Debit Authority Letter Hdfc Bank: Fill & Download for Free

Useless bankSite doesn’t work at timesI call up their call center to understand how to configure HDFC ‘international visa debit card’ and the call never reaches a call center employee. I repeatedly try their call center and tried all IVR number options and none of them work. There is absolutely no way you can reach a customer service executiveI configured their ‘international visa debit card’ (there are some on-line settings for enabling it blah blah.) Then I use it at an international location and the card fails.After coming back to India I go to their branch and enquire about it and all their staff are clueless. I do not know what to do.Bank functions from 10 to 4. What a joke?!! 6 hours and does not work on alternate weekends.I need a statement from the bank that my FDs can be liquidated at any time. This is for submission to a US university which has this requirement for issuing an i20. I get a similar letter typed and given to me by their competitor bank, but this bank apparently only deals with ‘Board Approved’ pre-printed formats. I show them the letter from their competitor bank and the branch manager shows some attitude that this is how their bank works. I give him some piece of my mind and I leave with the idea firmly fixed in my mind to never get back to this bank again.The entire world is trying to empower lower level staff to ensure better customer service and HDFC is going back in time. Even their branch manager does not have the authority to issue a simple letter - So regressive.

Let us see, what distinguishes one bank from another?size —- number of branches, visibility and presence (domestic and abroad)capital — domestic/foreignbusiness processes & reportingfinancial soundnessmanagement controlcompliance with country’s law/regulatory authorities (domestic and abroad)service to customers (domestic and abroad), and so on;Personally I feel that the size, capital structure matter little when it comes to choosing a bank; Important being business vision and mission of the organization, that defines the ideology or raison d’etre for its creation; secondly the people who are managing the affairs of the organization — their honesty and credibility is very important because it helps in assessing the reliability of the organization; honest people have the interest of well being of the people who rely on their judgment; they operate within the framework of the legal system of the region they operate in; but basic requirement , is the desire to serve the people/clientele to their satisfaction and the business processes evolved to achieve that goal;Since the banks operate under the same laws and regulations, the distinguishing factor is the compliance of the same; but the clinching factor is the ‘ability to serve the customer, without giving any room for dissatisfaction’;this is a far stretched requirement, because human nature plays a dominating role in deciding the satisfaction factor and since means to assess the success or failure are vague, we cannot decide with conviction that A bank is good or otherwise in comparison with the other banks;For better customer service, the staff of the bank must be well trained in the business processes and business rules of the bank;In view of the extensive computerisation of the processes of banks, the staff are not so well informed as the generation in the era prior to 1990’s; this causes many heart burns in dealing with the customers; Many unpleasant situations occurred because of this ‘lack of knowledge of business rules’;I would like to narrate one of such incidents, which happened to me, as a customer of high profile bank;In the early 2010s banks had called for documents as part of KYC drive; I had prepared a dossier and went to a branch of this bank; the staff behind the counter had no idea, what to do; I had explained to them the notifications issued by RBI etc; with a blank face, the staff approached the staff sitting in the next seat, who as much literate as the first; finally I was sent back saying that they have not received any instructions to collect such documents; Well I returned, not knowing what to say; after a few years, I went back to the same branch with a request to operate the account; to my chagrin I was told that the account is in a frozen status, for non-submission of KYC documents and to activate the same, I need to submit documents as their KYC requirement; They gave me a list of documents which I have to submit; coincidentally the same documents that I submitted are being called for again; fine, after a few days, I went to the branch along with my wife, and the required documents to revive my savings bank account; the staff went through the documents, made copies of the same, and then on scrutiny it came to light that, the name of my wife is different in their system, as from the documents I provided; the difference being, in the documents (voter id, aadhaar card, etc and unfortunately her passport had her maiden name) instead of expanding my name, she had mentioned as an initial — the first letter of my name, in the documents while the bank records showed stated my name in full along side her name; this created a major confusion among the staff — and the activation was denied; I showed multiple records including the ration card, which had our pictures and the name in full; but the staff refused to budge; should I call it as their ignorance or stupidity to understand the situation in proper perspective? this is where the experience of the staff of past ear speaks out; When I was at the other side of the counters, I had to deal with such situations; in case of variance, I would prepare a note on the back of the application and get the approval of my senior — who would decide on such situations on a case-to-case base; my bank’s staff had very little experience and were scared to deal the situation practically; out of sheer frustration at having to deal with such dumbos, I said close the account and remit the proceeds to another account with the same bank; the request was heeded to immediately and within a few days the amount got credited to my other account; the beauty is that, while closing the account the staff had failed to comply with many requirements that are normally adhered to ; one of them being, all the services connected to the sb account also need to be withdrawn as a precautionary— such as cheque books, credit cards, debit cards —- nothing have been demanded; well it was not my turn to educate them on banking, so kept quiet; to calm my conscience, I destroyed them myself, so that nothing untoward situation arises out of my inaction;so the point I am trying to drive here is that, computerisation has put all the banks on the same platform, when it comes to ‘serving the customers’;thus, hdfc bank or the other bank is no way different from other banks —- in fact they can’t be, because of poor knowledge of business rules, and inability to apply their mind in completing the tasks;pl read: http://shodhganga.inflibnet.ac.in/bitstream/10603/6893/9/09_chapter%206.pdf

Dear fellow NRI Investor/Trader,Don’t know about Asset management companies but in Zerodha you can start invest in mutual funds with this processOpen an NRE/NRO savings bank account in IndiaNRE Account?Non-resident External Account (NRE) is a bank account where both the principal and the interest earned can be repatriated. You can transfer dollars from your foreign bank account which gets converted to rupees when it hits your NRE account. Funds kept in the NRE account can be converted back into dollars and can be transferred back to your foreign account along with the interest earned. This ability of an asset to be moved from a foreign country to the investor’s home country is called repatriability.NRO Account?Non-resident Ordinary Account (NRO) is a bank account where principal and interest only upto $1million per year can be repatriated.Check this link to know more.Get an RBI approval to start investing on the stock exchanges (PIS)You need to get a PIS (Portfolio Investment Scheme) permission letter from RBI (Reserve Bank of India) before you can open a trading or demat account with a brokerage in India.How to get the PIS letter?The bank where you opened the NRE/NRO account will take care of this. Make sure to submit all the requisite documents.Open a Trading and Demat accountYou can now open a trading and demat account with a brokerage firm (like Zerodha). Along with all the other documents, you have to also give a copy of the PIS letter that the bank would have given you. Here is the application form to open a Zerodha Trading & Demat Account.Note that you can open both NRE and NRO bank account simultaneously with a bank. In this case, you have to specify which one of these two you want to be mapped to your trading account. You can map only one of these accounts to your trading ACCOUNT.BY mapping your NRE account, you can only trade in the Equity segment whereas through an NRO account, you could trade in both Equity & Derivative segment. If you wish to map both these accounts for the sake of Equity trading, you’ll have to obtain 2 client codes from your brokerage firm.Documents required to open a trading and demat accountCopy of PIS permission letterCopy of FEMA declaration for Zerodha and FEMA declaration for Zerodha SecuritiesCopy of PAN cardOverseas address proof – Copy of Driving License/Foreign Passport/Utility Bills/Bank Statement (not more than 2 months)/Notarized copy of rent agreement/Leave & License agreement/ Sale DeedIndian address proof, if anyPassport size photographIn case of an Indian Passport: Copy of valid passport with place of birth as India, Copy of Valid VisaIn case of Foreign Passport: Copy of Valid passport, Copy of PIO/OCI card.Proof of Bank account (a cancelled cheque leaf of your NRE or NRO savings bank account)Note: Copy of PAN card, Passport and Foreign address proof to be notarized by Indian Embassy or any other competent authority like Consulate General / Notary Public / Any Court / Magistrate / Judge / Local Banker in the country where the NRI resides. The attesting authority should affix a “verified with original” stamp, name, designation, signature and date on the said documentsDeclaration of P.O. Box in your residing countryFATCA Declaration FormTrading ProcessAllocate funds from your NRE/NRO bank account to your PIS.The bank now informs the brokerage firm on how much funds you have allocated. This is then updated on your trading account.When you make a stock purchase, the brokerage firm sends the buy contract note at the end of the day to the bank. The bank in turn debits your PIS account to that extent and credits the brokerage firm.Similarly when you sell some stocks from your demat, the brokerage firm sends a sell contract note at the end of the day to the bank and also credits your PIS bank account with the proceeds from the sale.Note that two separate contract notes are sent for all your buy transactions and sell transactions at the end of every day. The net amount credited/debited to your PIS will be including all charges that appear on the contract note.TaxationFinancial year ending in India: March 31stLast date for filing IT returns: July 31stLong term capital gains: Zero or exempt. Any gain made on stocks held for more than 1 year is exempt from any taxes.Short term capital gains: 15% on any gain made on stocks sold before 1 year.Trading income from F&O: Considered as business income, and taxed according to the Income tax (IT) slabs in India.Trading on Futures and Options?Yes you can trade in F&O segment of the exchange out of the rupee funds held in India on a non-repatriate basis. It is a little complex to get started as trading on F&O requires a NRI to get a Custodial Participant (CP) code. We at Zerodha have tied up with IL&FS for custodial business, and hence this CP code is assigned by IL&FS. Once you have the CP code, all the funds for trading F&O will sit with the custodian, similar to how all your funds for trading stocks sit with your bank. A typical starting portfolio size for a custodial account is Rs 50lacs.Other things to keep in mindStock holding of an NRI can’t exceed 10% in any Indian listed company.NRI can trade only delivery based. No intraday trading on equity/stocks allowed.NRI can trade only equity and equity F&O. No currency or commodity trading allowed.NRI at ZerodhaCurrently we are servicing only such clients who have their PIS account with Axis, HDFC or Yes bank. We are in the process of tying up with more banks.As you can see that there is an incremental effort involved in servicing NRI clients as compared to a resident client, the brokerage is Rs.200/executed order for Equity (0.1% or Rs 200 whichever is lower) & Equity F&O is charged at Rs.100 per order.Update (11th January 2018)We have some good news for investors whose residential status has changed from being a resident to a non resident. Recent changes in depository regulations have now made it possible for one to convert an existing demat from residential status to NRI status without the need of closing the demat account. Here’s the procedure listed out to convert your existing resident account to a non resident account.P.S: There have been no changes made by the Exchanges, in this regards you cannot continue to retain the resident trading ccount. The resident trading account will have to be closed and a new non resident trading account will have to be opened.Documents required to convert the existing resident trading and demat account to NRI Account:Account Modification Form – To update the Bank details and Overseas address in the CDSL.Copy of FEMA declarationFATCA Declaration FormTrading Closure Form for closing the resident trading account.New Trading Application Form.Notarized copies of self- attested PAN card, Indian Address Proof, Foreign address proof.Copy of passport: In case of an Indian Passport: Notarised Copy of valid passport*with place of birth as India, Copy of Valid Visa; In case of Foreign Passport: Notarised Copy of Valid passport*, Copy of PIO/OCI card.Proof of Bank account ( a cancelled cheque leaf of your NRO savings bank account).( Either Axis, Yes or HDFC BankCopy of PIS account / NRO-Investment account letter to map to the trading account(Axis, Yes or HDFC Bank)For more help, email [email protected] the best for trading