How to Calculate Broker interest

nahsuk · 1 How to Calculate Broker interest Wed Jun 15, 2011 9:38 am

nahsuk

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How to Calculate Broker interest (not Broker Charge)
Bcoz My broker charged more than Rs. 1000 for less than Rs. 100000 settlements

Pls Advise Shocked

milanka · 2 Re: How to Calculate Broker interest Wed Jun 15, 2011 9:47 am

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You also need to provide the time period of outstanding balance. (1 month , 3 months etc )

ISURU · 3 Re: How to Calculate Broker interest Wed Jun 15, 2011 9:50 am

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I think it is not a charge.. isn't it?

nahsuk · 4 Re: How to Calculate Broker interest Wed Jun 15, 2011 9:57 am

nahsuk

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milanka wrote:You also need to provide the time period of outstanding balance. (1 month , 3 months etc )

Milanka It's only just few days after T+5
I've 2 sold few of my shares with losses 4 clear debt
any Idea how to calculate? pale

@ Isuru- May be.But It's help 2 increase my loss

milanka · 5 Re: How to Calculate Broker interest Wed Jun 15, 2011 10:10 am

milanka

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nahsuk wrote:

milanka wrote:You also need to provide the time period of outstanding balance. (1 month , 3 months etc )

Milanka It's only just few days after T+5
I've 2 sold few of my shares with losses 4 clear debt
any Idea how to calculate?

@ Isuru- May be.But It's help 2 increase my loss

Actually you have to pay T+3 , T+5 is Free of Charge Extention.
Assume that you have paid 10 days after T+3.
For 10 days , Outstanding amout 100,000 and for that interset charged is Rs. 1000/= . Now simple calculation you can find out what is the interest rate per year broker company are charging you.

I get a answer of 36.5 % a year. Am I correct ?

rijayasooriya · 6 Re: How to Calculate Broker interest Wed Jun 15, 2011 2:38 pm

rijayasooriya

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milanka wrote:

nahsuk wrote:

milanka wrote:You also need to provide the time period of outstanding balance. (1 month , 3 months etc )

Milanka It's only just few days after T+5
I've 2 sold few of my shares with losses 4 clear debt
any Idea how to calculate?

@ Isuru- May be.But It's help 2 increase my loss

Actually you have to pay T+3 , T+5 is Free of Charge Extention.
Assume that you have paid 10 days after T+3.
For 10 days , Outstanding amout 100,000 and for that interset charged is Rs. 1000/= . Now simple calculation you can find out what is the interest rate per year broker company are charging you.

I get a answer of 36.5 % a year. Am I correct ?

If this is so u better run away from that broker company...U can take a bank loan at an anual interest of 12% or 14%. I think CSE should take some action to keep a fullstop for this type of very very unfair interest rates...This is like 'GINI POLIYA'

abra12 · 7 Re: How to Calculate Broker interest Wed Jun 15, 2011 5:56 pm

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I also clear my debts in T+3 days but still i have noticed they have added some interest.

milanka · 8 Re: How to Calculate Broker interest Wed Jun 15, 2011 7:17 pm

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abra12 wrote:I also clear my debts in T+3 days but still i have noticed they have added some interest.

Only Broker fees , SEC , CSE etc could be charged , anything else you may need to ask them why .

abra12 · 9 Re: How to Calculate Broker interest Wed Jun 15, 2011 9:33 pm

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milanka wrote:

abra12 wrote:I also clear my debts in T+3 days but still i have noticed they have added some interest.

Only Broker fees , SEC , CSE etc could be charged , anything else you may need to ask them why .

Thanks milanka.I guess I have to go through the acct statements again to see why they charged some interests.Anyway it was very small amount most of the times and did not want to ask my broker.May be I missed something.

Fresher · 10 Re: How to Calculate Broker interest Wed Jun 15, 2011 10:38 pm

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one of my broker companies charges interest at the end of the month. so it's complicated to calculate. but it was a small amount even though I keep it more than T+3

another charges on a daily basis. I will try to calculate that