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.
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@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
HDFC is yet to build systems and make this feature available on their corporate platform. We’re in touch with them.
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Is there any ETA for this now?
Afraid not, Ankit. We are pushing our banking partners for this.
Thanks for the reply Bhuvanesh. At least we now have an June update to this thread.
@Bhuvan waiting for long time still not update , most broker are giving instant credit facility , because any emergency we need money , you want to consider at most priority
Zerodha is banking with HDFC bank , its a worst bank in technology how many people will believe i dont know , better zerodha can go with digitalised banking like icici, idfc, indusind , just tell to HDFC if not happened this month we will move to other bank
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There is no digitalised bank. All have 20th century websites and apps. Wish there was a single bank with 2020 interface but there is none.
Hi @nithin you said more than a year ago in one of the posts that you knew some tech people who were entering the banking sector. I would love to see a proper bank with state of the art banking websites and apps. My first preference will always remain Bank of Zerodha 
We all know that Sachin Bansal has applied for a license. There are a bunch of others with similar background working on it as well. 
Can anyone please give an July Update to this Thread?