Why is zerodha charging extra AMC payment than it claims?

This is to tell you that your account is due for Rs. 75 + 18% GST in direction of quarterly demat account upkeep cost (AMC) for 26-06-2023 to 24-09-2023 and will likely be charged tomorrow.

I obtain such messages as soon as in each 90 days or so in regards to the AMC charges charged by Zerodha. As you see this payment is for 90 days, NOT 1 / 4.

Zerodha formally says that it fees 300/- per yr, plus GST see https://support.zerodha.com/category/account-opening/charges-at-zerodha/statutory-and-exchange/articles/what-is-the-annual-maintenance-charge

That is 300/- for one year.

But they’re really charging 75/- for 90 days – which is Rs. 304.17 for a yr

That is 4.17/- additional per particular person per yr, not a lot for a single buyer.

Zerodha has about 6.5 million prospects!

Do the mathematics, it’s roughly 2.8 crore rupees additional yearly!

Sure @nithin and workforce have some fancy excuse!!

If you embody the tip date, it is 91 days. Your subsequent quarter begins on 25-09-2023, so it is 364 days. Since we cost quarterly AMC, and as normal apply, 90 days is taken into account 1 / 4, we have talked about the identical on our website and help article,

@curiousvi do you could have the small print of your previous 4-5 Zerodha AMC funds helpful?
Reviewing the precise dates and quantities may be extra fruitful as a substitute of those theoretical calculations.

PS: While we’re speaking about nominal “discrepancies” like these within the AMC fees,
IIRC, Zerodha has not been punctual in deducting the quarterly AMC.
Am undecided, whether or not this ends-up being in favor of Zerodha or the person.
Someone, please share some XIRR calculations based mostly on the precise dates and quantities. :sweat_smile:

PPS:

Could this be thought-about an instance of an unintentional dark-pattern ,

Yes, I’ve seen the web page you could have talked about. It says 300/- plus GST per yr at one place after which 75/- plus GST each 90 days at one other place! Isn’t that self contradicting? @nithin ,

Because 90 instances 4 = 360, not 365!!

the 4 quarters in indian monetary calendar are (even for revenue tax function)

01 Apr to 30 June
01 July to 30 Sept
01 Oct to 31 Dec
and
01 Jan to 31 March

So how does your 90 day logic match into this?

Below I’ve posted final sevaral AMC fees performed to my account. Please discover how Zerodha has double charged me!

Attached please see the AMC debits Zerodha has performed to my account in since late 2019. As you’ll see with each debit they’ve double charged me for 1 to 4 days!

Again, the distinction is just not a lot for one particular person however when you think about the variety of prospects Zerodha has, it’s some huge cash!

Yes, this may very well be unintentional programming bug/error too!

@nithin I request you to please look into this. For simplicity the 4 quarters in a yr ought to be:
01 Apr to 30 June
01 July to 30 Sept
01 Oct to 31 Dec
and
01 Jan to 31 March

FWIW, all of the brokers I’ve used to this point (Kotak, Reliance Money, Motilal Oswal, NJ India) charged me AMC as per these 4 quarters, as a result of these dates are normal, straightforward to recollect and calculate.

90 days was talked about for simpler understanding for the customers. But, as I clarified earlier, the AMC is posted for 91 days when you embody finish date of the ledger posting.

Could you please DM your consumer ID or registered contact numbers, so we will get it checked?

This is one thing we’re discussing internally.

Ummm… trying on the quarterly AMC statements,
the “AMC-quarters” dates look like slowly shifting
i.e. not completely aligned with the calendar yr / IT-quarters proper?

In 2019the AMC quarter seems to have began on 01-04-2019,
the subsequent yr (after 4 quarterly intervals),
in 2020the AMC quarter seems to have began on 30-03-2020 (not 01-02-2020).
,
Eventually in 4 years, such an AMC quarter seems to have began at 27-03-2023 (not 01-04-2023).

Is this merely a documentation challenge with the naming of the AMC statements,
that may be resolved by naming them as Q1/Q2/Q3/This autumn AMC as a substitute for every year?
(or are we misunderstanding one thing?)

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