Angel Broking Fund transfer process is one of the convenient aspects the full-service stockbroker provides to its clients. In this detailed review, we will talk about different modes of fund transfers offered by Angel Broking and the related procedures to these modes.
Angel Broking Fund Transfer Online
Whenever you open a trading account, before you place an order/trade, you need to fill-up your trading account with a requisite balance. Different brokers come with multiple plans depending on the initial deposit you transfer to your trading account.
Higher the amount you put in, lower is the brokerage you are offered in your trades.
It is like using a payment wallet which you use for travel, online shopping, food order, cab ride etc and before you use the product/service, you need to “recharge” the wallet. In other words, you need to add money to that particular wallet.
In almost exactly the same mode, before you place any trade, the trading account needs to have funds too.
As far as the trust factor is concerned, although not many brokers will tell you this – but you can transfer the funds back after 3 weeks or 21 days post your initial transfer (as per SEBI norms). And of course, this is applicable for Angel Broking as well.
Now, let’s understand how Angel broking fund transfer works and what are the different modes of transfers this full-service stockbroker allows to its clients. We will also see the corresponding timelines or any fees associated with each of these modes.
Angel Broking Fund Transfer Methods
Most of the modes offered in the digital-friendly space today are online in nature that is quick, hassle-free and cheap.
Angel Broking, however, offers a mix of offline and online modes since a major chunk of their business revenue comes through local sub-brokers and branches.
Here are the details:
This mode of transfer is one of the most commonly used methods where users can transfer funds from their respective bank accounts to their trading accounts instantaneously. Traders who are looking to make the most of a potential market opportunity can use this method for the fund’s transfer.
If you use this mode, as soon as the transaction is complete, your trading account will reflect the transferred amount and you can place your trades post that.
Most of the prominent banks such as ICICI, HDFC, Axis, Kotak etc offer their respective payment gateways but it depends on the partnership done by your broker.
In this Angel Broking fund transfer mode, you can either use your debit card or direct internet money transfer only.
There are a couple of concerns about this transfer method that you must be aware of:
There is a fee of ₹10 to ₹20 depending on the amount transferred that is levied in each transaction. Thus, it makes sense to transfer a lump sum amount rather than doing multiple transfers to save the transaction cost.
You cannot use your credit card in order to employ this funds transfer method.
Time Duration for Funds Transfer
₹10 to ₹20
Angel Broking Fund Transfer NEFT/RTGS/IMPS
All these three methods require you to add the bank account details of Angel Broking, get it verified in your bank portal and then use the method.
It is applicable to all these modes, be it NEFT (National Electronic Fund Transfer), RTGS (real-time gross settlement) or IMPS (Immediate Payment Service), all have their specific set of rules, pros and cons.
Angel Broking allows you to use either of these methods across 40+ prominent banks in India.
Let’s discuss these:
Once you have added and confirmed the bank account details of Angel Broking (the whole process may take anywhere between 1 to 3 hours), you need to enter the amount you wish to add to your trading account and confirm.
If your account is in the same bank as the account of Angel Broking, then the whole process may be relatively quick. Otherwise, it may take more time depending on your bank.
There are no charges associated with an NEFT transaction, however, time factor could be a concern.
You also have the option to use the NEFT cheque option in case you do not have access to the online banking facility. Although, this mode may take relatively more time than the online NEFT mechanism.
Most of the aspects under RTGS are similar to what happens in NEFT, however, an RTGS method can only be employed if your transfer amount is more than ₹2 Lakh.
Thus, investors and traders who are looking to transfer a heavy ticket amount can use this mode of fund transfer.
RTGS transaction is free in nature as well and may take a few hours for the transfer to complete.
NEFT & RTGS modes can only be used during the business hours of the banks i.e. 9 am to 6 pm and are non-functional outside those hours and during bank holidays.
IMPS differs in different ways as compared to RTGS and NEFT, however, the primary difference is the transfer speed.
Like payment gateway, IMPS mode of Angel Broking fund transfer requires you to pay transaction charges which although are low but may vary from one bank to another.
Furthermore, the IMPS fund transfer method can be used anytime, any day and the amount gets reflected on your trading account in an instant, thus offering you a 24 by 7 mode of fund transfer.
Overall here are the highlights of the above-discussed modes:
IMPS is instant while RTGS & NEFT take few hours for the transfer to complete.
All these 3 modes require you to add bank account details of Angel Broking.
IMPS is open 24 hours a day, 7 days a week while NEFT & RTGS are functional only during the business hours of a working day.
RTGS can only be employed if the transfer amount is more than ₹2 Lakh.
Time Duration for Funds Transfer
Varies with the Bank
Cheque and Demand Draft
In case you opened your account in an offline manner or through a local sub-broker or franchise of Angel Broking, you have the option to use the cheque or demand draft methods of fund transfer. This mode of Angel Broking fund transfer does not come with any cost and is completely free.
These methods have their hassles where you would be required to drop a cheque against Angel Broking’s account.
Another concern you should be aware of is that this method may take 2 to 3 business days for the funds to be reflected in your trading account since the cheque or demand draft would need to pass through a set of phases before it gets cleared.
You are advised to make sure that the cheque you are using is properly signed and the account has relevant amount of balance as well otherwise Angel Broking may charge some penalty as well in case the cheque bounces.
Here are some quick highlights of this mode of fund transfer:
Has its hassles in terms of physically dropping the cheque.
Takes 2-3 business days for the transfer to complete.
Cheque rejections may attract further delay and penalization charges.
Time Duration for Funds Transfer
2-3 Business Days
Angel Broking Fund Transfer Charges
Although, it has been detailed out above, here is a quick summary of the Angel Broking Fund transfer charges:
₹10 to ₹20
Varies with the bank
As shown in the table, if you are looking for quick processing of your payment, then you can choose to go ahead with IMPS or the payment gateways. However, those are chargeable methods.
Other modes such as NEFT or Cheque are relatively slower but are free.
Thus, you can decide accordingly.
Things to Remember
Before we wrap up this detailed review on Angel Broking fund transfer, here are a few quick points you must remember:
Always keep a screenshot of the fund transfer success page with the details such as From Bank account, To Bank account, transfer amount, transfer date etc so that there is no confusion later.
Keep a record of all these screenshots and ideally, keep all these screenshots in a local or cloud folder for future access. If you are using cheques or demand drafts, keep their receipts handy.
You may also choose to send that screenshot to Angel Broking Customer Care as soon as the transfer is complete so that there is a loop of communication built along.
Reconcile all your transfers at the end of each trading week with your trading account ledger of Angel Broking.
All of the above points are really simple to follow and can do wonders in cases of distress or fund mismatch.
With this, we hope that you were able to understand how Angel Broking fund transfer works and in case there are any doubts, feel free to mention those in the comments section below.
Furthermore, if you would like to get started with stock market trading, let us assist you in taking the next steps forward.
More on Angel Broking
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