Hi,
I am having two accounts with 5paisa.com from past 18+months. They are charging Rs.3000.00per quarter as software licence fee/fixed brokerage, which they say will be credited back if we generate the brokerage of Rs.3000 or more. If the brokerage is less than Rs.3000.00 they will not credit the amount back.
I was not trading actively in one account so I wanted to revert back from the scheme and I requested THEIR BRANCH OFFICE IN BANGALORE TO CHANGE THE SHCEME FROM CHARGING FIXED BROKERAGE OF RS.3000.00 to charge me when and only when I trade in that particualr account. Their staff confirmed me that they have sent the mail to their H.O. in Mumbai and they have accepted it abd will not charge me any fixed brokerage. I again and again enquired it with the branch office whether the said work is done for me, they assured me that it is done without any doubt. I withdrew most of the money leaving only around Rs.1000/- as the minimum balance. To my astonishment when I wanted to close down the account, since I was not using it from past a few months my account was showing a debit balance of around 2000/- They have not only deducted my1000 rupees but also charged 2000 rupees extra as fixed brokerage for nil trade done by me. Repeated requests were done to the branch people through personal visists and trhough telephone calls. It is almost a month and neither they have closed my account nor they have given back my money.
So my advice is
- trade with 5paisa.com only if you know someone personely from the branch or head office,
-trade with 5paisa only if you are an experienced trader
-check your Ledger accounts everyday
-offline order will be executed at the mercy of them if you are lucky yes they accept your request promptly
I am still waiting and waiting for my little money (though peanuts for them may be, but its mine rights? I have earned it.)
usha
I am having two accounts with 5paisa.com from past 18+months. They are charging Rs.3000.00per quarter as software licence fee/fixed brokerage, which they say will be credited back if we generate the brokerage of Rs.3000 or more. If the brokerage is less than Rs.3000.00 they will not credit the amount back.
I was not trading actively in one account so I wanted to revert back from the scheme and I requested THEIR BRANCH OFFICE IN BANGALORE TO CHANGE THE SHCEME FROM CHARGING FIXED BROKERAGE OF RS.3000.00 to charge me when and only when I trade in that particualr account. Their staff confirmed me that they have sent the mail to their H.O. in Mumbai and they have accepted it abd will not charge me any fixed brokerage. I again and again enquired it with the branch office whether the said work is done for me, they assured me that it is done without any doubt. I withdrew most of the money leaving only around Rs.1000/- as the minimum balance. To my astonishment when I wanted to close down the account, since I was not using it from past a few months my account was showing a debit balance of around 2000/- They have not only deducted my1000 rupees but also charged 2000 rupees extra as fixed brokerage for nil trade done by me. Repeated requests were done to the branch people through personal visists and trhough telephone calls. It is almost a month and neither they have closed my account nor they have given back my money.
So my advice is
- trade with 5paisa.com only if you know someone personely from the branch or head office,
-trade with 5paisa only if you are an experienced trader
-check your Ledger accounts everyday
-offline order will be executed at the mercy of them if you are lucky yes they accept your request promptly
I am still waiting and waiting for my little money (though peanuts for them may be, but its mine rights? I have earned it.)
usha