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

Popular 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

What is sales?

In simple words, "Transfer of ownership in terms of values is known as sales" By scholars, it is defined as "Exchange of a thing(Subject matter) of value with another thing of value, with mutual consent." How the concept evolved? We all know, initially when the civilization was evolving, the concept of barter system came into existence. Barter system says one person gives something in exchange of another thing from another person. Same is happening today but scenario has been changed little bit, the two things are Commodity Currency Sales is an activity related to selling of goods & services (in given time sometimes). It is not just a process of exchange but it also develops relationships with customers or demand partners. There are cases where companies set sales volume targets for a period(weeks, months or quarters or sometimes years) and have strategies in place. Sales is the final stage in marketing includes 4 P's P- Product P

How i+=j works in Java?It will surprise you?

According to the specification of Java for mathematical operations ,  If the left-hand operand expression is not an array access expression, then: First, the left-hand operand is evaluated to produce a variable. If this evaluation completes abruptly, then the assignment expression completes abruptly for the same reason; the right-hand operand is not evaluated and no assignment occurs. Otherwise, the value of the left-hand operand is saved and then the right-hand operand is evaluated. If this evaluation completes abruptly, then the assignment expression completes abruptly for the same reason and no assignment occurs. Otherwise, the saved value of the left-hand variable and the value of the right-hand operand are used to perform the binary operation indicated by the compound assignment operator. If this operation completes abruptly, then the assignment expression completes abruptly for the same reason and no assignment occurs. Otherwise, the result of the binary operation is converted to

What is the Difference Between OLA and SLA?

The difference between a Service Level Agreement (SLA) and an Operational Level Agreement (OLA) is what the IT organization as a whole is promising to the customer (SLA), and what the functional IT groups promise to each other (OLA). The SLA can state that "IT will ensure that computer equipment will be maintained". Of course that statement is a generalization that cannot be measured, so perhaps a better statement would be "There will be less than 80 lost man-hours per year due to lack of computer equipment maintenance". or  SLA's are generally an agreement between the IT department/provider and the business, to provide a particular level of service. OLA's are usually agreements between different areas of the IT department/providers, often to provide a particular SLA. For example we can say that,  For an organisation may have a particular SLA that states no more than 100 minutes downtime per quarter. For the IT department to adhere to this, the

Is investing in the stock market a risk? Tips to reduce the risks?

So Investing in share market is really a great idea since you can gain so much profit. Now the question arises how do we get profit out of stock market? Investing involves risk. Over the long-term, assuming a fairly efficient market, investors will be compensated for taking risk. However, as the chart (left side) shows, you can also lose an awful lot of money or basically stay flat for long periods of time. Let's start with some basic understanding that when we start driving a car first we get understand the functioning, then features, options then only we start learning the driving. But what if take your car directly on highway.  These are the major difference between real investors and gamblers. Gamblers invest money without knowing the entire functioning and without research. They also have a myth that stock market can double the money within weeks or even in days.  There are some basic guidelines you need to follow before coming into the market. First you need to understand how

Introduction to IOT? How IOT is going to change the lifestyle of the people?

If we talk about internet, technology, network demand, applications then we will definitely come to a point in our discussion i.e. IoT. As technology is growing, the demand for internet application development is also growing and IoT plays a vital role in developing such applications. IoT stands for Internet of Things. It is an Internet technology connecting devices, machines and tools to the internet by means of wireless technologies. Over 9 billions 'things' connected to the internet as of now and also 'things' connected to the internet are expected to rise beyond 20 billion in near future. IoT is influencing our lifestyle from the way we react to the way we behave. From the Air conditioners that you can control from your smartphones to the smart cars providing the shortest routes or your smart watches which is tracking your daily routine.  What is IoT? IoT is known as Internet of Things which means things and connected to each other and communicating with each other

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).

Interview Question : How garbage collector works?

How garbage collector works? Before going to understand the working of garbage collection functionality of Java, I hope you already gone through the previous post i.e. What is garbage collection? if not please go through it.  Let's start how garbage collection works, in general many people think garbage collection collects and discards dead objects. In reality, Java garbage collection is doing the opposite! Live objects are tracked and everything else designated garbage. As you’ll see, this fundamental misunderstanding can lead to many performance problems. B efore moving ahead let's recall few important points about garbage collection in Java. Objects are created on the heap in Java irrespective of their scope e.g. local or member variable. while it's worth noting that class variables or static members are created in method area of Java memory space and both heap and method area is shared between different thread. Garbage collection is a mechanism provided by Java Virtual

Coding Interview : How to find duplicate characters from String in Java also print the frequency?

The problem statement say that we need to identify how many time a character appear in a string. Program :  package net.jubiliation.example; import java.util.HashMap; import java.util.Map; import java.util.Map.Entry; public class CharacterFrequencyExample {  public static void main(String[] args) {   String str = "yweeeeerwwesfsfsfsgsgdgxcbgd";   // convert this String into array of character   char[] characterArray = str.toCharArray();   final Map<Character, Integer> charactersMap = new HashMap<>();   // maintain for each loop to traverse through each element   for (Character character : characterArray) {    if (charactersMap.containsKey(character)) {     int count = charactersMap.get(character);     count++;     charactersMap.put(character, count);    } else {     charactersMap.put(character, 0);    }   }   // Iterating the map to print the characters and frequency   for (Entry<Character, Integer> characterEntry : charactersMap.entrySet()) {    Character c