- Who can avail this product?
Answer - All customers of Bank of India having Savings/Current/OD account in Bank of India branches and DP Account with BOI NSDL/CDSL DPO can avail this product.
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If there is no DEMAT Account. How to open a DEMAT Account?
DEMAT Account can be opened in BOI NSDL DPO or BOI CDSL DPO through any of the Bank of India Branches. Account Opening Forms (AOF) and other required documents may be submitted to BOI Branch for onward submission.
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Is Bank of India themselves a Broker?
Answer - No. Bank of India has tie up arrangement with the following brokers for Online Share Trading
- M/s Asit C. Mehta Investment Interrmediates Limited (ACMIIL)
- M/s Ajcon Global Services Limited (AGSL)
- M/s GEPL Capital Private Limited (GEPLC )
- Karvy Stock Broking Limited (KSBL)
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What other formalities do I need to fulfill for availing this product?
Answer - You need to fill client account opening form (known as “Registration Kit”) available at all Bank of India Branches and the representatives of the Brokers. If the forms are not available in any of the branch, you may contact any of the above Brokers. Contact details of the Brokers are available in Online Share Trading section of our website
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Where do I submit the Registration Kit after completion?
Answer - You may submit the Registration Kit , duly signed and the supporting documents etc. to your Bank of India branch or hand it over to broker’s representatives/executive. For any assistance for online trading account or DEMAT Account, you may contact the Tie-up Brokers.
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What will happen to the “Registration kit” after my submission?
Answer - Your Bank of India branch officers will attest your bank and Demat account number in Registration Kit and handover the same to the brokers representative. If Demat Account has not been opened Account Opening Forms (AOF) of Demat Account may also be handed over to the representattive of the Broker.
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Will I get any information related to activation of account from Broker?
Answer - Along with account opening intimation you will be given a “welcome kit” which will explain how to activate your account.
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How many days will be required for opening an Online trading account?
Answer - It will take about five working days to activate the online trading account, after submission of all documents.
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How do I get my trading account opening details?
Answer - You will be getting User Id & Password through email followed by a welcome kit through courier. Simultaneously an SMS is sent to your registered mobile number.
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In which exchange can I transact?
Answer - You can transact in both BSE as well as NSE cash segment depending on your choice. Derivatives will be available shortly.
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Can I trade both in cash as well as derivatives?
Answer - As of now, you will be allowed to transact only in cash segment.
Depository
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Can I have my DP account with any other DP participant?
Answer - No. You should have your DP account only with Bank of Indias NSDL or CDSL DPO.
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What will be the demat charges for online trading?
Answer - As your existing demat account with Bank of India will continue, whatever demat charges you are paying to Bank of India will remain same. For DEMAT charges please refer to our DEMAT section.
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Can I link 2 or 3 DEMAT account with a single online trading account?
Answer - No. You can transfer share from any other demat account to the linked demat account.
Trade
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How do I place order?
Answer - You can place Buy or Sell order through Internet or over phone. You can access Bank of India site, under online services click on online share trading and proceed with your respective broker. Alternatively you can directly place order by accessing the website of the brokers with whom you have opened your trading account.
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Can I trade directly from broker’s website?
Answer - Yes. You can trade from both the Bank of India and your broker’s website with whom you have opened your trading account or over phone by contacting the brokers.
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Can I do same day square off?
Answer - Yes.
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Can I link my other bank account for trading purpose?
Answer - No. Your bank account should be with any Bank of India branches, including rural branches.
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Can I pay at the end of the day after purchasing the share?
Answer - No. Fund should be there in your account before placing an order.
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Can I get the real time quote or it will be 10/15 minutes delayed?
Answer - You can get real time quote.
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How much margin I have to deposit with broker?
Answer - You need not give any margin to your broker. In fact you can transact with NIL margin with the broker.
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What would be the cut off time?
Answer - The cut off timing will be 2:45 P.M onwards or as determined by broker. In case of any change in market closure timing, this process timing will be suitably adjusted and informed to you through our online trading system.
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How many times exposure I will get for intra-day trading?
Answer - You can trade on leverage based as per var margin.
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Can I use my fund blocked for intra-day facility after 3.30 p.m.?
Answer - Yes, if orders are not executed you can use your released funds after 7:30 P.M. If you cancel your pending orders before market closed, you can use your funds after market closed.
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If I place an intra – dayorder, can I convert as delivery order after sometime?
Answer - Yes, you can convert the trading order in your delivery if you are having sufficient cash.
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What is the purpose of giving POA to Bank of India?
Answer - The purpose of giving POA to Bank of India will be for blocking of funds/shares from your bank/demat account for orders/trades placed by you. Additionally it will also assist Bank of India to make payin to Broker for your funds/shares obligations towards market.
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What will happen when I place sell order?
Answer - When you place sell order, your broker will send a message electronically to block shares from your DP account. If you have sufficient quantity of shares in your DP account, then the order will be processed further and sent to the exchange.
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When will the block be removed?
Answer - Block can be removed on following cases
- Cancellation of unexecuted orders
- Modification to the lower side of unexecuted order
- Non execution of orders during the day
In instance of 1 and 2, the block will be released immediately on your request. In case of instance 3, the same will happen before opening of next working day.
Technology
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How secured is your site?
Answer - It has a 128 bit encryption website. Unless and until you do not share your Id and password, it is well secured.
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How fast the order will execute?
Answer - The order will execute like any other online trading site.
Post Trades
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When do I pay for my Purchase?
Answer - When you place order, the order value will be blocked. Once your order gets converted into a trade, you will be required to pay. At the end of day, blocks in your account will be removed and funds to the extent of your actual trade inclusive of brokerage and other charges will be debited to your account.
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When will I get funds on my sale?
Answer - You will get funds on T+2 day (T stands for day of trading) or the payout date as informed by exchanges (if it is different from T+2 day) by way of direct credit in your bank account.
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Do I need to give/receive cheques for my purchase?
Answer - You need not give/receive cheques. Based on your POA your account with Bank of India will be directly debited / credited.
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When will I get shares on my purchase?
Answer - You will get shares in your DP account with Bank of India on T+3 day if the same is received from the exchange on payout. In case of short deliveries, you will get the same on auction payout which will be approximately on T+6.
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Do I need to give Delivery Instruction Slip (DIS) against my sale?
Answer - No. DIS is not required if you have a online trading account.
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Where and how will I get my transaction details?
Answer - The tie up brokers have got their online trading platform for internet based trading. The client can view their transaction details by accessing the online portal. Customers will also get invoice from the brokers for each of the transactions. On request, the representative/executive from brokers will approach and give the demo for internet based trading and explain all the queries regarding the same.
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Can I do short sell selling?
Answer - No, you cannot do short selling as there is Validation of intraday buy position, Validation of previous yet-to-be-settled buy position, Validation with Demat account
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Can I view my stocks & limits online?
Answer -You may view stocks position by using internet banking facility. However you can avail easi from CDSL and IDeAS from NSDL in order to view stocks online. One time registration is required to be done online and a hard copy of the same is to be sent to BOI DP for onward submission to the depository.
General
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Can I get the research reports and recommendations?
Answer - Yes. You can get fundamental research reports on the broker’s website as well as some of the recommendations are also available on Bank of India website under online share trading section. These recommendations are provided by Brokers for which Bank of India will not be held responsible for any discrepancy in the reports.
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Whom do I contact in case of difficulty?