HDFC Securities launches its 1st discount broking app (HDFC Sky) for traders and investors.
On 25th September, HDFC Securities launched a discount broking app – HDFC SKY open to support all the investors and traders to work and invest effortlessly the stock markets and achieve their financial goals.
HDFC SKY has a flat slab rate of ₹20 for both intraday and delivery for Equity, F&O, Currency and Commodity segments and interest of 12% on the margin trading facility. The account opening is free coupled with zero maintenance charges for the first year.
Earlier HDFC Securities was accessible only for HDFC Bank customers however with this app, the company seems to be targeting to a sizable market share of traders and investors which is currently served by other major players like Zerodha, Groww and Upstox in India.
The app will provide access to a varied range of investment and trading offerings, including Indian and US stocks, ETFs, mutual funds, futures and options, currencies, commodities, IPOs, and global equities on a single Fintech platform.
HDFC Securities claimed the app will ensure that customers benefit from simple and transparent fee structures, making it easier to understand the cost associated with the transactions.
“The main purpose of the platform is to simplify the complex world of investing, especially when investors face countless options available in the market. The all-in-one app with a user-friendly interface will help investors and traders break free from all the confusion related to their investments,” HDFC Securities said in a statement.
With this development, it would be interesting to see how HDFC Sky gains its market share defeating other major discount broking apps. As per the current estimates, only 3% of the households invest actively in the stock market. Accordingly, its not a surprise that the big players like HDFC would like to tap this opportunity to grow in market.
HDFC SKY | Investing just got an upgrade!
What is discount broker?
A discount broker is a stockbroker who carries out buy and sell orders at reduced commission rates compared to a full-service broker. However, a discount broker does not provide investment advice or perform analysis on a client’s behalf, unlike a full service broker.
Discount brokers carry out orders at minimal costs, however they typically just execute the orders for their clients and do not offer any personal consultations, advice, research, tax planning to their customers. The lack of these services allow discount brokerage firms to offer services at minimal rates. Additionally, discount brokers typically operate their businesses online where the costs are comparatively low.
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