Why is this delay happening every month? This happened on 1st December as well and then the markets inched up the next working day on 4th. Later the MF units were not allotted also. Now again the same thing happening on 1st February. Not sure if this time the units will be allotted or not. Should I stop the mandates that are created a instead manually pay for the orders?
1 Like
This happened with me as well for my 1st Feb SIP. My bank account is with ICICI. Not sure if this really is an issue with the bank or something on Zerodha’s end.
Mine is with HDFC, and my mom’s with BOB, and I have got the same email from Zerodha for yesterday. On the other hand, for my father’s account, I did a lump-sum from BOB, and didn’t get any delay email from Zerodha. That’s why I am asking if we should stop the mandates and start doing this manually. @ShubhS9
This happens in nAch mandates when the response from your bank to npci is delayed. If we want to get the sun debited from you bank account, we send the exit instruction through npci to you bank, to which you bank has to response for the wait instruction. If this happens the delay happens from the respective bank to report the funds to the clearing corporation, and the clearing corporation transfers the fund the next at to RTA.
This happens industry wide, we are transparent to share the delay an the reason behind the same. We will be soon going live with you autopay in which this issue should not happen. This feature shall be live in a few days as it is in the testing phase.
Noted. Thanks for the explanation.
Can you also shed some light on this support Ticket #20240129214510. This is related to a lump sum order that I placed on 23rd Jan for buying fresh units of Zerodha Nifty LargeMidcap Index Fund at 01:17 PM which is before the cutoff time I guess. In this support ticket, I was told that the amount was not settled and hence it will be refunded back to me in 8-10 working days. However, today I was notified via an email that the allotment was successful on the NAV closing day of 31st December. It took 5 working days to allot the fresh MF buying, what’s the explanation for that?