Before opening a Demat Account with IIFL Securities, it is good to learn about the IIFL Demat Account Charges!
Dive in to grab the full details on the charges.
Since online trading of stocks and shares requires a trading or a Demat account with any broker. If you are a trader, you must be aware of the various charges levied on respective accounts.
These vary from broker to broker and are divided into certain categories namely – account opening fee, brokerage, transaction fee, etc. If you are reading this, you are most likely a new IIFL user or have been planning on becoming one.
The firm offers retail brokerage, financial services, as well as advisory and is a part of the IIFL group (which is India’s leading financial service provider).
India Infoline Demat Account Charges
As already mentioned, a Demat account is subject to certain types of charges and fees. Some of them are a one-time expense while others need to be paid annually, quarterly, and on the basis of stocks and the trade type.
The account opening fee is a one-time expense that has to be paid at the time of opening a trading or a Demat account. Usually, it is lower for discount brokers and a little higher for the full-service ones.
Thus, you can reap the benefit of trade with the IIFL by opening a Demat Account with the firm without paying any charges.
But Demat Account is not limited to opening charges and you have to pay the annual fees to maintain your account or say to keep your account active. These charges are called AMC charges. Below these charges are discussed in detail.
Although the AMC charges are minimal too and equal to ₹400 only. But these charges are applicable from the second year onwards. Thus, you don’t have to pay any charges while opening the account.
Here, as the name suggests, these charges are to be paid annually.
However, this scheme is only applicable to new users who open their accounts with an initial margin of ₹10,000. Also, IIFL employees and IIFL sub-brokers (everyone related to the firm) can not avail of this scheme.
Clients who do not have an initial margin of ₹10,000 will have to pay ₹750 as the Demat account opening charges and annual AMC of ₹400 from the first year itself.
In case, you have an IIFL BSDA Account with the holding of less than 2 lakh, then you are saved from AMC charges.
Moreover, clients who close their IIFL Demat account before completing 1 year with the broker do not qualify for free account opening and 1 year AMC fee. They will have to pay both of these before closing their Demat account.
Despite of charges you get innumerable benefits and IIFL DP ID is one of them that makes the trading safe.
It is good to get detail of all the charges essential for opening and keeping the account operative. This helps in keeping confusion away and in choosing the right broker to trade.
This was the IIFL Demat account charges – explained. We hope this helped and you shall now be able to invest well with the broker.