I have been trading with ICICI direct and Reliance Securities for a long time. Have never seen them charge this?
Transferring money into a trading account with us can be through one of the following ways
- Payment Gateway (PG) powered by 3rd party (ATOM, Razorpay, Billdesk etc) for instant transfer. When you use them, these companies charge for the service, we in turn pass this cost to the client. This is Rs 9 per transfer.
- NEFT/RTGS/IMPS/Cheque deposit. When you use this, there is no cost for us from the bank, and hence we don’t charge you. You can check more about this here.
ICICI Direct allows you to map only ICICI bank accounts. So they incur no cost in moving money from bank to the trading account.
Like Reliance securities we can’t we absorb the PG costs because our extremely low cost and razor thin margin business. Imagine this scenario, a client transfers money using PG and buys stocks. We don’t charge any brokerage for buying stocks, and if we don’t pass the PG charge to the client, we would lose Rs 9 for doing business with the client. Business can’t lose money by doing a transaction can it.
Starting 1st Jan 2018, customers don’t have to pay for transactions charges for payments through Debit card, BHIM or any other payment made for transaction amount upto Rs 2000. Govt. is bearing the Merchant Discount Rate (MDR) charges for digital transactions upto Rs 2000 to promote “Digital India”.
Why is the Zerodha payment gateway still charging Rs 9 + GST?
Why don’t you use IMPS or NEFT directly from your netbanking? No charges at Zerodha’s end for these transactions.
You’re digressing from the topic.
I humbly request you to read the Govt. of India’s directive and then choose to answer. If for transactions up to Rs 2000, there are no charges for customers, why is this payment gateway asking customers to pay? Now that Govt. of India is bearing the MDR charges for next 2 years to promote digital transactions.
Dude! Thats for debit cards and not for payment gateways transactions.
As per my understanding, it is applicable to all transactions upto Rs 2000. Have raised the question to the respective dept. Let’s wait for an official reply. https://twitter.com/fundubytes/status/948782991697784832
Let me save you the time
Could you plz tell me, How to do NEFT to Zerodha through SBI Netbanking in order to save payment gateway charges?