Will FYERS levy any penalty if my trading account has a debit balance? If Yes, how will it be charged?

Will FYERS levy any penalty if my trading account has a debit balance? If Yes, how will it be charged?

If you have a Debit (Negative) Balance in your trading account of an amount greater than ₹100, you will be charged a penalty of 18% per annum or 0.05% per day on such an amount.

The penalty amount will be accumulated on a daily basis virtually and the same will be charged on a monthly basis by passing a single Journal Voucher (JV) at the end of every month.

Note: The penalty mentioned above is applicable to all the clients w.e.f. 1st June 2021. Prior to 1st June 2021, no penalty of any kind was levied.