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SBI 3 in 1 Account (trading,demat and savings account)

Discuss SBI 3 in 1 Account (trading,demat and savings account) at the Brokers & Trading Platforms within the Traderji.com - Discussion forum for Stocks Commodities & Forex; HDFC brokerage rates are available at http://www.hdfcsec.com/Common/Brok_Trade.aspx What i like here is the safety part. ...


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  #11  
Old 6th November 2007, 06:56 AM
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Default Re: SBI 3 in 1 Account (trading,demat and savings account)

HDFC brokerage rates are available at
http://www.hdfcsec.com/Common/Brok_Trade.aspx

What i like here is the safety part.
No unauthorised fooling around with shares in your account or your funds.
Detailed printed and emailed contracts.
Access to MF, IPOs, FnO etc

In other words peace of mind while u concentrate on trading,
but as i said not suitable for day trading only bcos of the software interface.

so for that best use another broker and enjoy best of both worlds.



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  #12  
Old 6th November 2007, 10:04 AM
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Default Re: SBI 3 in 1 Account (trading,demat and savings account)

Yup i have used hdfc for my moms account.......its safest.......but as said not usefull for day trading.....
brokerage are not that high..Also i dont think for every small reason they charge extra.....also all trading done within market hours..as the market closes funds released automatically to the demat account of your bank.......not lik icici which charges for e instructions and that instructions......
I was thinking to start an account with icici.....but need to know with an e.g how they charge their brokerage stuff as i get confused...i m not in day trading but still want to know start with them as they support commodity trading which hdfc doesnt

Where its mention abt sbi -motilal venture???i cant find it on my its site???
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  #13  
Old 6th November 2007, 10:25 AM
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Default Re: SBI 3 in 1 Account (trading,demat and savings account)

Quote:
Originally Posted by rrdesai_goa View Post
HDFC brokerage rates are available at
http://www.hdfcsec.com/Common/Brok_Trade.aspx

What i like here is the safety part.
No unauthorised fooling around with shares in your account or your funds.
Detailed printed and emailed contracts.
Access to MF, IPOs, FnO etc

In other words peace of mind while u concentrate on trading,
but as i said not suitable for day trading only bcos of the software interface.

so for that best use another broker and enjoy best of both worlds.
hello, i have been told that hdfcsec min brokerage charges is rs.15. i just want to know that, is the min. brokeage charge of/ rs.15 per trade basis or based on per contract note. hope you will clear my doubt. thanks in advance.
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  #14  
Old 6th November 2007, 10:46 PM
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Default Re: SBI 3 in 1 Account (trading,demat and savings account)

Quote:
Originally Posted by magnet View Post
Yup i have used hdfc for my moms account.......its safest.......but as said not usefull for day trading.....
brokerage are not that high..Also i dont think for every small reason they charge extra.....also all trading done within market hours..as the market closes funds released automatically to the demat account of your bank.......not lik icici which charges for e instructions and that instructions......
I was thinking to start an account with icici.....but need to know with an e.g how they charge their brokerage stuff as i get confused...i m not in day trading but still want to know start with them as they support commodity trading which hdfc doesnt

Where its mention abt sbi -motilal venture???i cant find it on my its site???


Somebody called srikanth mentioned in this post

http://www.traderji.com/brokers-dema...tml#post123960

http://www.traderji.com/brokers-dema...tml#post122988
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  #15  
Old 8th November 2007, 02:53 AM
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Default Re: SBI 3 in 1 Account (trading,demat and savings account)

Quote:
Originally Posted by magnet View Post
Yup i have used hdfc for my moms account.......its safest.......but as said not usefull for day trading.....
brokerage are not that high..Also i dont think for every small reason they charge extra.....also all trading done within market hours..as the market closes funds released automatically to the demat account of your bank.......not lik icici which charges for e instructions and that instructions......
I was thinking to start an account with icici.....but need to know with an e.g how they charge their brokerage stuff as i get confused...i m not in day trading but still want to know start with them as they support commodity trading which hdfc doesnt

Where its mention abt sbi -motilal venture???i cant find it on my its site???


http://sbi.mybroker.motilaloswal.com
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  #16  
Old 13th November 2007, 11:32 PM
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Default Re: SBI 3 in 1 Account (trading,demat and savings account)

For the 3 in 1 account, the client has to sign an
"Irrevocable power of attorney-cum-standing instructions"
(extracts listed later) with SBI. There are some problems
and lacunae in the PoA. Experience of other people
gleaned from websites like traderji.com suggests that
such blanket PoAs are prone to misuse, mostly by accident
and by deliberate vindictive actions occasionally. The FAQ at the
SBI site clearly explains how the client initiates
a buy or sell, how the funds or securities are marked
on lien, how MOSL carries out the buy or sell, transfers
the affected funds or securities from the clients account
to the MOSL account and releases the lien on the unaffected
funds or securities. The FAQ also specifies the time by which
the lien has to be released. The FAQ also explains how the
transaction is completed by credit of securities into the client
demat account in case of buy. In case of sell, the funds account
of the client will be credited with the sales proceedings. These
two actions are related to the settlement process of the stock
exchange.

Why not frame the PoA based upon the procedure explained in the FAQ?

Problems and solution:

Problem

Under clause(b) MOSL is given sweeping powers.
The clause (b) theoretically allows MOSL to transfer
any or all funds/securities out of clients funds and demat
accounts to MOSL accounts without any precondition. There
are several reasons why clause (b) has to be tightened.

Blocking or marking under lien funds/securities is governed
by clause (a) and it can be only under the instructions of
the client.
Transferring funds/securities to MOSL is a much more stronger
action than blocking/marking under lien funds/securities.
So the transfer of funds/securities should also be under,
at least, the same safeguards and instructions.

The ez-trade@SBI FAQ at
http://sbi.mybroker.motilaloswal.com...biuser/faq.htm
clearly states that MOSL has rights only over the funds/securities
under lien for a period of one day and that they have to release
lien on securities/funds not transferred to MOSL.

So the easiest way is to reword clause (b) as follows:

(b) without any further instructions from me/us and irrespective of any
instructions given by me/us to transfer all or any funds and/or securities,
blocked or held or marked under lien according to
clause (a) and limited to the extent of the actual transaction
,
from my/our designated accounts ..to the Bank Accounts
and/or Demat Accounts of MOSL as may be requested for by MOSL.
For this purpose, Bank may do and carry out all acts and deeds, without
any limitation, as may be necessary for transfer of such funds and /or
securities to MOSL. I/We confirm that requests and/or instructions
given by MOSL for transfer of such funds and/or securities shall
be completely binding on me/us.



What I have suggested is to qualify the securities/funds that can be
transferred by inserting a line:

", blocked or held or marked under lien according to clause (a)
and limited to the extent of the actual transaction,,"


Clause (c) is redundant as (a), (b) sufficiently outline the operations
on the accounts of the client. But these clauses do not bind MOSL
to release of the lien within a day. Moreover, the clauses do
not bind MOSL to transfer the proceeds of the transaction back
to the client. So the clauses are better written as:

(a) Electronic or written instruction by client to MOSL for
sell/buy leads to block/mark on lien of securities/funds to
the extent specified by the sell/buy instructions and no more.
The block/mark on lien will be requested by MOSL and executed by SBI.

The blocked fund cannot exceed the amount specified in the buy
instruction. The blocked securities have to be exactly those
specified in the sell instruction in number and name.

(b) MOSL (through its online trading platform) will make best effort
to sell/buy after the block/mark on
lien (clause a) is successfull. After sell/buy MOSL will instruct
SBI to transfer the blocked/marked under lien securities/funds
to the extent and no more of the successful completion
of the sell/buy instruction from the clients demat/fund account
to MOSL's demat/fund account.

(c) After transferring the securities/funds from client account
to MOSL account as per clause b, the block/lien on the remaining
securities/funds will be released. The release will happen within
a day of imposing the block/lien.

(d) Within the next settlement, MOSL will transfer the funds/securities
arising from the sell/buy transaction (clause a to b) to the clients
funds/demat account from MOSL's funds/demat account.

----------------------------------------------------------------
Irrevocable power of attorney-cum-standing instructions (extracts from
current form)


To
State Bank of India
Branch .....

Whereas I/We have entered into a Member Client Agreement ("the agreement")
with Motilal Oswal Securities Limited, ("MOSL") ....
... for availing of their on-line trading facilities to invest and/or
trade in shares and / or securities, ....

This involves operation of my/our accounts including bank and demat
accounts maintained with the State Bank of India i("the bank")...

And for the purpose of availing the on-line trading facility ... it is
necessary for me ..to give certain irrevocable authorizations/ standing
instructions in favour of the bank..

Now therefore, I/We, ..hereby irrevocably authorize State Bank of India
.. to be my/our true lawful attorney and agent for the following purposes:-

(a) to block, hold all or any of the funds and/or securities or to mark
a lien either on the funds and/or securities in my/our
designated accounts ..in favour of and for the benefit of MOSL as per
my instructions in electronic form or otherwise...

(b) without any further instructions from me/us and irrespective of any
instructions given by me/us. To transfer all or any funds and/or
securities from my/our designated accounts ..to the Bank Accounts
and/or Demat Accounts of MOSL as may be requested for by MOSL.
For this purpose, Bank may do and carry out all acts and deeds,
without any limitation, as may be necessary for transfer of such
funds and /or securities to MOSL. I/We confirm that requests
and/or instructions given by MOSL for transfer of such funds and/or
securities shall be completely binding on me/us.
(c) To do all the necessary things, acts in connection with or aforesaid
purposes.
(d) I/W shall not be entitled to revoke this authority without consent
of MOSL so long as I/We continue to avail online trading facility of
MOSL...

end extracts from Irrevocable power of attorney-cum-standing instructions
---------------------------------------------------------------------------
http://sbi.mybroker.motilaloswal.com...biuser/faq.htm

What is lien (on funds)?
It means blocking funds in favour of the bank/ broker for
the purpose of trading/ investing online and to fulfil the customers
obligation in respect of trade/s executed by the customer and thereof
for pay-in.
For what duration is the lien marked?
The lien marked in favour of the broker is for a period of one day.

When I mark lien on funds, do they get transferred to the brokers
account?
No. On lien marking, the funds do not get transferred. The funds are
lien marked in favour of the broker on which you will be provided
exposure for trading activities.

Who is the owner of the funds when lien is marked?
On lien marking, the funds in favour of the broker, the broker has
the right to the funds for that particular day. The funds can only
be transferred to the brokers account if there is an outstanding
debit in your account due to trading related activities.

How does the lien get released?
The broker will release the lien on funds by 8:30 PM everyday after
ascertaining the debit in the customers trading account. For example:

Particular Scenario 1 Scenario 1

Funds Lien Marked 50, 000.00 50,000.00
End of Day debit (Ledger Balance) 20, 000.00 0.00
Fund Transferred to Broker 20, 000.00 0.00
Lien Released 30, 000.00 50, 000.00



Can I release the lien marked on funds during the day?
No, the customer cannot release the funds lien marked in favour
of the broker during the day. The funds will be released by
the broker at 8:30 PM after ascertaining the end of day debit
in your account.


What is lien (on securities) ?
It means blocking shares / securities in favour of the bank/ broker
for the purpose of trading/ investing online and to fulfil
the customers obligation in respect of trade/s executed by
the customer and thereof for pay-in

For what duration is the lien marked?
The lien marked in favour of the broker is for a period of one day.

When I mark lien on securities, do they get transferred
to the brokers account?
No. On lien marking, the securities do not get transferred.
The securities are lien marked in favour of the broker on which
you will be provided exposure for trading activities.

Who is the owner of the securities when lien is marked?
On lien marking, the securities in favour of the broker,
the broker has the right to the securities for that particular
day. The securities can only be transferred to the brokers account
if there is an outstanding obligation in your account for pay-in
of securities, which have been sold by you for delivery.

How does the lien get released?
The broker will release the lien on securities by 6:30 PM
everyday after ascertaining the pay-in obligation in your
trading account. For example:

Particular Scenario 1 Scenario 2

Security Lien Marked Reliance Ind Ltd Reliance Ind Ltd
Quantity Lien Marked 100 100
EOD Pay-in obligation 50 0
Security (Qty) Transferred to Broker 50 0
Lien Released 50 100

Can I release the lien marked on Securities during the day?
No, the customer cannot release the securities lien marked in favour
of the broker during the day. The broker will release the securities
at 6:30 PM after ascertaining outstanding obligation in your account
for pay-in of securities, which have been sold by you for delivery.

Can I issue transfer securities, which are lien marked?
No, you cannot transfer securities lien marked in favour of
the broker until the broker releases the lien.

Once I mark lien, how soon will my trading account be updated?
Once the broker gets a success message it will immediately update
your trading account. This is an automated process.
----------end of extracts from faq -------------------------------
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  #17  
Old 14th November 2007, 12:54 PM
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Default Re: SBI 3 in 1 Account (trading,demat and savings account)

Quote:
Originally Posted by magnet View Post
Yup i have used hdfc for my moms account.......its safest.......but as said not usefull for day trading.....
brokerage are not that high..Also i dont think for every small reason they charge extra.....also all trading done within market hours..as the market closes funds released automatically to the demat account of your bank.......not lik icici which charges for e instructions and that instructions......
I was thinking to start an account with icici.....but need to know with an e.g how they charge their brokerage stuff as i get confused...i m not in day trading but still want to know start with them as they support commodity trading which hdfc doesnt

Where its mention abt sbi -motilal venture???i cant find it on my its site???
I have been trading with ICICI and HDFC for past three years.
I really appreciate if you can provide me one service which ICICI charges and HDFC doesn't charge.

e-instruction is nothing but off-line buy/sell using internet banking, (there is no e-instruction in HDFC, it is always physical instruction for off-line buy/sell and also HDFC charges)
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  #18  
Old 14th November 2007, 04:59 PM
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Default Re: SBI 3 in 1 Account (trading,demat and savings account)

u mean to say phone banking they charge??????hdfc guys???
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  #19  
Old 19th November 2007, 09:53 AM
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Default Re: SBI 3 in 1 Account (trading,demat and savings account)

My advise is simple open any account but not icicidircet...Worst trading portal,Worst service..Highest Brokerages.
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  #20  
Old 2nd May 2009, 10:00 AM
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Default Re: SBI 3 in 1 Account (trading,demat and savings account)

Hello everybody! can anyone help me.
I have opened Demat in HDFC. I want to know with HDFC can i trade in commodity.


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