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?????????????????????????????
Almost all public sector banks (not to speak of the private banks) have internet
banking facility nowadays. And through this channel, you can remit
funds via NEFT (upto Rs.1.00 lakh) or via RTGS (above Rs 1.00 lakh).
It takes about 2 to 4 hours for the amount to reach their accounts.
And if your bank is one of the banks tied up to Zerodha, the transfer would
be instant.
Clearing/At Par cheques take about 3 working days to get cleared; Outstation
cheques may take 7 to 10 working days to get cleared.
Have a bank account in tune with the urgency of funds transfer.