I am looking to open an account with one broker who is asking for a Debit/NACH Mandate of Rs. 5 lakhs. It basically means they can debit my bank account for upto Rs. 5 lakhs any time. I asked their RM reason for this and he said its so that the amount can be credited back to account after quarterly settlement. Found it strange since have not heard any other broker asking for such a mandate. Looking for some feedback on this. Does any other broker ask for such a mandate? Is there anything fishy here?
Thanks.
Thanks.