This is to inform you that your account is due for Rs. 75 + 18% GST towards quarterly demat account maintenance charge (AMC) for 26-06-2023 to 24-09-2023 and will be charged tomorrow.
I receive such messages once in every 90 days or so about the AMC fees charged by Zerodha. As you see this fee is for 90 days, NOT a quarter.
If you include the end date, it’s 91 days. Your next quarter starts on 25-09-2023, so it’s 364 days. Since we charge quarterly AMC, and as standard practise, 90 days is considered a quarter, we’ve mentioned the same on our website and support article.
@curiousvi do you have the details of your past 4-5 Zerodha AMC payments handy?
Reviewing the actual dates and amounts might be more fruitful instead of these theoretical calculations.
PS: While we are talking about nominal “discrepancies” like these in the AMC charges,
IIRC, Zerodha has not been punctual in deducting the quarterly AMC.
Am not sure, whether this ends-up being in favour of Zerodha or the individual.
Someone, please share some XIRR calculations based on the exact dates and amounts.
Yes, I have seen the page you have mentioned. It says 300/- plus GST per year at one place and then 75/- plus GST every 90 days at another place! Is not that self contradicting? @nithin ?
Because 90 times 4 = 360, not 365!!
the 4 quarters in indian financial calendar are (even for income tax purpose)
01 Apr to 30 June
01 July to 30 Sept
01 Oct to 31 Dec
and
01 Jan to 31 March
So how does your 90 day logic fit into this?
Below I have posted last sevaral AMC charges done to my account. Please notice how Zerodha have double charged me!
Attached please see the AMC debits Zerodha has done to my account in since late 2019. As you would see with every debit they have double charged me for 1 to 4 days!
Again, the difference is not much for one person but when you consider the number of customers Zerodha has, it is a lot of money!
Yes, this could be unintentional programming bug/error too!
@nithin I request you to please look into this. For simplicity the 4 quarters in a year should be:
01 Apr to 30 June
01 July to 30 Sept
01 Oct to 31 Dec
and
01 Jan to 31 March
FWIW, all the brokers I have used so far (Kotak, Reliance Money, Motilal Oswal, NJ India) charged me AMC as per these 4 quarters, because these dates are standard, easy to remember and calculate.
90 days was mentioned for easier understanding for the users. But, as I clarified earlier, the AMC is posted for 91 days if you include end date of the ledger posting.
Could you please DM your client ID or registered contact numbers, so we can get it checked?
Ummm… looking at the quarterly AMC statements,
the “AMC-quarters” dates appear to be slowly shifting
i.e. not perfectly aligned with the calendar year / IT-quarters right?
In 2019, the AMC quarter appears to have started on 01-04-2019,
the next year (after 4 quarterly periods),
in 2020, the AMC quarter appears to have started on 30-03-2020 (not 01-02-2020).
…
Eventually in 4 years, such a AMC quarter appears to have started at 27-03-2023 (not 01-04-2023).
Is this simply a documentation issue with the naming of the AMC statements,
that can be resolved by naming them as Q1/Q2/Q3/Q4 AMC instead for each year ? (or are we misunderstadning something?)
90 days was mentioned for easier understanding for the users. But, as I clarified earlier, the AMC is posted for 91 days if you include end date of the ledger posting.
see the table I have attached, on several so called 90 days you have double charged for 2 to 4 days, those days are in two consecutive bills!
Also on some/most occasions they are 90 days , not 91.
Did I not mention in the original post: @nithin and team would sure have some FANCY excuses!
NSE chargers brokers based on turnover. So why r u charging upper end of turnover. Zerodha has 15,000 cr turnover per month. Then it should be rs3 not 3.25 per crore.
In fact all brokers in India use upper limit not the correct value
