Mar 2019
Fed up of their non transparency I am closing this account, but not before reporting a few new annoyances.
After a lot of follow up and threat to report the matter to SEBI they reverted the incorrect charges. But icing on the cake is they have now started adding charges for default in payment on the reverted charges! Totally inexplicable. Further there is no communication - no email, sms, nothing that they are adding these default charges to my bill on arbitrary dates. Only when I notice it myself I realize this. I don’t think any organization in the world can be so pathetic.
Further their own webpage lists a procedure for sending digitally signed account closure form. URL: https://support.zerodha.com/category/your-zerodha-account/your-profile/articles/how-do-i-close-my-zerodha-account
which says you can digitally sign the closure form. Now when confirming the procedure, since I have to buy a digital signature for the purpose and you never know, they suddenly say a digital signature is not acceptable.
There is no correlation between their website and their responses whatsoever.
Aug 2018
I gave them enough time to respond and explain the charges. They have even stopped responding and like many other customer services, their service has started appearing a bunch of parrots. They just mechanically throw utter non sense at you without reading your query.
Further there is no escalation matrix whatsoever. I’ll probably log a complaint with SEBI for their failure to explain the charges.
Please stay away from these morons.
June 2018
Zerodha has started charging AMC charges, that too, without any communication whatsoever. I got to know they have started charging only when I logged in to their system to notice negative ledger chargers.
When signing up it was explicitly called a zero AMC account. I have less problem with them starting the charges. Greater problem is the lack of transparency and breach of trust.
Lowering their rating.
INITIAL REVIEW
I am a new subscriber to their services, switching from ICICI Bank / ICICI Securities.
Lesser I talk about my previous provider the better(see my other reviews for that), but existence of morons like ICICI helps highlight what difference new startups like zerodha have made to this sector.
Some people have rated them low, though may be their opinions will get rationalized if they see other service providers. Also, as a startup zerodha might have had some rough edges and we can be considerate towards them.
Zerodha account opening procedure is very smooth. If you opt for it, they will courier a filled and checked form to you, which you simply sign and courier back. They will send a scanned copy of the final form for your record.
For whatever queries I had during the opening process, the staff was very helpful. Email support is not so great, though telephone support is much better.
I haven’t yet traded, though so far whatever experience I had is more than satisfactory.