Problems Facing With Zerodha Client Services.

[TradeRaid]

Frustration? I thought I was giving you good advice, not to trade with people who go back on their promises. Whats wrong with that? I am just agreeing with you..... read my previous post again. Have I differed from what you have said?

Dude you are seriously funny. You have such a dark sense of humor (which is awesome) that most guys don't even get it. :thumb:

 

[Sunny1]

Hi All,

I have not posted anywhere outside the Zerodha thread till date, don't want to do it either...With all this discussion happening and the love I have for Zerodha I am forced to comment on this....

As far as the discussions are concerned:

1. PAYIN: Why would we not want to update funds in your account if it shows up... Our business involves making brokerage from your trading... If we don't update funds, you won't trade and we don't make any brokerage..... RTGS happens within 2-3 hours, but with NEFT it is very tricky... We don't have any control on it, we update it when we receive it... If it takes long, you need to understand we are as clueless about this as you are!!! But that said, as I had already mentioned, we have tied up with atomtech(FT company) and we are running the final level of testing , following banks http://www.atomtech.in/banks.html and a few more would be available soon.... This gateway would be available on the backoffice and not on nowonline.in

2. Payouts, We can process payouts only once days trading is done... Final processing happens between 6 to 7 pm everyday and hence we say that we will process the withdrawals after that...So even if you put the withdrawal early in the morning, we will process it only by 7pm.... Here is the tricky bit, the last NEFT transfers for the day from RBI is done at 9pm, if there is a big queue they push it to next day morning.... Any of our client who has hdfc bank account will vouch for the fact that the funds come in the same night, as it is an intra bank transfer(we bank with hdfc)!!! for inter banks I could share with you documented proof on what time NEFT is executed at our end, once we have done our bit, you need to understand that we will have no control on how fast it hits your bank account!!!!! It is then upto the bank and RBI....

3. Backoffice: Come on guys, I understand this is not the best interface, but in terms of reporting it has everything that is required in the simplest format!!! I understand that it has a problem with compatibility with all browsers, but we have told the workaround!!! If you look at a report on a browser that is not compatible, it definitely won't work right!!!!
But we are trying to figure out ways to make it compatible with all available browsers...

4. As far as the margins are concerned: When we started out, the idea was to be as honest as possible and we thought that we will get the same response from our clients... 90% of our clients are, but there are the 10% out there who want to put us in a spot.... I know it doesn't sound fair that we remove the margin factor for the 90% because of the 10% rotten apples... But if you put yourself in our shoes there is no way to know who will cheat and who will not... Recently with a few Z category stocks going up and down in circuits, we have had clients defaulting...
None of the established brokers give any margin on Z category and with this problem we faced, we won't either.... As far as B category is concerned, if any stocks suddenly starts moving up and down 10%, again for risk management we have to reduce the margin factor till it normalizes... Even NSE VAR margin is based on volatility of stocks... If an SKS moves 15 to 20 % in a day, as brokers we have every right to charge extra margin to manage our risk.... What you would have to understand is, this is done in the common interest for everyone involved with Zerodha.....

Just wanted to clarify, the way some of you put up your posts, I was dazed on what we are doing wrong!!! If you have traded with brokers other than those who are banks(icici, kotak etc), you know that fund withdrawals can take time... Had taken 7 days once when I was trading with reliance money, 14 days with bmawc, 5 days with indiabulls..... We do it today in 24 hours, so still perplexed on the complaint!!! ...

Anywys, happy trading!!!

There you are. clearing doubts. this is what we wanted. every client should be informed about changes thru email. whether it is margin or square off time or delay in neft. if you change something and client didnt get any notice it feels something fishy or something not right. well no complaint if you keep us posted. all broker do that. even my crap broker used to email when square off time changed from thier side.

 

[PGDIMES]

Good to know facts... Look at the end of the following webpage...

http://www.nseindia.com/content/assist/jp_isc_report1C_1011.htm

:rofl::rofl::rofl:

 

[rama_1000]

I don't know why can't you open an account with HDFC Bank and then link it with Zerodha. Whenever I transfer funds from HDFC Bank to Zerodha through NOWOnline.in, my funds get transferred instantaneously. Not even the delay of one second!!! In one case, I had taken a position which had sufficient margin for intraday trade but at 3.00 pm, the overnight margin came into play and I noticed that my margins were short. So, at about 3.10 pm, I transferred more funds from my HDFC Bank, and in less than one second, the funds got reflected in my account with Zerodha and my margin became sufficient for overnight position also.

So, if you are a serious trader, you must immediately open an account with HDFC Bank. Why do you want to depend upon NEFT if you're seriously a trader and want the advantage of Zerodha as a low-brokerage broker.

Moreover, how many times would you be transferring funds? My experience is that my funding would generally remain the same for a month or so. It is due to money management. Only once or twice in a month, I would need to change my fund position.

As regards their back office, definitely there are some problems. But, I hardly need to check back office details. It is only once in a few days to find out ledger position and calculation of F&O M2M, etc. Otherwise, I trust their contract notes received in email.

I have traded with Reliance Money, Indiabulls, ICICIDirect, Sharekhan and some other individual brokers, in addition to Zerodha. I find Zerodha's customer services of the highest order as compared to others. None of emails sent to them remains unanswered for more than 15-20 minutes. I save a lot of money due to brokerage. They may have slightly higher turnover charges, but that is more than compensated by their very low brokerage. In any case, their turnover charges / transaction charges are mentioned in a transparent manner. If you don't like them, go to some other broker who will charge less turnover / transaction charges but will charge a very high brokerage (e.g. ICICIDirect).

The main benefit of Zerodha is very low brokerage that reflects in our daily contract notes saving a lot of money every day. Their customer service is also quite good. Some minor problems such as pay-ins can be solved easily by opening account with HDFC Bank. This being the position, I don't bother for the back office so long as they are transparent in making calculations. In fact, their back office is also not that bad as it is made out to be, though some improvements would be welcome.

Disclaimer: I trade not only through Zerodha but also through Reliance Money (though only to the extent of taking advantage of margin for my physical shares lying in my DMAT account with them).

 

[rama_1000]

One more thing. About leverage with Zerodha. I generally trade mainly in Nifty futures and options. For intraday trading, the margin used for a Nifty lot (future or option) is approximately Rs. 8000 to 10000 when the Nifty 1 lot contract value is about Rs. 275000. So, you get leverage of about 25 times for intraday trade on Nifty.

Even for overnight Nifty trade, the margin is in the range of about Rs. 20000 to 30000 for the 1 lot contract value of Rs. 275000. Again, you get about 10 to 12 times leverage.

Therefore, the leverage provided by Zerodha is quite good vis-a-vis other brokers.

Of course, for junk shares of some little known companies, high leverage is dangerous from risk management point of view. If you're trading in Nifty and/or other good companies' futures/options/shares, you'll get good leverage. For junk shares, you're at your own risk, even otherwise, with full 100% margin; why do you want to take more risk by getting higher leverage?

 

[2021]

I don't know why can't you open an account with HDFC Bank and then link it with Zerodha.

This question is not directed towards me but thread starter but let me post my own reasons. I have had HDFC bank a/c when I was trading with RKG. Most RKG users have HDFC a/c for quick money transfers. Now we have several other accounts too say indiabulls, indiainfoline, religare, kotak etc which are old or used for say charting, IPOs, mutual funds et al. But they don't have HDFC linking. So we have to open a/c with any such banks other than HDFC which these brokers are linked. And now biggest pain, maintaining average balance in 3-4 accounts. Being a trader/investor we wish to utilize all money we can in trading or investing. If we use 3-4 a/cs we have to park 30-40k in these banks. Now HDFC is worst of lots who keeps bugging to maintain balance even though balance is maintained. I used to get almost 10 calls a month to mainatin balance! Since direct linking helped us to transfer in money during trading hours and get back at 3.30, why would 1 keep money in bank? They did not wait for 3.30 or see daily closing balances. For the same reason I closed my HDFC a/c and I was so happy when I was asked to destroy debit card and cheque book!! I now have a/c with SBI which needs 5000 balance and using for IPOs, ICICI linked to fundsindia/kotak securities used for mutual funds, Axis bank for salary and family a/cs (transferring money to family and vice versa) and OBC as it's next to my home so quick remittence is done online. All these costs average balance of 30,000 per months! And this money is laying dead getting 4% pa simple interest rate when FD gives 10% compounding quarter! We can open another a/c say with HDFC again and close say ICICI but HDFC people bug so much that no trader likes to keep a/c with them. Take a survey here itself and see how many traders/investors are satisfied with HDFC.

And finally I'm happy zerodha member. Just that my SBI a/c eats 5 per NEFT. I'm going to open IDBI a/c just for zerodha which has zero balance and free NEFT. I've no problems with zerodha and it has saved alot of my earlier going brokerage.

 

[PGDIMES]

This question is not directed towards me but thread starter but let me post my own reasons. I have had HDFC bank a/c when I was trading with RKG. Most RKG users have HDFC a/c for quick money transfers. Now we have several other accounts too say indiabulls, indiainfoline, religare, kotak etc which are old or used for say charting, IPOs, mutual funds et al. But they don't have HDFC linking. So we have to open a/c with any such banks other than HDFC which these brokers are linked. And now biggest pain, maintaining average balance in 3-4 accounts. Being a trader/investor we wish to utilize all money we can in trading or investing. If we use 3-4 a/cs we have to park 30-40k in these banks. Now HDFC is worst of lots who keeps bugging to maintain balance even though balance is maintained. I used to get almost 10 calls a month to mainatin balance! Since direct linking helped us to transfer in money during trading hours and get back at 3.30, why would 1 keep money in bank? They did not wait for 3.30 or see daily closing balances. For the same reason I closed my HDFC a/c and I was so happy when I was asked to destroy debit card and cheque book!! I now have a/c with SBI which needs 5000 balance and using for IPOs, ICICI linked to fundsindia/kotak securities used for mutual funds, Axis bank for salary and family a/cs (transferring money to family and vice versa) and OBC as it's next to my home so quick remittence is done online. All these costs average balance of 30,000 per months! And this money is laying dead getting 4% pa simple interest rate when FD gives 10% compounding quarter! We can open another a/c say with HDFC again and close say ICICI but HDFC people bug so much that no trader likes to keep a/c with them. Take a survey here itself and see how many traders/investors are satisfied with HDFC.

And finally I'm happy zerodha member. Just that my SBI a/c eats 5 per NEFT. I'm going to open IDBI a/c just for zerodha which has zero balance and free NEFT. I've no problems with zerodha and it has saved alot of my earlier going brokerage.

2021,

It might be your personal experience with HDFC. They do not call me for keeping average balance. Only calls I get is to buy physical gold or for demat account or loans. :lol: I have account with them for the past 2 years.

My ICICI a/c is zero-balance... and when did SBI start to keep 5k as minimum sb a/c balance??? I have accounts with 5 banks and the min. avg. amount to be kept per month in all those, come to mere 8k...

 

[rama_1000]

This question is not directed towards me but thread starter but let me post my own reasons. I have had HDFC bank a/c when I was trading with RKG. Most RKG users have HDFC a/c for quick money transfers. Now we have several other accounts too say indiabulls, indiainfoline, religare, kotak etc which are old or used for say charting, IPOs, mutual funds et al. But they don't have HDFC linking. So we have to open a/c with any such banks other than HDFC which these brokers are linked. And now biggest pain, maintaining average balance in 3-4 accounts. Being a trader/investor we wish to utilize all money we can in trading or investing. If we use 3-4 a/cs we have to park 30-40k in these banks. Now HDFC is worst of lots who keeps bugging to maintain balance even though balance is maintained. I used to get almost 10 calls a month to mainatin balance! Since direct linking helped us to transfer in money during trading hours and get back at 3.30, why would 1 keep money in bank? They did not wait for 3.30 or see daily closing balances. For the same reason I closed my HDFC a/c and I was so happy when I was asked to destroy debit card and cheque book!! I now have a/c with SBI which needs 5000 balance and using for IPOs, ICICI linked to fundsindia/kotak securities used for mutual funds, Axis bank for salary and family a/cs (transferring money to family and vice versa) and OBC as it's next to my home so quick remittence is done online. All these costs average balance of 30,000 per months! And this money is laying dead getting 4% pa simple interest rate when FD gives 10% compounding quarter! We can open another a/c say with HDFC again and close say ICICI but HDFC people bug so much that no trader likes to keep a/c with them. Take a survey here itself and see how many traders/investors are satisfied with HDFC.

And finally I'm happy zerodha member. Just that my SBI a/c eats 5 per NEFT. I'm going to open IDBI a/c just for zerodha which has zero balance and free NEFT. I've no problems with zerodha and it has saved alot of my earlier going brokerage.

I have an account with HDFC Bank since 1999, and I have never faced any problem. Of course, I am in a position to maintain the minimum balance always by proper money management. I have accounts in about 5-6 banks and I find HDFC Bank to be the best. If I am not mistaken NSE has also chosen HDFC Bank as its bank for clearing etc. (at least this was the positon earlier, I am not sure about latest things since now my interactions with brokers are only online) which means all NSE brokers have to have accounts in HDFC Bank. Had HDFC Bank been so poor bank, NSE would not have chosen it. Likewise, HDFC Bank stocks are also always performing well on stock market, indicating the faith of people in them. So, it appears that everyone has his own choices. Anyway.

OK. You've a problem with HDFC Bank. But what about Axis Bank or SBI? They also have direct linking with NOWONLINE.IN which means you can transfer funds to Zerodha instantaneously?

The fact remains that either one should be willing to open an account with a bank which can transfer money to your broker instantaneously as and when needed, or you've to be satisfied if your unconnected bank takes one day to transfer funds (and in which case, you'll have to transfer funds in advance). Of course, the choice is of the individual concerned.

 

[my investment]

Good to know facts... Look at the end of the following webpage...

http://www.nseindia.com/content/assist/jp_isc_report1C_1011.htm

:rofl::rofl::rofl:

sir what are you refrering to a complaint of ZERODHA or i mean that some one went ahead and made a complain to nse or you are saying that ZERODHA is a good broker has just one complain where as others have many :clapping:

 

[PGDIMES]

sir what are you refrering to a complaint of ZERODHA or i mean that some one went ahead and made a complain to nse or you are saying that ZERODHA is a good broker has just one complain where as others have many :clapping:

Some like it hot, some like it cold...

:rofl::rofl::rofl: