Before we dive into the fix, if you haven't fully set up your INDmoney account yet, make sure to claim your free sign-up bonus! Grab the latest working invite code here: INDmoney Investment Referral Code.
Are you trying to kickstart your US stock investing journey on INDmoney, only to find that your State Bank of India (SBI) account isn't being accepted? You are definitely not alone. Many new investors run into this exact hurdle during the onboarding process.
The short answer is that SBI is currently not supported for INDmoney's US investing setup and international fund transfers.
If you want to seamlessly transfer funds and buy fractional shares of global companies, you will need to use a supported bank.
Which Banks Are Supported by INDmoney?
To successfully fund your US brokerage account on the platform, you must have an active account with one of the following banks:
- HDFC Bank
- ICICI Bank
- Axis Bank
- Federal Bank
- Kotak Mahindra Bank
- IDFC First Bank
The Easiest Fix if You Only Have an SBI Account
I was actually in this exact same situation when I first started exploring US stocks! If your primary bank is SBI and you don't have an account with the supported banks listed above, you don't need to panic or visit a physical bank branch.
The easiest workaround is to let INDmoney help you open a Federal Bank account online.
Right from within the INDmoney app, you can initiate a digital, paperless account opening process for Federal Bank at absolutely no cost. The setup is straightforward, fast, and completely free. Once your new Federal Bank account is active, you can seamlessly link it to your INDmoney profile and finally start building your US stock portfolio.
Ready to start investing? Don't forget to grab your welcome rewards before you fund your account! Check out this page to claim your bonus: Get Your INDmoney Referral Code Here.