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IIFL Open Account | Account Opening Process Review


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India Infoline (IIFL), subsidiary of India Infoline Group is a financing company based in India. They offers research based advice for financial products which includes Stocks, Derivatives, Commodities, Insurance, FD's, Loans, Bonds etc.

IIFL Account Opening

To open a demat account with IIFL, customer has to fill up an account opening form by approaching a depository participant (DP). Along with the account opening form, customer has to attach photocopies of some documents for proof of identity and proof of address. Once the account opens thhey gets the demat account number. Customers are required to pay the charges towards:

  1. Dematerialisation and rematerialisation of your securities
  2. Annual account maintenance
  3. Transactions fees (only for sell transactions)

Similar to the bank account, one can open demat account in single / joint names / multiple accounts. If the account is open for the minor, guardian should be appointed for operating the account.

IIFL Account Charges

  1. The DP may revise the charges by giving 30 days notice in advance.
  2. IIFL customer may close the accounts at any point of time. No charge is applicable for closure of DP account.
  3. There is no minimum number of shares that have to be kept in the demat account.
  4. If demat account is closed in between of the year, annual maintenance charges shall be levied proportionately for each quarter.
  5. No charge for transfer of holdings from one DP to another DP, if investor is not satisfied with the services of your existing DP.

IIFL Account Nomination

Nomination smoothens the process of transmission of your securities to your heirs, upon demise. For physical shares, you have to avail nomination separately for each company in which you hold shares / debentures. Whereas, by availing nomination for your demat account, all your investments in that account is covered under that nomination.

Dematerialization/Demat your shares with IIFL

To demat your physical certificates, you should approach the DP and submit the following documents:

  1. Dematerialization Request Form (DRF)
  2. Physical certificates by marking ââ‚Â-Å“Surrendered for Dematerializationââ‚Â-
  3. Separate DRF has to be filled for each ISIN.

IIFL Account Opening Charges

Customer pays account opening fee for trading account opening with IIFL. The account opening fees are as below:

  • IIFL Account Opening Charges (Trading Acct): ₹750
  • IIFL AMC Charges (Trading Acct): ₹0
  • IIFL Account Opening Charges (Demat Acct): ₹555
  • IIFL AMC Charges (Demat Acct): ₹ 400 (One time)

Frequently Asked Questions

  1. How to close India Infoline demat account?

    If you want to trade in shares, you need trading and demat account. IIFL offers both the account to its customers. It's advisable to have the demat and trading both the account with the same entity to avoid any settlement issue. If the demat account is not in use, you should close the account as it attracts annual fee and maintenance fees. If you have any security lying in that account, it's a great idea to transfer in other demat accounts which you are using it actively.

    Steps to close the demat account

    1. First, you have to submit the application. You can download it from the DP website and print it. Or click here to download the form.
    2. Fill all the basic information like client ID, DP ID, name, address and the reason for closing the account.
    3. All account holders should sign the form.
    4. Submit the form to the nearest branch or courier it to the address given in the form. After submitting the form, it will take about 7 to 10 days to process the request.

    Please Note:

    1. The account should be clear. If there is any debit or credit balance on the account, they have to be settled before requesting the account closure. Moreover, if you start the process without settling the negative balance, DP can reject the request of closing the account.
    2. If your account contains any shares they should be transferred in other demat accounts
    3. Submit the unused delivery instruction booklet slip back to the DP

    Discuss this question

Information about IIFL account opening, IIFL open account, IIFL opening charges, IIFL account opening charges, IIFL account opening status, IIFL amc charges, IIFL account charges and IIFL account closure.

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Information on this page was last updated on Monday, September 2, 2019


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