Which banks are most reliable and trustworthy for online trading in India?

[Riverandsea]

Hello I want to open a new online trading and demat account in India.

But horror stories of unauthorized trades and frauds always scare me.

So which are the most trusted banks for online trading?

I know that pure brokerage houses like Indiabulls , Geojit , Sharekhan , India Infoline , Religare , etc. and Kotak securities should be avoided.

But are online trading and demat facilities offered by public sector banks like SBI , Bank of Baroda , Canara Bank , Bank of India , Union Bank of India , Indian Bank , Corporation Bank ,etc. trustworthy? Meaning if I use public sector banks for online trading will I be safe from fraudlent and unauthorised trades?

 

[TT2011]

I know that pure brokerage houses like Indiabulls , Geojit , Sharekhan , India Infoline , Religare , etc. and Kotak securities should be avoided.

Why do you think/know this? I am using sharekhan and they are good.

If you want to open a bank account then ONLY choose some good bank (ICICI is good for Banking ONLY). Else stay away from all banks. They are not good for anything else other than banking.

PS: NEVER, I repeat NEVER keep all accounts with one organization.

 

[Klewtar]

2 years with Sharekhan and they've only made an unauthorized trade when MTM loss exceeded margin (they squared off a trade when my losses exceeded my margin deposit.)

I've not used a bank since threads on TJ seem to indicate that banks are a no no for a regular trader. Sharekhan and Zerodha seem to be the best brokerages and I don't see why one should avoid every pure brokerage house.

 

[lindadale]

I think almost all banks in India are good and trustworthy for online trading and also for demat account.But as per my personal experience i would like to suggest you Axis Bank.I really had a bond with this bank from 10 years and they really providing the best services

 

[newtrader101]

This info must has changed. After the recent scams. I'd avoid icici, kotak.

 

[rudy]

But do keep in mind, charges with banks are more on the higher side. For Checking on the reliability of a broker, you must check the broker's membership with exchanges and obviously it must be SEBI registered.