Comment on Account Opening Documentation & Charges

Mahendra commented on 07 Apr 2015, 02:28 AM

Hello Nithin,

I have a query regarding the “Electronic Clearing Service (Debit Clearing) Form” that is a part of the Application Kit which was sent to me.

At the bottom of the page, just before the client signature column, a sentence states as follows: “I hereby instruct you to debit my account on 25th day of every billing month.”

Could you please clarify as to what exactly does the above stated sentence mean? What would be the need to debit my account every month when i would already have balance in my trading account? Or, is it something else? Please clarify this. I need to sign the application and send it back to your office, once i get the clarity. Thanks in Advance.

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