INR IB INDIA DEPOSIT TYPES

 

The deposit notification allows IB to efficiently identify your incoming funds for proper credit to your account.  It also provides detailed banking instructions for your specific deposit method.

 

Cheque Deposits:

Cheques are the most common method of payment and accounts for about 90% of the payments in India.  

 

Please note Cheque deposits should be made payable to:

Interactive Brokers (India) Private Limited

Mail to: Interactive Brokers (India) Private Limited

A-605, Dynasty Business Park

151 Andheri Kurla Road, Andheri East, Mumbai 400059 India

 

National Electronic Funds Transfer (NEFT/Wires):

This is an account-to-account batch based electronic settlement mechanism using a deferred net settlement method.

 

Real-Time Gross Settlement (RTGS/Wires):

RTGS is a payments mechanism where inter-bank payment instructions are settled real time. RTGS are used for transactions above 100,000.00 INR. The wire instructions are as follows:

Beneficiary Bank Account Name: Interactive Brokers (India) Private Limited

Beneficiary Bank Account Number: 030-251318-902

Beneficiary Address: A-605, Dynasty Business Park

151 Andheri Kurla Road, Andheri East, Mumbai 400059 India

Beneficiary Bank: Hongkong and Shanghai Banking Corp (HSBC)

HSBC’s Bank Code: HSBC0400002

Further Credit to: Your IB account number/Your IB account title

 

DEPOSIT RESTRICTIONS/HOLDS:

 

Cheque Deposits:  

There is a 7^th business days hold available on the 8^th business day with the exception of Bank Cheques which are guaranteed and credit immediately. For a check to quality as a Bank Cheque the cheque must contain one of the following descriptions: Treasurer’s Cheque, Cashier’s Cheque, Teller’s Cheque, Banker’s Cheque or Official Cheque.

 

Wire Deposits (NEFT/RTGS):

These deposits credited to your account immediately upon arrival. Funds may not be withdrawn for 3 business days following receipt.

 

To make a withdrawal of funds, complete a withdrawal request on the Cash Transfers page in Account Management/Funds Management. The first cash withdrawal in any one month is free. A fee will be charged for each additional withdrawal. A withdrawal request will be processed only if the customer has sufficient available funds and equity in excess of the initial margin requirement. Available funds are defined as the lower of trade or settlement date funds. If a withdrawal request is rejected, the customer may re-enter the withdrawal request once there are sufficient funds and equity in excess of the initial margin requirement. In accordance with anti-money laundering regulations, all withdrawals will be sent in the name of the account holder.

 

 

 

INR IB INDIA WITHDRAWAL TYPES

 

Detailed withdrawal instructions are provided when sending funds from your IB account. 

 

 

NEFT Bank Wire Transfer:

Requests submitted by 14:00 ET will be sent 18:00 ET, under normal circumstances. Funds normally credit one or two business days, depending on the time of settlement.

 

RTGS Bank Wire Transfer:

Requests submitted by 14:00 ET will be sent 18:00 ET, under normal circumstances. Funds normally credit one or two business days, depending on the time of settlement. This transfer system is only for transactions greater than 100,000 INR

 

RTGS Broker Wire Transfer:

Requests submitted by 14:00 ET will be sent 18:00 ET, under normal circumstances. Funds normally credit one or two business days, depending on the time of settlement. This transfer system is only for transactions greater than 100,000 INR

 

TRANSFER OF ASSETS:

 

Stock Transfer Form:

Fill-out and fax the Transfer of Assets form to 00852-2509-4102 (Hong Kong)/0041-41-726-9599 (Zug) or attach a scanned document by setting up a ticket message via Account Management-Message Center. Assets transfers have a 2 to 5 business day turn around.

 

 

INR INTEREST RATES:

 

Benchmark Rate: India SBI Prime (Prime lending rate of the State Bank of India)