There are a plethora of Stockbrokers in the Indian stock market who have built a tremendous reputation in the market by offering certain privileges. One such opportunity given by Indian Infoline is the IIFL free Demat account.
Most investors and traders trust the IIFL since they provide stocks listed in the Top Exchanges of India and follow the directions of SEBI (Securities Exchange Board of India). IIFL exchanges are as follows:
National Stock Exchange (NSE)
Bombay Stock Exchange (BSE)
Multi Commodity Exchange of India (MCX)
National Commodity and Derivatives Exchange (NCDEX)
Now wondering How to Trade in IIFL. Don’t worry, the process is simple, you just need to have IIFL Free Demat Account to start trading with them.
By the end of this article on the IIFL Free Demat account, you will have an in-depth understanding of the essential aspects of the IIFL free Demat account, its features, pros, and cons in a comprehensive way.
IIFL Free Demat Account Opening
A Demat account is a mandatory account where a trader or investor stores his securities, shares, mutual funds, etc. to prevent fraud, damage, or theft.
The protection and account securities are kept in a digitalized form of paperless medium.
IIFL or India Infoline allows its customers to connect with them by opening a Demat account through any of these two ways:
Offline Process The future traders or investors who find it a bit difficult to open a Demat account via mobile or desktop can contact their local branch.
Since they have more than 4000 branches in various cities in India, it is easier to find their branch.
Once you have located a branch, you will be required to submit the essential documents in a physical form along with other details.
Once all the information is verified, the IIFL free Demat account gets opened within a few minutes, and a Relationship Manager will be assigned to you who will assist you in your trading process.
The online process of opening the IIFL free Demat account opening is quicker and simple.
In the offline account opening process, the customer is required to visit the IIFL website and enter all the information correctly.
In addition to this, various documents will be required too, which will be attached in this process through a digital form.
In certain cases, you will only be required to submit your name and mobile number, and you will receive a callback from the IIFL representatives.
Documents Required To Open IIFL Free Demat Account
Opening a Demat account with India Infoline requires you to submit certain necessary documents in the physical or a digital form, which depends on your account opening process.
The documents required to open a free Demat account with IIFL are as follows:
1. Identity Proof: Identity Proof must be a PAN card. (Permanent Account Number)
2. Address Proof: Address Proof can be Adhaar card, Driving License, Voter Card, or others in which accurate address is provided.
3. Canceled cheque: Customer willing to open IIFL free Demat account must provide a canceled cheque of his bank.
4. Two Passport size photographs: Along with these documents, sometimes, the account holder needs to submit a six-month bank account statement.
The stockbroker charges zero fees for opening a demat account and trading account. The AMC (Annual Maintenance Charges) for an account is free for the first year since subscription and ₹450 from the second year.
For every fund transfer request, i.e., the payment gateway fee is ₹10 to ₹50 for debit and zero for credit. if you want to pledge your shares, you ought to pay ₹59 per request. Many traders and investors wish to hold shares in the physical form.
For them, every DEMAT and REMAT request is charged at ₹15. Lastly, the broker charges postal charges for sending them to you. It charges ₹40 for the same.
IIFL Free Demat Account Benefits
Along with providing a cost-free Demat account to its customers, IIFL offers many benefits to its customers too.
For more than two decades, IIFL has managed to offer impeccable services to its clients and have developed several other trading tools and platforms to enhance their trading and investment experience.
1. Widespread location: Currently, the IIFL has more than 4000 offline branches and in over 900 cities of India.
Not just in India. Indian citizens who are living abroad and want to physically connect with them, then they can easily find their presence too.
IIFL has branches in Dubai, New York, Colombo, Hong Kong, Singapore, United Kingdom, Singapore, and Mauritius.
2. Call & Trade Facility: If you are not able to trade through various IIFL platforms due to certain reasons, you can choose their call & trade option.
You simply require to call them on their toll-free number via mobile or phone, and quickly place or sell orders.
In the Call & Trade process, the account holder will be required to share some basic details related to the Demat account, and the IIFL representative will quickly assist him.
3. Variety of products: With IIFL free Demat account, you get a variety of trading and investment segments such as Equity, Mutual Funds, IPO (Initial Public Offering), Derivatives, Currency, Commodity, and a lot more!
Thus giving users a free and wide space to explore their trading opportunities.
4. Comprehensive features: IIFL or India Infoline offers diverse and comprehensive tools and features that could meet the necessities of several kinds of traders and investors.
With the use of IIFL, they can explore various charts, fundamental tools, and can even get experts’ advice on certain topics.
5. Multiple platforms: The other benefit of working with IIFL is that it offers multiple platforms to its customers, such as a desktop app, mobile app, and a web application known as Trader Terminal, IIFL Markets App, and TT web respectively.
6. IIFL AMO: In case you have not placed order in stock market opening hours. With IIFL AMO (After Market Order) you can place an order even after the market is closed from 4:30 PM to 8:30 AM online.
Also, IIFL Advanced Research provides you advanced different research reports on a daily, weekly, monthly, and yearly basis.
IIFL Demat Account Drawbacks
Although there are certain benefits related to the IIFL Free Demat account, however, there are a few drawbacks that are vital to consider while making the right decision towards this stockbroker.
High Brokerage Charges: Even though IIFL offers multiple plans and other facilities, their brokerage charges are extremely high as compared to other stockbrokers in the Indian Market who offer lower charges to its customers.
3-in-1 account facility: IIFL does not offer a 3-in-1 account facility to its customers, which means it does not provide trading, Demat, and bank account all-in-one facility to its valuable customers. The bank facility is not offered by India Infoline.
IIFL, which is also known as India Infoline, is trusted by more than 4 million customers across the globe.
IIFL keeps its customers and sub-brokers interactive and up-to-date with the stock market information by delivering online sessions, training sessions, and research facilities to impart practical knowledge.
IIFL is considered to be a safe and trustworthy stockbroker since they are sharing all the stocks and scripts listed in the stock market by the Indian exchanges such as NSE, BSE, MCX, and NCDEX.
Higher Brokerage charges are one of the barriers that have a negative impact on this stockbroker.
IIFL Free Demat account is one of the prominent features of this stockbroker that help users to open Demat account free of cost. Click now to read more!
IIFL Free Demat account is one of the prominent features of this stockbroker that helps users to open Demat account free of cost. Click now to read more!
Want to open a Demat Account? Please refer to the below form