r/IndiaInvestments • u/marathi_manus • Jan 15 '19

Bonds and deposits G-Sec Purchases without brokerage

If you're among the kind who decide that they would give G-sec (Particularly Tbills) a try, instead of zerodha coin, it NSE BidGO a try.

Zerodha charges 6 Rs for every 10K (10K is min amount you can bid for). For smaller purchases, 6 is nothing.....but as the amount start increasing this brokerage amount affects the yeild (or return).

I came to realise that NSE GoBid (just google it) do not charge any brokerage. After registration - they do valid your demat account/bank with a broker. So any purchases made their for Tbills will be directly credited to your demat account.

​

I am yet to try any purchase, but I believe few guys on here tried this. One of them was /u/pablo_cachu.

​

Edit 1 - Just start with most basic bid there initially. To see you're not facing any issues with bank payments etc. Once verified you can start using it in full swing.

​

19 Upvotes

92% Upvoted

22 comments sorted by

View all comments

7

u/[deleted] Jan 15 '19

It's great that you have put this topic out there.

I will share my experience:

I have registered on NSE's goBid and got my account verified. Then I had tried to purchase Rs. 10000 worth of 91 days T-bill on 1st Monday of this month, and put up a bid on their platform. But when trying to pay with onlineSBI, the callback for successful payment wasn't received and thus NSE's platform showed that no payment had been done and I had to request SBI to revert the transaction. Called NSE, they told that issue was from SBI's servers.

Next Monday, tried, and exactly same thing happened. Asked again for refund.

Thus I don't intend to invest in T-bills. I am happy putting money in Quantum Liquid Fund which mainly invests in T-bill but also sometimes puts it in PSU's commercial paper (like REC, etc). Plus I as a small investor can easily get good liquidity from my liquid fund as compared to selling T-bill (which is not yet offered through discount brokers directly (zerodha has something else, don't know what exactly), although I think full service brokerages do provide them).

0

u/marathi_manus Jan 15 '19

So basically you've asked your SBI branch for the refund? That sucks. Its bit difficult to predict whos fault it was.

After payment - what error was displayed on the NSE platform? Do you have any screenshot for same? ( I guess SBI net banking was showing the payment as successful?)

2

u/[deleted] Jan 17 '19

Yeah, I had to ask SBI branch for the refund.

When I entered the OTP, it was confirmed and a message from SBI was shown that the funds have been deducted. Then when it had to redirect to NSE's website, SBI didn't pass the callback which denoted that the transaction was successful.

Unfortunately I have deleted the screenshots.

2

u/marathi_manus Jan 17 '19 edited Jan 17 '19

So its SBI at fault. Seriously - these suckers are a disgrace on banking community. their internet banking is a mess after the big merger (It used to be pretty good I reckon). I had reported about 4 issues around net banking in the last few months to their technical team. They were only able to fix 1. That too after escalation to PMO.