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Last Updated : Mar 11, 2020 01:53 PM IST | Source: Moneycontrol.com

Yes Bank crisis | Zerodha migrating to HDFC, to pause e-Mandate transactions

Zerodha has asked asked its users to manually transfer funds until e-Mandate transactions are reactivated


Discount broker Zerodha is migrating to HDFC Bank as its sponsor due to Reserve Bank of India's (RBI) restrictions on Yes Bank, its present sponsor.

e-Mandate transactions allow financial service companies to deduct specified amounts from a user’s bank account. This is especially beneficial for systematic investment plans (SIPs) where a certain amount is supposed to be invested at regular intervals.

Now, Zerodha has paused e-Mandate transactions for the next couple of weeks.

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“During this transition period, Zerodha users will continue to receive reminder SMSs and emails to fund your account manually on the scheduled date as the auto-debit feature of the mandates won't be operational,” the company informed its users via an email.

It asked its users to manually transfer funds until e-Mandate transactions are reactivated.

Founded in 2010, Zerodha is an Indian financial service company known for its discount pricing model.

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First Published on Mar 11, 2020 01:53 pm

tags #Zerodha

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