As a Zerodha customer, I often receive the following message regarding my account:
Dear XYZ,
This is to inform you that your account is due for ₹88.5 (₹75 + GST) towards quarterly demat account maintenance charge (AMC) from XX-12-2024 to XX-03-2025 and will be charged tomorrow. Kindly check your funds statement to ensure that you have sufficient balance. Any debit balance in your account may attract interest charges.
While I understand that these messages are sent quarterly, I have noticed that the deduction dates vary significantly each year. For the past two years, the message has stated “will be charged tomorrow” whereas it previously indicated “will be charged within the next couple of days.”
My primary concern is the lack of an automatic deduction option, such as eMandate via Debit Card or UPI, especially since the AMC amount is consistently around ₹88.50 (₹75.00 + 18% GST). Additionally, due to recent SEBI regulations, we can no longer maintain a minimum balance in our demat accounts for this purpose, as those funds are regularly transferred back to our bank accounts.
This situation may not pose a problem for active traders who log in & trade frequently, but it can be quite inconvenient for investors who buy or sell infrequently.
I kindly request that you consider implementing an automatic deduction option for AMC charges. Even if the AMC amount varies, the eMandate could be adjusted, or new mandates could be created after closing the old ones. Alternatively, offering an option to pay the AMC for an entire year in advance would be greatly appreciated.