In my account Withdrawable amount shown is much greater than the available amount. Is this correct and whether I still be able to withdraw upto Withdrawable amount.
May be you can create a ticket here, also if you have done any trades today then balances will be updated after the process. Also for a quick answer you can call our support @ 080 4718 1888.
Oh no, that ticket is worst part of Zerodha. I will tell you with sample figure. Say I have 1 lakh cash in account and another 1 lakh as pledged margin. I have taken fno position of rs 80,000 for last few days. Now it is showing Withdrawable amount rs 80,000 and available amont rs 10,000. The issue is I will require say rs 50,000 by 2nd Jun for Reliance Rights issue. I am not sure if my request for fund withdrawal of rs 50000 will be processed. If I raise ticket surely it will come after 2nd June, with or without being satisfactory.
I request @siva and @nithin to make fund withdrawal like requested amount or eligible amount, whichever is less. This has been suggested few times earlier also by others.
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Let me explain, since you’ve pledged stocks for margins, you receive a margin credit against them. However, the effect of margin you receive from stocks doesn’t show up on the ledger as a credit. This is why you’re seeing the withdrawal amount higher than the available amount.
In the example you’ve given:
You’ve taken a position for which margin required = 80,000
Margins available:
In the form of cash = Rs.1,00,000
In the form of collateral = Rs.1,00,000
Total margins available = Rs.2,00,000
Of the 80,000 margins required for your carry forward position, we’d block 50% of it in the form of cash and expect the other 50% to come by way of collateral. So, from the 1,00,000 cash & collateral margins of 40,000 each would be blocked towards the position where margins = Rs.80,000. This leaves you with a withdrawal balance of Rs.60,000 (1,00,000 cash - 40,000 margins). The account balance however would show 20,000 (1,00,000 cash - 80,000 margins).
Having said this, I understand your concern. We’ll work towards making the withdrawal page intuitive.
We’ll take your feedback and do our best, one thing that we’ve already done to address this issue is: when you place a withdrawal request for amount greater than what you can withdraw, your request gets rejected. You’re immediately sent an SMS informing you of the rejection along with the details of the amount of money you can actually withdraw. You get a 60 minute window within which time you can come back and place another withdrawal request which will get processsed the same day. In parallel, we’re also working on instant withdrawals, it had to go live but got delayed due to the prevailing situation.
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Ok, thanks
When NEFT is 24X7 why is that fund withdrawal on Friday does not show up till Monday?
@VenuMadhav When will this be resolved? Money available but not able to withdraw from Zerodha due this. Unnecessary blocking of client money, please advise when this ill practice be stopped from your end?
There is nothing wrong with the methodology of the computation, the numbers shown are right. We’ve made a few enhancements already.
Showing the last update time on the Fund withdrawal page. If it’s showing of the previous day, that means the trade process is still underway.
Included the time within which the payout will hit the bank account
A support article that explains the logic of withdrawal balance computation.
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@VenuMadhav All said and done, my simple concern is - why should I lose out on interest just due to late release of funds from broker? I hope you work on allowing transferring money real time (at least in 3 in 1 IDFC account) ASAP. Sad to see this has been Work in Progress at Zerodha’s end for more than 6 months (reading from comments from various threads)
Hi, I had a query, since we can now see the last update time for the funds on console. How much time do we get after the processing is done? I placed a request to withdraw on 10pm and my withdrawl request was processed as the final processing was not done. So suppose someday the processing time is 9pm, till when can I place a withdrawl request to get it processed the same day??
Why ZERODHA don’t offer early funds withdrawal if we request in morning.
I have account in Sharekhan. If I withdraw funds in morning. I will get those funds in my bank by evening.
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We’re going one step ahead and are working on Instant payouts. It was supposed to be taken live a few weeks ago, but constant regulatory changes have kept our tech team busy since effecting these changes are critical. We’ll make an announcement in this regard soon.
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Wow …that’s amazing…when can we expect this ?
Good Day, would like to know if I can withdraw my money from a mutual fund? How long does it take to process a withdrawal? How do I cancel my stash account and get money back?
You can place redemption request for your Mutual Fund investments from Coin.
The settlement and credit varies from fund to fund, you can see time taken for settlement on redemption order window itself.
Didn’t get this?
I appreciate your prompt response to my questions, what I meant by my question is that what will happen when you close an investment account? When can I withdraw my money? Your reply is highly appreciated.
When you want to close your account, you will have to withdraw all the funds and transfer or sell all the holdings which you hold in your account. Without this account closure isn’t possible.