Kotak Security 999rs/year Unlimited Intraday Trading

[superman]

Hello TJ members,

Kotak Security recently launched a "Free Intraday Brokerage" plan. We need to pay 999rs per year and we wont be charged for intraday cash and equity derivatives ! So far it looks a good deal,

https://www.kotaksecurities.com/landing-page/freeintradaytrading/index.html

But there are many questions in my mind . I sent them a mail asking for below clarifications but got a template answer

Hope someone who has activated this plan or already have account with Kotak Security can answer these :

a) Do I need to have account in Kotak to open an account. Can we link other bank accounts ?
b) What about the MIS auto square off orders , When it will be squared off and will there be any costs to it ?
c) Do you provide pledging / margin facility and any charges for that ?
d) Can I link existing demat or new demat has to be opened with kotak ?
e) Is desktop and mobile software free of cost for FIT users ?
f) What about the fund pay-in and pay-out , any costs for that ?
g) Can we pledge Liquid / Arbitrage mutual funds and get margin ?
h) what are the typical margins required for NIFTY and BANKNIFTY for intraday short option or futures ?
i) Do you support Bracket order (BO) and Cover Order (CO) in your platform ?

Here is the attached FAQ i got from customer care. Still many questions unanswered ,, Guess need to call them up but I doubt if customer care executives know the answer for all

 

[timepass]

Thanks for starting this topic. Many of us have the same questions.

 

[superman]

Here is the attached FAQ i got from customer care. Still many questions unanswered ,, Guess need to call them up but I doubt if customer care executives know the answer for all

 

[maneverfix]

This super multiple order things looks fishy, what is definition of super multiple order? aside to that Options at Rs.100/- are too costly

 

[Charles07]

Super multiple orders is their term for bracket / oco orders. had read on their site once.

 

[superman]

Super multiple orders is their term for bracket / oco orders. had read on their site once.

Damn ! So BO/CO is not supported in this plan,, Guess we need to hunt all limitations like this and make a list. Anyone tried their desktop software ? Is it stable and good "?

 

[GENIETRADE]

Just avoid it until they come out very clean about the plan. I once burnt fingers with them. They are not reliable in whatsoever form. Always remember the fact that they are not discount brokers. They pretend to be so to lure traders.

 

[headstrong007]

There is no brokerage calculator, which usually means a lot of hidden charge in the name of transaction charge or clearing member charge. Beware of them unless there is clear charge list mentioned like discount brokers.

 

[Charles07]

There is no brokerage calculator, which usually means a lot of hidden charge in the name of transaction charge or clearing member charge. Beware of them unless there is clear charge list mentioned like discount brokers.

yes absolutely.... u can see wealth calculator, retirement, and what not....... but not able to find brokerage/ margin calculators......

 

[Tru28]

May be I'm very late in this thread, but here is my two cents regarding Kotak Securities FIT Plan:

1.) Kotak claims that there will be no charges except Rs.999/year and Rs 0.01/trade. But in reality they charge *OTHER CHARGES* , mentioned in Contract Note. You can clearly see in my screenshot of 7 trades (Screenshots attached).
2.) They will charge exorbitant amount compared to other discount brokers if you do anything other than regular Intraday Trading.
3.) UI of Kotak App is not user friendly. But website is much better than app (website is not useful for me as I have a job).


My thoughts on above three points:
1.) Earlier I was using Upstox for Intraday(99% times in stocks) and Delivery, but I found that I was giving brokerage almost equal to govt taxes (brokerage + tax on brokerage). So I switched to Kotak Securities. Now even inclusion of OTHER CHARGES doesn't cross 1/3rd of govt charges. So I can finally see a noticeable amount being saved
2.) & 3.) I use Upstox for all other trades except regular Intraday Trading (Delivery and BO/CO). Also I use Upstox for watching Charts and using other tools and then initiate order on Kotak app (UI of Kotak App is not user friendly)


Conclusion:
Will I continue to use Kotak FIT Plan? -----> Yes. Until I find better broker having no *OTHER CHARGES*.