Demat Account, Which broker?

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log 1 = 0 said:
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I almost did bid for IPO today through SBI Internet Banking. Can anyone please confirm if one can subscribe for IPO without Demat/Trading acc..

Your criteria for rating was strictly brokerage and other charges ? or Service/Customer Care etc etc ?

I am looking for something of the sorts --
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Well I had looked at all aspects.

HDFC, ICICI , SBI are all banks, while SK, Angel & IB are PURE trading firms.

SK, Angel & IB have better web interface, extra software (DietIn), better service, overall lot less charges.

Need to make it 1 final from all 3 - Sharekhan, Angelbroking & Indiabulls.

90 % inclining towards - Angel Broking.
 
Does Angel Broking provide both Demat and Trading..?

Also how about link the Demat to the Bank Account ? It will attract certain charges as well.. Say transfer of funds back and forth..?

Finally, as mentioned earlier..I am novice a this and entering with purely learning objective hence low volumes , etc etc.. What would be better out of Sharekhan / Angel Broking for my situation..
 
No I meant how about the charges associated with transferring money back and forth from my SBI Acc - Angel..
 
log 1 = 0 said:
Does Angel Broking provide both Demat and Trading..?

Also how about link the Demat to the Bank Account ? It will attract certain charges as well.. Say transfer of funds back and forth..?

Finally, as mentioned earlier..I am novice a this and entering with purely learning objective hence low volumes , etc etc.. What would be better out of Sharekhan / Angel Broking for my situation..
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  1. Angel Broking provides both Demat and Trading.
  2. You can link the Demat account to any SB account provided the brokerage supports / has tie-ups with the banks. In general, HDFC Bank, Axis Bank and ICICI Bank accounts can be linked without issues to majority of the brokerages.
  3. No. There are no charges for transferring from SB account to the broker ledger account and vice versa.
  4. For learning purposes, go for the simplest account if you intend to do investing. If you want to trade, begin with a web based account and upgrade to ODIN / Software based trading account. You cannot go wrong with any of the brokerages. But, ask for local feedback too. Service could be better or slightly below par in your location.
  5. Based on my limited experience, I prefer web based ones for long term (buy and forget for 1-2 yrs MIN, 3-5 years mostly) kind of stocks and for others, a trading platform would never hurt. For trading, I'd say you need a ODIN/SW based platform as they have more features, speed of execution and charts.
 
@ latest inquirer and OP

Never ever go for a combined account services like (a Savings account / trading account and demat account and may be in addition a credit card).

My personal experience says that while applying for a combined account you are tying your own hands in a way that if some dispute in payment arises, the banker will always have permission to use your savings account to settle the claim and you will have to run around to get refund or whatever.

If you keep service providers different than the provider will be running around you to get the claim settled.

DISCLAIMER : Above instructions are for genuine users, not for fraudsters.

Now my suggestions:
For Banking : HDFC / IDBI / SBI (as per your needs my experience with them is wonderfull for quite a long time)

Brokerage firm (trading and demat) : earlier there used to be different trading broker and different demat account provider but for now ease or service means you go for combined.

Sharekhan / Angel (have been dealing with them for 4 years or so extremely happy).

i have heard about good services of Kotak-Mahindra but no first hand experience.

I had tried Reliance and Motilal - Oswal once but both failed horribly at the level of account opening itself and I closed the account within 7 days flat.

hope it helped
 
icici direct...i have been using it for 7 years without any issues...one of the best online interfaces for each and everything that i need. IPO, International investing, equity, MF, debt, GoI bonds etc etc etc...very good stuff.

Its a pain to setup, but once done, I never had an issue till date.
 
Thanks guys for your inputs..

I just called someone at Sharekhan and the charges that he told me were

0.1% - Intraday Brokerage

0.5% - Carry forward

750/- Initial Deposit out of which the Brokerage will be adjusted and the refund will occur only after I generate 750/- of brokerage.

Another info that might be useful is Corporate Account - My friend is working at TCS and Sharekhan as lower brokerage plan for Corporates. He is charged 0.05% for Intraday and 0.25% for carry forward.

Apart from that he didn't mention any charges. Although I asked him if I could transfer funds online from SBI Internet Banking but he said that I will have to write a check as there is no Online Tieup with the same.

I am yet to contact Angel Broking representative..
 
medpal said:
@ latest inquirer and OP

Never ever go for a combined account services like (a Savings account / trading account and demat account and may be in addition a credit card).

My personal experience says that while applying for a combined account you are tying your own hands in a way that if some dispute in payment arises, the banker will always have permission to use your savings account to settle the claim and you will have to run around to get refund or whatever.

If you keep service providers different than the provider will be running around you to get the claim settled.

DISCLAIMER : Above instructions are for genuine users, not for fraudsters.

Now my suggestions:
For Banking : HDFC / IDBI / SBI (as per your needs my experience with them is wonderfull for quite a long time)

Brokerage firm (trading and demat) : earlier there used to be different trading broker and different demat account provider but for now ease or service means you go for combined.

Sharekhan / Angel (have been dealing with them for 4 years or so extremely happy).

i have heard about good services of Kotak-Mahindra but no first hand experience.

I had tried Reliance and Motilal - Oswal once but both failed horribly at the level of account opening itself and I closed the account within 7 days flat.

hope it helped
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You scared me as currently my salary account is getting used for everything without issues :)

Ok. dispute means you went into loss in market that sort of ?
 
100 % true info by medpal

Never ever go with all those 3 in 1 accounts, Banks will be able to withdraw money incase of problem even without asking.

Do share your commission rates offered. so we all can find lowest possible rates available from SK, Angel & IndiaBulls
 
tech1978 said:
You scared me as currently my salary account is getting used for everything without issues :)

Ok. dispute means you went into loss in market that sort of ?
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dispute in a sense suppose your trading account accidentally and mistakenly chrged for some trades not executed by you (it does happen as not all are online customers and sometimes pc operators at brokerage house may make mistake).

eventually if you incur loss on that trade and your dispute is standing 3 in 1 account will automatically debit the dues and you will need to process for refund.

while if your account is not 3 in 1 then you can tell your broker to find out the fault and solve it and dont pay it.

in credit card case, if there is some dispute all in 1 account will be auto debited while still you are trying to resolve the problem.

so keep every thing separate.

i am charged in sharekhan as 0.05 in intraday and f & o and .25 in delivery based trades.

while i angel i have .01 intraday and f and o and .10 in delivery based.

some one here asked about sharekhan and sbi link then i can confirm you can transfer money both ways from sharekhan to sbi and viceversa.
 
medpal said:
while i angel i have .01 intraday and f and o and .10 in delivery based.
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Doc, busy with patients or busy with market ?? :ohyeah:

Sharekhan is good except that their website is down from 10.30 to 12 at night most of the times.
 
medpal said:
some one here asked about sharekhan and sbi link then i can confirm you can transfer money both ways from sharekhan to sbi and viceversa.
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Well the Sharekhan representative explicitly mentioned that for SBI, Ill have to give him a cheque...

Anyways...still have to get rates for Angel Broking... 0.01 and 0.10 is pretty good IMHO...

Also do we have an option to buy Mutual Funds with these...or different portfolio has to be maintained for that...
 
medpal said:
dispute in a sense suppose your trading account accidentally and mistakenly chrged for some trades not executed by you (it does happen as not all are online customers and sometimes pc operators at brokerage house may make mistake).

eventually if you incur loss on that trade and your dispute is standing 3 in 1 account will automatically debit the dues and you will need to process for refund.

while if your account is not 3 in 1 then you can tell your broker to find out the fault and solve it and dont pay it.

in credit card case, if there is some dispute all in 1 account will be auto debited while still you are trying to resolve the problem.

so keep every thing separate.

i am charged in sharekhan as 0.05 in intraday and f & o and .25 in delivery based trades.

while i angel i have .01 intraday and f and o and .10 in delivery based.

some one here asked about sharekhan and sbi link then i can confirm you can transfer money both ways from sharekhan to sbi and viceversa.
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true. But why I said is I am using this account for more than 5 years and execute 2-3 trades per month depending upon situation. But I never charged for trades which I have not executed. ALso HDFC till now provides paper proof to every transaction they have done in demat/bank account.

Yaa what we you are saying is true. For f & o it can happen but for normal cash trading it happens very rarely.

In credit card case just now I have taken cc from HDFC I read the application completely and they can not recover anything from your salary account even if you have pending dues with your permission. Yes their recovery agents can be behind u like anything :)
 
oops my mistake, SBI is not tied up with sharekhan payment gateway.

just checked in to my account following banks have tie up with sharekhan
List of Banks currently supported by Sharekhan for online fund transfer (in alphabetic order):
Axis Bank
Bank of India
CITI Bank
DEUTSCHE BANK
HDFC Bank
ICICI Bank
IDBI Bank
Indusind Bank
Oriental Bank of Commerce
Union Bank of India
YES Bank
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@hacker : hehe, its a professinal portfolio manager handled account thats why such good rates, I am not free to track markets regularly, take plunge once in a while :P
 
Go for Sharekhan ...
my brokerage is 0.03 intraday and 0.10 carry forward ....
:-)
i have a friend working with sharekhan ...
 
Ya even on professional site like traderji...the geeks suggest to avoid 3 in 1 account....as once u get used to and start trading in margins such types of instances happens as doc said....

Btw is angel related broking having co-ordination with sbi?Planing to get one account with mom...already have normal savings account in hdfc...but as i already have 3 in 1 account with hdfc....it would b better try others...

Lower rates ppl showing here is becoz of the trading they does in a month......

Normally for low trading u wont get any big difference...0.5% for delivery and so on i guess

Tech hdfc has an option of email once done ull get all ledgers in mail..and than paper transaction will be charged....U are luky and so is my sister that she still has that old setting...i applied for email..and need to take P.O
 
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