Savantji,
Can you please tell what is the cons in opening demat account with a bank ?
Because many places I read that, the pros is, if the demat,trading savings account is with a bank then the fund transfer, share credit debit all will happen easily.
Please reply when you find time.
Also can a single holder demat account converted to joint holder account ?
Thanks,
Sameer.
Can you please tell what is the cons in opening demat account with a bank ?
Because many places I read that, the pros is, if the demat,trading savings account is with a bank then the fund transfer, share credit debit all will happen easily.
Please reply when you find time.
Also can a single holder demat account converted to joint holder account ?
Thanks,
Sameer.
Last edited:
Hi Sameer,
I Don't Really See Any Virtue In Having A Demat, Trading A/c & Savings A/c In A Bank.
a) All Payins & Payouts Are Time Based Therefore It Will Not Be Faster Or Slower For Any Of The Reasons Outlined By You.
b) Only Advantage Being That Savings Account Where Payment Can Be Made Faster, But Then Broker's Offer Online Transfer Of Payment, Therefore Not Much In That Too...Except That You Will Need To Login To Your Bank Account To Transfer The Required Amount For Your Purchase.
c) Broker's Also Offer Direct Transfer Of Your Money To Your Bank Account, Which Can Be Specified As Bill To Bill Or You May Punch In Your Payout By Login To Your Back Office Trading Account & Doing It Yourself.
You Save Lots Of Extra Charges Being Charged By Banks For Very Little Convenience In My Opinion.
a) Brokerage Is Much Cheaper
b) AMC Without Transaction Is Available With Brokers
c) If You Have Good Trading Volume Then You Can Get Away With A Totally Free Demat Account.
Once A Demat Account Has Been Opened, Details That Can Be Changed & Those That Can't, Are As Follows:
1) Cannot Add Another Holder
2) If Their Is Spelling Mistake Or Name Change Even That Can't Be Rectified
3) Only Thing Possible Is Changing The Nominee, Change Of Address, Phone Number, Bank Account Details & Email Address.
SavantGarde
I Don't Really See Any Virtue In Having A Demat, Trading A/c & Savings A/c In A Bank.
a) All Payins & Payouts Are Time Based Therefore It Will Not Be Faster Or Slower For Any Of The Reasons Outlined By You.
b) Only Advantage Being That Savings Account Where Payment Can Be Made Faster, But Then Broker's Offer Online Transfer Of Payment, Therefore Not Much In That Too...Except That You Will Need To Login To Your Bank Account To Transfer The Required Amount For Your Purchase.
c) Broker's Also Offer Direct Transfer Of Your Money To Your Bank Account, Which Can Be Specified As Bill To Bill Or You May Punch In Your Payout By Login To Your Back Office Trading Account & Doing It Yourself.
You Save Lots Of Extra Charges Being Charged By Banks For Very Little Convenience In My Opinion.
a) Brokerage Is Much Cheaper
b) AMC Without Transaction Is Available With Brokers
c) If You Have Good Trading Volume Then You Can Get Away With A Totally Free Demat Account.
Once A Demat Account Has Been Opened, Details That Can Be Changed & Those That Can't, Are As Follows:
1) Cannot Add Another Holder
2) If Their Is Spelling Mistake Or Name Change Even That Can't Be Rectified
3) Only Thing Possible Is Changing The Nominee, Change Of Address, Phone Number, Bank Account Details & Email Address.
SavantGarde
Thanks a lot Savantji for your very clear explanation :clapping:.
Can you please explain what this is ? -
b) AMC Without Transaction Is Available With Brokers
a) Brokerage Is Much Cheaper - How much will be the nominal brokerage ? I am paying 0.5% for delivery with SBI.
The AMC is Rs 350 + tax.
And they also charged me Rs 400 as trading account opening charge.
they don't provide any real time or eod charts.
Even the real time price is not flashing at my system. When I contacted them, they send me some document to follow, but that didn't help. I feel that since I am using my office system, may be some firewall preventing it (just assuming).
I am not doing trading at high volume. Hope to do so after earning something by learning and following your triggers.
Planning to open a joint demat account with my wife, and separate trading account. So, when I am capable of doing trading in high volume, I can make my wife do the trading and can save tax.
Can you please explain what this is ? -
b) AMC Without Transaction Is Available With Brokers
a) Brokerage Is Much Cheaper - How much will be the nominal brokerage ? I am paying 0.5% for delivery with SBI.
The AMC is Rs 350 + tax.
And they also charged me Rs 400 as trading account opening charge.
they don't provide any real time or eod charts.
Even the real time price is not flashing at my system. When I contacted them, they send me some document to follow, but that didn't help. I feel that since I am using my office system, may be some firewall preventing it (just assuming).
I am not doing trading at high volume. Hope to do so after earning something by learning and following your triggers.
Planning to open a joint demat account with my wife, and separate trading account. So, when I am capable of doing trading in high volume, I can make my wife do the trading and can save tax.
Last edited:
SBI streaming quotes dont work. It doesn't work for anyone. No problem on your side.
from what I have seen most brokers will easily give you 0.3% without any volume commitments even if you don't do regular trading. If you are planning to do positional trading then I think you can ask for 0.25% or less.
from what I have seen most brokers will easily give you 0.3% without any volume commitments even if you don't do regular trading. If you are planning to do positional trading then I think you can ask for 0.25% or less.
6th August 2009, 03:16 PM SavantGarde
Moderator Maximum Of 3 Holders Are Allowed
------------------------------------------------------------------------------------- 1.What are the advantages of A/C with 3 Holders? 2.Is it possible to bring 'Physical Shares' held by the 3 members into this single A/C? Please guide. Thanks. madhava36
Moderator Maximum Of 3 Holders Are Allowed
------------------------------------------------------------------------------------- 1.What are the advantages of A/C with 3 Holders? 2.Is it possible to bring 'Physical Shares' held by the 3 members into this single A/C? Please guide. Thanks. madhava36
I Dont Know Of Any Advantages With Mutliple Holders.
Your Query About Physical Shares.
a) All Three Holders Name Must Appear On The Share Certificate But It Is Not Necessary For Them To Be In The Same Order & Can Be Sent Along With Demat Request Form (DRF) With Another Form Called Transposing Where Holders Name Are Not In The Same Order As Demat Account
SavantGarde
Your Query About Physical Shares.
a) All Three Holders Name Must Appear On The Share Certificate But It Is Not Necessary For Them To Be In The Same Order & Can Be Sent Along With Demat Request Form (DRF) With Another Form Called Transposing Where Holders Name Are Not In The Same Order As Demat Account
SavantGarde
In Short 'No' First Physical Shares Will Have To Comeback From Registrar, Only Then You Can Send It To Your DP Where You Hold Your Demat With DRF...Reason Being Your Folio Number Might Change.
When Giving It Your DP For Demat See That You Get The Client Copy Of DRF With All The Necessary Details Along With DP Seal, Sign & Date On It.
SavantGarde
When Giving It Your DP For Demat See That You Get The Client Copy Of DRF With All The Necessary Details Along With DP Seal, Sign & Date On It.
SavantGarde
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