InvestorQ : Can I also transfer funds into the broker account by cheque payment or via demand draft?
Niraj Mehta made post

Can I also transfer funds into the broker account by cheque payment or via demand draft?

Answer
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sara Kunju answered.
1 year ago


You can also transfer funds into your trading account by drawing a cheque in favour of your broker. However, that is only possible in case of an offline trading account. If you are having an online trading account then you need to necessarily transfer funds only through payment gateway or via NEFT/RTGS. There are certain points you need to remember when transferring money by cheque/ DD. Normally, the broker will give you credit for cheque / DD amount only after the clearing credit is received. That will take 2-3 days. Secondly, ensure that your cheque is properly signed and your account is funded. Any cheque rejection results in penal charges which will be debited to your trading account by the broker. Nowadays, most traders prefer to transfer funds through the online method as it is quicker and they get credit also immediately.