I had opened 3 in 1 account with HDFC as I thought it would be easy to maintain and less visits to HDFC offices. But for MF account I had to visit their office 4-5 times, simply because they weren’t able to do my KYC, for that they kept on giving excuses. Finally I had to go and submit my application to CAMS. Then only it got done.
Now, for demat/sec trading, I wasn’t aware of brokerages/charges when I opened the account. when I started trading I realised that they were charging 20/25rs per transaction. So that was quite huge for intra-day. Also, these guys have a hefty annual fees. And resetting the password costs 30rs.
IPO: They have mentioned that hdfc sec. is ASBA compliant for IPO, but on subscribing, I saw that my balance was deducted on the day of applying. Customer Care told me that the bank or something isn’t compliant, so as of now they aren’t able to provide that facility.
MF: All the Mutual Fund houses are not available when applying via hdfc. And now they are charging 110rs per quarter to maintain the online MF account.
Service: Customer Care isn’t much online they are mostly busy bee and won’t give you much info as and when needed.
So all in all its an avoid, there are far better brokers available with very low charges. e.g. IIFL, Angel Broking etc.