Problems Facing With Zerodha Client Services.

#1
6 Months Feedback & Problems Facing With Zerodha Client Services.

Everyone is praising Zerodha for this and that. But as a client I have find that they are batter then other in terms of brokerage but not good at customer / client care.


I felt helpless with them sometimes. A few repeated problems are below.


1) Funds transfer to your account using NEFT

I dont have Axis or HDFC account so I linked one of my account with my ICICI bank and one of my other family members account with IOB bank. Once I had some news about a stock and I thought to buy it in bulk I made a extra funds transfer at 8 PM from my ICICIBank and mailed them they give copy pasted reply to me that most of u were aware of. I can not tell whole story but they took full working day and 6-7 calls + 2 mails to reflect those funds in their account. And finally they added funds to my account after wasting whole day. After this I come to know they dont take 3-4 hours.

If someone is thinking of blaming my ICICIBank then let me tell you same thing happens to my other family members account (IOB Bank).

If someone make NEFT to me I get it in 2 hour max but the bank they have takes hours, not less then 5-6 or whole day. NEFT make 11 clearances a day but I guess with them RBI do it once a day.

Actually same thing happed to my friend today he made a transfer at 9.30 pm and he just mssged me that bhai abhi tak nahi add hua money kya karu. He is using IDBI Bank.

2) Payout requests delay

Its similar to payin request if u make payout request today morning then forget that u will get even next day I made 2-3 times. Every time same delay. I have seen their site saying 3-4 hours but they tells their customer that they process payout request every evening 7 PM. Even if they NEFT the payout 7 PM then u should get it next clearance which is next day morning.

3) They Really Dont Give Leverage 5 times and 10 times

When I started I was told that they are giving min of 5 times intraday leverage on all NSE stocks and in FNO stocks they give 10 times. I enjoyed this leveraged many times but suddenly I found that it has started to asked full margin in Z stocks which I trade most. I called them phone operator told me they never gave Z script leverage I told them I was having this privilege but they denied. I posted this in Zerodha thread then I got reply that they have stopped this because people misusing it.

Next setback was when I brought script in B category 2 days ago and got Zero leverage. I called them they keep on claiming this is Z script but later the lady handed over to another operator who told me we dont have stopped giving leverage on volatile stocks which fall in last few days.

What else ????????????

After giving a great start I feel they are depreciating their clients privileges.
Because they give NOW (most comfortable to me) & low brokerage I am with them even after above problems. But I have some frustration and I wanted to share these problems with someone so I thought to do it here with my fellow friends.
 
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Sunny1

Well-Known Member
#2
Back Office is useless in other browsers and I dont have IE8. today only used IE8 tab in chrome just to check if have enabled instant transfer. few weeks ago they have said that they will revamp the back office. but now i dont think its going to happen.

whatever promises are made there are no updates given specially if plans are backed out/canceled for some reasons. ex: charting, data saving from NOW in csv/text format for charting purpose

They are not at all using thier own website to keep us posted. than for what purpose they have built up zerodha website.

Atleast they should keep all info and updates on their website.

Other than That its all good. really liked brkg and software.
 

PGDIMES

Well-Known Member
#3
I believe expectations are too much from this discount broker. I have accounts with Reliance Money, RKG and Zerodha. Have experience with Angel, Religare, IndiaInfoline and Sharekhan as well. Zerodha is the most transparent of the lot. They at least have done the honest admission of their failure to meet customer expectations. Most of the other brokers even donot respond to their clients' calls at times... and all these for a broker who is not even 1 year old!!! Zerodha is young and agile. It's responsive to the clients' needs. It's ready to admit its mistakes. Still we will find the whining fellows always ready to pounce on any of the trivial mistakes done by them... I wonder whether they live a perfect life!!!

BTW, don't think that I have any personal interest in favouring Zerodha. But guys and gals... Please don't unnecessarily criticise a broker who is changing the landscape of brokerage in India... we should be more constructive in criticism... :)
 

SavantGarde

Well-Known Member
#4
Freeguy,

I will limit myself to commenting since I don't have an account with Zerodha....about Payin, Payout & Scrips requiring 100% funding.....

Payout delay happens and is quite frequent with all the Big names as well....

Payin credit also gets delayed by the big names...and requires some follow-up.

You are perhaps new to the market.... when you start seeing a slide in the market anything you buy will become Cash & Carry...ask those who were witness to the meltdown of 2008...there were many big names whose Terminals were switched off by the exchanges...and therefore even if you had money in your ledger you couldn't buy anything.....

They are going by VAR to push scrips into 100% cash & carry..and etc..which is ok....and anyways if you have such urgency of getting into a particular scrip based on some information...why not leave extra money in your ledger...as it is what is it earning you lying in savings account...


SG
 

TraderRavi

low risk profile
#5
I do NEFT through SBI account at 9.30 am and it reflects in my Margin limits around 1 pm....so 3 -4 hours ....done it many times ...but I wish as they promised about SBI instant transfer , still not happening ..but its ok..Zerodha is lot good ...
 

rajsingh

Active Member
#6
My pay out experience with India bulls is horrible. In spite of repeated requests for online payouts they insist on sending cheques which get delayed invariably due to courier problems. Once I had to spend Rs 500 tel bill.to follow up on a cheque for Rs 15000.:rofl: That did it. I quit trading with them a long time back.
 

VJAY

Well-Known Member
#7
For me I never got any problem in NEFT payin and payout from Zerodha.......just delayed in my 1st transaction only...after that I never got such problem....yes thier backoffice s/w is one of the worst which i came before.....I unable to comment about their margin since am not using leverage trading....I can say only that they are one of good broker interms with low brokerage /terminal....which need for every trader :)
 

2021

Active Member
#8
NEFT is not zerodha's fault. It's like cheque clearing which may take a day or 3 depending upon clearing items RBI has. Though zerodha is bit lazy in updating the funds, I always carry funds in a/c so I don't miss chance to mint money.

Payout requests are sometimes very irritating. Zerodha claims 7 pm but mostly it happens next morning. Many times if it's done on thursday money may come on monday as they don't have payouts on weekends. I faced such situation 2-3 times but for rest multi-dozen times payout happened next day.

For greed and making quick buck dreams you guys have, we general investors suffer. As SG said in 2008 many brokers shut terminals. I have a relative who was literally kidnapped to pay the margins. Many brokers and sub-brokers turned insolvent overnight when margins defaults. I never buy over my limits as I know when I can make 10 times money faster than what I've, I can loose 10 times in no time. What zerodha do with even A and B category shares sometimes is commandable job and is not called for complaint. I'll be once beaten twice shy rather regretting mistake of using free money. We can't see zerodha going bankrupt if circuits applies tomorrow as we want to trade with them forever.

Zerodha can do something real quick for money transfers and link more banks. Even if SBI is taking time why not PNB or Indian Bank or ICICI or IDBI? Try to add as many you can so even 1 takes time the other is ready. Kotak recently added 6th bank. The day I got email that kotak is linked with Indusind I closed my icici a/c and mailed them to link indusind. Last time they merged with Axis and before that Citi. Kotak keeps adding new banks every 6 months. If zerodha can add even 2-3 more it'll be of great help to those who pay NEFT charges.
 
#10
Again same thing happening to one of my friend. He transferred money at 9.30 AM in morning yesterday & he is chasing till now for amount to get reflected. If you guys feel its okey to take more then 24 hours then no words to say. I can give all the proofs of this transaction. If if this is not zerodha's problem then whose ? They should check with their bank why NEFT takes 24 hours to get in their account ??? Or if bank says we takes more then 24 hours then they should change bank or arrange alternate payin ways.

I am not new to market i have tasted ICICIDirect & Indiainfoline. I am in market for a long time now. I never faced this kind of problem with above 2.

And yes friends take this thread as my personal feedback. What i have experienced i wrote. Every single line is true. I am not compititor i am client of them and operating two terminals in my family names and referred so many people to them.
 
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