@ashwin 0.3% with Icici direct is very good. Of all the online services I have tried, it is easily the most refined. However, you do need to allocate money in your bank account before any delivery trade. This means that while it still gathers interest till the payin, you cannot use the money. Also, these guys like float. For example, if you trade derivatives, if you need to pay MTM margin in the evening, but if you have MTM margin in your favour, you only get it in the morning. Effectively, they get free float.
I am really surprised that Religare allows T+7 to settle payment, For one, the exchange is on T+1, so in effect the broker is funding you!!. Also, they run great risk. If you donāt pay on T+7, and in those 7 days if the value of your purchases have fallen, they become liable for the difference, Pls check as to what the catch is here, Do they take some collateral or deposit in advance?
@aksh, the way the bank account works with sasonline is as follows. You need to transfer the money to your broking account at sasonline through NEFT. They allow you to keep trading till your balance (100% deduction for cash and carry, and appropriate margin for margin trades and derivatives) is above zero. For margin trades, they also automatically give you around 50% collateral value for the stocks lying in your beneficiary account.
You can transfer money to your broking account by NEFT transfer from your designated bank account, or through Atom, which is an online payments service. Atom charges ten rupees per transfer. My banks donāt charge me for neft transfers.
After you finish trading for the day, you can request for a payout for the excess money in your account(including credit from sales). Pay out requests upto 5.30 pm into Hdfc bank accounts are credited the same day. If you use another bank, you get credit the next day. So with an HDFC bank account you get the float. With other banks, they get the float.
This process is simple and reliable, though a little crafty(you need to log on to their back office).
The stocks you purchase with Sasonline lie in your client beneficiary account. You can sell them directly through sasonline. If you wish to transfer them to your linked demat account, you need to log on to the back office, and request transfer. It takes two days for the stocks to get credited to your demat account from your client beneficiary account. As such,you could just keep them in your client beneficiary account, but I transfer the shares I intend to keep for a relatively long time (i.e. more than 6 months) to my demat account. Just safer that the broker does not have access to them.
If you want to sell shares in your demat account, you need to send a slip to your DP mentioning that you want to transfer shares from your DP to your client beneficiary account. If you have a demat account =with sasonline, the process is simpler I guess. But my DP is HDFC, and so I need to send a slip with the shares and quantities to my bank. In my case, the RM comes along and picks it up. But I still have to call her. So I simply keep the shares I am likely to sell in my client beneficiary account. This makes the process simpler.
). It surprises me as well that you are able to carry out transaction without funds in your trading acc and you get 7 days to settle it. Are you sure there isnāt any catch? Let me check with IDBI guys tomorrow.