Zerodha Withdrawal : 24/7 Neft

Has Zerodha started using 24/7 NEFT facility for withdrawal request? If I had made a request today, can I expect withdrawal today itself for a SBI account? Anyone who tried it yesterday, can you please answer when was the money transferred to the account?

We’ve spoken to our bankers and it appears that most corporate banking platforms are still not live with 24X7 NEFT. The statistics RBI is putting out about a few lac transactions happening between midnight and 8 am are customer to customer transfers and not business to customers.

We’re constantly following up with them for this to be enabled on corporate banking portals also allowing us to upload and process transfers same day.

1 Like

@ScalperGal Yes I tried yesterday. I submitted the Withdraw Request yesterday morning & received money in my Bank A/c today morning.

When can we expect it to start?

Edit: I think it has started as withdrawal page on console shows payout are processed the same day (as opposed to in 24 hrs earlier.
So, the question is when do initiate the Neft request ? As soon as the request is processed or at a fixed time? Earlier the request was processed in the night and I used to get sms informing me about it. But Neft payment initiation email used to come in the morning around 6-8AM.

There’s nothing for us to do here, we are constantly following up with our bankers to enable this service on corporate banking.

Payouts will be processed post completion of trade process.

Has there been any updates by the bank on this? Is there a official notice or news on this? Will they start by this week, year or next?

Meanwhile, why don’t you use IMPS facility for payout purposes? As the majority of your clients are small retailers, the amount should surely not reach the maximum amount for IMPS?
@VenuMadhav @siva

Dear @nithin sir and all …now NEFT is 24*7 basis. Then why Zerodha didn’t started it in fund withdraw menu?? If it started it will be very helpful. Thank u all.

problem is traders think 24hr transfer mean urgent transfer

What’s the update on this? Hasn’t RBI provided any clarification on this yet? @VenuMadhav

HDFC is yet to build systems and make this feature available on their corporate platform. We’re in touch with them.

:+1:
Great