In May 2014 ,I have sold 15 shares of Indusind Bank@556. After deducting Brokerage Charge & other taxes ( In total Rs.57/-) , my account is credited by Rs.8397/-.
Now to my surprise , I saw HDFC Bank has deducted another Rs.25/- as depository charges. When I contacted them they wrote back that "When you sell securities through your broker (HDFC Securities Ltd.) the securities will get transferred from your Demat account to your broker's account. The transfer-out from your Demat account constitutes a debit transaction for which transaction charges are levied by the DP (HDFC Bank Ltd.) in accordance with the tariff agreed between you and the DP."
Can they do that? Can they deduct extra money other than brokerage charges ?
Now to my surprise , I saw HDFC Bank has deducted another Rs.25/- as depository charges. When I contacted them they wrote back that "When you sell securities through your broker (HDFC Securities Ltd.) the securities will get transferred from your Demat account to your broker's account. The transfer-out from your Demat account constitutes a debit transaction for which transaction charges are levied by the DP (HDFC Bank Ltd.) in accordance with the tariff agreed between you and the DP."
Can they do that? Can they deduct extra money other than brokerage charges ?