How Much Time Does It Take To Process A Withdrawal Request With HDFC Securities?
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When you sell shares, money is credited to your trading account and deducted from your demat account. After T+2 days—two days after the day you sell the share—you can withdraw the money to a bank account that is linked to your trading account.
To transfer money, go to the ‘Funds’ section of your online trading account. Or look for something like ‘Fund Payout’ or ‘withdraw fund’. Then, enter the amount to be transferred, choose the bank you want the money to go to if you have more than one bank account linked, and click the submit button.
Processing Time of Fund Withdrawal Requests
The settlement cycle for the securities traded on Indian exchanges determines how quickly fund withdrawal requests for selling securities are processed. All instruments traded on Indian exchanges have a settlement cycle of T+1 day, where T is the second trading day. Therefore, after T+1 day, the money will be ready for withdrawal.
For instance, if you sell shares on a Monday, you can withdraw the money on Wednesday. So, the fund withdrawal funds usually take two days. This is the same for HDFC Securities also. However, there the firm offers a special facility called ENCASH that facilitates same-day fund withdrawals.
ENCASH BY HDFC Securities
Customers can get the sale proceeds credited to their HDFC bank accounts on the same day, thanks to ENCASH. Only sell transactions would be permitted, and for orders placed for this product, the selling proceeds would be credited the same day as opposed to the customary sell trade and T+1 settlement. The advance crediting of the money will increase the customer’s liquidity.
ENCASH is a product that is only offered in the Equity segment. In ENCASH trades, only new sell orders are permitted. Both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) are where this product is listed.Once placed, ENCASH orders cannot be changed to CnC orders. A CnC sell order that has already been placed likewise cannot be changed to an ENCASH order.
So, with the ENCASH service of HDFC Securities, you can withdraw your funds quite faster in a very short time period.