IIFL is a full-service stockbroking house from IIFL Holdings Limited. Incorporated in 1995, IIFL has a presence in more than 4000 locations of around 900 cities in India along with offices in Hong Kong, Dubai, New York, Singapore, Geneva, London, and Mauritius.
Let’s dig a bit deeper and understand whether this full-service stockbroker is a suitable broker for you or not.
As per recent research, IIFL has relatively a stronger presence in the northern part of the country especially in Delhi, Gurgaon, Noida, Punjab, Rajasthan and thus, finding a branch across these regions is relatively easy.
IIFL allows you to trade across different investment and trading products including:
IIFL Markets is a new age trading mobile app from India Infoline and is available for Android, iOS, and Windows users as well.
It is one of the top-rated mobile apps at the Android store with a 4.4 rating from more than 20,000 users. Some of the features of the mobile app include:
One swipe trading feature allows you to trade with a single swipe only making sure you don’t lose out on the apt opportunities.
“IIFL Markets is proven to be one of the top-performing mobile apps in India with multiple features and reasonable speed. Get a guest login by providing your details here and the username and password will be emailed back.”
Stock watch lists up to 50 scripts help you to handle stock market portfolio in a much better way.
Users can apply for IPO/OFS using the mobile app itself. Not many brokers provide that provision in their mobile apps.
A unique message board feature allows users to understand other’s take on the market situation.
Users can set up alerts from different aspects such as Price threshold, stock price percentage increase/decrease limit etc.
Here are the details on the transaction charges levied by IIFL:
NSE: 0.00325% | BSE: 0.00325%
NSE: 0.00325% | BSE: 0.00325%
NSE: 0.051% (on premium)
NSE: 0.051% (on premium)
As per the industry standards and the value prescribed by SEBI, this stockbroker charges reasonable transaction charges from its clients.
This is unlike few stockbrokers that charge much higher transaction charges after displaying low brokerage charges.
So from that perspective, India Infoline is a trustable broker.
Here are the details on the margins provided by this full-service stockbroker:
Upto 20 times Intraday & 3 times for Delivery
Upto 3 times for Intraday
Buying no leverage, Shorting upto 3 times
Upto 2 times for Intraday
Buying no leverage, Shorting upto 2 times
Upto 3 times for Intraday
IIFL Wealth is a separate entity from its broking business and is linked more towards wealth management of its clients coming from different genres of life. The firm claims to house around 1000 employees with a presence across 26 locations.
One differentiating factor that goes in favour of IIFL wealth is its segregation of clientele and the corresponding servicing of different segments.
The segregation is done on the basis of:
First Generation Investor
Family Business Owner
With this unique way of client profiling, the firm seems to manage the client requirements and funds management accordingly.
IIFL Bonds / NCDs
Apart from the conventional investment products discussed above, IIFL is along into bonds and NCDs (more on that later).
As far as IIFL bonds are concerned, the firm claims to provide returns in the tune of 10.5% per annum. It has been rated well by Crisil and investors can avail the option of monthly interest as well.
The return percentage, however, may vary in the range of 9.84% to 10.5% depending on the holding period from 15 months to 69 months.
The last one was issued at a price of ₹1,000 per NCD with a minimum investment capital of ₹10,000.
IIFL is certainly one of the most promising full-service stock brokers in India. It presents multiple values to its clients through its focus on technology with its mobile apps, wide offline presence, multiple brokerage plans and so on.
But by the look of it, their major business focus is towards medium to heavy level traders that can earn them regular revenue in the form of recurring brokerage charges.
Thus, it becomes difficult for beginners or small investors to use this broker’s services.
Furthermore, with the advent of discount brokers, the competition for brokers such as IIFL becomes even more intense.
Here are some of the concerns about IIFL that you must be aware of:
India Infoline is one of the highest complained about broker on BSE and NSE
Some of the prominent concerns raised have been around customer service
Investing in some of the segments such as Mutual funds is not as easy as some of the other full-service brokers
“IIFL has received 7 complaints in this financial year of 2019-20, which is 0.01% of their overall client base. The industry average is also 0.01%.”
Some of the advantages of opening an account with IIFL are:
Huge presence across different parts of the country with over 4000 branches
The broker was established more than 20 years back in 1995, thus, stability and trust factor is certainly there.
Allows to invest in all sorts of segments
The mobile app IIFL Markets is one of the top-performing ones in India.
High tech trading platforms, especially on mobile
Flexible brokerage plans depending on user’s preference
Interested to open an account?
Enter Your details here and get a call back right away.
Post this call, you need to provide a few documents to start your account opening process. The documents required are as follows:
An address proof
Bank statement for the last 6 months, cancelled cheque
AMC fees (if applicable)
Trading Account cheque
Once you are done with this, your account gets opened within 2-3 business days.
Although, both the processes can be done online these days, but if you are old-school, then you can just download any of these forms, take a print out, fill them up and deposit at the closest IIFL branch or office.
The corresponding action will be taken by the broker as per the form submitted.
Here are some of the frequently asked questions about this full-service stockbroker:
Is there any minimum account balance I need to maintain with IIFL?
No, India Infoline does not keep any condition on its clients to maintain a minimum balance. However, to open an account with this full-service stockbroker, you need to start with at least INR 10,000 as the initial account deposit.
What are the account opening and maintenance charges?
The account opening charges at IIFL are pretty high at ₹750 for Trading account and ₹555 for the Demat account.
If you look at the industry benchmarks, generally account opening is in the range of ₹200-₹700, while here it is around ₹1300 for both the accounts.
How is the research quality through its trading calls and reports?
This full-service stockbroker is known to be one of those stockbrokers that provide quite accurate tips and recommendations. Their research team is pretty prominent and visible across multiple media channels.
Furthermore, this full-service stockbroker is known to come up with multiple innovations in the research domain every now and then.
What are the brokerage charges levied by IIFL?
The broker offers multiple brokerage plans for its clients. Overall brokerage is high, especially for small investors or beginners.
However, if you can produce high stock market turnover every month or subscribe to any of their subscription plans by paying a specific amount at the upfront, then you can negotiate for lower brokerage charges across segments.
Is IIFL Safe? Is it Reliable?
Yes, IIFL has been around for a while now (22 years to be precise).
This, the broker is certainly stable in its operations. It has an employee base of >8000 and sub-broker/franchise network of >4000 across India. Thus, the broker, with its numbers, looks promising and reliable.
What are the transaction charges?
The transaction charges at IIFL are pretty reasonable at 0.00325% of your trade value for Equity Intraday and delivery. For more details, you can check the ‘Transaction charges’ section above.
How is the customer service quality?
Although IIFL offers multiple communication channels, the quality of the service certainly has some sort of inclination towards medium to heavy traders.
In fact, such traders are provided with exclusive one to one relationship executives to help and guide such clients with their portfolio.
Beginners or small investors do get relationship managers too but those executives handle numerous clients with similar tips and recommendations.
In what segments I can trade using IIFL services?
With the services of IIFL, you can trade and invest in more than 10 products such as Equity, Mutual funds, Insurance, Commodity, Currency, Fixed Deposits, Bonds and more.
Thus, in a sense, you don’t require any other financial house for your investment needs of different kinds.
Also, check out the comparison of IIFL Vs other stockbrokers here: