In this article, we will be covering all the details and information in regards to IIFL DP charges along with other brokerage and transaction charges levied by the IIFL.
However, If you are a new person interested in choosing IIFL as your stock broker, then it is highly important for you to read this article and understand IIFL functioning in the trading and investment sector.
Also, it is crucial for everyone to understand the principles of Depository Participant, its charges, and its process.
Now, let us begin with the understanding of the IIFL first!
IIFL or India Infoline was founded in the year 1995 by Nirmal Jain with the vision to be one of the most reputed financial or capital company in India and this company has really achieved the same by having more than 2000 franchisees or sub-brokers across 500+ cities of India and more than 2 lakh customers register with IIFL.
When the statistics have already shown their performance, it’s unfair to point on their services and products.
Being one of the top stock brokers in India offering full-service brokerage facilities to the traders and investors, it is dealing in various trading and investment segments. To mention a few in which IIFL is dealing with:
Do you know? NSE and BSE are the popular exchanges of India whose shares, stocks, bonds, and debentures are safe and secure by the depositories of India- NSDL, and CDSL through a dematerialized process!
Perhaps! To dematerialize a share or stock, it is mandatory to have a Depository account with IIFL DP, also known as Demat account, with one of these depositories.
IIFL is linked with both the depositories of India – CDSL ( Central Depository Securities Limited) and NSDL (National Securities Depository Limited) offering its customers to choose any one of their choice.
Isn’t that great! More options. More facilities!
Once you register with IIFL and knowhow to open Demat account, you will be required to pay a certain sum of money to the depository to keep your shares, dentures, bonds, mutual funds, etc. in a “dematerialized” format.
A certain sum of amount!! Don’t worry! IIFL charges a very nominal price against its services.
Since it does not display as a brokerage or other fees, it usually goes unnoticed by the account holder.
DP charges levied by the IIFL are used while an account holder sells any kind of stocks, shares, bonds, etc. to the other party.
IIFL DP Charges
IIFL Z20 Brokerage Plan
₹ 20 per debit instruction (irrespective of quantity)
Therefore, IIFL charges ₹ 20 per debit instruction (irrespective of quantity) on all of its demat account holders.
Benefits of choosing IIFL as Depository Participant
Since trading and making investments without a Depository is not possible and contacting the depository directly is also unlikely without having a depository participant (DP), so choosing the right DP is extremely important.
Choosing an IIFL is not a wrong choice! Let us see why so:
Choosing the IIFL as your Depository Participant will add you to their more than 4 million customer list.
4 million? Yes. You heard it right! They have more than 4 million customers.
No, they are not just located in one place in India! IIFL has more than 2300 franchisees and sub-brokers working with them which are located in more than 500 cities of India. Therefore, they are easy to find and deliver quick services.
This Depository Participant is one of the Top Stock Brokers in India who have been awarded as the “ Best Broker with Global Presence ” at the BSE IPS (Investors’ Protection Find). They Rock…!
Not just locally! Rather they have a presence in other countries outside India too such as New York, Singapore, Mauritius, Hong Kong, Dubai, London, and Colombo.
And if you are not sure about your performance, instead of buying a notebook to record each and every transaction manually, IIFL offers a daily and weekly report exclusively for you. Yes. Just for you!
Each transaction, settlement, and delivery happens swiftly by opting for an IIFL Depository Participant.
Transferring your shares or stocks is highly quick and extremely easy. Through IIFL Depository Participant All you need to do is send the duly signed Delivery Instruction Slip (DIS) and send it to the IIFL Depository Participant
IIFL DP ID
IIFL offers a unique ID to its Demat account holders. Once you provide all the necessary information to open a Demat account with IIFL, you will be shared with an ID which is known as DP ID (Depository Participant ID) used for transaction purposes.
DP ID is issued by the Depositories linked with IIFL- NSDL, and CDSL. Usually, the DP ID is the combination of an account holder Demat account number and his customer or client ID.
There are two types of DP IDs that IIFL shares with a client:
IIFL CDSL DP ID
IIFL has strong links with CDSL which is promoted by solid financial firms such as Bombay Stock Exchange (BSE), Bank of Baroda, Bank of India, HDFC,and other institutes.
This depository has been working with IIFL for a long time and is creating valuable efforts to dematerialize shares, debentures, bonds, and other necessary stock available in the Demat account.
Most of the times, once the Demat account is opened with the IIFL along with all the documents such as PAN, DOB, Adhaar card, etc. are submitted to them, IIFL CDSL DP ID is generated in a short duration and the account holder can start trading or invest on various segments.
IIFL CDSL DP ID consists of eight numeric format IDs such as 22350077.
IIFL NSDL DP ID
The other kind of DP ID shared with the IIFL customers is IIFL NSDL DP ID which generally comprises the 8 alphabets and numbers consisting account holder’s Demat account ID and his client ID.
NSDL stands for National Securities Depository Limited and the depository is promoted by the massive capital firms such as IDBI Bank, National Stock Exchange (NSE), and much more to hold shares, dentures, etc. in for all demat account holders in an electronic form.
The initials start with the unique code for each depository to help the account holders to know at a glance that they are working with NSDL.
IIFL DP Login
To login to the DP account or say the Demat account, the first step is to open the account with the broker. Once you process the application, the confirmation is sent to your registered email address.
The login credentials include the username and password.
You can use them to access multiple platforms provided by the broker and to trade using your demat account.
If you are a first-time investor or traders, then you must not be well aware of Indian Depositories, Depository Participants, and the DP charges.
However, through this documentation, we have tended to cover all the necessary information required for you to know the IIFL DP charges and the benefits of working with India Infoline.
IIFL has been working with the two depositories of India – NSDL, and CDSL for a long time and has been providing accurate Live data on the stocks and shares listed by the NSE and BSE.
With a single account, and IIFL account holder can trade and invest in various segments such as IPO, Mutual Funds, Equity, Derivatives, and others by paying a nominal DP charge for each selling through the Demat account.
And undoubtedly, IIFL is well known for its high-quality and impeccable services, innumerable trading and investment products, user-friendly app- IIFL Market, impeccable business model and so much more!
IIFL DP Charges Frequently Asked Questions
Here’s a collection of some of the most commonly asked questions by the people related to IIFL DP accounts and charges.
1. What are the documents required to open a DP account with a depository?
The following documents are required by an account holder to open a DP account with any of the depositories linked with IIFL:
Proof of Identity- Voter card, Adhaar card, PAN, Driving License, Passport, etc. registered with Government of India.
Passport size colored photograph
Valid Address Proof: Electricity bill, Ration card, Bank passbook, Adhaar card, Water pr Telephone Bill, etc. used by Govt. of India
Proof of income- Bank statement, Bank passbook, Income returns, latest 6 months salary slips
You will also need IIFL forms for taking the next step with this stockbroker specifically.
2. Can I open an account with both the depositories of India?
Alas, you cannot open two DP accounts. You are eligible to open a depository account either with CDSL or NDSL with the help of your depository participant i.e. India Infoline.
3. How DP charges are calculated?
Previously, IIFL used a very simple way to calculate the DP charges. With the introduction of IIFL Z20 brokerage plan, IIFL DP charges are ₹20 per debit instruction (irrespective of quantity).
4. How can I avoid DP charges?
Unfortunately, you cannot avoid DP charges in the Delivery trades of IIFL. Since all the process and transaction moves from the Demat account and once an account holder sells any stocks or shares, DP charges are levied.
5. Who is a DP in the share market?
In a layman’s term, a Depository Participant (DP) is the representative of the depository (NSDL/CDSL) who coordinates between these depositories and the investors or traders. A few well-known Depository Participants are India Infoline, Zerodha, Angel Broking, Upstox, etc.