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An important thing to remember before opening a Demat-Trading account online

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Tech Guru
bikidas2060

You have chosen the right broker with the right bells n whistles.Hold your horses. Pump the brakes. Shreeeeeeeeeeeech and halt.
I know, heart is racing, you gonna open your first Demat account. But we have skipped an important piece of information.
i.e. your bank details.

Ask whether your broker’s payment gateway supports your bank!!! It is a very rude way of awakening. I opened my mother’s account in IIFL. My maa does not have any netbanking. So, I had her registered in IDFC first bank. I opened an IIFL account for her. Lol, IIFl doesn’t support IDFC first net banking, n IDFC first can’t send money to IIFL via IMPS/NEFT. It says account details n IFSC code does not match. That’s really nice.

I will add top 10 brokers as per my knowledge and I will add list of banks supported by them

1) Zerodha
Source:https://zerodha.com/fund-transfer#tab-deposit...ds

2) Upstox
Source: https://upstox.com/funds-tra...r/

3) 5Paisa
Source: https...ww. 5paisa .com/bank-list-details

4) Groww
Source: https://groww.in/blog/banks-supported-paperles....

5) Alice Blue
Source: https://aliceblueonline.com/bank-de...s/

6) SAMCO
Source: https://www.samco.in/fund#bank...al

7) Tradesmart
Source: https://tradesmartonline.in/trading/online-fund...

8) FYER’s
Source: https://fyers.in/fund-tra...r/

No info regarding Paytm Money and Master Trust

Some Other broker
1) Sharekhan:
Banks currently supported by Sharekhan for online fund transfer: Axis Bank, Bank of India, Citibank, Deutsche Bank, Federal Bank, HDFC Bank, ICICI Bank, IDBI Bank, Indusind Bank, Kotak Mahindra Bank, Oriental Bank of Commerce, State Bank of India, Union Bank of India and YES Bank.
Source: https://www.sharekhan.com/campaign/zero.aspx#:~....

2) Angel Broking
Source: https://www.sharegyaan.com/list-of-bank-in-ange...

3) IIFL
HDFC Bank, Axis Bank, ICICI Bank, Bank Of Baroda, Federal Bank, Kotak Mahindra Bank, Yes Bank
Source: https://ttweb.indiainfoline.com/trade/FAQs/Fund...

4) Motilal Oswal
Source: http://onlinetrade.motilaloswal.com/emailers/ba...

5) Geojit
Source: https://gcc.geojit.net/Mailers/5826257132013265...

42 Comments  |  
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Tech Guru Tech Guru
Pro Shopping Friend Pro Shopping Friend
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Good post. plus1 plus1 HA+KP

So IIFL doesn’t support UPI?

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Pro Entertainer Pro Entertainer
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ICICI Direct… My fav… smile toungueout

Tech Guru Tech Guru
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very expensive and low on technology

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Generous Generous
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Just open zerotha and forget eveything else

Talk-Of-The-Town Talk-Of-The-Town
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@bikidas2060 Try UPI option…

Deal Major Deal Major
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had closed IIFL account many years back got sms from NSE about balance as 0 hushed

dont they delete the account and contact information from their data base

Tech Guru Tech Guru
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Bade gande log yaar. What’s account closing procedure Bhau!??

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Budding Star Budding Star
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Very useful post…. Thanks Bro….. VU+KG

Community Angel Community Angel
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Thanks for the efforts in making this useful post @bikidas2060

Community Angel Community Angel
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OT: Multiple demat accounts are very helpful for categorical investment and trading
Keep atleast one account for trading one for investment,
Looking into nvestment accounts everyday is harmful bas dhakkan band Kar ke rakh do aur paisa banne do

Tech Guru Tech Guru
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Acha bhau, app kaunsa wala broker use karte hain???

Deal Captain Deal Captain
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Grow gives free Demat Account with Zero AMC.
No F&O and Commodity trading.

Tech Guru Tech Guru
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Baaki tools bhi chahiye naa

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Deal Subedar Deal Subedar
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@bikidas2060 bhai, what about Finvasia?

Generous Generous
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Anyone of those supporting crypto?

Deal Legend Deal Legend
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I opened mom’s account in zerodha with paytm bank. Cant apply to IPOs now thru it as PPB doesnt support that. Thinking of opening her account on IDFC First. will it work?

Deal Cadet Deal Cadet
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Before opening a DMAT account understand all the broker’s charges clearly – brokerage, dp, amc, account closing, cml etc.
Don’t go about opening a account blindly because there is some discount or cashback.

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