Is there any benefit in having Demat account and Bank account both with SBI?

#1
Hello guys,
I'm an absolute beginner to stock trading and I'm going to start my trading journey after opening a demat account. However, I've a doubt in mind and it'll be really nice of you guys if you clear it - I've my bank account with SBI. If I open my demat and online trading account too with SBI Demat then will I get any specific benefits that I may miss out if I open the demat account with any other broker (i.e. Sharekhan)? Or everything will remain same? Thanks in advance!
 

simplebuthard

Working as Trading Assistant. Hire me !!
#4
Nowadays old brokerage firms like SBI sec, ICICI Direct, HDFC sec, ShareKhan, GNP paribas etc etc are hardly recommended by anyone. Because of the rise of discount brokerage firms like Zerodha, RKSV, SASonline etc offers very low brokerage charges compared to the oldies.

I would recommend you to go with Zerodha or RKSV , they are superior among discount brokerage companies. They two offers their trading account and for demat account they have tie up with IL&FS which is old and reputed. You will get opened your trading account in just 2 or 3 days but the demat account may be opened in 10 days to 1 month.
 
#6
Nowadays old brokerage firms like SBI sec, ICICI Direct, HDFC sec, ShareKhan, GNP paribas etc etc are hardly recommended by anyone. Because of the rise of discount brokerage firms like Zerodha, RKSV, SASonline etc offers very low brokerage charges compared to the oldies.

I would recommend you to go with Zerodha or RKSV , they are superior among discount brokerage companies. They two offers their trading account and for demat account they have tie up with IL&FS which is old and reputed. You will get opened your trading account in just 2 or 3 days but the demat account may be opened in 10 days to 1 month.
If you can do online trading then choose any among SAS Online, Wisdom Capital, RK Global, Achievers Equity, Astha, RKSV or Zerodha or any discount broker!
Thank you for your responses guys...I didn't know much about these discount brokers like RKSV, Zeroda and others. Will definitely look into them. :)
 
#8
In my opinon SAS online would be best for you given their excellent support
I see....just checked the websites of all SAS Online, RKSV and Zerodha. These discount brokers seem quite amazing as their brokerage is extremely low in comparison to oldies. Quite interesting and convenient, but I still have one little doubt in mind - are all these brokers reliable? Although thousands of crores are processed everyday by these discount brokers, still I'm a little bit hesitated.

Also want to ask you one more thing. Yesterday while checking the website of RKSV I found that they require identity proof, address proof and income proof for opening an account. ID and Address proofs are fine, but since I work as a freelancer I don't have any solid proof of income. Also my income varies significantly depending on the number of contracts that I complete in a given month. I'm going to enter the market basically on the base of my savings. In such a scenario what income proof will be acceptable?

I hope you'll be able to provide satisfactory answers to these two things as you're experienced! :)
 

simplebuthard

Working as Trading Assistant. Hire me !!
#9
I see....just checked the websites of all SAS Online, RKSV and Zerodha. These discount brokers seem quite amazing as their brokerage is extremely low in comparison to oldies. Quite interesting and convenient, but I still have one little doubt in mind - are all these brokers reliable? Although thousands of crores are processed everyday by these discount brokers, still I'm a little bit hesitated.

Also want to ask you one more thing. Yesterday while checking the website of RKSV I found that they require identity proof, address proof and income proof for opening an account. ID and Address proofs are fine, but since I work as a freelancer I don't have any solid proof of income. Also my income varies significantly depending on the number of contracts that I complete in a given month. I'm going to enter the market basically on the base of my savings. In such a scenario what income proof will be acceptable?

I hope you'll be able to provide satisfactory answers to these two things as you're experienced! :)
I trade with Zerodha and they were the first one introduced the discount brokerage concept in India, and their model is profitable to them, they have been transparent so far with their blogs, supports etc, Nithin of Zerodha is a good visionful person leading the company so far so good. They are launching their own trading platform too very soon. Crowd.in and tradingqna are some of their websites. Their blog zconnect educates us well. They are registered with SEBI, NSE and at all major exchanges.

RKSV is close competitor to Zerodha and they also going fine. You can check both parties Official replies in their threads here at traderji.com

Six months of your bank account statement will be required... nothing else like IT returns etc.

I was also similar like you, opened acct with them with addressproof, id proof, pan card, 6 months statement, cheque leaves.
 
#10
My friend, zerodha and RKSV are by far the most reliable and successful discount brokers. So going with them is safer than the others. Keeping that aside, of you do go with the discount brokers, you will have to do plenty of reading and learning on your own.
The concept of discount Broking is that the brokers will not give you any value added services apart from giving you a decent platform to place orders from. They don't provide you any research calls or advise (not that it is of any use, but still).
So when you are new to the trading world, make sure you spend a lot of time reading and learning about markets before you jump in with discount brokers..
The other aspect to consider is that you are a complete beginner. You wouldn't be placing 20 or 30 orders a day like the other reputed members of traderji who are currently working with discount brokers (mainly zerodha and rksv).
When I began, I had a lot questions and a lot of queries regarding trading, demat, etc etc. I can't imagine how I would have handled it had I been working with a discount broker back then.
This is just my opinion, you can start of trading with a large broker, and then slowly shift into a discount Broking platform as and when you become more confident and independent.
 

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