Zerodha cancels fund withdrawal to Yes Bank accounts

There are several implications in operations for Yes Bank customers following the moratorium imposed by the Reserve Bank of India (RBI) on withdrawal of funds. Brokerages like Zerodha have cancelled requests linked to the Yes Bank accounts and are seeking a change to other bank accounts so that funds are not blocked.

"We have cancelled all fund withdrawal requests made by clients to their YES bank accounts so that the money doesn`t get blocked. Please change, if your primary bank account is YES, to any other and withdraw the funds," a tweet by Nithin Kamath said.

Zerodha has given the procedure for changing the primary bank account linked with the brokerage.

"To change your primary bank account, you are required to provide us with a signed `Account Modification Form along with a proof of the new Bank Account you want to link. Please note that Rs 25+ 18 per cent GST will be charged for the modification," as per Zerodha.

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The accepted bank proof is any one of the documents like personalized Cancelled cheque (name printed on the cheque leaf), bank statement (with IFSC Code and MICR No.) (self-attested copy), bank passbook statement (self-attested copy).