IIFL Fund Transfer

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Undoubtedly, at some point, an active IIFL trader requires transferring funds from a Demat account to his registered bank or vice-versa and having proper understanding about the IIFL fund transfer process therefore must for you. 

Fund Transfer allows you to send your dematerialized fund to your bank account or from your bank to your Demat account so that you can do effective trading and have access to your trading profit.

Once you have registered with IIFL and open demat account along with a trading account you can easily transfer your fund with a few steps.

Through this documentation, an investor can learn to pass money through both IIFL platforms- IIFL TTWebtrade terminal and markets app. IIFL TTWeb is a desktop application and allows an investor to transfer funds without having access to the IIFL markets app.

How to Transfer Funds to IIFL Account?

Just as your bank account, you can use the trading account to transfer funds.

If you have a trading account with IIFL, then you can transfer funds easily using the Markets app. Also, you can use its desktop app Trader Terminal for online transfer.

Apart from this, the broker also comes up with the offline transfer method using the cheque.

So, whenever you want to trade in a particular stock than you can immediately do it by transferring the required amount from your linked bank account to the trading account.

To get the complete information and the process details, read the full information given below.

IIFL Fund Transfer Online

IIFL, Indian Infoline, is a full-service stockbroker which offers simple steps to transfer funds from trading account to your bank account or vice versa through an online process.

Apart from the above methods, an investor can shift his or her fund through IMPS, NEFT, RTGS, or via cheque. The methods to transfer funds from IIFL to your registered bank or vice-versa are almost similar.

IIFL Fund Transfer through Trade Terminal

The majority of the investors perform trading on the desktop. Using the IIFL desktop platform, you can move your fund to your bank account to access funds in physical form.

IIFL fund transfer allows an investor to send fund through a trading account to your bank account via Trade Terminal’s online process:

Step 1: The initial step in transferring funds is log in to the IIFL website and select the trade option.

Step 2: Here, you will be required to fill the details such as your unique ID, PAN, or your Date of Birth, password and select the product in which you are trading such as equity, derivatives, currency, commodities, mutual fund, forex, IPO, etc.  

Step 3: In the next step of the IIFL fund Transfer, click on the “My Account” button on the top of the screen and choose the “Fund Transfer” option from the drop-down menu.

Step 4: In the final step, select the desired product, select the bank linked with IIFL, and fill the amount you would like to transfer. Once these details are filled click on the “Pay In” button. 

After clicking on the “Pay In” button, you will be redirected to your bank online gateway where you will be required to add your bank’s username and password to complete the online payment process.

Choose IIFL’s “Pay In” option, to add money or fund in your IIFL trading account and choose “Payout” to transfer your IIFL account fund to your bank.

Now, let us discuss the IIFL fund transfer method through NEFT or RTGS.

IIFL fund Transfer via NEFT / RTGS

Transferring funds through NEFT or RTGS to your IIFL trading account is the fastest and hassle-free online way. Follow the below simple steps to transfer fund with your client ID:

Let us suppose your Client ID as ADB10.

  1. Login to your registered bank linked with IIFL and select NEFT in the fund transfer option.
  2. Now, you will be required to fill the payee details. Here, add the Beneficiary name as “IIFL Securities Limited”. 
  3. Next, in the Beneficiary account number field, enter account number as IILEQ1 in the numeric format followed by your login id without giving any space between account number & login ID. E.g.:- IILEQ1ADB10 
  4. In the next step, you will be required to choose a “current account” in the Beneficiary Account type and the IFSC code of IIFL is YESB0CMSNOC.
  5. Furthermore, fill the desired amount that needs to be transferred in your IIFL account.
  6. Finally, in the last step input IIFL address: Elphinstone, Mumbai 400013

IIFL Fund Transfer Offline 

In the offline option, you can transfer the desired amount to your trading account via cheque. It is one of the simplest methods but takes 2-3 business days to reflect the amount in the IIFL.

  • Enter Indiainfoline Limited in the payee row.
  • Add the amount in numeric and in word format and fill the current date too.
  • After filling the details, you are required to submit the cheque in your nearest bank’s branch.

Please note: It is important to write your login ID and your registered contact number on the backside of the cheque.


Fund Transfer in IIFL App

In case you are using IIFL Markets App on your Android or iPhone, you can transfer money from your registered bank to your IIFL trading account or verse through a simple and quick way.

PAY IN

“Pay In” option will let you send money from your registered bank to your IIFL trading account. Steps to follow in “pay in” option are as follows:

  • Open IIFL Markets App and login with your details- Client ID, password, and PAN or DOB. 
  • Click on the “My Reports” button and choose the “fund transfer” option. 
  • In the IIFL fund Transfer, choose the “Pay In” from the other two listed options- “Payout” and “Alternate pay in”.
  • Once you click on the “Pay In” button, you need to enter the amount and select your linked bank from the UPI Payment button. You can also choose Net Banking action.
  • Click on the proceeds to the payment button as the final step.

PAYOUT

Payout allows you to initiate a payment from the IIFL trading account to your bank. The best feature of “payout” is that you can send funds to any bank no matter it is linked with IIFL or not.

  • Simply, choose the “payout” option and select your product. 
  • Enter the amount that you would like to transfer and then select the appropriate payment mode. 
  • Then, choose the bank in which you would like to send your money with a remark.
  • Select “Pay-Out” and your money will be transferred in your bank in 1 to 2 business days.

ALTERNATE fund PAY IN

This option allows you to transfer money directly to an IIFL account when the other “Pay in” course of action is not working and you are required to buy shares. You can have access to this action, with your IIFL linked account.

You can forward your fund to IIFL through IMPS/NEFT or RTGS. Let us suppose your Client ID as ADB10. Now, consider the following details for online money transfer:

 

In the IFSC Code, YESB0-Zero and CMSNO- English letter “O

Funds transferred through IMPS, NEFT or RTGS take some time to reflect in the ledger depending on your bank. Transfer through IMPS is the most immediate transfer which usually reflects in no time on the ledger.

IIFL fund Transfer through NEFT takes around 4 hours to 1 business day.

RTGS takes around half an hour to 1 business day to reflect the fund transfer on the ledger.

Please note: You can also refer to IIFL fund Transfer through an online process discussed above.


IIFL Fund Transfer Charges

When it comes to transferring funds from your IIFL trading account, the broker does not charge any additional charges.

Once you open the trading account with the broker by paying the fees, the next you can reap the privilege of using its different services.

Also, it offers the mobile app and trading platforms that you can use to meet various trading needs including fund transfer.

Since the broker does not charge any kind of fees for fund transfer thus, you can move your fund from the trading account for FREE using the mobile app and trader terminal.

Know here how to use IIFL Trader terminal

However, for processing the fund transfer from your bank to the trading account using RTGS payment mode, you have to pay the specific fees to your bank.


Bottom Line

IIFL Securities offer a quick and hassle-free way to transfer or withdraw your fund. However, it is very important to transfer accounts with your registered or the bank linked with IIFL.

Otherwise, the account is directed back to the bank which is not linked with the IIFL.

By following the above-stated steps and methods, an investor can easily send funds.

Different methods such as online- NEFT, IMPS or RTGS, cheque, or through Trade Terminal as well as offline methods like a cheque. This helps you in making payment quickly and safely so that you can process your trading.

The duration of the fund transfer usually depends on your bank. 

In most of the online cases, money is reflected in the account in 2 business days. For transferring the money, an investor needs to have a trading account with the stockbroker.

Also, you can view your transaction history in the ledger option in “My Reports” where you can search and find the payment history by using advanced search options’ to define the date, time, product type, and other details.

We hope you find the relevant information in our article. Stay in touch to know more about the trading process.


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