I am not getting confused. All I am asking for is NEFT 24x7 applicable on withdrawals so that even at midnight I can withdraw funds from console and as per 24x7 NEFT TAT money would be credited to my bank account. The example I mentioned above where I pressed the withdraw button at 3.31pm on Friday and the money reached my account on Monday morning.
We don’t need instant withdrawal if you look deeply. Whenever 24x7 NEFT is applicable on withdrawal from console, the rest would be taken care of by the bank. 24x7 NEFT is not instant but almost instant with a lag of few minutes. All Zerodha needs to do is be flexible and process our withdraw request instantly and pass on the instructions to the bank immediately so the bank NEFT can do the rest.
In my case, a withdraw request on Friday 3.31 pm should have been processed immediately, I would have received the money on Saturday at most (considering NEFT not 24x7 for your banking system). Still it saves 2 days for me.
Say, you had 1 lac in the account on Friday morning. You’ve taken trades, and used up margins. You place a withdrawal request for 1 lac, don’t we have to determine the actual amount you can withdraw? The margins for positions, MTM, everything keeps changing constnatly. So we have to wait until the day’s trades are processed to arrive at the amount you can withdraw. That won’t be instant.
You can withdraw a portion of your funds with a cap this way, where we do a live P&L, get a rough estimate of your withdrawal balance and allow you to withdraw a portion of it.
At 3:31 pm market had already closed when I had placed the withdrawal request. I have a different point of view and sorry no offence but I am not buying that it can’t be done. No is not there in my dictionary if I were designing it. I believe in - there is always a way out. I am sure it won’t be easy. I know there might be some legacy issues that would come up the way and the system need to be restructured and reimagined and certainly it would be painful for the developers. But ‘can’t be done’ is never an answer. It’s mere an easy escape. No offence again. What is the cost implication and what benefit ratio matters on when to do. If you don’t do it someone else would do it and take the lead. That’s the evolution process.
Yeah, but when I’m committing something on a public platform, I can’t commit the sun & the moon. I have to be cognizant of the dependencies and then tell you something is possible/not. If the Exchange margin files come at 5.30 or 6.00 pm, how do I determine the exact EOD margins for the carry forward positions at 3.31?
We’ve never escaped or shied away from improving on our products and/or services keeping our client interests in mind. But you’ll have to understand that we don’t function independently, there are various dependencies and we’ll have to commit after factoring in all these external dependencies.
Maybe you misunderstood me. The reason I am interacting with you guys here is that I know the team is constantly working to improve the products and services keeping users’ interests. And my comments should only be taken as constructive feedback. Please note I am getting involved in discussions and contributing my thoughts with your team is because I know the team is listening. I am not wasting my time with HDFC Securities and the likes.
Many many new regulatory things are coming and we are prioritizing to handle those things, said that we are working on instant with drawl but can’t give any ETA.
Will take some more time, many regulatory things happening at same time, we are preparing for new margin rules which will come into effect from dec 1st.
We could have released by this time but due to constant regulatory changes all the processes are getting changed often from last 1 year hence this is delayed. Also these peak margin changes pushed it a bit.
