hdfc sec vs. hdfc sky

HDFC Sec vs. HDFC SKY is what you need to understand to be able to choose between the two, and even if you have decided to choose any of these two, you will still need good clarity on the same. In this article, I will walk you through some essential differences between the two.

Summary:

  • A Demat account holds the financial securities bought in the stock market until they are sold.
  •  A Demat account is combined with a Trading account and a Savings Account.
  •  To use a Demat Account, you need to have experience in technical analysis.
  •  A Savings account is used for savings with no additional experience and can be used for RD and FD.

HDFC Sec vs. HDFC SKY: Overview

HDFC Sec is a subsidiary of HDFC Bank, which has been there since 2000 and is a reliable trading and investment platform. The platform comes with a three-in-one account model and allows you to trade and invest in Stocks, Mutual Funds, Futures and Options, Currency, and Commodity. HDFC Sec is considered one of India's most expensive trading and investment platforms.

hdfc sec vs. hdfc sky

HDFC SKY, on the other hand, is a recent application based on a discount broking model. The platform has slightly more to offer compared to HDFC SKY in terms of products. You can trade and invest in Equity, Mutual Funds, ETF, US Stocks, Futures and Options, Currency, and Commodity on the HDFC SKY platform.s

hdfc sec vs. hdfc sky

HDFC Sec vs. HDFC SKY: Interface

If we compare the two platforms, HDFC SKY offers a slightly better interface than HDFC Sec. One issue I faced in my initial days of using HDFC Sec was that it would automatically get me logged out after some minutes of inactivity. Besides, the web interface was cluttered with too many tabs. However, HDFC SKY's interface is clean and easy to use. Everything is balanced out well, which makes it quite self-explanatory for users.

HDFC Sec vs. HDFC SKY: Charges

The main difference between the two platforms is in terms of charges. HDFC Sec is one of those trading and investment platforms with high charges. It starts right from the account opening charges, which is ₹999. Besides, the platform charges ₹750 for Demat account annual maintenance.

Here is the brokerage structure of HDFC Sec:

  • Delivery-based trades: 0.50% or min Rs.25/- or ceiling of 2.5% on transaction value (Both Buy & Sell)
  • Derivatives Futures (Carry-Forward): 0.05% or min Rs.25/- or ceiling of 2.5% of the transaction value (Both Buy & Sell)
  • Derivative Futures (Square-off): 0.025% or min Rs.25/- or ceiling of 2.5% of the transaction value (Both Buy & Sell)
  • Options: Higher of 1% of the premium amount or Rs.100 per lot (Both Buy & Sell)

HDFC SKY is based on the discount broking model; hence, the charges are comparatively lower than HDFC Sec. The platform doesn't charge any fee for account opening. Besides, it doesn't charge AMC for the first year. However, the platform charges an AMC of ₹240 from the second year onward.

When it comes to brokerage charges, HDFC SKY has lower brokerage charges than HDFC Sec. Here are the brokerage charges:

  • Equity Delivery & Intraday: ₹20 or 0.1% (Whichever is Lower).
  • US Stocks: 5 cents per Share.
  • All Segment Futures Intraday and Carry Forward: ₹20 or 0.1% (Whichever is Lower).
  • All Segment Options Intraday and Carry Forward: ₹20 per order.

HDFC SKY keeps its pricing exceptionally transparent and straightforward, while HDFC Sec has more of a complicated pricing model. When I opened my first demat account with HDFC Sec, I found the pricing quite confusing. Interestingly, platforms like HDFC Sec are not very relevant these days because of their high pricing and the proliferation of discount brokers. People now have a lot to choose from, and that's why HDFC SKY was launched.

HDFC Sec vs. HDFC SKY: Trading Applications

Trading Application is another crucial aspect when choosing an online broker. At times, when I started trading on HDFC Sec, it had its basic in-built charting tool. HDFC Sec now has a ChartIQ charting tool, which you can only access on the mobile app. For the web version, you can either continue with the basic charting tool or pay an additonal fee for the Pro Terminal. Hence, it's sad how HDFC Sec deprives its users of the basic features even after charging heavy account opening charges, and AMC. I never experienced any lagging while placing orders on HDFC Sec, even though I wasn't too comfortable with the interface and there was just too much information for me.

hdfc sec vs. hdfc sky

I have also used the HDFC Sec mobile app, and as per my observation, the app was sluggish. That's the reason that I had to stop using the app and continue with the web version.

HDFC SKY, on the other hand, has been developed keeping the current industry standards in mind, and hence, it has an intuitive interface. The application comes with Tradingview charts and a fast interface. There is hardly any chance for you to get stuck anywhere on the HDFC SKY interface.

hdfc sec vs. hdfc sky

HDFC SKY has applications for Android and iOS platforms. The app is equally usable as the web version and comes with a clean interface. Besides, it has enhanced security with 2fa authentication. Charts load fast, and order execution is quick as well.

HDFC Sec vs. HDFC SKY: Support

HDFC Sec is one of those brokers that offer excellent support, and I can say this based on my past experiences of using the platform. The HDFC Sec live chat has always been super responsive, and you can contact it without leaving your chart. Phone support is also reliable. Besides, the platform offers email support and has good documentation.

HDFC SKY, on the other hand, has limited Support channels with just tickets and FAQs. However, I am hopeful that the platform will consider adding more support channels as time goes by.

HDFC Sec vs. HDFC SKY: Pros & Cons

HDFC Sec Pros:

  • Excellent reliability
  • Wide range of financial products
  • ChartIQ charting tool
  • Excellent customer support
  • Multiple order types

HDFC Sec Cons:

  • High account opening charges and AMC
  • Brokerage charges are comparatively higher than other brokers
  • The interface is cluttered

HDFC SKY Pros:

  • ₹0 account opening charges
  • No AMC for the first year
  • Lower brokerage charges
  • Highly usable applications over web and mobile platforms
  • Tradingview and ChartIQ charting tools
  • Wide range of financial products
  • Multiple order types

HDFC SKY Cons

  • Limited customer support

You may also like to read: HDFC SKY App Review.

Conclusion

I have explained the crucial HDFC Sec vs. HDFC SKY points to give you the essential clarity. As you have read in the post, HDFC SKY has many advantages over HDFC Sec. The platform is a lot more affordable than HDFC Sec. Besides, it has also put a lot of emphasis on keeping its interface intuitive and highly usable. However, the platform still needs to improve its customer support since, at the moment, it seems basic and limited. Overall, HDFC SKY looks a lot better and promising than HDFC Sec.

HDFC Sec vs. HDFC SKY: FAQs

What are HDFC Sec and HDFC SKY?

HDFC Sec is a trading and investment platform and a subsidiary of HDFC Bank, established in 2000. HDFC SKY is a newer application based on the discount broking model that offers trading and investment services.

How do the interfaces of HDFC Sec and HDFC SKY differ?

HDFC SKY offers a cleaner and more user-friendly interface compared to HDFC Sec. HDFC Sec's web interface can be cluttered and sometimes logs users out after periods of inactivity.

What are the key differences in charges between HDFC Sec and HDFC SKY?

HDFC Sec has higher charges, including account opening fees and annual maintenance charges for Demat accounts. HDFC SKY, as a discount broker, offers lower fees with no account opening charges and lower brokerage rates.

What products can I trade and invest in on HDFC Sec and HDFC SKY?

Both platforms allow you to trade and invest in a range of financial products, including stocks, mutual funds, futures and options, currency, and commodities. However, HDFC SKY also offers trading in US stocks and ETFs.

How do the trading applications of HDFC Sec and HDFC SKY compare?

HDFC SKY offers a more intuitive and fast interface with Tradingview charts. HDFC Sec has its tools but may not be as user-friendly, and its mobile app can be sluggish.

What are the customer support options available on HDFC Sec and HDFC SKY?

HDFC Sec offers live chat, phone support, email support, and extensive documentation. HDFC SKY currently has limited support channels, primarily relying on tickets and FAQs.

What are the pros of using HDFC Sec?

HDFC Sec's pros include reliability, a wide range of financial products, the ChartIQ charting tool, excellent customer support, and multiple order types.

What are the cons of using HDFC Sec?

The cons of HDFC Sec include high account opening charges and annual maintenance fees, comparatively higher brokerage charges, and a cluttered interface.

What are the pros of using HDFC SKY?

HDFC SKY's pros include zero account opening charges, no AMC for the first year, lower brokerage charges, highly usable web and mobile applications, Tradingview and ChartIQ charting tools, a wide range of financial products, and multiple order types.

What are the cons of using HDFC SKY?

The primary con of HDFC SKY is its limited customer support options, which currently consist of tickets and FAQs.

The primary con of HDFC SKY is its limited customer support options, which currently consist of tickets and FAQs.

One Comment

  1. Tanu aggarwal says:

    💼 When choosing between HDFC Sec and HDFC SKY, it’s crucial to understand the key differences. HDFC Sec is a subsidiary of HDFC Bank, offering a reliable trading and investment platform with a three-in-one account model, catering to various financial instruments. It’s known for being one of India’s more expensive platforms. On the other hand, HDFC SKY is a newer discount broking application that offers a wider range of products, including Equity, Mutual Funds, ETFs, US Stocks, Futures and Options, Currency, and Commodity trading. The choice depends on your preferences and investment goals. 🏦📈 #HDFCSec #HDFCSKY #InvestmentPlatforms

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