Funds withdrawal delays 1 day each time

@nithin @siva

I opened a new account a few months back and tried to use Zerodha. But now have stopped.

Thought of just providing an honest feedback.

While I loved the interface, system and service just one point which I think suggest should be improved:

Whenever there is a fund withdrawl in nsecm or nsefo segment, it gets processed at 8.30-9.00 pm which essentially gets credited on next working day.

So always there is a delay of 1 day and sometimes 3 days if weekend in between.

So ideally t+1/t+2 settlements become t+2/t+3 and sometimes even more due to weekends.

You should think about solving this as no other broker does this. Everyone processes in morning so that funds are credited same day i.e. on t+1 for FO and t+2 for nsecm.

Just an honest suggestion as a lot of people have moved due to this problem

Yep, on our list of things to do. Unfortunately tough to match the bank brokerages on this as they are still in control of funds when they shift money to their own bank accounts. In our case, we have to doubly sure before doing any payouts, so there is a reconciliation that happens. It is impossible in our case to get back funds after payout if something went wrong.

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Sure. Even the non banks brokerage like Angel, Sharekhan, Upstox process in the morning and payouts given on same day.

I definitely suggest it would be a great change once you do this, as there is a leakage and nobody is gaining out of it besides your bank

@nithin in fact, you do it for commodities but not for equities, so may be its just a system glitch

@nithin glad to see this things on your todo list and i love zerodha :heart: