Would greatly appreciate if your support portal is updated before you send out e-mail flyers to customers on the new change that you are brining or have brought. This could also act as control checkpoint for your content team to be upto date on support portal or if you cannot implement why not again inform the customers if something couldn’t be implemented?
Ex: funds withdrawal.
The email from zerodha on 11th Dec communicated on the same day fund Withdrawal, but this is not updated on the support portal which you highly regard and there is no update about this facility being rolled back over email and the reason on zconnect is 24X7 NEFT transactions are not available on the corporate portal of our banking partners yet. We are working with them to enable this for same day fund withdrawal for all our clients.
This is such a lame explanation, we are now in April 120+ days after the event, when RBI has given direction there is no bank who cannot follow even if banks are playing this low, I will move to a better bank and I know HDFC is a river horse who care less for customers.
But this is very unhappy situation while you thrive to bring excellence and be the trend setter in broking firm, I feel things are geeting laidback.
We were all excited about the 24x7 transactions and yeah did the mistake of premature announcement. It isn’t just HDFC Bank, none of the banks are allowing 24x7 NEFT for B2C transactions.
Strange may be banks want to take precaution during non buisness days on online payment? Which isn’t physical either and their customer care is round the clock. 24/7
I have never with drawn funds from zerodha. recently after openeing account I sent NEFT transfers to equity &2 NEFT transfers in to zerodha commodity. All NEFT from me were sent by around 7.30-8am . Got notification from zerodha with in 30 minutes that the funds are credited. I
Just learnt from my friend whom I convinced to open dmat with zerodha. His broker Angil broking credits the money even on weekend or holidays on the same day if the request is placed before the evening cutoff time.
Is this a corny trick from zerodha to earn money from customers by withholding their funds, is his view now.
With us, if you have HDFC bank account (we use them for our banking), you get withdrawals same day you ask. Hopefully once the banks are ready with the new RBI requirement of 24/7 NEFT withdrawals, it will be as fast with other banks as well.
In the context of the size of our business, this holding back on withdrawals doesn’t make any material difference to our revenue. We are also working on things to make withdrawals faster.
I make payin at 8am from my bank accout to trading account ; do the intraday ; request the payout at 3.30 pm . Get the money in my bank accout same day !!!
@nithin
No sir. I have opened a new bank account in HDFC specially to get same day payout from zerodha. But it does not happen. I get the amount next day like any other bank.
I also checked online on zerodha discussion portals and found that there are more people like me who changed their bank account to HDFC in hope of same day payout but they get it the next day.
Secondly, I also have another trading account in angel broking which processes same day payout within 3-4 hours irrespective of the bank.
I am not promoting angel broking here. But I want to draw your kind attention towards other brokers who are already providing same day payout service without making excuses about banking partners.
It is my humble request that zerodha fix their payout process. Due to COVID-19 HDFC may not be able to execute 24X7 neft for corporate clients in the near future. Zerodha must find an alternative in the meantime.
Well the response is not convincing to understand what’s the technical problem.
I have a HDFC AC and I have been making NEFT transfer on weekend or holiday and it goes through. So, HDFC for sure has the technology to make NEFT transfers 24/7 to meet RBI guidelines.
Is zerodha processing the requests once a day to the bank on weekdays as NEFT transfer is free only for SB AC and not current accounts?
When you transfer funds using payment gateway, it gets settled (we receive it) only the next day. So no, same day withdrawal process won’t be possible. We will have to first receive the funds before we can transfer it back. In case of NEFT/IMPS/RTGS the funds get realized the same day, but still it is tough allowing to return the funds same day as our backend reconciliation takes some time.
Our corporate banking portals stop at around 9pm, so if the backend processes takes longer than 9 pm, we process it first thing next day morning. If you have HDFC, you receive it instantly, while other banks will have to go through the NEFT/RTGS timelines.
Like I mentioned earlier, the 24/7 thing is currently working only for individuals making transfer. None of the banks are ready with it for corporate’s.
We process once a day at the end of the day after all trade processes for the day. But yeah, we are working on making some changes to this.
Funds transferred using payment gateways are guaranteed to hit the broker bank account. So the broker reports the fund as being in the trading account when doing margin reporting.
