Zerodha....

[vinodmg5]

members pls guide me-i have a account now wid 5 paisa and am going to switch to bezel for live trading,ihave demat acount in 5paisa now question is where i must open new demat account or only online trading account wid bezel?

 

[united01]

Dear Zerodha,
I had applied in the name of Daya Shanker Santosh Kumar (HUF) from Kolkata..some 3-4 weeks back & I was suppose to receive a form for opening dmat in my HUF`s name last week as per email of Mr.Bharat...but I am yet to receive it...I think you all should work on cutting down time taken for opening accounts with you...Plz. look into matter..My email id is [email protected]

 

[murthymsr]

You can link multiple bank accounts, you can link both icici and SBI, SBI has a direct payment gateway on NOW(yet to be activated)... Leave your number at [email protected], will call back and answer all queries... Cheers..

Can I link with my two Bank accounts, one with Canara Bank, (in which I am the first applicant and my spouse is the second applicant) and the other with HDFC bank (in which my spouse is the first applicant and I am the second applicant).

The Canara Bank Account is just to meet the statutory requirements and I intend to use HDFC Account for all money transfers both ways.

Any possible Taxation implications on account of money transfers from and to HDFC Bank to my spouse, in which he is the first applicant?

Thanks for your time and support.
murthymsr

 

[Zerodha]

Dear Zerodha,
I had applied in the name of Daya Shanker Santosh Kumar (HUF) from Kolkata..some 3-4 weeks back & I was suppose to receive a form for opening dmat in my HUF`s name last week as per email of Mr.Bharat...but I am yet to receive it...I think you all should work on cutting down time taken for opening accounts with you...Plz. look into matter..My email id is [email protected]

We definitely would have sent the application by courier, let me check out the POD number from the courier guys and figure out why they haven't delivered... If you have access to a printer, I can email you the online form and will be much faster way of opening... Cheers...

 

[Zerodha]

Can I link with my two Bank accounts, one with Canara Bank, (in which I am the first applicant and my spouse is the second applicant) and the other with HDFC bank (in which my spouse is the first applicant and I am the second applicant).

The Canara Bank Account is just to meet the statutory requirements and I intend to use HDFC Account for all money transfers both ways.

Any possible Taxation implications on account of money transfers from and to HDFC Bank to my spouse, in which he is the first applicant?

Thanks for your time and support.
murthymsr

Fund transfers has to happen only if the first holder of trading and bank account are the same... It is a compliance issue if some other broker is ignoring this today and it could have a taxation implication for you...

 

[Zerodha]

I have dealt with ICICI Direct, Sharekhan, Indiabulls, Indiainfoline, Way2Wealth, Angel, RK Global and lastly, Zerodha.

Since I already had a DMAT account, opening a trading account with Zerodha turned out to be a breeze. I showed up at their office on a late afternoon with the requisite documents in place which they checked and after due verification, assured me it would take approximately one working day to open a trading account. I had the password emailed to me by next evening, around 8'ish. I believe the particular product provided by Zerodha deals with Equities and Derivatives which is why having an existing DMAT account becomes mandatory in the case of Equity based delivery. I was told in very clear words that the charts on NSE NEAT is delayed by a few minutes and NOW software version has even more rudimentary charts which have to be refreshed/redrawn. No promises were made except about the Brokerage and the terminal's speed. I have used the terminal provided by Omnesys so I knew what it could and could not do.

How long did it take me to get up and running?
I was trying to activate my account via Firefox which unfortunately did not work. Eventually got it activated via IE-6 but could not add scrips. Why? NSE NOW web verison works with IE-7+. I haven't tried IE-8 or IE-9 so cannot comment on that with enough conviction. So effectively speaking, account activation took a couple of minutes once I had the browser issue clarified and software login activation took about 24 hours from first account activation.

Coming to RK Global, it took me exactly a month to open a trading account with them. I wasn't interested in Equities so I was saved the trouble of furnishing a Client Master Record. Don't even get me started about their Diet Odin issues and connectivity problems. I don't wish to disparage RK Global but not being able to trade because of software issues is not acceptable. Their brokerage was one of the most competitive among the lot without any upfront commitment but what was the use with frequent disconnections, locked accounts and ODIN crashes?

Angel Trade? I couldn't even get started with them. Got a call from them a month after I expressed desire of opening a DMAT account with them. Many moons later, some local rep showed up. Account opening took another 15 days. Finally, when I thought I could start trading, the username and password never worked. Repeated calls to the local office, RM and sundry other people evoked zero response. I decided to move on and switched to Sharekhan. At least Sharekhan didn't promise me the moon or probably the guy assigned to deal with me was honest about the services. I was ok with it and signed up for an AMC plan. Brokerage was steep in the Options segment. I stuck to equities for a while and later switched to Indiabulls and the rest followed.


From what I have experienced, Zerodha as a service provider is only playing the facilitators role of bridging the gap between the end user and the trading floor. Now, only if people would be a little reasonable rather than expect personalized service that only RM's provide at a fee which eventually reflects in our trade.
Being a newbie, there were times when I stuck on to loss making trades hoping for a reversal all thanks to the brokerage charges I would be losing along with the fall in the scrip value. It really adds up when you are trading in 30-40 lots per leg and the brokerage happens to be around Rs.50 per lot. At least with Zerodha, one can exit an adverse position asap without worrying about the astronomical brokerage too which would get added to the mounting loss.
The experience with Zerodha has been great thus far. They are there to respond to my queries when I need them and there is no RM to annoy me every day to give "tips" which never work or lord over me telling what I should do with my hard earned money. Chartnexus does a pretty good job at giving entry and exit signals w.r.t equities. One can at least look up the chart and tell if the broker has a vested interest in giving a buy or a sell call.
Zerodha has really made it possible for small time retail traders like me to eventually dream of making a tiny profit. Much thanks to Zerodha.

Thanks for the kind words, pessimistic words push us to prove them wrong and optimistic words push us to keep the performance up, we had our dose of pessimistic(none who are our clients) people and now feels nice to have some optimistic clients of ours saying good words....Thanks again... Sachin

 

[SavantGarde]

As opposed to a Demat Account where Holders are designated as 1st, 2nd & 3rd it is not the case for Bank accounts... it is simply called Joint Account and there is No Tax implications Between Couples or Immediate Blood relatives.

Here is an example to illustrate the point of No Tax implication:

If Murthymsr gives his wife 2 lacs, wife doesn't need pay income tax on the same... but she will become liable for income tax on the money she earns from the 2 lac that she has received from her husband.... The 2 lac will already be accounted in the Husband's I.T. returns.

SavantGarde

 

[SavantGarde]

There is another difference that i forgot to mention between Demat account with multiple holders and a Joint Bank account.

For Demat account every Holder has to sign all the correspondence whether it pertains to request or anything... even instruction slip has to be signed specifically by repsective holders as deisgnated in the Demat account.

Where as Joint Bank account can be specified at the time of opening whether both signature required or any one of the holders of the joint bank account and order of the holders in Joint account is not important.

SavantGarde

 

[The PLayEr!]

hI..!! Zerodha(Sachin) first of all cOngrats, yOu guys seem to be doing a great job,
thinking of opening an trading account with you guys but here is a Query:
1) Does NSE NOW supports 'Market Order' its a big issue for me, RKG Odin doesnt have market order feature

 

[Zerodha]

hI..!! Zerodha(Sachin) first of all cOngrats, yOu guys seem to be doing a great job,
thinking of opening an trading account with you guys but here is a Query:
1) Does NSE NOW supports 'Market Order' its a big issue for me, RKG Odin doesnt have market order feature

No market orders??? .. We absolutely have market orders....