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

[simplebuthard]

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.

Rightly pointed out the things... You put it in nice way... :thumb:

 

[tradedatrend]

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!

You need not worry about broker as long you are not going to put more than 15 lakh in your account, upto rs. 15 lakh you are insured by NSE.

You dont need to produce proof of income, just a bank statement will do.

BTW Zerodha and RKSV both offers rs. 20 per trade, whereas SAS offers Rs. 9 per trade,

So why to pay more than double, never give an extra penny to anybody

Every penny saved is an extra penny earned.

 

[incredibleboy]

You need not worry about broker as long you are not going to put more than 15 lakh in your account, upto rs. 15 lakh you are insured by NSE.

You dont need to produce proof of income, just a bank statement will do.

BTW Zerodha and RKSV both offers rs. 20 per trade, whereas SAS offers Rs. 9 per trade,

So why to pay more than double, never give an extra penny to anybody

Every penny saved is an extra penny earned.

Thanks for your response man...you're right. Every penny saved is every penny earned However, RKSV's Rs. 20 per transaction can actually compete with SAS Online's Rs. 9 per transaction because with RKSV one can enjoy 5 free transactions every month. This actually means a lot to me, because in the beginning I'm not going to be a day trader. I'll trade only when I spot some great trades with opportunities, so perhaps I won't be trading more than 5 times in a month. So if I sign up with RKSV, perhaps I won't be paying even a single penny as brokerage for first 2-3 months at least. This is something that I can't enjoy with SAS. However, both of them are in my list of priorities. For demat account I'll select the provider based on customer satisfaction and reviews, but I may open trading account with both these brokers because both are awesome

I'm waiting for my PAN card these days...as soon as it arrives, I'll apply for SAS online demat plus trading account. And thanks for telling about the NSE insurance as well, I didn't know that. Are BSE traders also insured?

 

[megapixel]

I'm going to enter the market basically on the base of my savings.

have you gone through risk disclaimer ?

anything you put in the market is at risk ..and since you are a beginner you are going to loose money soon ....you must ensure that you are loosing slowly your risk capital ........it would be good if you divide your capital into parts ..... and start loosing each parts hard way.....try hard to to keep your capital safe..you do whatever you can do to protect your capital.......and don't get depressed .....think them as learning cost.

 

[incredibleboy]

have you gone through risk disclaimer ?

anything you put in the market is at risk ..and since you are a beginner you are going to loose money soon ....you must ensure that you are loosing slowly your risk capital ........it would be good if you divide your capital into parts ..... and start loosing each parts hard way.....try hard to to keep your capital safe..you do whatever you can do to protect your capital.......and don't get depressed .....think them as learning cost.

Yeah I know that everything I put in stock market will be at risk...I won't be putting all my savings in stock market...I'm going to start with a part of my savings only.

 

[incredibleboy]

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.

Thanks for the informative post man...I know that actually. That's why I'm doing my best to educate myself before entering the market. Right now I'm waiting for my PAN card, and until it arrives I'm doing everything that I can do to have at least an intermediate-level understanding of market. I'm understanding the basics by reading articles from web...I'm also checking out the trading activities of my cousin brother to understand various factors that affect prices of scrips in market (and actually my brother is doing fine in share trading). So I assume that by the time I start trading in market, I'll have enough knowledge to deal the things myself with a discount broker

 

[incredibleboy]

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.

Okay, so it means I'll be good with my bank statement. Thank you man!

 

[incredibleboy]

Happy diwali to all of you. And there is a serious benefit.

Same to you bro..but can you please tell me in detail about the benefit?