@Bhuvan Why there r ZERO updates from ZEROdha on this. Just 2 days left for July 1st , People have lakhs of rupees investment in the platform. You guys should be responsive & act responsible. I have a travel plan from tomorrow n dont have time for Last minute information on last day 30thâŚ
Any responsible platform will inform users atleast a week in advance from any major changes/upgrades.
@gopikrish2000
Im not taking sides but you are hilarious
Lakhs of investment for who ?
So in that context, firstly, Its a free service, are there any charges you are paying ? Even the MFs are Direct commission free.
Secondly, SEBI is also accountable for pushing deadlines. How many have ever stuck fully in tha past?
Thirdly, during transition there will be hiccups any you can adjust too. How hard is it to make manual payments or whatever outcome is there until things are normal.
4thly, Sarkari stuff deadlines get pushed in the last hour of the last day, so counting 2 days, one day etc is pointless. There is never any remorse for your grief.
Extremely sorry for the delay. Although, this seems simple on the outside, this is a wholesale change in how MF transactions work. The reason for the delay in communication is because there were and still are an insane amount of complications from the exchanges, banks and the payment gateways. As we were testing things over the last couple of weeks, we keep discovering serious bugs, and we had to iron them out and hence wanted to be sure before we posted anything.
What changes?
Like we mentioned in this post, funds in your Zerodha trading account cannot be used to invest in mutual funds starting July 1st, 2022. The funds for all purchases will have to come from your primary bank account linked to your Zerodha account. The redemption proceeds will also be credited to your primary bank account.
What does this mean for you as a trader?
Pledging will work as usual.
How will Coin work now?
The funds for all purchases have to come from the primary bank account linked to your Zerodha account. The proceeds from the redemption will be credited back to the same account. To begin with, payments can only be made from primary accounts, but weâll soon allow secondary accounts as well.
Starting July 1st, you will be able to pay for all mutual fund purchases through UPI, NEFT, RTGS and Net Banking.
SIPs
The day before your SIPs, you will receive an email with a link to a Coin page with all the orders where you can make payments for your SIPs. For now, the payments have to be made individually using UPI or Net Banking, but we are working on making the payment flow seamless. Please bear with us for a month, while things settle down.
Lumpsum
You can pay for lumpsum investments through UPI, NEFT, RTGS and Net Banking.
Charges
There wonât be any charges for the payments.
Changes in features on Coin
Editing SIPs, pause, modification, and step-up SIPs will continue working as usual.
Orders cannot be deleted once the payment is made.
No changes in the existing frequencies allowed.
Conditional orders wonât be available for a while.
Cut-off timings
Equity, debt, hybrid and other schemes - 2 PM.
Liquid funds - 12.30 PM.
Funds have to be transferred within the cut-off time.
Why 2 PM and not 3.30 PM?
The cut-off time is decided by the exchanges and the payment gateways.
Mandates
Mandates wonât be available for the first couple of weeks in July, given that there are some issues with scheduling mandates from the exchange and our partner bank. We are working on having them resolved, and you will hopefully be able to create mandates by the last week of July.
What happens if I miss a SIP payment?
SIPs will be active for T+5 calendar days. You can make the payment within 5 days.
Cut off timings can vary according to payment mode and banks. Please check this article
Thanks Bhuvan. When you say no changes in existing frequency is allowed, you mean - if I need to change a weekly SIP to monthly SIP, I have to delete the SIP and create new one, right?
For AMC SIPs also, we will get a payment link one day before?
I have a few AMC SIPs tomorrow, so I should get a link today, right?
The cutoff time of 2 PM is for payment one day before or on the same day as SIP?
I have SIPs getting executed the First of every month. In that case, I should have got the link today(as in one day before), why havenât I received the link yet ?
So are you saying that if I have 5 SIPs to be executed tomorrow, I have to make the payment five times currently ?
Let us assume that I get the link through mail around 10 AM, the previous day (Thursday) of the SIP. Do I have to complete the payment on Thursday before 2 pm or do you suggest the payment has to be completed by Friday 2 pm, assuming that the link doesnât expire within a day.