Why Zerodha enforces haircut on LIQUIDBEES

Hi Zerodha Team,

I have a trading account with Zerodha and have pledged Liquidbees, niftybees and bankbees as collateral for trading in F&O Markets. I understand the hair cut that Zerodha imposes on instruments like NiftyBees and BankBees, because their market value changes everyday. However, I fail to understand why Zerodha imposes a haircut of 10% on LiquidBees, whose values are always constant. It would be great if you guys can clear this doubt of mine.

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Liquidbees though a relatively safe money market instrument is not completely risk free. Any drastic overnight economic situation may have a potential to alter the overnight interest rate and therefore the value of liquidbees.For this reason there is a haircut.

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