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

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

Deal Cadet Deal Cadet
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Just open zerotha and forget eveything else

Hunk Hunk
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vijkap201 wrote:

ICICI Direct… My fav… smile toungueout

very expensive and low on technology

Hunk Hunk
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vijkap201 wrote:

But very reliable… smile

Even Sharekhan is reliable. At least money spent is reflected in the value the customer gets.

Hunk Hunk
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malikcool wrote:

Good post. plus1 plus1 HA+KP

So IIFL doesn’t support UPI?

IIFL supports UPI, it is just my Maa does not use a smart phone. She is an elderly person. smile

Pro Shopping Friend Pro Shopping Friend
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bikidas2060 wrote:

IIFL supports UPI, it is just my Maa does not use a smart phone. She is an elderly person. smile

Got it. Thank you for clarification. plus1

Deal Lieutenant Deal Lieutenant
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bikidas2060 wrote:

IIFL supports UPI, it is just my Maa does not use a smart phone. She is an elderly person. smile

Upi works on feature phone also. Dial *99#

Deal Captain Deal Captain
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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

Hunk Hunk
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desiman wrote:

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

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

Critic Critic
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bikidas2060 wrote:

Even Sharekhan is reliable. At least money spent is reflected in the value the customer gets.

Bhai think about all those people who lost lakhs because their online broker site failed to cover positions on volatile days, there is no absolute rule regarding value a customer gets in different situations. Someone saving thousand in brokerage on sharekhan is getting value no doubt but someone who last thousands because sharekhan system failed to cover his position on budget day is not. All online broking networks perform similarly on usual days for a typical investor but it is on volatile days that the difference emerges. Remember, in online trading a difference of few ms in ping/response time may mean a difference of thousands/lakhs in profit or loss.

Deal Subedar Deal Subedar
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vijkap201 wrote:

ICICI Direct… My fav… smile toungueout

it was, mine too.. but during the early years (2003-2007).
moshtlee because of ease of operations.

but it always pinched that while Maa (since warly 1990s) could simply call up Anvil (shares and stock brokers) people and place even buy orders without having to maintain any margin.
iDirect always overcharged even when some scrips went into aution prior to settlement.
Once i closed the Nariman Point Branch, I-bank savings account i also practically stopped using iDirect.

but by then, i had already done svaha/स्वाहा of around 29-32 thousand as brokerage in certain years.
While Maa was still paying a third or so to Anvil as brokerage (iDirect, including NSDL and Demat charges was always above 80paisa somehow, for retail… while Maa hardly paid 28-32paisa including taxes, but not including Demat charges.. as per my memory)
.
now i think for Intuit or other desi customised softwares for tsx cslculstions, many better/cheaper brokerages provide integration.
Simply upload contract notes and the softwares fetch the data and make it ready/compstible for the schema/XML format that is needed for ITD upload/ filing returns directly on ITD site https://www.incometaxindiaefiling.gov.in/eFilin...

Hunk Hunk
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guest_999 wrote:

Bhai think about all those people who lost lakhs because their online broker site failed to cover positions on volatile days, there is no absolute rule regarding value a customer gets in different situations. Someone saving thousand in brokerage on sharekhan is getting value no doubt but someone who last thousands because sharekhan system failed to cover his position on budget day is not. All online broking networks perform similarly on usual days for a typical investor but it is on volatile days that the difference emerges. Remember, in online trading a difference of few ms in ping/response time may mean a difference of thousands/lakhs in profit or loss.

Sharekhan is a reliable broker bhai. 🙂🙂🙂

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

Community Angel Community Angel
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vijkap201 wrote:

But very reliable… smile

Itna reliable thug bhi nahi chahiye

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

Pro Entertainer Pro Entertainer
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bikidas2060 wrote:

Even Sharekhan is reliable. At least money spent is reflected in the value the customer gets.

Dekho ji, jab se hosh sambhala tab se account icici aur demat icici direct mein paya… tab se lain dain wahi hai… wink toungueout

Hunk Hunk
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drupal wrote:

Itna reliable thug bhi nahi chahiye

😁😁😁 bhai mobile app candlestick chart taak ni dete.

Deal Captain Deal Captain
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bikidas2060 wrote:

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

first sold the shares which i had, got that money credited in bank then later on filled up acct closing form scanned it and sent them via email all was done via phone and email this was many years back dont know latest process

Hunk Hunk
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vijkap201 wrote:

Dekho ji, jab se hosh sambhala tab se account icici aur demat icici direct mein paya… tab se lain dain wahi hai… wink toungueout

Ji. 🙂🙂🙂 Aur research wagera kahan karte hain? Charts wagera???

Hunk Hunk
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desiman wrote:

first sold the shares which i had, got that money credited in bank then later on filled up acct closing form scanned it and sent them via email all was done via phone and email this was many years back dont know latest process

Bhai min payout 1000. 296 account opening ke wo ledger me daal die. 🐒🐒🐒 Ab paise ghusenge toh niklenge. Warna muje ek mast wali multibagger patakha chahiye boss

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

Pro Entertainer Pro Entertainer
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bikidas2060 wrote:

Ji. 🙂🙂🙂 Aur research wagera kahan karte hain? Charts wagera???

Apne charts to Sudarshan Sukhani aur Rakesh Jhunjhunwala hi hein… wink toungueout

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