feasible but we can not have multiple accounts with the same depository participant or stockbroker.
We hope that your confusion has been cleared about having Zerodha multiple accounts.
However, there is nothing wrong with asking any other queries you may have. Just fill in the details below and we will set up a callback for you: