RKSV Review?

#2
RKSV's pricing plan is similar to Zerodha.

Low Brokerage Investing and Trading - RKSV

I have read reviews on a couple of other websites which say RKSV is better than Zerodha.

Does anyone here have an account with RKSV?
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.
 

Alchemist

Administrator
Staff member
#3
I installed Java on my personal Windows machine but it was still giving same warning that Java is not installed.
I had a similar problem with Kotak's KEAT. I had to uninstall Java totally (all versions), clean the registry, re-install a few times before it started working again.
 
#4
Any reviews for their 3 in 1 account with Indusbank. If that is working well, I can consider switching to Upstox as I see lot of issues in Sharekhan.
 
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#5
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.
 
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#7
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.

Till now my internet banking is not working.
 
#8
I am trading in only NCDs. Recently the stamp duty has been revised for debenture to 0.0001% and 0.015% for other than debenture. Although I am trading in debentures but Upstox is charging stamp duty for non debentures.

Also they debited Rs 10,00,000 from my Indus Ind bank account even I did not buy anything. As per their term money would be deducted only if I have to pay anything. I was able to withraw the money but that caused interest losses.

I am planning to lodge complaint for both issues. Can I lodge it in NSE for both issues? I assume for first issue I can log as it is related with trade executed at NSE whereas 2nd is unrelated to trades, so I am not sure if I can log it in NSE.
 
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#9
For the first one you can lodge a complaint with the broker and escalate to the exchange.

For the second one where money has been debited from your account without authorization is very serious and I would lodge that complaint with the broker,the Bank and if they do not give a satisfactory response escalate the complaint first within the company following the escalation matrix and if after all that also you are not satisfied you can file complaint regarding the broker to SEBI and the bank to the RBI Ombudsman.

If I were you, I would move my money out of that bank account and transfer money to that account only If it's needed in the interim.
 
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#10
There is no issue from bank side. As I allocated that money to Upstox for trading, they had right to withdraw at any time. But the fact that I did not buy anything, the Upstox should not have withdrawn this amount.

I raised both complaint to broker and if not received proper reply will escalate to exchange for 1st one and SEBI for 2nd issue.
 

Alchemist

Administrator
Staff member
#11
There is no issue from bank side. As I allocated that money to Upstox for trading, they had right to withdraw at any time. But the fact that I did not buy anything, the Upstox should not have withdrawn this amount.

I raised both complaint to broker and if not received proper reply will escalate to exchange for 1st one and SEBI for 2nd issue.
They may have withdrawn for margin against order placed.

I am not sure, just a guess.
 

Alchemist

Administrator
Staff member
#12
For the first one you can lodge a complaint with the broker and escalate to the exchange.

For the second one where money has been debited from your account without authorization is very serious and I would lodge that complaint with the broker,the Bank and if they do not give a satisfactory response escalate the complaint first within the company following the escalation matrix and if after all that also you are not satisfied you can file complaint regarding the broker to SEBI and the bank to the RBI Ombudsman.

If I were you,I would move my money out of that bank account and transfer money to that account only If it's needed in the interim.
It's not a banking issue.

If they client has given mandate to the broker, the bank has to allow the withdrawal.

If the mandate is misused, one should lodge complaint with SEBI and exchanges.
 

Alchemist

Administrator
Staff member
#13
It is better not to have a trading account, which gives the broker access to bank account.

I trade with RKSV too, but my bank account is isolated from my trading account.
 
#14
The broker does not have access to bank account.

Normally If I have to buy shares I need to transfer the money to broker and then trade.

In RKSV I allocate the money, and then trade using the money. The allocated money is auto released after deducting the money which was used. RKSV can withdraw maximum upto the amount I allocated previous day. There is no option to manually unallocate the money.

I think this is better than first putting the money in RKSV and then trade.

Just wondering is there any way in RKSV to buy stocks without the need to transfer or allocate money (based on your holding). If there is a net amount to pay, I will make sure to pay that before payin date. But I do not want to pay any charges for this facility. Normally most broker provide this facility like Sharekhan, Kotak etc. But don't think this is provided by RKSV.
 
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#15
The same problem happened again. Rs 5,00,000 was debited from my bank account.

There is no response to my earlier complaint. Planning to lodge complaint with SEBI.
 
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#16
Raised issue for first problem with NSE and received refund. Dont know if they fix their system or everytime I have to raise complaint.

For 2nd issue I am yet to raise complaint with SEBI.
 
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