Zerodha now offers instant withdrawals up to ₹1 lakh per day; important instructions included

Nithin Kamath, co-founder of Zerodha, said in an X post on May 30 that the brokerage firm has launched an instant withdrawal feature on its app. This allows users to instantly withdraw funds up to Rs 1,00,000 per day.

Kamath also informed users that the withdrawal window will be open from 9am to 4pm, seven days a week. The instant withdrawal feature allows users to quickly transfer funds from their Zerodha account to their primary bank account.

“One of the things we had to do was allow immediate withdrawals. Immediately means immediately. To begin with, we (@zerodhaonline) will allow instant withdrawals of up to Rs 1 lakh at no additional cost between 9am to 4pm, 7 days a week including weekends,” Kamath said in an X post on Thursday.

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 a.m. and 4 p.m., up to lakh throughout the week, including weekends, at no additional cost.

This is only possible due… pic.twitter.com/FitIrfZqHU

— Nithin Kamath (@Nithin0dha) May 30, 2024

Things to remember while withdrawing money from Zerodha online app -

• Withdrawal requests can only be submitted once per day from 9:00 AM to 4:00 PM, even on weekends.

• There are no limitations on regular withdrawal requests and they can be made at any time.

• Withdrawal requests must be a minimum of Rs 100 and a maximum of Rs 1,00,000 per day.

• Clients are required to only place Cash and Carry (CNC) sell orders, without any other orders (unfilled, filled, or cancelled) or positions (open or closed).

• The immediate withdrawal option is not offered for same-day deposits.

• Instant withdrawals will not be an option if there are any cancelled orders in segments other than equity CNC sell orders.

• Proceeds from selling assets the day before will not be part of the available balance on settlement days, trading holidays, and weekends.

• The ability to withdraw instantly is not currently available with Paytm Payments Bank.

How can I process an immediate withdrawal?

• Click on the user's identification.

• Next, you should select Funds.

• Select Instant.

• Input the value. Must be between Rs 100 and Rs 1,00,000.

• Click on Continue followed by Confirm.

Also Read: What is Capital Gain Tax? Types of capital gains taxation