Over 98% of HDFC Securities’ Digital Broking Transactions Unaffected by New UPI MDR Framework
Company’s payment channel mix insulates the overwhelming majority of customers across InvestRight and HDFC SKY from October 15th merchant fee rollout
Mumbai, 21 September: Ahead of the new Merchant Discount Rate (MDR) framework coming into effect on October 15, 2026, HDFC Securities said an analysis of consolidated customer transaction data across its 3-in-1 offering on InvestRight and its discount broking platform, HDFC SKY, shows that the vast majority of its customers will see no impact from the change.
Between January and August 2026, customers transacting across both platforms collectively completed over 5.23 crore transactions. Of these, more than 98% i.e. around 5.14 crore transactions were routed through the 3-in-1 linked HDFC Bank mandate and via net banking, both of which fall outside the scope of the new MDR framework entirely.
The 3-in-1 mandate route alone accounted for approximately 5.1 crore transactions, with net banking contributing a further 3.6 lakh. UPI, the only channel where MDR may apply, accounted for approximately 9.6 lakh transactions across both platforms combined under 2% of total volume.
Even where UPI is used, the impact is expected to be marginal. The framework applies a general 0.4% MDR on person-to-merchant UPI transactions above Rs. 2,000 from October 15, but carves out a separate, lower slab for capital markets transactions covering mutual funds, securities, stockbrokers and dealers at 0.02% of transaction value, capped at Rs. 300 per transaction. Transactions of Rs. 2,000 and below, and all transactions on non-UPI channels, remain entirely unaffected.
Setting up a 3-in-1 account, also known as HRT (Hold-Release-Transfer), with HDFC SKY is quick and easy. HDFC Bank savings account holders can link their accounts either through the HDFC SKY website or via the SKY Direct tab on the HDFC SKY app. After completing the necessary verification, their savings, demat, and trading accounts will be automatically linked, enabling seamless management from a single platform. For InvestRight, most customers are already linked through their HDFC Bank accounts, but the process remains similar for those who need to link their accounts.
With the 3-in-1 mandate route emerging as the most insulated and efficient way to transact, HDFC Securities said the data reinforces the value of linking one’s trading, demat and savings accounts, a structure it continues to recommend to both new investors setting up their accounts and existing customers still transacting through other channels, given the seamless fund movement and reduced friction it offers.
“Our customers have consistently gravitated toward payment channels built for ease and reliability, and that behaviour has, as it turns out, also insulated the overwhelming majority of them from this change. Where the new framework does apply, the impact is minimal given the capital markets fee slab, and it does not alter the cost of investing for customers transacting through InvestRight or HDFC SKY in any meaningful way,” said Dhiraj Relli, MD & CEO, HDFC Securities.
The company added that it does not anticipate any material change to its customer-facing pricing as a result of the new framework and will continue to monitor the rollout as it takes effect.
(Disclaimer: The information provided here is investment advice only. Investing in the markets is subject to risks and please consult your advisor before investing)
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