HDFC Securities — not accepting account charges & demat account closing form

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A way to deal with your money better and one of India's leading blogs on personal finance. Thanks for visiting Capital Advisor. I frequently update this blog to cover various topics on personal finance such as investment strategiesfinancial products that you should buy and ones that you really should stay away from, financial calculatorsemerging hdfc demat account closing charges such as early retirement and financial independenceand much more.

You can Subscribe through Email and receive new articles directly in your Inbox or you can Subscribe through the RSS Feed and receive new articles in your feed reader. The Demat and Trading accounts were used for a grand total of two transactions.

The Savings account saw a token amount being deposited, then saw the two transactions, and then saw a zero balance. To date, I have no idea why I opened this account. I closed the Trading account by handing over a simple letter at the base branch. Any balance leftover in the account after closure will be returned via.

Uncredited interest amount, if any, will be accounted for hdfc demat account closing charges this reimbursement. Tip Tuesdays is my initiative to share practical personal finance tips — every Tuesday. Drop a comment to submit your tip. And, as always, do spread the word if you find this useful. Thanks for reading this article. I'd love to hear your opinion. Please use the comments section below to share your thoughts. I frequently write new articles that also cover several other aspects of personal finance including credit cardsfinancial goalshealth insuranceincome taxlife insurancemutual fundsretirement hdfc demat account closing chargesand much more.

No scissors this time? Your hands should have made it to the picture instead. May be you can start evening classes on closing bank accounts. Log in to Reply. And btw, we trust you completely.

No, I am not complaining — pictures are always welcome, adds colour to your blog. Just letting you know. There have been no accurate Desk Top Sorters available on the globs which can been fitted inbuilt on the ATMs for Back office uses of filling and refilling notes for maintaining stock of notes in the ATM machine for ensuring continuity of withdrawal service to the public without issuing Fake Indian Currency Notes.

Most of the Hdfc demat account closing charges have hired private agencies for refilling genuine notes to ensure no fake note being issued from ATM. The reasons of issuance of fake notes from the ATM probably could be the involvement of human elements either from within the Banks or from the outside agencies.

Bankers should invariably refer to http: Good Info on closing account. Can you advise how can I close those from US? I am currently in Bangalore. I would like to know hdfc demat account closing charges I can close my bank account at Jharsuguda by visiting any of the hdfc demat account closing charges in the city or do I have to visit the base branch to file the closure. I want to close the above metion account number. Guys this is just a blog post. You cant close your accounts from here.

Goto the bank branch and place a request there or call up Customer Care. You might get help there. I used to wonder how phishing mails work. Now i understand how. People are very ignorant about where to place what information. But my question is what if you had a big amount in your account just before closing it.

So that amount earns a good amount hdfc demat account closing charges interest. I furnisehd signed account closure FORM with the concerned branch and agreed to charging of requisite charges for its closure. How much time it would take, please advice. Once I shifted my job, I naively emptied the account to zero balance and left it. When I registered for online access I noticed that it was automatically linked to my old Savings account and the account had a negative balance of about Rs On contacting the bank, they said that since the PAN number was the same, it was my account.

Luckily on requesting them they wrote off the amount and closed the account after I gave a letter in writing for the same. The moral of the story is that it is always better to get the account closed rather than just emptying its contents and assuming that it will get closed on its own. I share the views of other account holderws of hdfc it is simply unimaginalby as to how rbi allows pprivate banks to fleeced gthe custgomers like an hything in the name of service charges public.

But for everything they need me to come to their branch, even third party transfers. I have had a Citibank account for over 5 years now and have never had to go to their branch. Even to close HDFC account, i need to go to their branch, my scanned signatures along with my ID copy does not work for them.

Its a complete mess. Even if the account holder does not go to bank to deposit money, transction charges will be levied. Its not possible for the account holders to go to bank always. I lost thousands as transction charges which were made at mother branch. Its not banking but hdfc demat account closing charges with the money of customers. I inform all hdfc custormers to close down their accounts which is safe and good.

Ho0w much do they charge on closing the saving account. Will they charge all the previous AQB charges. I heard that we have to pay Rs. Any advise would be appreciable. Respected Sir Please confirm me of Account closing procedure. I have no time and money to travel to Pune just to close hdfc demat account closing charges. But the Bank would certainly try its best to put obstacles in your path.

I suggest that you demand to talk to the local Branch Manager to sort things out. I had a salary account in hdfc. Now I left the job and checked with hdfc. They asked me to maintain Rs. Hence I decided to close my debit and credit card as they are penalising every month without my notice.

My old salary account with HDFC changed itself to saving account couple of years back. I assumed that unused hdfc demat account closing charges would auto close. My question is hdfc demat account closing charges this effect my credit score as I would like to be eligible for taking loans in the future.

How much would HDFC charge me for not using the account for an year. Whenever draw cash from ATM receive transaction Message, but these buggers are not intimate email, message account holders to Maintain AMB and without informing account holders deducting charges, its totally looting Customer money.

I need to close my saving bank account with HDFC as i am hdfc demat account closing charges satisfy with the service as well as customer care support. You must log in to post a comment. Home Published Subscribe Capital Advisor A way to deal with your money better and one of India's leading blogs on personal finance.

I missed including the scissors. And these accounts are a burden of the past S. Its been a long time vinaya. No posts from you? I am also planning to do same, any idea what to do with Credit Card Log in to Reply. Regards, Biswaranjan Dash Log in to Reply. Meenakshi Log in to Reply.

Great man just to see tore pages of this sick bank… it is one of the sickest bank in india along with ICICI simply hate this bank hope it goes down soon Log in to Reply. I am on the process of closing my account… RK Log in to Reply. Dear Sir, close the account no. Thanks for sharing this useful info. I could not agree more with you. Thanks for Share this information. Anil great work Keep it up Log in to Reply. I share the views of other account holderws of hdfc it is simply unimaginalby as to how rbi allows pprivate banks to fleeced gthe custgomers like an hything in the name of service charges public Log in to Reply.

Kindly delete all the bank account no info posts, will be gr8 help for these people. Thanks Log in to Reply. Hi Vinaya, Just one question, Can I close my account from a branch other than from where I have opened it. Should do the trick. Dear all, I had a salary account in hdfc.

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Dematerialized account number is quoted for all transactions to enable electronic settlements of trades to take place. Every shareholder will have a Dematerialized account for the purpose of transacting.

Access to the Dematerialized account requires an internet password and a transaction password. Transfers or purchases of securities can then be initiated. Purchases and sales of securities on the Dematerialized account are automatically made once transactions are confirmed and completed.

Further, it eliminates the risks associated with forgery and due to damaged stock certificates. After the introduction of the depository system by the Depository Act of , the process for sales, purchases and transfers of shares became significantly easier and most of the risks associated with paper certificates were mitigated.

In , trading began on NSE for shares held in demat account form. It was the beginning of a new paperless trading stock market trading environment. If an investor buys a share today, it gets credited to the investor's account in two days. Today, shares get transferred to the investor's demat account. The depository system helps in reducing the cost of new issues due to lower printing and distribution costs. It increases the efficiency. Benefit to the investor: The depository system reduces risks involved in holding physical certificates, e.

It ensures transfer settlements and reduces delay in registration of shares. It ensures faster communication to investors. It helps avoid bad delivery problems due to signature differences, etc.

It ensures faster payment on sale of shares. No stamp duty is paid on transfer of shares. It provides more acceptability and liquidity of securities. It reduces risks of delayed settlement. It ensures greater profit due to increase in volume of trading. It eliminates chances of forgery or bad delivery. It increases overall trading and profitability. It increases confidence in their investors. A depository in simple terms is an institution holding a pool of pre-verified shares held in electronic mode that offers efficient settlement of transactions.

A Depository Participant DP is an intermediary between the investor and the depository. A DP is typically a financial organization like a bank, broker, financial institution, or custodian acting as an agent of the depository to make its services available to the investors.

Converting physical records of investments into electronic records is called "dematerialising" of securities. In order to dematerialise physical securities, investors must fill in a Demat Request Form DRF , which is available with the DP and submit the same along with physical certificates.

A comparison of the fees charged by different DPs is detailed below. There are a few distinct advantages of having a bank as a DP. Having a Demat account with a bank DP, usually provides quick processing, accessibility, convenience, and online transaction capability to the investor. Generally, banks credit the Demat account with shares in case of purchase, or credit a savings account with the proceeds of a sale, on the third day.

Banks are also advantageous because of the number of branches they have. Some banks give the option of opening a demat account in any branch, while others restrict themselves to a select set of branches. Some private banks also provide online access to the demat account. Hence, the investors can conveniently check online details of their holdings, transactions and status of requests through their bank's net-banking facility.

A broker who acts as a DP may not be able to provide these services. There are four major charges usually levied on a demat account: Charges for all fees vary from DP to DP. Depending on or may not be an opening account fee. But in Ventura Securities ltd, Angel Broking [4] and some other companies do not have an any opening charge. State Bank of India does not charge any account opening charge while other maintenance and transaction charges apply.

Most players levy this when re-opening a demat account. The fee is also refundable. This is also known as folio maintenance charges, and is generally levied in advance. It is charged on annual or monthly basis. The fee also differs based on the kind of transaction buying or selling. Some DPs charge only for debiting the securities, while others charge for both.

In addition, service tax is also charged by the DPs. In addition to the other fees, the DP also charges a fee for converting the shares from the physical to the electronic form or vice versa. This fee varies for both demat physical-to-electronic and remat electronic-to-physical requests. For demat transactions, some DPs charge a flat fee per request in addition to the variable fee per certificate, while others charge only the variable fee.

For instance, Stock Holding Corporation has charged Rs 25 as the request fee and Rs 3 per certificate as the variable fee. However, SBI has charged only the variable fee, as Rs 3 per certificate. Remat requests also have charges akin to that of demat. However, variable charges for remat are generally higher than demat. Some of the additional features usually offered by banks are as follows.

Some DPs offer a frequent-trader account, where they charge frequent traders at lower rates than the standard charges. Demat account holders are generally required to pay the DP an advance fee for each account that will be adjusted against the various service charges.

The account holder needs to raise the balance when it falls below a certain amount prescribed by the DP. However, if the holders also hold a savings account with the DP, they can provide a debit authorisation to the DP for paying this charge.

Finally, once choosing a DP, it would be prudent to keep all accounts with that DP, so that tracking of capital gains liability is easier. This is because when calculating capital gains tax , the period of holding will be determined by the DP, and different DPs follow different methods.

The proof of the cost of acquisition will be the contract note. The computation of capital gains is done account-wise. All applicants should carry original documents for verification by an authorized official of the depository participant, under his signature. Further, the investor has to sign an agreement with the DP in a depository prescribed standard format, which details rights and duties of investor and DP.

DP should provide the investor with a copy of the agreement and schedule of charges for their future reference. The DP may revise the charges by giving 30 days notice in advance. SEBI has rationalised the cost structure for dematerialisation by removing account-opening charges, transaction charges for credit of securities, and custody charges vide circular dated January 28, You have to sign a contract with Stock broker. Generally the documents are:. The first check made is whether both Demat accounts are at the same depository.

There are two depositories: The investor should submit the DIS when the market is open. Accordingly, date of submission of DIS and date of execution of DIS can be same or a difference of one day is also acceptable. The investor also has to pay the broker some charges for the transfer. From Wikipedia, the free encyclopedia. Every shareholder will have a Dematerialized account for the purpose of transacting Access to the Dematerialized account requires an internet password and a transaction password.

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