RE:Online Trading Account for NRI s
by Ramesh L on Sep 27, 2006 03:26 PM Permalink
The U.S. market is more liquid and the options are easier to trade, since there are only 100 shares to a option which starts when the share is $5. The ADRs are very liquid and one can do a covered call writing much more easily than in India. So think before you wish to trade here.
RE:Online Trading Account for NRI s
by Raj on Apr 04, 2006 04:19 AM Permalink
I am interested in the same topic. Especially for NRIs living in the U.S.A. and holding a U.S. passport.
It was an interesting article. In fact, I would like to share my experiences with ICICI. I had a salary account with ICICI Bank. They gave me a credit card, which was told to be free of cost for salary account holders. For the 1st year, every thing was fine. Then, the next year, they send me a renewal chrage bill, which I did not pay, and called their toll free number to deactivate my card. Instead, the company deducted some amount from my savings account as payment towards credit card renewal. I again called the toll free number and told them to deactivate my card number. Instead, the fellow offered renewal at Rs. 150 in place of Rs. 750.
After a bitter clousre to the episode, I removed my salary to another bank.
Then, I decided that I should invest in stock-market and as I already had an account with ICICI, I just went to get DEMAT facility. To my surprise, I found that they had deducted about Rs.1000 for not maintaining minimum balance. They had done this earlier also but had refunded the amount on my objection. So, this time again, I met their representative, but the entire thing stretched long and became so bitter that I annoyingly, closed the account. My Rating: POOR
First of all, it's brokering, not broking. Now, I had interactions only with ICICI and HDFC. HDFC gave me some basic info assuming I knew all about trading. There was no one there from the demat division and they took my number and name down. I never got a call from them. ICICI are cheats. First of all, they make you open a salary account when all you want is a demat account. Anyway, I did. But the worst thing is that since I am an employee of their top 50 companies, they said I would be charged 0.05% as brokerage. What they did not tell me was that this was valid only for the first quarter. Quite a useless thing when I am not a frequent or heavy trader. And I had to actually claim back the difference at the end of the first quarter. They had conveniently forgotten everything. Cheats. Unethical cheats.
Dear Uttam, your article was quite informative. In todays world of BPOs taking over and an utter lack of professionalism with the customer desk, what you experienced is not out of the box. Please try Refco-Sify Securities too and enlighten us.
Nice work done!! I have had some experience with ICICI bank and shaekhan. 1.Sharekhan is really prompt in responsiveness & boasts of good customer service but they do not have 3 in 1 account as offered by ICICI direct. 2. ICICI will never call you back on your queries even if you are a customer. But the 3-in one account is a real benefit. Also they give online trading in most no. of MF & IPO. 3.The service FEE and brokerage is almost similiar for all the brokers & should not make much difference. regards, ashish
After seeing through the rediff columns I decided to request for a trading and demat account. Obviously, I thought ICICI would be good option. I promptly went to their website (instead of calling them directly). Within one minute I had a automatic reply from the computer confirming receiving of my application. I got a call about couple of days later from a representative and he asked me whether I had an account. I said no. Then he told me that I should keep my pass book updated and a copy of the same. A check for Rs 750/= and a check for Rs. 5000/= or more to start an account. Two photographs and then a residence proof. He also asked the directions to my place. No one turned up. After a week another person called and asked me the same details. I told him to come. Within an hour another person called and asked me the same. This time I said that some had called me earlier and he has told that he will come. It has been more than two weeks after the second set of calls and no one has come or contacted. I think we can't accept better service from ICICI. I have lost hope.
You guys on Rediff are really doing a very good job in provding useful information to people. I read all your informative articles from Heatlh, Money, Daily affairs, etc and trust me, after finding rediff, I have lost interest in going to any other site like Indiatimes, etc
Keep doing the good work and doing good Journalism..
