Normally when the beginner opens a demat account, he/she is motivated by the handsome gain made by their friend, relative has made in the stock market. Hope you agree!.
In this enthusiasm, they focus too much on quantitative factors such as brokerage charges, account opening fees and Annual Maintenance Charges (AMC), Margins etc which will help them in reducing the overheads and maximize the gains.
Related Articles to Read :
- Detailed article on various charges associated with a Demat Account
- Best Demat accounts for Beginners and Small Investors in India
- How to Open a Demat Account?: Details of Document required
- What are the benefits of Having a Demat account?
- How to transfer shares from one demat account to another?
But often they overlook another qualitative aspect while making the choice of the share brokers, that is the customer service. Only the Share brokers with best customer support in India can grow in long run.
Stock Brokers Providing Outstanding Customer Service:
We have listed some of the top stock brokers below who are known for their customer first business model. They are selected from the universe of 500+ active retail brokerages and with minimum one lakh active clients.
1) Angel Broking
Angel Broking is one of the leading brokerage house in India with more than 10,00,000 customers. They provide customer support through various mediums. Among these, Franchise channel is the most backed by Angel. They have more than 2000+ franchise network in 590+ cities.
Other means of support are:
- Toll Free Number
- Separate Call and Trade desk
They also provide some of the interesting service which normally other don’t:
- Open account and start trading in one hour
- Free SMS based advisory service
- 10 times the margin on amount deposited
- Life time FREE demt account
- Upto 4 movie ticket on BookMyShow
Probably they are the only one discount broker we are including in this list. The exponential growth of zerodha can be attributed to the outstanding customer support from thier dedicated team. Mr. Nithin Kamath (CEO) managed to create a wonderful stomoshere inside Zerodha which in turn resulted in good customer experience
They create a service ticket for all the query/complaint mails received. Client can see the progress of the resolution by looking at the history of the ticket.
Zerodha also have 200+ branches and partner office across India. Being discount broker, their business model doesnt allow to spend too much on research and advisory. Hence you should not expect any tips and recommendation from Zerodha. Best way is to use recommendation from other brokers and use Zerodha’s platforms for trading and investment.
Best part is they have made the brokerage charges ZERO for all the investments. And the maximum brokerage for all the other types is Rs20/trade.
You can refer to various articles on Zerodha below :
- Detailed review of Brokerage Charges and Trading platforms by Zerodha
- Detailed steps to open demat account with Zerodha
- Some of the Frequently Asked Questions (FAQs) about Zerodha
- Zerodha Kite : Minimalist trading platform by Zerodha
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Sharekhan charges are on higher side compared to its peer such as Angel Broking and Motilal oswal. But they are mainly known for their quick reach and good service.
Another major distinguish factor is they have a recorded videos/demos for their trading platforms. Customer can refer to this and get quick insights. They also have training programs for beginners which they call as Active training Cell (ATC).
And the call and trade is completely free with Sharekhan.
- Detailed review of the Sharekhan’s Brokerage Charges and platforms
- ShareMobilePro : New Mobile trading app which needs lot of improvements
3) Motilal Oswal
Motilal Oswal was started by just two person and today they have a customer base of 8lakh+. This itself shows the level of support they have been providing and retaining the customers.
Again being the full service broker, their main support channel is through franchises.
One of the recent initiative by them is chat bot called MO Genie. Through this chat service, the users get the automated response to their queries. The bot employs the Artificial Intelligence (AI) to fetch the relevant answers from the database of frequently asked questions.
Final words about the Stock Broker’s Customer Service
A happy and satisfied customer indirectly works as a marketing partner for the stock brokers. Because of word of mouth publicity, the client base of a broker can grow exponentially. The broker need not have to spend his budget on advertisement.
Instead, if he concentrate and spends the same amount in providing the outstanding experience to clients through top notch customer service, he can disrupt the entire brokerage industry.