Instant withdrawal feature

Finally… It works

Immediate withdrawal? I didn’t see any posts… what am I missing?

@siva Any update? We are hearing a few weeks from 2021. It would be great to have this feature

Should we abandon this feature? I waited years.

I have no plans to move to Dhan, but I’m glad they do these things. Maybe zerodha now feels the need to improve and make things faster. They’ve become quite complacent or maybe it’s the same and now they look bad in comparison. I know these new brokers are far from being a threat anytime soon, but it has to sting seeing all the highly demanded features dhan is churning out. And it’s not like they’re confused or anything, most of my telegram group members seem to be happy. But I have too much idleness, non-commitment of funds, trust issues with new brokers, etc.

When I imagine the work culture, I imagine the norm which is no work life balance and crappy bosses at one end and then I imagine zerodha at the other end, their bosses saying, guys chill, smoke a joint, take your time, there are no deadlines, code the software but with love and heart, take the time you need, nobody is going anywhere, we will take things slowly and develop this chain of options in 2025.

Today zerodha customers have stopped asking for any features because they knew it was a waste of time and no action from zerodha.

Three years after the feature was announced, there’s no sign that it’s coming to @nithin

They have revived from icicidirect account as they offer e-atm facility.

I think groww, dhan and ICICI direct are coming with nice features and we will see active customers flocking to zerodha soon

@nithin @ShubhS9 what happened instant withdrawal features , zerodha only publish first then all brokers apply wait zerodha –

We ran into some operational issues with it, especially given all the regulatory changes in the last couple of years. The issue is mainly about margin reporting. That’s on our to-do list, but we can’t give a timeline yet.

Congratulations on your consistency! @Ankit_Chauhan
I just landed on this thread surprised why the withdrawal is taking so long. (after a mandatory T+2 wait)

If other brokers have implemented it, can’t figure out what Zerodha is blocking?
(Can’t be a regulatory issue as it will apply to all brokers)

I hope Zerodha makes it a priority. In the age of UPI and IMPS, the wait for funds after the mandatory T+2, feels like an eternity.

@ShubhS9, I had submitted a withdrawal request at 12:25 am on Saturday morning. I noticed at 6:30 p.m. yesterday, that it wasn’t even processed, let alone deposited into my bank account. Normally submitted by 5:30pm as processing time is 4:30pm on Saturdays.

So far nothing has changed and now I see the withdrawal page says I will get the money by 2pm on 5/9/23, earlier it was 4/9/23 which means it will be processed tomorrow Night. Why so late?

Ticket if interested: #20230902919174

@Nithin, if the payments were missed yesterday, then why can’t they be processed today or tomorrow early morning as a corrective measure? Having to wait 80 hours to receive money, in the year 2023, is a bit ridiculous and just didn’t happen.

Hi @SachinSingh, the payment request was not processed on Saturday due to SEBI’s new regulations on client fund management. When funds are transferred to your account, we must transfer those funds to a settlement account before they can be transferred to the Clearing Company (CC).

When a withdrawal request is made, we recover the necessary funds from the KE. However, because CC is closed on Saturdays, we are unable to process withdrawal requests on this day. Therefore, any withdrawal requests submitted on a Saturday will now be processed the following Monday.

But this article states that

The provisions of this circular come into force from 01 July 2023

and I had submitted a request on July 22nd (Saturday), which had gone through without a single hiccup.

Anyway find some solution for this @Nithin.

I take positions overnight, and many times, the margins don’t update properly after 3:30, and sometimes, they don’t update at all. So you have to rely on either the margin statement or the Ledger update in the Console to see how much money has been blocked. Both of these things generally happen after 12 AM, while the cut off time for withdrawal is 10 PM. So cut off time should be extended then or Margin Statement should be prepared few hours earlier.

And this page needs to be updated too…

The new upstreaming circular has complicated this withdrawal process. This is not just for us but for all brokers. Essentially, all client funds must be in the clearinghouse at all times, so in order to process any payments, we must first receive the funds from the CC. While placing with CC significantly reduces broker risk, it adds this new step to the process of withdrawing funds. On Saturday, CC is closed, so no broker can process withdrawals on Saturday/Sunday from now on.

We have requested regulatory approval for a broker to process a withdrawal from their funds as we are guaranteed to receive it from CC. If this is allowed, we can go back to the old way.

Update March 2024. Released but not working😭

I hope to be able to use it before 2027

Hi Nithin, does this not affect brokers much? Were they earning a good amount of float on it?

And guys are you sending it to KE because when I pay I pay to Zerodha bank account?