How does Lakshmishree verify that my bank account is linked to my demat and trading account?

To ensure that your bank account is linked correctly, Lakshmishree follows a verification process using the Penny Drop Method.

Here’s how it works:

  1. Small Amount (₹1) is deposited into your bank account.
     
  2. This transaction Retrieves The Bank Details registered with your account, including:

    • Bank Name
    • Account Holder’s Name
    • IFSC Code
    • Branch Details
       
  3. If the Details Match the information you provided, the bank account is successfully verified.
     

If your bank Does Not Support Penny Drop Verification or the transaction fails, you will be required to submit:

  • Cancelled Cheque
  • Bank Passbook (showing your name and account details)
  • Recent Bank Statement
     

Make sure the document submitted clearly shows your name, account number, and IFSC code to avoid any delays in verification.