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POSTED BY ON January 10, 2014 12:26 pm COMMENTS (3)
We have a Demat account in Karvy. For more than 6 years, the only thing we have in the account are some IPO shares – amount to not more than 15k at any point of time. We are not trading anything at all and just want to keep the existing shares for long term. What with missing deadlines for paying the annual maintenance for the account and all, we have been paying good amount to Karvy (upto 5K for the past 6-7 years).
Is there a cheaper way to maintain the shares? (May be switching the demat account provider or something?) We have bank accounts in SBI and OBC. Please advise.
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You can also try FundsIndia.com which offers DEMAT services. Opening an account costs Rs.500 and you get 3 months of free trading. The customer support at FundsIndia will help you transfer all your existing holdings.
You may also try Stock Holding Corporation of India ( SHCIL ) .. they do provide the DMAT accounts at a reasonable amount
As you paid around 5K during last 6 years which is quite high , it makes sense to transfer your demat account to sbicapsec as you have savings account with them. They have recently changed their trading platform interface. You will be charged one time fee of 850 and AMC charges are around 500 . Please get in touch with bank staff , you may get a better deal.