Like I have also mentioned, before we send out funds we require time to reconcile and ensure the person withdrawing has sufficient funds in the trading account and the person who is withdrawing is the same person who transferred in. This takes time. But we are working on instant fund withdrawals, where atleast for certain amount you will be able to withdraw the same day.
Thanks for the info @nithin
- With 24x7 NEFT, shouldnât the âworking dayâ clause change in point #1
- Long back I had suggested a feature - instant withdrawal of MF redemption value as a loan, and charging loan interest for those T+X days. It would help an investor get instant money, also Zerodha would generate revenue, a win-win for both.
Once AMC credits the redemption value to Zerodha trading account, the loan is automatically recovered from the trading account (so the loan is a secured loan indeed) and in the monthly statement, loan interest amount for those T+X days is charged to the user.
E.g. say today before 1:30 pm I redeem equity MF worth Rs 50,000. I can immediately get a margin to invest in another MF or I can also withdraw it to my bank account without waiting for T+X days. At the cost of paying loan interest to Zerodha until AMC credits the amount in my trading account.
I would like to know your thoughts on this. I have given an example of MF redemption, though it can be applied to the sale of equity share too.
And Zerodha can charge interest beforehand or allow ~99.5% of the fund withdrawal. This will allow traders (who donât mind paying interest on fund withdrawn for 2 days) to withdraw money fast. And generate risk free money for brokers. Ofcourse only if SEBI allows this type of transaction.
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Yep, but our bank is still not live on it yet. We will change it as soon as HDFC starts 24x7
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Not allowed currently.
Hi, looking forward for this feature, I want to use it for keeping a portion of my Emergency funds invested in Liquid funds & to be able to withdraw instantly. Any expected timeline for the rollout.
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Dear small investors these people said same day withdrawal will be enabled from dec 16 2019⌠Now they are saying some non sense⌠Be smart donât be fooled open an HDFC Account immediately and link it⌠they wonât do it any sooner because its a huge profit for zerodha ( they are holding our money for nearly 8 to 10 days )âŚif they really want to help customers they would have used IMPS feature long backâŚbut this is business thatâs how it willâŚbe smart and open HDFC account (if u donât have one)âŚif you note carefully zerodha will discourage customer from opening HDFC account⌠donât ask them just open and linkâŚlet them do their same day withdrawal drama
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in HDFC website its already mention NEFT24*7 is live , then what happen to zerodha ,
@siva why still not available this feauture , already HDFC is live in this feature
when you will come to instant credit , RBI rules are same for everybody then how zerodha is still not enabled in this feature
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C2C transactions are enabled for 24x7
But, B2C transactions are not done yet for 24x7
Individual to individual transactions are allowed for now but not at corporate level. We will allow this once HDFC enabled it at business level.
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@siva waiting for this feature still not yet , any timeline to enable 24*7 funds withdrawl from zerodha
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Likely in next 2 to 3 weeks.
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Any update on this feature, with interest rates falling, Liquid/Debt fund with option to withdraw upto certain limit instantly with this feature will be really helpful for many investors.
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@siva still instant withdraw feauture i not available its very long time i think , even small brokers are live , for any emergency i want to wait for 1 or 2 days , any solution you find , some thing usefull feature for us please bring that one quickly ,
HDFC should take one day, but yes we are working to allow instant withdrawal upto some limit.
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@siva Is this done yet? Canât see option to withdraw and receive money same day yet. Please advise
This will take some more time.
@siva @nithin I just confirmed with my HDFC bank manager that 24x7 NEFT is available for all bank customers. Individual and Corporate business accounts alike. This benefit of 24x7 NEFT should be passed on to Zerodha users as instant withdrawal feature.
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Weâll check with our bankers and get back.
Instant withdrawal will be powered by IMPS, not NEFT. There are some internal processes pending before we can go live, weâll announce.
What 24X7 NEFT will aid is, that when we process our regular payouts, the credit will hit your account sooner than now.
It doesnât currently. I had withdrawn at 3:31 pm on Friday and the money came to my account on Monday morning. Thatâs too long an unnecessary wait if 24x7 NEFT is enabled by HDFC too for Zerodha corporate business account. More than that I didnât get the money when I needed so. We also lose interest amount for the delay. Forget Instant withdrawal, just be in sync with the bank NEFT turnaround time. Even at midnight I should be able to withdraw and the money should hit my bank account as per 24x7 NEFT norms which is not instant but almost instant. It would be good enough for us to suffice our expectation.
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Youâre getting confused. There are 2 kinds of payout:
(a) Regular payout (RP): RP will allow you to withdraw any or all the money in your account. Regular payouts will be processed after weâve processed our trades and have posted the obligations on your ledger. RP will be processed via NEFT. Regardless of when you place the request, itâll be processed only after the trade process is done which is around 9 or 9.30 in the evening. Once the payout is processed, the funds will hit your bank account subsequently. If NEFT is made 24X7, youâll receive the credit at 11.00 pm or 12.00 am instead of receiving it the next day.
HDFCâs corporate banking portal is ENET. FYI, hereâs a confirmation email from our bank confirming that 24X7 NEFT isnât available yet.
(b) Instant Payout (IP): IP will be processed via IMPS, youâll be allowed to withdraw a portion of your funds (with an upper cap) instantly. When you place an IP in the midnight, the funds should hit your bank account in a few minutes, subject to you having sufficient balance. This, is WIP and will be announced soon.
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