Hi, I am planning to open a demat/trading account in bank, preferably public sector. But the reviews in net scares me. Can someone who is currently doing trading comment about the banks. I wont be trading more than 20 times (both buy and sell) a year. Although there are threads present regarding opening demat accounts there are no reviews. Please write your regarding your experience with various banks. Thanks Happylife
Hi Happylife, Am not sure about demat accounts with banks. My brother works at IFCI Financial Services Ltd (IFIN) whose parent company The Industrial Finance Corporation of India (IFCI) was established by the Government of India to cater to the long – term financial needs of the industrial sector. Please visit link IFIN LTD for more details. If you are interested in equity/commodity trading, please PM me your contact details to take it forward. Thanks, Vidhya
Hey happy life, Firstly, look for reviews separately , I.e., demat and trading account are not the same. Look at banks offering trading accounts..they are the ones you have to deal with for all your trading headaches if any. Demat is simpler, once you buy scrips, the bank will use NSDL as their repository. They deal with NSDL and charge you all the fees. So, look for reviews about experiences dealing with trading. I use icicibank trading.....I started way back and icicibank was among the first ones to offer online trading. I have not had major complaints other than not so great customer service and uncompetitive brokerage rates. Their systems have not shut down on me and their features are excellent. Customer service - they don't leave you high and dry and it's not always a pain to deal with them. But I wish they didn't have so much attitude and they dealt with a slightly higher urgency. My dad uses HSBC and he had some starting trouble but now, he swears by them. Hope this helps
If it is only 20 transactions a year, you need not worried about which bank you are opening the demat account with. Also, if you have to buy/sell shares you must have a trading account also! So, better you open a demat account with trading account. Now-a-days almost all banks offer these accounts. Demat account alone will not serve the purpose. If you can write what are your concerns, can be answered in specific! Banks offering trading account through which you can invest in Equities, Gold ETFs, Mutual Funds and even Insurance...
masterthetrade, thanks! i am relatively new to trading and will be starting with smaller amount. since the money for trading is less, would like to have comparatively less brokerage. Had read comments like the online site was not working when nifty hit lows in some of the banks. so want a reliable system that works at all times.
Sites not working when market was low etc may be myths! During heavy volatility times some trouble will be there in almost all online platforms. Since you are not intraday trader you need not be worried about such things. Investors always make money in stock markets if they stick to quality stocks. I do not understand one thing, why are you bent up on having your trading account with banks only? You can consider Indiabulls, Kotak Securities, Bonanza etc etc there are many with long trakck record! Whether you open your account with bank or private operators, your money is safe. Because investors money is kept in separate accounts by any one offering trading accounts. Even if these companies go bankrupt also your money is safe!
It depends on broker to broker and scheme to scheme, it will cost from 0-1000 to start with and 0-250 annual maintenance charges
Hi Choosing a broker is an important step. Banks as share brokers are very costly. Chose exclusive brokers, there are many and they are reliable also. See to that at least you get the following from the broker and it is very much available: No annual maintenance charge, brokerage of .03% for intraday and .3% for delivery, free trading terminal (ODIN etc), option to call and place order (buy or sell) over phone and access to online back office. See more information at Learnandinvest. Learn to trade before you actually start trading. Good luck
