I received an email and SMS saying that my withdrawal request was rejected. Why is this?

Withdrawal requests can be rejected due to the following reasons:

1. Settlement cycle is T+1 days for futures and options and equity trades. The settlement cycle is the amount of time it takes for the funds from your sold stocks or closed F&O positions to be credited to your trading account. It is the amount of time it takes for realised profits, M2M, or the sell value of options to be deposited to your account while trading intraday or F&O.See What does settlement cycle mean?

2. While funds added during the day are immediately available for trade, they cannot be withdrawn the same day. These funds may be withdrawn after one day since Tiqs must reconcile the balances at the end of the day to prevent problems with crediting funds.

3. Funds added through a payment gateway can take up to T+1 days to be credited to Tiqs. In case the funds aren't credited immediately, Tiqs's own capital is blocked to allow clients to trade on T day, and hence same day withdrawals are not possible.

Did you know?
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. See What is withdrawable balance on Console?

Example Scenario -

1. The withdrawable balance is ₹9000.
2. A withdrawal request for ₹12,000 is placed.
3. ₹9000 will be credited to the bank account.

Notes Withdrawal requests are processed after the trading session, since the obligations for all the trades during the day have to be considered. Since there can be issues with crediting of funds, withdrawal requests are processed after reconciling the funds with the respective banks. Due to the volume of the transactions, banks share the transaction details by the early morning of the next day, i.e., T+1 day. After receiving the transaction details,Tiqs reconciles them and fund withdrawals are processed.

There have also been cases where Tiqs has received wrong confirmation of fund credits from banks and transactions have been reversed. In order to avoid such issues, fund withdrawal requests are processed on T+1 day. Clients receive credit the same day as money is received through payment gateways. However, the payment gateways only transfer the money to Tiqs's account after T+1 or T+2 days have passed. Up to that time, Tiqs used its own money to fund the trade margins. Since funds received through payment gateways are credited to Tiqs on T+1 or T+2 days, executing withdrawal requests for money added on the same day would need funding from Tiqs's own funds. This is the cause of the inability to process withdrawal requests for funds added on the same day.