I have an account with RKSV but never traded with them. The main reason is that when I try to place the order on their website, they ask me to install Java. I can't install anything on my office laptop, which I would mostly be using for accessing their website. I installed Java on my personal Windows machine but it was still giving same warning that Java is not installed. I did not try again to resolve this issue.
I have converted my existing Upstox account into 3 in one account.
Following are the feedbacks
- The account opening seems simple. It is online process and you need to upload some document and video with passport in hand. The documentation of this procedure is bad. When I open Upstox side, i was not sure if this was for new customer or existing Upstox customer.
- After the account opening, It says account would be active in 30 minutes to 1 hour. I even receive a mail within that time that the account is activated. But it would not show up in Upstox till next day morning
- On Friday morning it shows the Indusind bank but does not allow smart transfer. the smart transfer feature is enabled on Saturday itself.
- As market is closed on weekend, you cant use smart transfer on weekend. I will try on Monday if smart transfer is working as expected and will post my feedback here
Regarding Indusind Bank:
- System is quite confusing, you don't know what is next step. I called the customer care and they told i can't use internet banking now without debit card. even debit card delivery may be delayed due to COVID-19. Also debit card charges are 2500 first yer and 799 from 2nd year onward which is too high. They told even mobile banking cant be enabled without debit card.
- In the online process of IndusInd account creation, there was provision to create mobile banking user id and password. I had created that and was able to login to mobile banking and able to transfer funds.
- I was able to create virtual debit card through mobile banking. Although the app does not show if the virtual card creation is successful or not. Next time you go to debit card screen, You can find details about debit card like card no, CVV and expiry date. But you cant see the PIN
- Registering to online banking requires ATM pin. I am still not able to generate PIN as there system is buggy and always saying that PIN was generated in last two hours. In fact in first attempt I thought I got this message because the PIN is changed just now. But later found that it was error message, not the success message.
- Not sure if I can use smart transfer without internet banking. Can try it only on Monday.
The 3 in one account is working perfectly fine. If I allocate the money on Monday, the amount is released on Tuesday after deducting any dues. Only loss for me is instead of paying on T + 2 day, I am paying them on T + 1 day but the interest loss for a day is much less than the saving because of zero brokerage.
IndusInd Bank services are not up to mark and I will not recommend opening a standalone bank account with them. Probably I will keep this account only for trading and put all other money in different bank account.