Hi everyone...
Here i m going to share my experience( slight bitter for me)..
last week i thought of investing more into my account and collected money and deposited in my bank. There i dont have online service right now so i couriered cheque to zerodha on monday .That reached them on tuesday afternoon and zerodha guys deposited cheque on wednesday(woof why cant they made that on tueday itself...maybe they vl do it in morningsonly, id ont know dat)
still now money is not transferred and didnt reflected in my account.. so by this i can say if i have interested to trade i cant do that immediately. i have to wait full week to get my thought into implementation( in mean time stocks may be RISE may FALL may RISE again).i dont blame zerodha for this .generally bank transfers are like this.
It is like hell doing fund transfer without internet banking. so i want to say one thing for new comers like me
DO HAVE A BANK ACCOUNT (IF IT IS HDFC MUCH BETTER) HAVING INTERNET BANKING TO TRADE WITH ZERODHA..IF NOT READY TO FACE MY EXPERIENCE.
BTW i just want to know ,why clearing cheques take much time, i mean what the process inside going on?????????????????????????????
Hi Praddy,
Why cheque clearing takes long?? hmm.. that is the banking system in India... If it is a at par cheque, will happen in 3 days, but if not as sumo said, will take atleast 7 days... When the cheque is not at par, it is sent back to your home branch for clearing, if it is at par, it is cleared by the branch in Bangalore itself....
NEFT is available on every bank today, you don't need to have online banking for this... You could walk into your bank and ask them to do an NEFT by filling up the form.... As far as instant payment is concerned, we have 20 banks now, you could have account in any of those banks....
Enable online banking and this is so much faster, business of cheque is outdated...
Cheers..