The best part is that this facility will be available even on weekends and bank holidays. Withdrawals can be made through Zerodha Fund House’s official WhatsApp channel.
Zerodha Fund House has launched a 24×7 instant withdrawal facility for its Zerodha Overnight Fund, enhancing convenience for investors. Under this new system, investors can now withdraw their money within minutes. Importantly, this facility will be available even on weekends and bank holidays.
The Zerodha Overnight Fund is a low-risk mutual fund that primarily invests in government-guaranteed securities with a maturity of one day. This scheme is designed for short-term fund management, with lower interest rate and credit risk compared to other funds.
How much can you withdraw in a day?
Under the 24×7 instant withdrawal facility, investors holding units in Statement of Account (non-Demat) mode can redeem up to 90% of their investment value or a maximum of ₹50,000 (whichever is lower) per day.
Withdrawals can be initiated through Zerodha Fund House’s official WhatsApp channel, with the amount credited instantly to the investor’s registered bank account.
How to withdraw money via WhatsApp?
To request an instant withdrawal after investing in the Zerodha Overnight Fund, follow these steps:
Send “Hi” to Zerodha Fund House‘s WhatsApp number (+91-9845335486)
Tap on the “Track & Invest” option
Select the “24×7 Instant Withdrawal” option on the home page
Enter an amount less than the permitted withdrawal limit and proceed
Authenticate the request using the OTP sent to your registered mobile/email
Once verification is complete, the amount will be transferred within minutes.
This facility is only available for units held in non-Demat mode and without any encumbrances (such as pledge/lock-in, etc.). Currently, this facility is only available for resident individual investors. Investors to reap significant benefits
Vishal Jain, CEO of Zerodha Fund House, said, “Overnight funds are typically used to park surplus funds for short periods, and timely access to these funds is crucial for investors. The 24×7 instant withdrawal facility makes it easier to use mutual funds for everyday liquidity needs, while maintaining the simplicity of overnight funds.”
The daily withdrawal limit resets every day, allowing investors to meet their short-term cash requirements periodically, while regular redemptions continue as per the standard process.
With no exit load and a low minimum investment amount, this fund offers investors greater flexibility in managing idle cash lying in their savings accounts.
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