hdfc sky app review

If you are reading this HDFC SKY App Review, you are looking for clarity on HDFC SKY. HDFC Securities Limited, a subsidiary of HDFC Bank, has recently launched its discount broking investment and trading app called HDFC SKY. In this post, I will walk you through all the essential aspects of HDFC SKY.

What is HDFC SKY?

hdfcsky app review

HDFC SKY is a trading and investment app based on the discount broking model launched by HDFC Securities. HDFC SKY allows you to trade and invest in a wide range of financial products, including Equity, Mutual Funds, ETF, US Stocks, Futures and Options, Currency, and Commodity.

hdfc sky app review

I see it as more of an initiative by HDFC Securities to fit in the discount broking environment. HDFC Securities has always been known as one of the most expensive online brokers, with high account opening charges, high AMC, and high brokerage charges.

I had my first demat account opened with HDFC Securities. However, I had to switch to Zerodha at one point since HDFC Securities had high charges while charges were much lower in Zerodha. Unlike HDFC Securities, HDFC SKY has good documentation, offering excellent clarity on charges and features.

HDFC SKY App Review: Charges

As HDFC SKY is based on a discount broking model, the charges differ a lot from HDFC Securities. While HDFC Securities charges ₹999 for account opening, HDFC SKY allows customers to open an account for free. Besides, customers don't have to pay any AMC for the first year. The platform will charge an AMC of ₹240 from the next year. The AMC is pretty much like any other discount broker.

hdfc sky app review

It's time to look at the brokerage charges. And HDFC SKY's brokerage charges are:

  • 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.
  • Currency Futures Intraday and Carry Forward: ₹20 or 0.1% (whichever is lower).
  • Commodity Futures Intraday and Carry Forward: ₹20 or 0.1% (whichever is lower).
  • ETF Intraday and Delivery: ₹20 or 0.1% (whichever is lower).

It's essential to bear in mind that HDFC SKY charges brokerage on Equity Delivery and ETFs, while most discount brokers don't charge any brokerage fee on Equity Delivery and ETFs. Besides, the charges on Equity Intraday and Futures are comparatively higher than leading discount brokers like Zerodha. While Zerodha charges ₹ 20 or 0.03% (whichever is lower) per executed on Equity Intraday and Futures, HDFC SKY charges ₹20 or 0.1% (Whichever is Lower).

HDFC SKY App Review: Features

  • HDFC SKY offers excellent Market Overview & Market Depth Data
  • The platform has excellent applications across web and mobile platforms
  • The discount broker comes with Tradingview and ChartIQ charting tools
  • The applications have a fast interface for quick trades
  • HDFC SKY offers a wide range of financial products for trading and investing
  • Besides, the platform allows users to invest in US Stocks
  • The platform has good Documentation and FAQs for quick reference

HDFC SKY App Review: Pros & Cons

Pros

  • ₹0 charges for account opening
  • No AMC for the first year
  • Wide range of financial products
  • Allows investment in US Stocks
  • Clean and fast interface
  • Excellent Market Overview
  • Excellent Market Depth Data
  • Reliable applications across web and mobile platforms

Cons

  • Equity Delivery and ETFs are not brokerage-free
  • Brokerage charges slightly higher than leading discount brokers like Zerodha
  • No phone or live chat support

You may also like to read: Best trading app in India.

Conclusion

In this HDFC SKY App review, I have explained every important thing that you need to know about HDFC SKY. Even though launching HDFC SKY seems to be a nice initiative by HDFC Securities to acclimatize to the discount broking environment, it still may not be attractive to traders and investors who are already using some of the leading online discount brokers since it's new and the charges are comparatively higher.

I strongly feel the platform needs to be more generous about its pricing to fit in the discount broking environment. Considering how HDFC SKY appears currently, there is nothing so unique about the platform. I don't see any reason for people to choose HDFC SKY over other leading discount brokers like Zerodha or Upstox. Besides, the broker needs to work on its customer support since it's only limited to tickets at the moment.

FAQs about the HDFC SKY App:

What is HDFC SKY?

HDFC SKY is a trading and investment app launched by HDFC Securities, offering access to a range of financial products, including Equity, Mutual Funds, ETFs, US Stocks, Futures and Options, Currency, and Commodity.

How does HDFC SKY differ from HDFC Securities in terms of charges?

HDFC SKY follows a discount broking model and offers free account opening, while HDFC Securities charges ₹999. There is no Annual Maintenance Charge (AMC) for the first year, and from the second year onwards, an AMC of ₹240 applies.

What are the brokerage charges on HDFC SKY for different segments?

HDFC SKY charges brokerage as follows:

  • 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.
  • Currency Futures Intraday and Carry Forward: ₹20 or 0.1% (whichever is lower).
  • Commodity Futures Intraday and Carry Forward: ₹20 or 0.1% (whichever is lower).
  • ETF Intraday and Delivery: ₹20 or 0.1% (whichever is lower).

How do HDFC SKY's brokerage charges compare to other discount brokers like Zerodha?

HDFC SKY's brokerage charges are higher for Equity Intraday and Futures compared to Zerodha. While Zerodha charges ₹20 or 0.03% (whichever is lower), HDFC SKY charges ₹20 or 0.1% (whichever is lower).

What are some of the key features of HDFC SKY?

HDFC SKY offers several features, including:

  • Excellent Market Overview and Market Depth Data.
  • Applications are available on web and mobile platforms.
  • Tradingview and ChartIQ charting tools.
  • A fast interface for quick trades.
  • A wide range of financial products for trading and investing, including US Stocks.
  • Good documentation and FAQs for reference.

What are the pros of using HDFC SKY?

The pros of HDFC SKY include:

  • No charges for account opening.
  • No AMC for the first year.
  • Access to a wide range of financial products, including US Stocks.
  • A clean and fast interface.
  • Excellent Market Overview and Market Depth Data.
  • Reliable applications across web and mobile platforms.

What are the cons of using HDFC SKY?

The cons of HDFC SKY are:

  • Brokerage charges apply to Equity Delivery and ETFs.
  • Brokerage charges are slightly higher compared to leading discount brokers like Zerodha.
  • Lack of phone or live chat support.

Is HDFC SKY recommended for traders and investors over other leading discount brokers?

HDFC SKY may not be attractive to traders and investors already using leading online discount brokers due to its newness and relatively higher charges. The platform may need to adjust its pricing to fit the discount broking environment better.

What sets HDFC SKY apart from other discount brokers?

HDFC SKY's key advantages include free account opening, no AMC for the first year, and access to a wide range of financial products, including US Stocks. It also offers an excellent market overview and depth data.

Are there any unique features that make HDFC SKY stand out among discount brokers?

As of now, HDFC SKY does not offer any unique features that significantly differentiate it from other leading discount brokers like Zerodha or Upstox, making it a less compelling choice for traders and investors.

Even though launching HDFC SKY seems to be a nice initiative by HDFC Securities to acclimatize to the discount broking environment, it still may not be attractive to traders and investors who are already using some of the leading online discount brokers since it's new and the charges are comparatively higher. I strongly feel the platform needs to be more generous about its pricing to fit in the discount broking environment. Considering how HDFC SKY appears currently, there is nothing so unique about the platform. I don't see any reason for people to choose HDFC SKY over other leading discount brokers like Zerodha or Upstox.

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