InvestorQ : How can I transfer funds into my trading account using the broker payment gateway?
Niraj Mehta made post

How can I transfer funds into my trading account using the broker payment gateway?

Answer
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sara Kunju answered.
1 year ago


A common method offered by brokers to transfer funds into the trading account is through the payment gateway. Large banks like ICICI Bank, HDFC Bank, Axis Bank, SBI and Citibank all offer payment gateways. The advantage of a payment gateway is that you can use any debit card or internet bank account to transfer funds into your trading account. When you use a payment gateway your fund transfer happens immediately and your trading account will immediately reflect the credit and you start trading immediately. There are 2 things to keep in mind when using payment gateway. Firstly, each time you use the payment gateway your broker will debit a fee of between Rs.10 and Rs.20. This is will be mentioned in the client broker agreement and hence read these terms and conditions carefully. If you are frequently adding funds to your account, then these costs can add up to quite a bit. Secondly, SEBI regulations do not permit you to load funds into your trading account using a credit card or a charge card. You can only use debit cards or net banking for the purpose and such cards or bank accounts should be resident accounts or must be resident cards. Joint accounts are not allowed to transfer funds into an individual trading account.