AMC charges bug, issue or feature?

Hello @nithin

Why the next quarter charge are appiled a month ahead?

Charge twice in a week.

Is it okay?

Hi @Onkar_Singh, AMC charges aren’t deducted for next quarter. As explained in the narration, the AMC has been deducted for the quarter 1-03-2022 to 30-05-2022 and 31-05-2022 to 29-08-2022.

AMC is charged per quarter, i.e., every 90 days starting from the account opening date: What is Account Maintenance Charge (AMC)?

Hello @ShubhS9 so according this in 2023, you collecting the AMC for past 2022 months, why don’t charge the once on the end of financial year?

Yeah, this is common I guess

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In my case, July, August & September charges are collected on December last.
Wonder when they will collect October, November & December charges ?
And why is it not collected regularly ?
If regular, we can anticipate and add funds instead of paying charges for negative balances.
Even if we add for multiple quarters, it is settled back First Friday of Every Quarter
Please collect the AMC within 15 days after every quarter and make it work like clockwork. @ShubhS9 @Bhuvan @rupeshmandal

@TheGouda can you check this?

We have a bunch of checks in place in the back end, so it’s delayed sometimes. Oct-Dec should be done in a week or two. We always send an email before deducting AMC, so you can add funds if required. We’re working on streamlining the AMC module to collect at the earliest. Also, you’ll soon get an option to pay AMC upfront for a year.

That’s great news, if we able to pay the same for a year in upfront.

I hope this will be live soon, atleast next fin year.

Thanks

Looking forward to this option. :heavy_heart_exclamation: :slightly_smiling_face:

why negative balances less than 100 are not displayed on Kite ?
Since large negative balances attract more fines, shouldn’t Kite display even the smallest of negative balances ?
Sending out notifications on negative balances would be very helpful like the Disclaimers “Funds added before 7:30 am will show up incorrectly for sometime.” we see everyday.