Transferring funds to start the process of trading is not as difficult as it may seem to some people. Following certain steps carefully will allow you to transfer funds into your trading account without much hassle. You can choose to transfer funds into your account by using a couple of methods. Using an instant payment getaway method or using checks and NEFT/RTGS/IMPS facility can help you make the transfer. You can also pay via margin check or DD to your broker. In order to transfer your funds, you need to follow few simple steps and start trading.
Process of transferring through Payment Gateway
One of the most common methods of transferring funds, offered by brokers is through payment gateway. All large banks offer this facility. Payment gateway is the most popular method as it allows individuals to use their debit card or the facility of internet banking to conduct online trading in a hassle free manner. As soon as the transfer is done, the account reflects the credit and users can start trading immediately. Certain important factors like, using your debit card or using internet banking alone for transferring funds, and making a hefty payment to the broker when the funds keep increasing should be kept in mind about the payment gateway.
Adding in Funds via NEFT/RTGS/IMPS
The next best method for transferring funds is through NEFT, RTGS or even IMPS. NEFT or National Electronic Fund Transfer helps you transfer funds instantly to the trading account if you share the same bank as your broker. However, if the banks are different, an estimated period of 2-3 hours is required to make the transfer. The alternative method of Real Time Gross Settlement is also the same as NEFT; however, the one difference between the two is that RTGS is applicable on fund transfers above Rs 2 lakhs. On the other hand, IMPS is also quite similar, but the advantage with IMPS is that you do not have to follow the 10:00 am to 6:00 pm rule like that of NEFT or RTGS. You can make the transfers any time, and on NEFT holidays as well.
Transferring Funds via Check/DD to the Broker
Transferring funds can also be done by drawing a cheque in favour of the broker. But this method is used for offline trading alone. The process is a little longer as it takes 2-3 days for the account to reflect the credit. You also need to make sure that the cheque is signed properly and your account is funded as well. Following any of the aforementioned steps will help you transfer the funds to your trading account easily.
Process of transferring through Payment Gateway
One of the most common methods of transferring funds, offered by brokers is through payment gateway. All large banks offer this facility. Payment gateway is the most popular method as it allows individuals to use their debit card or the facility of internet banking to conduct online trading in a hassle free manner. As soon as the transfer is done, the account reflects the credit and users can start trading immediately. Certain important factors like, using your debit card or using internet banking alone for transferring funds, and making a hefty payment to the broker when the funds keep increasing should be kept in mind about the payment gateway.
Adding in Funds via NEFT/RTGS/IMPS
The next best method for transferring funds is through NEFT, RTGS or even IMPS. NEFT or National Electronic Fund Transfer helps you transfer funds instantly to the trading account if you share the same bank as your broker. However, if the banks are different, an estimated period of 2-3 hours is required to make the transfer. The alternative method of Real Time Gross Settlement is also the same as NEFT; however, the one difference between the two is that RTGS is applicable on fund transfers above Rs 2 lakhs. On the other hand, IMPS is also quite similar, but the advantage with IMPS is that you do not have to follow the 10:00 am to 6:00 pm rule like that of NEFT or RTGS. You can make the transfers any time, and on NEFT holidays as well.
Transferring Funds via Check/DD to the Broker
Transferring funds can also be done by drawing a cheque in favour of the broker. But this method is used for offline trading alone. The process is a little longer as it takes 2-3 days for the account to reflect the credit. You also need to make sure that the cheque is signed properly and your account is funded as well. Following any of the aforementioned steps will help you transfer the funds to your trading account easily.
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