Hi all,
As you must have guessed from the title, weâre ready with a much awaited feature on Dhan. Your bank accounts on Dhan are an integral part of your investing and trading experience.
At Dhan we always understood this and made available many features and offerings, let me restate a few of them here:
- Ability to connect up to 5 Banks to Dhan
- Zero Charges or Fees for Funds Transfer (Possibly only broker in the industry)
- Instant Withdrawals from Dhan (First to industry, and possibly only broker to offer the same)
- Dedicated virtual account for every trading client, allowing Smart Transfer up to 99.99 Lacs in a single transaction
- Pledge as Payment experience
- âŚand many more small things that are under the hood
When you are onboarding with us, we ask you to link a bank account, which we verify (through automated and human checks) if it really belongs to you as per the regulations. Once your Dhan account is created, you can then use this bank account to transfer funds in and out seamlessly. This is also known as your Primary Bank Account.
We felt that having one account to transfer funds could be a limitation, hence we soon added the option to add up to four additional secondary bank accounts to your profile as well. Unlike other brokerage accounts, you could access most services with these accounts, including the most essential - pay-in and payout.
However, a small set of users face scenarios in which the primary account linked with us is closed or they have decided to part their banking relationship altogether. In this case, they will not receive dividend payouts (in case you have invested in a scrip which pays dividends), referral payouts (in case you decide to withdraw your referral earnings) or quarterly settlements (in case you have money lying in your account for more than 90 days).
In all of these cases, we process the payout in your Primary Bank account only. The only way to change it (till yesterday) was to print our âAccount Modification Formâ, fill and sign it and then courier it to our registered office. Now you can do this entire process online!
You can do this by following the steps below:
- Simply navigate to the âBanksâ section on your Dhan app or web by clicking on the âMoneyâ tab
- Click on the âMoreâ button on any of your secondary bank that you want to change to Primary
- Click on âSet as Primary Accountâ
- Give your consent to deduct âš25 (+GST) from your Dhan ledger
- Provide your confirmation on the bank you want to change to Primary
- Proceed to eSign with the Aadhaar number you used to open your Dhan account
On successful Aadhaar based eSign, we will initiate the request and send it to exchanges and depository. The entire process may take up to 24 hours. Once completed, we will notify you via email. You would also be able to see the status by visiting the âBanksâ section highlighted above.
As promised, Primary Bank Change is one of the Digitised Service Requests we promised for 2023 and more is yet to come. For any feedback, kindly reach out to at feedback@dhan.co
-Anirudha Basak
Product at Dhan
Frequently Asked Questions:
Q1: I donât see the option to âSet as Primary Accountâ on clicking âMoreâ?
A1: This may happen if you only have one bank account added on Dhan. The option will only be visible for secondary banks. First, click on âAdd a Bank Accountâ and follow the on-screen steps to add the bank account which you want to make your Primary account. Once it is successfully verified by the team, you can then follow the steps highlighted in the original post to complete the process. If you do not see the option on your secondary app as well, please make sure you are on the latest version of the app.
Q2: How can I delete my bank account?
A2: Currently, we do not have any provision to delete your bank account. However, if you feel that you do not use a particular account anymore, you can change your primary bank account (if required). We do not send the details of any of your secondary accounts to any exchange or depository. You can simply stop using it on Dhan as well.
Q3: My e-Sign has failed. What should I do?
A3: The most common reason for e-Sign failure is when you try to eSign with an Aadhaar number that does not belong to you. However, we request you to get in touch with us at help@dhan.co if you still face any issues.
