For the beginners out there and for those who have just opened an account with us, in this post I will guide you how to transfer funds into your trading account using Fyers One. You can transfer money into your account in the following ways:
1. Instant Payment Gateway
2. NEFT / RGTS
The preferred mode to transfer funds is definitely Instant Payment Gateway as the amount is instantly credited into your trading account. If you choose to do it via NEFT / RTGS, it may take a little more time. You can get the instant fund transfer facility with more than 25 different banks in India. However there is a small convenience fee of ₹10 charged by the payment gateway. The list of banks include all the major banks in India, PSU banks, Private banks and small-scale banks too.
Step by step guide to transfer funds:
To transfer funds on Fyers One, click on “Limit” in the main menu and select “Fund Transfer”.
Entry Window: To transfer funds, select one of your bank accounts. Please note that you will have only one bank account mapped to begin with. You can link additional bank accounts to your trading account by sending us a filled and signed “Bank account addition form”. You can find it in the downloads section of our website. Upon sending it to us, your secondary bank will be mapped under your trading account and you will be able to see it as shown above. However, once you choose your bank account and enter the amount, click on “Submit” to begin the process.
Alert Message: You will get this notification window as a reminder to refresh “View Limit” after you have finished the process. Click on “OK” to proceed.
Internet Banking Page: Login using your internet banking credentials to authorize the bank to debit the bank account and transfer funds into your trading account. Please note, that this page depends on which bank you have an account with.
Authorization Page: As a general security reminder, I encourage you not to allow your system to remember any internet banking passwords. If you get a notification as shown on the image, click on “Never”. To transfer funds, you will have to authorize the amount, add remarks for your reference and click on “PAY”.
Security Check: The bank will ask you for a 2FA password or some digits on your debit card or an OTP etc. depending on their password policies. Once you complete this process your fund transfer process will be complete.
Confirmation Message: Please note, that it is important that you get this message at the end of the transaction. If you don’t get a “success” message, there has been some error in the transaction. Check whether the amount has been debited from your account and write to us if you need any clarifications or help. You can send us a screenshot of your Merchant Reference Number and Transaction Reference Number along with your Client ID if you face any issues. The process is very smooth and if you follow the instructions correctly, you can transfer funds without any issues. Once you finish this step, you can go back to Fyers One trading platform and check the updated balance under “View Limit”.
You can also transfer funds through NEFT / RTGS:
If for some reason, you are more comfortable to transfer funds using traditional methods like NEFT / RTGS, you can follow a simple procedure that will ensure a smooth transaction that will save your time.
Step 1 – Transfer funds to our bank account. Details of our account are mentioned here.
Step 2 – Take a screenshot of the Successful Page with Bank Reference number and mention your client ID. Mail these details to email@example.com.
Step 3 – After verifying that you have done the fund transfers successfully, we will update your trading account balance at the earliest. This is usually done in 2 to 3 hours.
Lastly, you can transfer funds via cheque:
Although it is the least preferred mode due to the time it takes to get cleared (outstation cheques take longer than 2 days), you can transfer funds via cheque too. Please follow these steps:
Step 1 – Write a cheque in our favour and drop it off at a HDFC Bank branch nearby. Get our bank details here.
Step 2 – Let us know that you have deposited a cheque and mention your client ID. Send us a mail at firstname.lastname@example.org
Step 3 – After verifying that you have done the fund transfers successfully, we will update your trading account balance at the earliest. This depends on when the cheque gets cleared. As mentioned earlier, outstation cheques take longer than 2 days.
If you need further clarifications, you can ask me in the comments section below. Time to get started!