If you have a Kotak Bank account and you’re a user of Neo, you can link the two and enjoy the Direct access feature that allows you to transfer money to your trading a/c without using UPI, or net banking. The user just has to enter the amount and click the blue colored “deposit” button on the fund deposit form. The amount will be transferred in real time.
To activate Direct access, you will have to link your Kotak bank and demat accounts and activate the “Trinity” module. To do so, open the Kotak Neo application and tap on the profile icon. Now choose the “services” button. Scroll down until you find the option “Trinity”. Click on it and enter the CRN number issued by the bank. You can find the same in your saving a/c’s dashboard.
The form with the text field to enter the CRN number has an additional field called account number. This field will be pre-filled by Kotak Securities. Once you enter the CRN and click on the submit button, your request will be submitted. Within a few hours of doing so, you will receive a text message stating that your KS a/c is now mapped to the Trinity scheme. Once the Trinity feature is fully activated for your a/c, you will be able to transfer money from the next day onward.
Is there any minimum balance requirement? I have a Kotak 811 zero balance account. No changes were made to this a/c after activating the Direct Access feature.
Here are some of the advantages/disadvantages of using Kotak Trinity:
Balance: You can see the balance in the Kotak Mahindra bank savings account from the NEO application with just 1 click of a button. If you’re not having a Zero Balance account, you will find this option useful. Why is this so? If you don’t keep the minimum balance, the bank may impose a fine. By knowing the amount beforehand, you can reduce the risk of being fined in case you suffer heavy loss in the stock market and you’re unable to place a withdrawal request before 4 PM.
Withdrawal time: People who use a three in one account expect fund transfers between the trading and bank a/c to happen in real time. For example, ICICI Direct is one of the 3-in-1 brokers I know that can send money from the trading to the bank account instantly. Kotak Trinity users cannot do so. The fund withdrawal scheme is the same for all users i.e. The money will be sent to your savings or current a/c by 9 PM on the same day if you place the withdrawal request before 4PM. If the user places the request after 4 PM, the amount will be sent by 9PM on the next working day and this request will be processed by 5 PM on this day.
Kotak Securities Direct access is useful for fund deposits only. You cannot withdraw money in real time if you’ve a Trinity a/c user.
