Private lender RBL Bank is reportedly in advanced discussions with Zerodha Broking to open bank accounts for Zerodha’s huge client base. The potential deal could bring in up to 160 million Zerodha clients into a unified structure combining brokerage, demat, and banking services.
If this tie-up happens, RBL Bank could see deposits of about ₹40,000 crore flowing in. That would boost the bank’s deposit base by more than 30%.
What’s on the table
- Zerodha clients currently keep trading funds in multiple banks; under this deal, they may get a “3‑in‑1” account: broking + demat + banking all bundled.
- For RBL Bank, the low-cost and “sticky” nature of trading-fund deposits is attractive because it can improve its current account/savings account (CASA) ratio and reduce the cost of funds.
- For Zerodha, this could mean a smoother customer experience and a competitive edge in the broking space.
Why it matters now
The timing is significant. RBL Bank has recently strengthened its financial position, which boosts its ability to grow retail and digital banking operations. A major deposit inflow from Zerodha’s client base would help RBL accelerate expansion by strengthening its funding base and liquidity.
Risks and caveats
- The deal is still not confirmed; both party have not publicly announced full details.
- Moving 160 million clients into a new banking arrangement is a large operational and compliance challenge.
- Customers currently using other banks might resist switching or may opt out; successful onboarding is not guaranteed.
- For the bank, concentration risk may arise if a large chunk of deposits comes from a single source, and regulatory or compliance issues may surface.
What to watch next
- An official announcement from RBL Bank or Zerodha declaring the deal structure, timeline, and client migration details.
- How soon will the 3‑in‑1 account product be rolled out to Zerodha’s clients?
- Changes in RBL’s deposit growth, CASA ratio, and cost of funds once the deal is implemented.
- How customers respond — uptake rate of the new account and retention of funds within the system.
Summary Table
| Parameter | Detail |
|---|---|
| Bank | RBL Bank |
| Broking Platform | Zerodha Broking |
| Client Base | 160 million (Zerodha clients) |
| Proposed Product | 3‑in‑1 account (Broking + Demat + Bank) |
| Potential Deposit Inflow | Approx. ₹40,000 crore |
| Estimated Deposit Base Boost | Over 30 % for RBL Bank |
| Key Benefit for Bank | Strong increase in low-cost deposits, improved CASA ratio, better funding |
| Key Benefit for Broking | Better user experience, tighter integration, competitive edge |
| Deal Status | Advanced talks; no full public confirmation yet |
| Major Risk | Strong increase in low-cost deposits, improved CASA ratio, and better funding |
