Hdfc demat account charges for salary account quora
You can click on the plus symbol to see more details. Nitin, I truly appreciate your efforts towards your clients and support. Your support team only gives excuses not solutions for customers.
Take issues for RMS updates, fund settlements, system down or poor performances. Every time i reach out to support i only get an excuse. Two weeks back i reached out for fund settlements issue.
But the result i still get the funds settled only the next day when i put in an withdrawal request. My service ticket which is extension to an issue pointed out 2 weeks back. Appreciate if you can justify for delayed settlements again and again.
Madan, thanks for pointing this out. Until now, we used process all the withdrawal requests at 8pm every evening many clients asked us to do this, as they needed more time to place the request. A bunch of checks need to be done before processing the withdrawal. Like yesterday, a few times over the last week, it has extended the 9pm deadline put by the bank, and hence the money hits your account only the next day.
But we have this fixed, from monday we will have two batches of processing withdrawal requests, one at 7pm and one at 8pm. This should ensure that you have the funds in your bank the same night itself.
Request you to please incorporate it as early as possible. Please look into this. Sandip, Q and trading platform is not integrated real time. They get reconciled only be end of day.
We are working on adding a payment gateway on Q soon. Whenever I do Pay-in, some amount is deducted as transaction fees. Why this is happen for every transactions? Other brokerage firms are not taking transactions charges upto 50 thousand rupees. The Rs 10 is charged by our payment gateway provider for offering their service for instant transfer. That charge is passed back to you. Unable to transfer money into my trading account from trade. Looks like its a problem with atom. If I need to transfer money from my savings account, shall I deposit my cheque mentioning the client ID or do I need to deposit only through my fathers account?
Or what are the other options to credit my fathers demat from my bank account? My query is regarding funds payout. When I have closed my options position on a particular day is it possible for me to withdraw amount from my account on the same day if request is placed before 7: For example, I have purchased option on 27th May and sold it on 28th May , is it possible for me to withdraw the balance from my account on 28th May by placing a withdrawal request before 7: If I have closed positions at If you buy futures, either equity or commodity, you will be able to withdraw the money the same day.
The reason for this being that when you trade futures margins get blocked. Remember that you can withdraw only the margin which was blocked, if there are any profits it can be withdrawn only the next day again. In case of equity delivery and options, when you buy options or buy stocks, the money gets debited by the exchanges and it is not blocked like futures.
But yes, brokers will let you trade on the same money even if they are yet to receive it from the exchange, because they will know that it is guaranteed to come from exchange. Hello, I recently opened an account with zerodha. My first transfer was credited within 1 hour to my zerodha trading account.
How much time does it usually take for the funds transfer process? Is there anything else that I should know about funds transfer? This will get updated first thing on Monday. Trying to open the ac trade.
Your executive is forcing to transfer rs I have got new account last day. Please look into this matter. Do you provide extra compensation based on the amount a new transfers to his new account. You can let the executive know that you interacted with me. Seems like an overzealous sales team member. I too received the same advise from one of executive today….
This looks like decision flow direction is from top…he is just executing it…why compulse anyone…. You guys are charging Rs. I know, i have to wait for 24 hr….. HI, i had just transferred into my commodity account, money was debited from my account however the payment was a failure as per NEST message, when do i get credit and how i will get my money.
No limit from our side, but your bank might have a limit. You will have to send a letter to your bank asking to increase the limit for transfers. I am told by your support that if I have to transfer 20 lakh in a day from your terminal, I need to do Payin twice for the same? Yes you can link secondary bank account, but that can be used only to transfer money into the trading account. Withdrawal happens only to the primary account. Send us a cancelled cheque leaf along with a request to map it to your trading account.
I just opened my Nest Trader account and found that the balance shown is zero, with negative balance of over 3 lacs. This when I have a large balance in the account. I can not maintain a large balance in the account unless you stop such anomalies. I would request you to call me and clarify. Sandeep, usually on the weekend we are running maintenance. So it is best to look at your Q account to see your exact account balances on weekend.
I would like to transfer a bigger amount to my trading account but for these issues. Or have i wait for the next day?
The amount is deducted from my account. Can you please advise what can I do? If you use IMPS, it will take us time to reconcile and update the margin.
Best way would be to use the payment gateway. Funds can be transferred only from mapped accounts. We will update your new account and then update your balance on monday.
What data I need to enter to choose you as Beneficiary? Use payment gateway available on the trading platform for instant updates. You can find all details here: I followed their instruction. But the funds are not yet reflecting in the trading account. IF the money was taken out of my account, where is it now??
Waiting to get connected?? Spend additional 10 mins explaining the situation 3. High probability the agent will give you a generic answer, and you spend another 10 mins justifying the intensity of the issue. I wait for a day — nothing happens 6. Third day — Step 1 to 4 repeats.
You can also use the payment gateway we provide. When you drop cheque, the issue is that the credit we would have received will show only a cheque number and not the bank account details. So unless, you send an email to us saying that you have deposited this cheque, that fund will stay in limbo.
I am going to track your call and the executive you spoke to. Yes you can, https: Or I can start once dmat account is ready? Account will get opened within 48 hours subject to the accuracy of the documents provided. You can transfer funds by logging into the trading platform. THis is manas Mishra 9th sept I have rupees transferred trough Pi tool after 1 it was showing pay in total margin On 10th sept again I have transferred rupees through Pi tool.
But It wont any change in cash position. The thing My account payin balance should be rupees. I have trading and demat account with zarodha. I want to can I transfer the fund to my trading account from pay u money. With Pay u money, when we receive funds we will not know the bank number from which it was sent, so no not possible. Received account opening mails. As a test check, I transferred Rs. Though it is shown as successful, the account balance is showing as Nil in the back office. When will it get updated?
Uma, if you transfer in the nights after 7pm , the back office will get synced only tomorrow. But you can start trading immediately as the trading platform gets updated.
Payment gateway charges are already mentioned here: What is the minimum amount withdrawal from trading acount? And what is the minimum amount transfer to trading account? Pls guide i am intrest to join. My Questions about Payin: And please mention the mail-Id. If you need instant funds, best to use the gateway. The funds would be debited post end of day process.
I sent money from my hdfc bank account to zerodha equity account. I sent money by using option within bank transfer. We just tried to initiate a transfer on your behalf and the redirection seems to happen just fine.
The payin option will be available on the Kite Mobile app. I kind of lost with all new reports in Q, is there a way to generate a report on the amount payed in Amount transferred into Zerodha from my Bank account so far? Click on ledger in Q. Mention the time period for which you want the ledger. You can also export this into excel.
I have used some amount in margin. And i have some cash available to use. But after market hours, say like in christmas, i logged in to Kite and not able to see any cash available. Just want to confirm if it shows only in market hours. And we wont be able to see that in week ends? But you can always login to Q. You can access Q from within Kite.
It would be great to transfer money internally individual account from Mcx to nse as well as nse to Mcx. Also a broker was penalized heavily for doing this. So what ID should i mention. The beneficiary ID is for internal reference I suppose. Can you please clear the air? Could you please publish this option to clear air for prospective clients?
Do I need to send an email upon fund transfer or client id in transaction remarks will suffice? If you use the payment gateway on the platform we charge. Please care to provide an answer to point 2b copied below for quick reference:. If you transfer during market hours around 15 to 20mins. I have transferred to the respective Zerodha HDFC accounts for Equity and Commodity and have also updated it on Quant with the screenshot of the transfer and also also mailed it…How long will it take for the funds to reflect in my trading account?
If not, is it likely in the near future? Hi, i have transfer the amount to my trading account on zerodha. I have attached the screen shot also as per guidance on website, so will it be updated on Tuesday only working day or it update automatically on holiday also??? It will be updated first thing tuesday morning.
I got my account opened with you and got the login details on Friday 11th Mar. But the money seem to have vanished when I checked today Saturday.
Talked to Surjita who said it might be visible again on Monday but she was not sure what happened. Kamal, there was mock trading by the exchanges today. So your balance might have showed less. It should be normal by now.
I have transferred fund from Axis Bank to Zerodha. Because of network issue. Amount get deducted from Axis account but not reflecting trading account. If you can send a snapshot of your bank statement, this can happen faster. How much time will depend on what time we get confirmation from the bank. If nothing happens, every 90 days there is a settlement of funds that happen. Checking why error is coming. On march 28, all the funds in my trading account got transferred to my bank account but I did not placed any withdrawal request.
This is part of quarterly settlement mandated by SEBI. Sir in online fund transfer zerodha is charging rs. It is Rs 9 for every time. This is charged by the payment gateway provider. I have raised support ticket for this and attached screenshot of statement of my account Ticket No — , but still there is no response came from your side.
Funds got transferred at I have lost that opportunity due to late processing by Zerodha. I am unsatisfied by this type of system. Pls revert sir and kindly avoid such type of things. That is the problem with the system.
This sometimes takes time. Hi i transferred some through Pi for testing how it goes, but i see free cash Small charges but wanted to understand the transaction cost. Is there any deduction done by Zerodha as charges? I have transferred through Pi via my SBI account which is linked. I read some comments here Funds not getting immediately transferred. Any preferred time when transferred can be done with less time? Yesterday around 6 pm i have transferred to my account using netbanking and Kite.
The same amount has been reflected in Kite. But today when i checked Kite, all of a sudden there is not a single rupee shown in the system as free cash or total account value. Yesterday around 1 AM have transferred to my account using netbanking and Kite. Rakesh, it is not a bug. Having this checked with our team. The transaction number displayed on my hdfc bank is A1. Could you confirm that the funds would be credited to my account by today?
We use the facilities of a third party vendor and provide the payment gateway facility. You can use IMPS to transfer funds. Payment gateway is enabled only for the banks on this list: Yes you can, Suggest you to follow this process , there is a hyper link that says for depositing from HDFC bank, check that out.
My equity account shows correct balance and i start trading. But my commodity account still shows 0 balance. Can i tranfer funds to my zerodha trading account from my other bank acount with axis bank even though the same is not registered with zerodha?? Hemant, you will have to first register the other bank Axis. To register, send us a cancelled cheque leaf. Once registered, yeah you can transfer. I transferred amount to my Zerodha on saturday evening 7: Any guide to get the things done right?
If you have attached the right proof for IMPS, it should get updated in 30 mins during working hours. Hi all, Can i transfer funds to my trading account from a bank account which is not linked with my zerodha account. If yes how can i be able to transfer…. Yes you can, but you have to first map your other bank account as a secondary bank to the trading account. To map, send a cancelled cheque of y our secondary bank account to our Bangalore office.
I already sent email reminder for 2nd fund transfer at 2: Yet you guys have missed it out. Hi, I have transferred 10, through imps from my primary linked bank of baroda account yesterday. But still its not shown in my trading account.
Would you look into this please. Hi, i want to know whether i can make a IMPS from my bank account to my mothers trading account? I am thinking againa nd again whether to open or not. If so much delay in reciving funds than what about the opportunity cost. We receive thousands of inward entries everyday, what you see here as complaints are just a few. It finally reflected in my SIP book today i. I want to know what is my SIP initiation date. Called up customer care but recieved no satisfactory reply.
Sorry for posting successively. Also wanted to inquire whether its cumpulsory to transfer a bulk amount of Rs in the initial transaction. I transferred Rs for my present requirements only. No need to transfer Rs , you can transfer as much as you wish. I know it is a very uptight bank but still…. Is upto the company who offers us payment gateway. Btw, we should have an instant IMPS solution soon. So you will be able to transfer instantly using IMPS. Even if these are charges levied by vendor, another brokers are not charging in such a way….
We are enabling a new facility where IMPS updates would be instant. I suggest you to IMPS for faster credits. This blog should help: My trading account is automatically debited by Rs. Rs 15 is probably the DP charge. DP charge is applicable when you sell shares from demat. It is a standard charge across all brokerage firms. Sir Is it possible to transfer money to my zerodha account through ifsc code If it is possible please send me your account number and ifsc code.
I am trading with Zerodha since last six month and I must say I have a good experience. But as this always related to money, I have few question always in my mind and looking for the answer. Please share steps to add it. Yes you can use both accounts to transfer money into trading, but while withdrawing it will be sent to your primary which is PNB. Like With whom I want to send it and any other details I want to mention in mail.
You will have to send us an original cancelled cheque to our Blore office, also send a letter with your client ID asking to map this bank account.
This is the address: Clarence Public School J. P Nagar 4th Phase Bangalore — Many time it happens that I used instant payment gateway but amount is not credited in account till hour passes. It kills the purpose of using immediate margin.
Please look at the issue and improve the service provided by payment gateway. Akshay we are about to switch out from Atom payment gateway, the one we currently use. Hoping that such reliability issues will drop with the new one. I have done pay in through kite using payment gateway via linked HDFC account.
I have not been charged Rs. How the same will be charged? Can you please do the needful? My Client Id is: If you use the eCMS option, there is instant communication between our servers and fund updates happen faster. Please sign it and courier it to our office along with a cheque of Rs. I did transfer today morning about 20 minutes before but still its not reflecting on Q or Kite in Funds section. Please do the needful to make this process much faster or rather instant so that it can be useful to make immediate trade.
Hi, I would like to map multiple bank accounts to my Zerodha trading account. Please let me how can I do this? Send us cancelled cheque leaf with a request asking to map them to the trading account. But note that you can transfer from multiple to the trading, you can withdraw only to your primary. Hi, sir how can I transfer money from syndicate account to trading account using imps,through mobile or kite …and what is the minimum time required to complete the transfer.
And how can I do the payout? You will have to transfer by logging into syndicate bank. Once you have transferred, it will take us around 15 mins. Sir I have transfer 20, into my zerodha account through net banking but it is not showing in my account even after 4 hours Kindly help me. Both times, Kite was not reflected even after 24 hours. I had to lose on my trades because of unknown reasons where nobody seems accountable.
It was clearly mentioned that off market transactions will be updated in few hours. But both time my orders got cancelled stating lack of funds even though Zerodha had my money. Please improve your business practices. Also tell me the workaround of this problem as this seems to be of repetitive nature.
Hence it is a manual process. This slows it down. If you use the payment gateway, it is instant update. Please improve your customer service team. The tickets was closed even without any communication. You can check the log. Ideally it should be an automated process. In my case this happened twice and it took more than 24 hours to update in kite.
My AMO orders got rejected due to it. Once the banks start sharing account numbers, transfers should get updated faster. I contacted my bank which is ICICI and they said it will be refunded to you or the beneficiary by 2 days. And nothing has happend till now, no money in my SB account or my equity account. Yes you can, send us the change primary bank form from here. Takes 1 day from when you send us this form send a cancelled cheque of the new form.
I believe now demat and trading accounts are both maintained by Zerodha. Could you please upload newer versions of change request forms, if any. We are still servicing clients who have ILFS demat accounts and hence the form contains both the sheets. I am new to Zerodha and is there facility to add new bank account to your profile?
This facility was very convenient with other platforms I had used. You could deposit a cheque with your client ID behind it. Account details given here: Best is to do online transfer.
Alternatively, you could also get in touch with your bank to get an update. However you can get your ICICI bank account mapped as a secondary account to your trading account and then transfer funds. Also please provide the e-mail id at which I need to send the bank account details and scan image of personal check leaf.
Do note that all payouts will be credited to primary account only. Not all banks are supported by the payment gateway. I need this information to register it as a payee name with my bank.
I have net banking facility with another bank account that is not registered with Zerodha. I can add the bank details as secondary bank account and add fund to my trading accoubt through NEFT using the secondary bank account? Yes, if the Payment gateway supports transfers from your secondary bank, you can transfer. I see my secondary bank account have been updated with Zerodha. It shows on my profile, but while trying to add fund, only the 1st account comes automatically, not the secondary one.
I am facing very difficulties to add fund to my trading account. What I can do now? Can we add more than one bank account to my Zerodha account? No, you will have to first register that bank account. Yes you can have multiple banks mapped to transfer in, withdrawal happens to only your primary account. Aap k sales executive nay kaha hai ki first trading account pay transfer karna he padega …..
To may confuse hu …. Main or kar Kay transfer karkay equity stock buy nahi kar sakta hu kya??? Sir I want to Know can i direct deposite money in zerodha Acc and send pay slip to u by mail and u credit that money to my zerodha acc. I have made NEFT transfer to the zerodha account.
Do I have to add the screenshot to reflect the funds in? Or, will the transfer be reflecting automatically? The funds have already been updated. Suppose I have 88 rupees in my account and I earned 2 rupees. The profit is showing in my account balance but the withdrawal balance is less than account balance what is the reason? So if you have sold stocks from demat, you can withdraw day after, if profit from intraday tomorrow.
I have made transfer of Rs. The amount is not being reflected in my trading account. I have sent a mail to zerodha support team containing transaction details. Please take necessary steps. I am unable to transfer fund to my trading account because of some bank issues. How can I add an alternate account?? I want to know that if i send money with online service,is there any charges will uplid for that…? If you use our payment gateway, then Rs 9.
From morning trying for pay in to my account, but not able to pay in, msg shows merchant is not register, how to solve this?
Unfortunately it just fails. But after that just a white page came. Requesting you to add wallet like PayuMoney and Paytm for smooth online transaction. Do I need to mention my id on the back side of cheque?
Do I need to take an image of cheque and send it to your email id? Please tell me the procedure including your account no. Thanks for quick reply. I have just added your account no Account Name: HDFC using icici bank online portal. Is there any charge for doing NEFT?
Can I transfer as little as Rs. Waiting for your reply. Got a call from Zerodha and they admitted something wrong is there from their side. They first rectified it and called me later again telling me to try again. Having back up line too. Even one second delay will matter as I will go for day trading only. You will have to withdraw funds to your bank and then transfer from there to equity.
Is it necessary that i need to start a trading account in zerodha with rs? Vicky, there is no minimum Rs required, the email must be from the sales person who helped you open account. Hii, yesterday my trading account was opened. I was transferring Rs through kite. By mistake I closed the transaction window. Now Rs have been debited from my account but not transferred to trading account.
What should I do? How do I get it back? Please helpHii, yesterday my trading account was opened. Please help ID ZY If so kindly let me know how may hours it will take to credit the money back to my account once i placed payout. Here is the screenshot, http: You can speak to your bank and get this cap removed.
How to transfer funds into trading through neft? I am using HDFC account. Do i have to pay extra amount for it? Instant transfer to zerodha from hdfc account.. Still it will encure me extra cost??
No PG charges for this. How to change the primary bank account with Zerodha account? Could you please provide link to the applicable process and form. Please fill this form , print it, sign it, and then courier it back to our office along with a personalized cancelled cheque of your new bank.
Rajat, NEFT transfers can take up to 2 hours. Also, not that transfers must be only from the bank account mapped with your trading account.
Yes sir, I already mailed regarding this two time since morning from my id. Zerodha personal calls and ask for transferring Rs in account stating that you account will be activated once you transferred Rs otherwise you would have unnecessary problems. After transferring he said to call and intimate him. I told him that as there is no such limit and told about nithin ji also but he is continuously urging to transfer.
I have started trading with Rs and account seems to be activated. Is there any necessary of such transfer. Zerodha sales personal call me and ask for transferring Rs. Why is he is forcing me to transfer money for activation and demo? Is it true if I would not deposit exact amount Rs. They never tell me before account open which is Rs. Asu, seems like an overzealous sales person. No need for you to transfer Rs You can transfer even Rs or Rs and start trading.
You can tell if the sales guy calls again that you spoke to me. Hey Dwarkadas, no such requirements to deposit any amount. Probably just an overenthusiastic sales rep wanting to get you started.
Hi nithin, This sales person told me to transfer in both commodity and equity. How long will it take to show in trading accounts? If yes, how long will it take to show up in trading accounts? You can transfer, but you will have to upload the proof of transfer on q. Jitendra, citibank payment gateway is currently not available. All details mentioned here. You can use IMPS, check this link to see the account details to transfer to.
Sir, I transferred fund to my trading account but by mistake I closed the window before the confirmation page was shown. Now the fund has been debited from my bank account but not credited in trading account.
What to do…please help. I have also closed the window mistakenly What i have to do now how many hours it takes to reflect? Hi, I accidentally transferred from non registered bank to Zerodha, can I get back the amount Please?
You can also map multiple bank account of yours. You can send us a scanned cheque of this bank, and the funds will be credited to the trading account. I am a new user. Accordingly I have activated 2 SIPs. But the equity balance is showing as Rs 0 in the mf. Has the process of fund transfer completed or not? Will the SIPs be rejected due to lack of fund? Hi, The funds in your MF dashboard are updated at the end of the day. So as long as you have funds in your account your orders will be executed.
Why there exist transaction charges when we transfer money from bank account to Zerodha? I do not see any such charges from Reliance Securities so far from past 7 years..! Ravi, have answered here.
I am new to zerodha. For buying shares i have to 1st transfer fund to zerodha then only i can buy or i can execute my order then i can transfer fund to zerodha….??? Is there any reporting tool to do this.
Ideally Ledger tool should be doing this task, where as q only lists transactions of equity not money deposits and withdrawls. Make sure you are pulling the ledger for the correct time period.
Hi , How to get all past fund transaction details in zerodha account??? I am not talking about the particular share which i can get from q. Thanks Nitin, I was able to retrieve them, it was hidden in mostly trading transactions, if u dont mind, a suggestion from me. A simple additional filter along with Date will make Q Ledger tool more efficient.
Not only it helps customers, it greatly reduces the burden on your databases, otherwise every time all the irrelevant information will be dumped at the user at the cost of your IT Infrastructure.
I have transferred Rs. Amount is debited from my bank account in the morning. After writing several mails still I am not able see credit in my trading account. Such issues typically get sorted when banks reconcile by end of day. Thanks for the reply. But funds are still not credited to my Zerodha Trading account. I have sent numerous mails to Zerodha support. I think nobody is helping me out in sorting out this issue.
I will get someone to track this for you and update first thing monday. Received the credit in my account. Thank you for your help. However, I believe something is wrong somewhere. Whatever it is, I am sure you guys will solve that too. I see a credit of Rs. Also, best not to give out your client Id on a public forum. What should i do?
The transfer was successful and uploaded the proofs as well. Please check and do the needful. But The thing here is, I can see only 5K in my account and when I was about to withdraw all the amount, then I was able to see the only 5K. Please wait until 7. Sir, Sales person asking me to transfer Rs. You can transfer funds using the payment gateway only if you have an account in one of these 28 accounts: Can we tranfer fund back from trading account to our bank using neft.
Money transferred to MCX at 7: Got the SMS from zerodha in minutes but funds still not showing. Already mailed to support at about What is happening with zerodha these days…..?
I have issued tickets and no updated on the status. Hi, I have transferred Rs. But, Zerodha customer care member asking me to maintain the account with rupees. Is this compulsory to have rupees in my account.?? I transfered back money into my bank account from trading account. I got the zerodha SMS …. My ticket number I transferred fund using above procedure on 20 Apr The money is not added to the ledger even on 24 Apr A clear case of money laundering.
Nobody available for support as well. Anoop, I have explained here. This is happening me for the second time. I have issue with Pay in. One more thing, Every week, I see new issue arising and this is not the good sign….
Bank account will show only if you have an account with banks supported on the payment gateway. I am repeatedly calling your customer care but there is no improvement in my issue. Iam a new customer. If this is going to continue in future will i be interest in trading in zerodha or will i reccomend zerodha for anyone else.
Will have this checked. DS i have tranfered funds through instant transfer from my bank acc to my zerodha commodity acc today afternoon till now it is not reflecting in my acc. Is it possible to transfer money into my Zerodha account from another account which is not linked to mine for eg. Are there any changes for imps funds transfer?
Can i do imps from any bank or do i have to do it from bank account registered with you? No charges for IMPS. You will have to do it only from your banks registered with us.
YOu can add multiple bank accounts. Since I use Coin for monthly SIPS, can you arrange for an automatic Standing Instruction type system where funds are transferred monthly from my registered Bank account to my relevant Zerodha fund account?
Sid, banks are supposed to launch enach system anytime soon. We will offer this as soon as it is out. Hey can you tell me how you solved this problem? Actually i am new to zerodha and i am facing the same problem. Piyush, that would mean your bank is not supported on the payment gateway.
Nithin — Please add PNB bank in to your instant payment gateway. Having bank in instant payment gateway is much easier. I am unable to to select my bank under option payment gateway. As it is showing my bank so how can i transfer money to my demat account? Can i transfer my at market timings onl.
While I send a mail but automatic response came saying will be credited. You might have done it from a bank which is not mapped to us.
Kindly look into this matter. Situations like this has happened before, but your staff has promptly solved the problem. We are off today due to Eid. Since it is NEFT, it will get updated today evening when our team reconcile before commodity trading begins. In some reply on tradingqna i found account number So i added it as Beneficiary. Yes that is the correct number. Yes if you can place an instruction to transfer money to this account every 14th, the SIP will work.
You will be able to do IMPS to that account number directly. No need of MMID 4. Around 30 mins during working hours. Rs 9 per transaction is too much for a discount broker. NEFT charges are there for all the banks too. Some time back, in this blog, you said that more banks are going to be added to the registered banks list. Till now canara bank is not listed, hence I cannot use imps from my canara account.
Can you please advise if this is going to happen anytime soon. Azhar, you can directly do IMPS from canara bank. It eliminates chances of forgery or bad delivery. It increases overall trading and profitability. It increases confidence in their investors.
A depository in simple terms is an institution holding a pool of pre-verified shares held in electronic mode that offers efficient settlement of transactions. A Depository Participant DP is an intermediary between the investor and the depository. A DP is typically a financial organization like a bank, broker, financial institution, or custodian acting as an agent of the depository to make its services available to the investors.
Converting physical records of investments into electronic records is called "dematerialising" of securities. In order to dematerialise physical securities, investors must fill in a Demat Request Form DRF , which is available with the DP and submit the same along with physical certificates. A comparison of the fees charged by different DPs is detailed below.
There are a few distinct advantages of having a bank as a DP. Having a Demat account with a bank DP, usually provides quick processing, accessibility, convenience, and online transaction capability to the investor.
Generally, banks credit the Demat account with shares in case of purchase, or credit a savings account with the proceeds of a sale, on the third day. Banks are also advantageous because of the number of branches they have. Some banks give the option of opening a demat account in any branch, while others restrict themselves to a select set of branches. Some private banks also provide online access to the demat account.
Hence, the investors can conveniently check online details of their holdings, transactions and status of requests through their bank's net-banking facility. A broker who acts as a DP may not be able to provide these services. There are four major charges usually levied on a demat account: Charges for all fees vary from DP to DP.
Depending on or may not be an opening account fee. But in Ventura Securities ltd, Angel Broking  and some other companies do not have an any opening charge. State Bank of India does not charge any account opening charge while other maintenance and transaction charges apply. Most players levy this when re-opening a demat account. The fee is also refundable. This is also known as folio maintenance charges, and is generally levied in advance.
It is charged on annual or monthly basis. The fee also differs based on the kind of transaction buying or selling. Some DPs charge only for debiting the securities, while others charge for both. In addition, service tax is also charged by the DPs. In addition to the other fees, the DP also charges a fee for converting the shares from the physical to the electronic form or vice versa. This fee varies for both demat physical-to-electronic and remat electronic-to-physical requests.
For demat transactions, some DPs charge a flat fee per request in addition to the variable fee per certificate, while others charge only the variable fee. For instance, Stock Holding Corporation has charged Rs 25 as the request fee and Rs 3 per certificate as the variable fee. However, SBI has charged only the variable fee, as Rs 3 per certificate. Remat requests also have charges akin to that of demat. However, variable charges for remat are generally higher than demat.
Some of the additional features usually offered by banks are as follows. Some DPs offer a frequent-trader account, where they charge frequent traders at lower rates than the standard charges. Demat account holders are generally required to pay the DP an advance fee for each account that will be adjusted against the various service charges. The account holder needs to raise the balance when it falls below a certain amount prescribed by the DP.
However, if the holders also hold a savings account with the DP, they can provide a debit authorisation to the DP for paying this charge. Finally, once choosing a DP, it would be prudent to keep all accounts with that DP, so that tracking of capital gains liability is easier. This is because when calculating capital gains tax , the period of holding will be determined by the DP, and different DPs follow different methods.
The proof of the cost of acquisition will be the contract note.