The withdrawal request of a given amount can be rejected due to many reasons, such as: - Trades not settled: Exchanges take T+1 day to settle funds from selling equities and F&O trades to the Jainam account. So, funds from trades can't be available for withdrawal instantly.In the case of intraday and F&O, the time taken for the realized profits, M2M, or sell value of options to be credited to the Jainam’s account is also T+1 day.
- End of the day process: Funds can't be withdrawn on the same day because of the reconciliation process and end of the day settlement. Client will be eligible for withdrawing the funds on the next day.
- Fund Addition on Same Day: Funds added through a payment gateway also take up to T+1 days to be credited to Jainam’s account. Hence, same-day withdrawal is not available. However, funds added are available for trading on the same day.
- Bank details are not updated. Client’s bank details, such as EFT, default bank, IFSC code, etc., are updated by the bank but are not updated in the software.
RELATED FACTS :- - If a withdrawal request for an amount greater than the withdrawal balance is placed, the available withdrawable balance will be credited to the bank account. For example: If payout request is of ₹ 9,500 but the available withdrawable balance is ₹10,000 then in such a case the actual payout will be = ₹ 9,500.
- If a client is placing a payout request during the market hours and also buying stock during the market hours in a day then the payout will be given only for the clear balance or withdrawal balance left after paying for the stock.
For example, if a client has a credit balance of rs 1,00,000 and has placed a buy order for 60,000 and also placed a payout request for 50,000.
In such a case the payout will be given only for rs.40,000 by the end of the day because the clear/withdrawal balance available will be now 40,000 only (1,00,000 - 60,000).
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