TheScientist
TF Buzz
Not possible through bank also is what my RM told. You need to transfer those stocks again to other broker and sell it from there.
They have plan to come up with demat portal for trading but no ETA is what the RM told
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Got the hsbc premier credit card
- Thread starter brahmin_baniya
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They have plan to come up with demat portal for trading but no ETA is what the RM told
Interesting.... So suppose I hold Mutual funds worth more than 40 Lacs in market value which I don't plan to sell anytime soon, can I transfer them to HSBC's DEMAT and get Premier status?
I understand if at any quarter, the holdings drop below 40L, my premier status will be lost, but assuming that doesn't happen, can that be done?
I ca;lled customer care to ask them and they are unaware of anything related to DEMAT. Asked to Visit branch which is quite far.
make sure the quarter before the card renewal has 40L TRV to get the fee waived off. It doesn't matter for other quarters.
TheScientist
TF Buzz
Yes customer care are not aware of demat process. Best is to visit branch and connect with some RM
brahmin_baniya
TF Select
I
Even if doesn't,i have 3 rms lol and they know me personally by my name and eyerthing,the customer service is next level ,any reasonable issue you have is sorted out max within a week. Although i live in delhi and there are 3 branches in close proximity to me but i feel if it still doesn't sell i can contact my rms and they would send a form or whatever and get it done.
I see a option to sell in the app itself,although i have not tried it yet but i am pretty sure it would work.
Even if doesn't,i have 3 rms lol and they know me personally by my name and eyerthing,the customer service is next level ,any reasonable issue you have is sorted out max within a week. Although i live in delhi and there are 3 branches in close proximity to me but i feel if it still doesn't sell i can contact my rms and they would send a form or whatever and get it done.
TheScientist
TF Buzz
I
Is this for stocks or regular mutual find in HSBC ?
I believe it's for regular mutual funds. we cannot buy stocks from the HSBC wealth account.
I have opened the premier account by simply transferring demat shares worth 40L in HSBC Demat account. It is to be noted that HSBC doesn’t have selling or buying rights for individual stocks in India, but can sell Mutual Funds. So in case you park shares in HSBC. Do note that you can’t sell them. You will need to transfer them to another company’s demat account and then sell. So if you have some long term Bluechip shares, you can use this method instead of MFs.
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Do they provide demat through CDSL?
I have equity in CDSL and transferring from CDSL to NSDL will be a pain.
They provide through NSDL
How quick was this entire process. I have been considering going this route especially now given they have launched their Premier 3.0 offer.
I tried checking with CC and even the bank, both of them were clueless about the demat route and kept asking me to park 40L in FDs.
Also curious what made you go for HSBC vs Axis M4B or Infinia ?
Kabir_1112
TF Premier
Anyone holding the premier card and received any limit enhancement??
I got it
Kabir_1112
TF Premier
When and how? Did you apply or was it auto LE?
It was auto LE, a substantial one more than 100% enhancement
I heard that HSBC Credit cards are given only to salaried employees and not to self employed professionals or businessmen
is this true?
Kabir_1112
TF Premier
In the past it was true. Hsbc cards were given only to salaried employee and not to self employed
It’s true to a certain extent. Premier card can be given to anyone who maintains the Premier criteria. So I’m a professional but since I parked my shares, I got eligible for the Premier card. Regarding the lower tier cards like Travel One, salaried people are preferred. But there are some undisclosed criterias for professional for which you need to contact a local branch.
Account opening takes around an hour in the branch. The main time taken will be in transferring your shares since it’s a manual process where you will need to fill out a manual form with your broker. So I’ll say anywhere between 1-3 weeks depending on how aggressive you are.
Change the branch if they are clueless.
I am already holding Infinia and M4B.
The reason for HSBC are two:
1) 1 lac of spend on alll categories gives points. So I have some rent to pay.
2) Diversification.
So
(Don't include non spend benefits because we get all that with Infinia, Magnus Burgundy and Emerald private metal)
2) Also after holding all the best cards Infinia, Magnus burgundy, Emerald private metal, Atlas, SBI cashback, AU Lit, Airtel, Amex plat travel, etc; do I really need this?
1) So how did you recover the joining fee and make it highly profitable?
(Don't include non spend benefits because we get all that with Infinia, Magnus Burgundy and Emerald private metal)
2) Also after holding all the best cards Infinia, Magnus burgundy, Emerald private metal, Atlas, SBI cashback, AU Lit, Airtel, Amex plat travel, etc; do I really need this?
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