Zerodha Launches Instant Withdrawal Of Funds: Here Is How It Compares With Peers
Clients can access funds up to Rs 1 lakh from their Zerodha account to their primary bank account instantly.
Zerodha Broking Ltd. has rolled out a new instant withdrawal feature, allowing clients to access funds up to Rs 1 lakh from their Zerodha account to their primary bank account instantly.
"One of our to-dos was to allow instant withdrawals. By instant, I mean instant. To start with, we (@zerodhaonline) will allow instant withdrawals between 9:00 a.m. and 4:00 p.m., up to Rs 1 lakh throughout the week, including weekends, at no additional cost. This is only possible due to our amazing payment systems, thanks to the @RBI and @NPCI_NPCI," Zerodha Co-founder Nikhil Kamath said in a post on X, formerly Twitter.
Leading service providers in the industry include Zerodha, Upstox, Kotak Securities Ltd., ICICI Direct, and Groww, according to Forbes. Here's a comparative analysis of withdrawal service by top demat service providers in India.
Upstox
Upstox, another prominent player in the market, offers an instant withdrawal feature that allows clients to transfer funds from their Upstox account to their registered bank account within 15 minutes. Users can place an instant withdrawal request between 10:00 a.m. to 6:00 p.m. on any trading day, with withdrawal limits ranging from Rs 100 to Rs 2 lakh per day.
Kotak Securities
Kotak Securities provides a swift ledger entry for funds transferred to trading accounts before 5:30 p.m., with the amount reflecting in the 'Available Cash Balance' tab immediately. However, the actual transfer to the primary bank account occurs on the next business day.
ICICI Direct
ICICI Direct offers eATM (Electronic ATM) service, allowing users to encash their shares within five minutes of order execution. Clients can receive 75% of the sell value as instant payout, up to Rs 50,000 per day, at no extra cost. This service is available for stocks in both NSE and BSE.
Groww
Known for its user-friendly interface, Groww facilitates withdrawals from the Groww Balance account within 24 hours. Users can initiate withdrawals through the Groww app or website, with amounts above Rs 25,000 processed along with bank working hours.
