Query about Kotak Securities

Hi everyone,

I am a newbee to trading,
I was contacted by Kotak to open a new trading/dmat account.I was told that I need to pay 50,000 Rs. initially and I will be trading with this money.
I refused.
Again they contacted me saying that they have a new scheme with 3 in 1 account(with 0 balance saving account ).Brokerage charges would be normal.(0.5 delivery / 0.05 intraday). Here initially I need to give a cheque of 15000+ and can start trading.

Can you please let me know whether this in a normal practice by other brokers also?

initial money should be anything from 1000 depending on brokers but kotak's service is good but others charges are high. i am using kotak service but i prefer angel broking. i also using angel account.

first of all i would like to call kotak securities management people and product designers as bunch of jokers and idiots...i wonder how these people and what they studied...they lack basic sense...by keeping huge amount of opening balance for just opening an account they show there poor standard of prodcut design...and lack penetration into local markets...local earnings differ from place to place...a bombay living person earns more (2 to 3 times)than any small town for same work...but these kotak management keeps same for mumbai and even for small town people same charges for opening account...poor local market penetration sense.

customers when they invest they get money from manysources...that is different issue...issue is just for opening account no one prefer to pay that much amount when other security houses are allowing them for just 300 rupees only.

suggestion for you is............

open your account and then transfer your money ..you are allowed to transfer by yourself ...leaving onethousand rupees in your account back to your bank on day one itself.

confirm this first.........

just ask them ...how much minimum balance should be maintained in account (least amount) ....it is one thousand rupees only..if they say some other number means you need to talk to them first.

i already discussed this issue with kotaksecurities two weeks ago.

regards
suba

Thanks Suba for your valuable comments.
Can I know the offer they had given to you?

i talked to them about this issue when i tried to open account for my friend ....they suggested me to transfer money to bank after opening account.. ...i have written what they said to me...but you should confirm what minimum base capital should be maintained,obviously rest of the amount can be transferd back to your own bank account by yourself.

regards
suba