Refer & Earn Guides & Terms

1. How Stock Broker Referral Programs Work

SEBI-registered stock brokers in India offer referral incentives to encourage new client acquisitions. Common reward models include:

• Direct Ledger Credit / Cash: Flat cash or wallet bonus credited upon verified account activation (e.g. m.Stock ₹151, Axis Direct ₹300).
• Perpetual Brokerage Sharing: Continuous revenue share based on trading fees generated by your referred friends (e.g. 5paisa 30%, Zerodha 10%).
• Shopping Gift Vouchers: Redeemable brand vouchers for Amazon, Flipkart, or Myntra (e.g. Angel One ₹500).
• First Trade Qualifying Criteria: Some brokers require an initial qualifying order (such as Choice Demat requiring a min ₹50 trade on NSE).

2. Essential Eligibility Requirements for Indian KYC

To successfully open a Demat or trading account and activate referral eligibility, applicants typically require:

• Valid PAN card matching applicant identity.
• Aadhaar card linked with active mobile number for DigiLocker OTP verification.
• Active savings bank account proof (cancelled cheque or bank statement with IFSC).
• Selfie/video IPV (In-Person Verification) for live identity confirmation.

3. UPI Cashback Rules

UPI payment referral programs (Paytm, PhonePe, Navi, MobiKwik) require the referee to link a bank account for the first time and make a minimum money transfer (usually ₹1 or more). Rewards are credited within 24–48 hours to the referrer's linked primary bank account or wallet balance.