Hi,
I am a newbee and wanted to start with a good broker, so I chose Kotak securities.
Their representative told me that they are offering a 3 in 1 account with zero balance savings account(including netbanking, cheques, debit card etc.) So i opted to open 3 in 1 account. I gave them 2 cheques (Rs 20000 for savings which would be used for trading as initial money and Rs. 750 for account opening charges). I was told that the accounts would be opened withinn 7 days.
After 4-5 days I got a call from their branch official saying they would be opening an edge account for me and that requires minimum 10000 Rs. as avg quarterly balance. He also said that they have no account with zero balance.
I again called their representative I was communicating with earlier. He now started saying that Kotak has a tie-up with few companies and zero balance account is for employees of these companies only. He continued, Kotak has a tie-up with my company but for that I require to have a visiting card issued by the company.(How clever, during filling the form he asked for my visiting card. I told him I do not have currently. Therefore this trick).
Luckily they have not credited any cheque. I just stopped the payment of both the cheques and asked them to not to proceed my application and to reject it. I told them if before opening the account is this much of problem, god knows what to expect later.
Can anyone tell what should be my next steps?
Anyone had such experience with any broker?
I am a newbee and wanted to start with a good broker, so I chose Kotak securities.
Their representative told me that they are offering a 3 in 1 account with zero balance savings account(including netbanking, cheques, debit card etc.) So i opted to open 3 in 1 account. I gave them 2 cheques (Rs 20000 for savings which would be used for trading as initial money and Rs. 750 for account opening charges). I was told that the accounts would be opened withinn 7 days.
After 4-5 days I got a call from their branch official saying they would be opening an edge account for me and that requires minimum 10000 Rs. as avg quarterly balance. He also said that they have no account with zero balance.
I again called their representative I was communicating with earlier. He now started saying that Kotak has a tie-up with few companies and zero balance account is for employees of these companies only. He continued, Kotak has a tie-up with my company but for that I require to have a visiting card issued by the company.(How clever, during filling the form he asked for my visiting card. I told him I do not have currently. Therefore this trick).
Luckily they have not credited any cheque. I just stopped the payment of both the cheques and asked them to not to proceed my application and to reject it. I told them if before opening the account is this much of problem, god knows what to expect later.
Can anyone tell what should be my next steps?
Anyone had such experience with any broker?
