Skip to main content

What is wrong with HDFC securities? Are they doing some fraudulent activities or just causing issues with their platform as usually it don't work during market hours?

I have opened a DEMAT account with HDFC Securities in 2019 as HDFC group is well known for the customer services and I also hold a salary account with HDFC Bank, DEMAT account with the following conditions/offers as expressed by the executive.
Trading Account Opening Charges (One Time) :  ₹999 (At that time it offered on lower price, I forget the exact price)
Trading Annual Maintenance Charges AMC (Yearly Fee) : ₹0
Demat Account Opening Charges (One Time) : ₹0
Demat Account Annual Maintenance Charges AMC (Yearly Fee) : ₹750, nil if portfolio value below ₹2 lacs.
Equity Delivery : 0.50%
Equity Intraday : 0.05%
Equity Futures : 0.05%
Equity Options : ₹100 per lot or 1% of the premium (whichever is higher)
Currency Futures : ₹23 per contract
Currency Options : ₹20 per contract
Commodity Futures : 0.02% for Intraday / 0.025% for positional
Commodity Options : 0.02% for Intraday / 0.025% for positional

It was going good but after 2-3 months I got to know that there are some discount brokers in the market which are providing value for money services. After doing a research on Internet I got to know that Zerodha is best for trading and it offers so many features which are free. So I opened account with them  and start doing investment with them. While I was holding a value of ₹76000 (approx) with HDFC Securities and I left the account as it was.

Now problem starts, they start charging AMC which was free as I told earlier, random depository charges and Unfortunately I was not looking into the accounts as I trusted them. Then, in march 2020 I got to know that some charges called as depository charge ₹750 + 18%GST = ₹885 was on charged from my account and some ACH Debit charge was charged. Transaction were like :

17/04/20 DEPOSITORY CHARGES MAR20 ₹885
20/04/20 UPI-ZERODHA BROKING LTD  ₹815
23/04/20 ACH DEBIT RETURN CHARGES ₹300.31
05/05/20 ACH DEBIT RETURN CHARGES ₹289.71
18/05/20 DEPOSITORY CHARGES APR20 ₹29.5
19/05/20 ACH DEBIT RETURN CHARGES ₹590
Total Amount charged by them : ₹2909.52 (Only Zerodha clarified their transaction)

Then I wrote an email to both HDFC bank & HDFC Securities and Zerodha as well and send the copy to RBI and SEBI as well. I asked simple question which is my fundamental right to get details of my transactions. Zerodha clarify the transaction and it was a genuine transaction. Now I have story with HDFC Group only. Their support lines were not working, they replied on the mail after after few weeks then no solution to the problem, again I asked then they took few weeks again to reply. Then it was like a game between them and me.

Here I have simplified the conversation:

What is DEPOSITORY CHARGES two times in one month.
HDFC Securities Response : We are not it is not from our end.
HDFC Bank Response : It is for DMAT Account maintained at HDFC Securities.
HDFC Securities : Our DEMAT Account is managed by HDFC Bank and it is applicable at their end.
HDFC Bank : We are forwarding the complaint to respective department.
  
What is ACH DEBIT RETURN CHARGES charge three times in one month.
HDFC Bank Response : It is for some mandate applied on your bank account. (No proper details)
Me : What is it.
HDFC Bank : It is charged against a payment failure which was automated. 
ME : Before initiating the payment, bank didn't notify me that I have to maintain the amount as I always move my balance to SBI account to safe the money. So please tell me for which purpose it was.
HDFC Bank : We are not sure.

From 20th May, 2020 to Till date, I am writing emails and trying to connect with them as I don't want to expose myself to corona-virus by visiting their branch which is also far from here and they are not giving proper response. I found it as cheating, if feel HDFC bank and HDFC Securities are doing a wrong practice please share this post and make them realize that in the age on Internet and social media you can not cheat the customers.

I tried to asked them to move my portfolio from HDFC Securities to ZERODHA but it is not possible by on-line process I have to walk on the streets and their offices and have to take leaves which is also a loss of money.
 
Banks are doing business on customers' money and earning profits but they are not caring for their customers. Now I am not going to do any kind of business with them. They broke my trust which is earned by them my spending money on ads and campaigns. I want peace of mind that's why I chose them however they were not cheap and charging much higher. If you are charging premium fee then you must carry the premium facilities and services.

I always promote Zerodha as a good company by its values and fair pricing. For account opening.

Thanks a lot for reading and sharing. I hope you will help and get helped when you are in trouble. I hope that you understand the problem because if they can do with me they can do with any one and everyone don't have skills to explain the problem.

For HDFC Officials to retrieve account details
Write To : gaurav.5410@gmail.com

Thanks again.

Comments

  1. fatahalJanuary 14, 2022 at 3:06 PM

    معلومات رائعة ، لقد قدمت لنا بيانات مهمة وضرورية للغاية. انها قيمة ومفيدة للجميع. استمر في النشر دائمًا. أنا ممتن جدا لك. شكرا مرة أخرى لتقاسمها. الرجاء زيارة موقعنا على الإنترنت حل لغز ما هو الشيء الذي اسمه على لونه

    ReplyDelete
  2. rohan nayakApril 1, 2022 at 4:40 PM

    its give unique informaton go to ITC Share Price

    ReplyDelete

Post a Comment

Top 5 Most Read Posts

Who is Peter Lynch and what is his philosophy in equity market investment? 25 Golden Rules of the most successful Fund Manager.

Peter Lynch (born January 19, 1944) is an American investor, mutual fund manager, and philanthropist. As the manager of the Magellan Fund at Fidelity Investments between 1977 and 1990, Lynch averaged a 29.2% annual return, consistently more than doubling the S&P 500 stock market index and making it the best-performing mutual fund in the world. During his 13 year tenure, assets under management increased from $18 million to $14 billion. He also co-authored a number of books and papers on investing and coined a number of well known mantras of modern individual investing strategies, such as Invest in what you know and ten bagger. Lynch is consistently described as a "legend" by the financial media for his performance record. Base on his career I have compiled his investing rules here. 25 GOLDEN RULES by @Peter Lynch 1: Nobody can predict interest rates, the future direction of the economy or the stock market. Dismiss all such forecasts & concentrate on what's actual...
3 comments
Read more

What is version checking in Hibernate ?

Version checking used in hibernate when more then one thread trying to access same data. For example : User A edit the row of the TABLE for update ( In the User Interface changing data This is user thinking time) and in the same time User B edit the same record for update and click the update. Then User A click the Update and update done. Change made by user B is gone. In hibernate you can prevent slate object updation using version checking. Check the version of the row when you are updating the row. Get the version of the row when you are fetching the row of the TABLE for update. On the time of updation just fetch the version number and match with your version number (on the time of fetching).
4 comments
Read more

Fundamental Analysis : Asian Paints Ltd.

Asian Paints group is the largest paint manufacturer in India also engaged in the business of manufacturing of varnishes, enamels or lacquers, surfacing preparation, organic composite solvents and thinners. It operates in 15 countries and has 26 paint manufacturing facilities in the world serving consumers in over 60 countries. Besides Asian Paints, the group operates around the world through its various brands viz. Asian Paints Berger, Apco Coatings, SCIB Paints, Taubmans, Causeway Paints and Kadisco Asian Paints. It also manufactures metal sanitary ware such as bath, sinks, washbasins and similar articles. Recently introduced Lightings, Furnishings and Furniture thus adding more products in the Home décor and Interior Design category. Market Cap ₹ 244,763 Cr. Current Price ₹ 2,552 High / Low ₹ 2,873 / 1,483 Stock P/E 89.0 Book Value ₹ 115 Dividend Yield 0.47 % ROCE 33.8 % ROE 27.5 % Face Value ₹ 1.00 Price to book value 22.2 EPS ₹ 28.7 High price all time ₹ 2,873 Low price all time ₹...
10 comments
Read more

What are JEE Containers? What are their different types?

Containers are the interface between a component and the low-level, platform-specific functionality that supports the component. Before it can be executed, a web, enterprise bean, or application client component must be assembled into a Java EE module and deployed into its container. The assembly process involves specifying container settings for each component in the Java EE application and for the Java EE application itself. Container settings customize the underlying support provided by the Java EE server, including such services as security, transaction management, Java Naming and Directory Interface (JNDI) API lookups, and remote connectivity. Here are some of the highlights. The Java EE security model lets you configure a web component or enterprise bean so that system resources are accessed only by authorized users. The Java EE transaction model lets you specify relationships among methods that make up a single transaction so that all methods in one transaction are treated as a ...
4 comments
Read more