IIFL Holdings Limited or India Infoline Limited, a Mumbai based organization is a diversified financial services company in India. The retail broking wing of IIFL tends to offer equity, commodities, currency and other services like research advisory, Mutual Funds and IIFL Demat Account provision to the investors.
IIFL was founded in 1995 by Nirmal Jain with the strong back support from the Canadian investors Prem Watsa, CDC Group, Private Equity Firm General Atlantic Private Equity Arm of the UK Government.
IIFL Demat Account Review
The company has been ranked among the top seven financial services provider in the country. Euromoney recognized the company as the Best Private Banking Services and honour it with the award in 2017.
IIFL one of the known broking houses that work as a depository participant with NSDL and CDSL. Also, it is one of the few organizations that offer the facility of a 2-in-1 account where a Demat account is linked with the trading account. The link between the two accounts offers seamless transactions between the two accounts.
Thinking of opening a Demat Account with IIFL, here is some of the important information that helps you in making a wise decision.
Top Reasons of Why To Open Demat Account With IIFL
IIFL is the depository participant of NSDL and CDSL. The organization acts as an intermediate between the customers and central depositories. Thus the IIFL Demat account is opened and managed with NSDL and CDSL
Here are the top reasons why one should open an IIFL Demat Account
It offers a 100% paperless process for opening an account.
The company offers great flexibility to opt for the central depository.
The DEMAT account is linked with the trading account thus helps investors in doing seamless trading.
It holds all the shares and mutual funds in an electronic form.
The organization is reliable as it conducts in-depth research and expert recommendation.
Relationship managers are highly dedicated.
The organization offers online access to your DEMAT account.
The customer services include multiple channels thus offering dedicated customer support.
The branch offers complete support to address any issue in IIFL Demat account.
IIFL Demat Account Opening
IIFL Demat Account can be opened simply by filling a form. The form is available at a depository participant (DP) website.
To open an account the customer needs to fill the form, attach the photocopies of important documents, address proof. Once all the information is verified, the customer gets their IIFL Demat account number.
Like the bank account, Demat account also offers the provision to open the account in single/joint names/ multiple accounts. In case of a minor account, it is mandatory to appoint the guardian who can operate the account.
IIFL Demat Account Opening Documents
To open a DEMAT account, it is essential to submit the photocopy of documents along with the application form.
List of Documents
1. Proof of identity
The person needs to require to submit copies of any one of the documents enlisted below as the proof of identity:
2. Proof of Address
For the address proof, it is essential to submit any one of the following:
Property Tax Receipt
Steps to Open an IIFL Demat Account
Here are some of the steps that are essential to follow to open a Demat Account with IIFL.
Look for the Depository Participant: The Depository Participant can be any one of the following:
an online investment platform.
Choosing the DP is the foremost step that is required to open a Demat account.
For selecting the right DP to make sure that it fulfils all the necessary criteria along with the requirements. To make the wise decision, go through the guidelines mentioned in the CDSL and NSDL.
Fulfilling the KYC Formalities: This step is essential to open an IIFL Demat Account. This includes the submission of duly filled application form along with the photocopies of the mandatory documents.
Verification: After submitting the application form, the person needs to be present at the DP’s office where all the details and authentication of KYC is being fulfilled.
Acquiring Beneficiary Owner Identity (BOID): On Processing of the application, a unique Beneficiary Owner Identity or BOID is generated. This is essential to make transactions and to access your Demat account.
IIFL Demat Account Charges
For those who are looking forward to opening an IIFL Demat account need to pay the charges for:
Dematerialization and Rematerialisation of securities.
Fees for annual maintenance of the account
For the sell transactions, the transaction fee is applicable.
Here is the complete summary of the IIF Demat Account Charges
Annual Maintenance Charges (AMC)
0.025% (minimum ₹25 is applicable per transaction)
REMAT-Per Certificate/100 units/share or whichever value is higher
Conversion of MF units/Destatementisation per SOA
Reconversion of MF units into SOA or Redemption/Restatmentistion per SOA
Postal Charges per request
IIFL Demat Account Offerings
IIFL Demat and Trading account offers many products and solutions thus is play an influencing role for many.
Here are some of the top offerings of the firm
Single Login For Everything
Viewing the entire portfolio from a single place is possible with the IIFL Demat account.
One can trade in equities, commodities, currencies, and mutual funds on a single platform. Also, it is easy to access all the market segments of BSE, NSE, and NCDEX.
Opening a DEMAT and Trading Account with IIFL gives access to the next generation trading platforms and tools as well. Along with this, the ownership of IIFL on a dedicated news and research site like indiainfoline.com makes it easy for you to get real-time and global updates, price alerts, IPO information, and NFO details.
IIFL Demat Account Opening Charges
For opening an IIFL Demat account, the customer needs to pay the DEMAT opening charges along with the Annual Maintenance Charges (AMC).
IIFL Demat Account opening fees is ₹555 while the DEMAT Account Annual Charges (AMC) applicable for one time is ₹400.
IIFL Demat Account Closure
Since a Demat account is an online repository where the shares and mutual funds are held in the digital format. DEMAT account works similarly as the bank account in which the securities bought are kept in the DEMAT account and the securities sold are credited from the account.
As soon as all the formalities of opening an account are done, the DEMAT account is opened which is the access to get the complete overview of the holdings and portfolio.
However, if your account is not in use anymore, IIFL offers the provision to close it to prevent you from paying the annual and maintenance fees for the account.
If there is any security present in the account you can easily transfer it to any DEMAT account currently in use.
Here are the steps one should follow to close the DEMAT account:
Download the application form from the chosen DP website.
Take a print of the application form.
Fill the required field like Client ID, DP ID, Name, Address, and the reason for closing the account.
After filling the form all the account holders need to sign the application form.
After entering all the details and completion of the form, it is required to submit the form to the nearest branch account.
It takes around 7-10 days to process the request and closing the account.
*Before closing the account it is good to ensure that the account is clear and all the credit and debit balance should be settled before the closure of the account.
*A negative balance in the account results in the rejection of the closing request.
*Any share in the account should be transferred to another active Demat account before requesting its closure.
IIFL Demat Account Customer Care Number
The IIFL offers the best customer support services and has a devoted team who always remain active to address the queries and concern of the client at the earliest. IIFL offers customer service through its different channels.
Customer Service Channels
The interactive voice response (IVR) technology makes it easy for the customer to interact with the team. Here is the number that is always available to offer help +912240071000.
2. IVR Voice Message
The IVR voice message comes with the feature and informing the queue number with the expected wait time for the customers. It is only implemented for receiving calls from the numbers which are registered with IIFL.
The client in the queue can wait for their turn to talk to the customer service executive or record their queries which then creates a case in the CRM software. The message when heard is responded appropriately by the team.
3. Voice Message
It is open to offer the service 24 by 7 and so the customer can place their request even after the office hours. The message posted is taken as a priority the next day and is resolved as soon as possible.
4. Reaching Customer Support Services Through Email
All the messages emailed are captured in CRM software and the support team reverts to the customer at the earliest by offering them complete solutions and satisfaction.
5. Trading Terminal
It is another alternative where the client can write their query or complaint through the trading terminal.
The growing technology has made it easy to reach customer support. IIFL offers provision to their clients where they can send their queries via WhatsApp. It simplifies the process of reaching the customer. The WhatsApp number is 9289903000.
The client should send the message through their registered mobile number and the team revert to the complaint or query at the earliest.
7. Mobile App-IIFL Markets
IIFL has the best way to get through their customer queries with Mobile App-IIFL Markets.
The app is the best companion of the investors and offers a seamless way to the customer to carry out trade. It includes a complete package of in-depth analysis, expert research reports, stock tips, market watch, and many more.
Also, the app has the Feedback option where the client can raise their concern and queries.
8. Missed Calls: Self Service Options
To get the instant response for their requirements like Trading Password, Ledger Balance, Fund Payout, DP Bill Statement, etc, the customer can opt for the self-service and by giving a missed call on the respective number with their registered mobile number.
Missed Call Number
DP Bill Statement
DP Transaction Statement
DP Holding Statement
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