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India Infoline (IIFL) Open Account | Account Opening Process Review


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.

India Infoline (IIFL) Account Opening Charges

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

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

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