I am using Zerodha online equity trading service since 2012, when the company was just opened small company. I was happy with their prompt service for 5 years. In 2017, I shifted from India to Malaysia. Hence I enquired from Zerodha about their NRI service. I was told that they can provide NRI service through Yes Bank PIS account at higher cost because NRI service requires several additional processes. Agreeing with that I had opened PIS and NRO account in Yes bank, closed my resident trading account and opened NRI trading account in Zerodha to trade equity. From that point my ordeal started. I had no idea that their NRI service will be so pathetic and harassment at higher price. The staffs manning NRI service(mostly Muslims) has no knowledge, poor response and offering sluggish service. When settlement of sale contract should take 2 days before funds credited to bank account, it is taking sometimes 5 days, sometimes 7 days without any reason. To make it faster, I placed withdrawal request for fund, they credited double amount without checking the the account and then requesting refund. Because of this delay in fund credit, I cannot use my fund for further trading, losing valuable profit. I lodged complaint to SEBI and NSE for such poor service without any significant improvement. The man Nithun Kamath possible has lost interest to run this company efficiently and left it to his staffs who are incapable and inefficient to handle. Zerodha staffs has no record which stock I had purchased as resident investor and which as NRI. When sale fund of resident stocks they should directly credit to my NRO account, they are also sending those to PIS account. Yes bank is returning those, then they are giving credit. I make sale on 31st January for which fund should be credited on 3rd February, but that not done. For this I cannot trade on 5th February.
PEOPLE SHOULD AVOID USING ZERODHA NRI SERVICE FOR SUCH PATHETIC BEHAVIOUR.