Hi I have a small suggestion for Zerodha. The fund withdrawal processing in case of open positions takes place at 10 pm /11.59 pm (now in most cases) on T+1 and then the fund gets credited next day which becomes T+2. Most other brokers have two cycles one in mornings and one in evenings due to which this one day lag doesn’t happen. Would request if this suggestion can be implemented as it leads to loss of a days float on a rolling basis
Please move it from General to Zerodha category
Even if one has positions, if free cash is available one gets payout next day morning itself, what you mean bt t+2 here? can you give actual example.
I mean I sell shares of a company on Monday (T day) for which funds should be settled on Tuesday (T+1) . For all other brokers the payout gets done on Tuesday morning and funds get credited on Tuesday (T+1) . Since they have two cycles one morning and one evening the funds get credited on Tuesday itself (T+1). In Zerodhas case the payout is marked on T+1 Tuesday 10 pm / 11.59 pm. So the funds are credited on Wednesday (T+2). So there is lag each time of one day. This is same for FnO as well. The funds should be settled on T+1 but are received only on T+2 due to late processing of payout. Other brokers allow payout marking in the morning and requests marked before a particular cutoff time say 7.30 am are processed in first half. And even second cycles payout is processed around 9 pm and funds are credited by 9.30/10 pm. So same day (T+1) which means no lag of one day.
Even in case of FnO if there is a ledger debit for trades based on Monday, it has to cleared on Tuesday to avoid interest but if there is a credit then that is not received on Tuesday but only on Wednesday due to late processing (10 pm/11.59 pm).
Basically bank is enjoying the float of 1 day each time at the expense of client.
If one has not traded that credit will be transferred on tuesday 5 pm only, only if one is traded as you mentioned it will hit on wednesday, said that passed this as feedback to team and we will see if we can do anything around this.
I am sure the process can be optimised. This would help most clients for sure. Thanks for passing the feedback to the team.
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One more q - if I do not trade in commodities even then the payout is now processed at 11.59 pm due to single ledger for mcx and fo. Any way this can be reverted to 10 pm as earlier. Atleast when the payout was processed at 10 pm sometimes the funds used to hit the same day to bank account
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