IIFL Securities Demat Account Charges, Review, Opening


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IIFL Demat Account is an online account where IIFL customers keep their shares, mutual funds, bonds and ETF in electronic format. The demat account is commonly misunderstood with a trading account that allows customers to buy/sell or trade in stock markets.

To trade online or invest in the stock market, an individual need 2 accounts, a trading and a demat account. The trading account enables you to buy and sell shares. The demat account is like a bank account but instead of money, it holds shares, mutual funds, ETFs etc. securities in electronic format. Demat account is a safe and convenient way to invest in the stock market online.


IIFL Demat Account Review

IIFL or India Infoline is a leading full-service broker offering both trading and demat accounts. IIFL offers a demat account through its membership with NSDL and CDSL depositories.

NSDL and CDSL are two government approved depositories that hold your shares. IIFL has depository participant membership, which allows the company to open and service demat accounts. IIFL only acts as an intermediary between the customers and central depositories.

IIFL charges an ₹250 demat account opening fee. The fee is currently waived off of customers opening online account. The depositories also charge demat transaction charges for every transaction. There is also an Annual Maintenance Charge (AMC) of ₹250 which customers have to pay every year.

IIFL Demat Account is safe and secure. Similar to all other brokers, the demat account is actually with the depository (CDSL or NSDL). The shares you hold in the demat account remains with the depository and not with IIFL. IIFL works as a service agent. IIFL has limited Power Of Attorney to operate your demat account. They can only withdraw shares when you sell them through the linked trading account.


10 Reasons to open Demat Account with IIFL Securities

  1. 100% paperless account opening process.
  2. Flexibility to choose your central depository (CDSL or NSDL).
  3. Linked with the trading account for a seamless trading experience.
  4. Hold all your shares, mutual funds and ETFs in electronic format.
  5. Access to in-depth research and expert recommendation.
  6. Dedicated Relationship Manager
  7. Facility to freeze the demat account
  8. Online access to the Demat account
  9. Dedicated Customer Support with multiple channels of servicing
  10. Branch facility to address demat related issues

IIFL Demat Opening

IIFL offers demat account opening in 2 ways:

1. IIFL Offline Account Opening (In-person)

The best way to open an account with IIFL is by requesting a callback from the IIFL representative. Once you submit the request, a person from your nearby IIFL branch will call you, visit your home and open the formalities of account opening.

2. IIFL Online Account Opening

You can open an instant and paperless account with IIFL if you have your Aadhar Card linked to your current phone number. The process is simple and 100% online. No paperwork requires to open an online account.

Steps to open IIFL Demat Account

Note: Please keep your PAN card, Photo (or you can also click one using your webcam/mobile) & cancelled cheque handy to complete the process quickly.

  1. Visit https://eaccount.indiainfoline.com/
  2. Enter name, email id and mobile number.
  3. You will receive an OTP on your mobile number.
  4. You will receive a link on your registered email id. Click on the link and enter the OTP.
  5. Enter your PAN Number, Date of Birth and Aadhar number.
  6. You will get an OTP to validate your Aadhar.
  7. IIFL will pull all your personal detail from the eKYC Database.
  8. Validate or update your corresponding address.
  9. Enter Bank Name, Account Number, Branch Name or IFSC code.
  10. Choose investment options and trading segments.
  11. Upload scanned copy of Pan Card, Photo and Cancelled Cheque or Bank statement.
  12. Choose a plan that suits you from a variety of popular plans offered by IIFL.
  13. Make the payment.
  14. Submit the application.

Your account will open in the next 24 hours after validating all the information and documents. You will be informed by a welcome email and call once your account is active.

IIFL Securities Demat Account Opening Charges

To open a new Demat account with IIFL Securities, the customer may have to pay Demat account opening charges. The broker may also charges Annual Maintenance Charges (AMC), a yearly fee to maintain the Demat account.

ServiceCharges
Demat Account Opening Fee₹0
Demat Account Annual Charges (AMC)₹250 (Free for first year)

IIFL Demat Charges

IIFL Securities demat account opening charge is ₹250 and demat account AMC is ₹250 per year. The AMC is free for the first year. IIFL demat debit transaction charge in Investor Plan is ₹25, Premium Plan is ₹50 and Super Trader Plan is ₹10 per debit transaction.

Services Charges
Demat Account Opening ₹250
Demat AMC ₹250 (free for 1st year)
Demat Debit Charges Investor Plan: ₹25 | Premium Plan: ₹50 | Super Trader Plan: ₹10 per debit transaction
Demat Credit Charges ₹0
Pledge creation ₹10
Pledge closure ₹15
Dematerialisation ₹15 per certificate
Rematerialisation ₹15 per certificate
Conversion of Mutual Funds ₹0
Reconversion of Mutual Funds ₹0
IIFL Securities Special Offer Open IIFL Demat & Trading Account & Save upto ₹1150 ( A/c Opening Charge & 1st year AMC waived off). Get the limited time offer

Frequently Asked Questions

  1. 1. What is IIFL Demat account?

    A demat account is an online repository where securities like shares, mutual funds etc., bought by you are held in digital formats. It works like a bank account. The bought securities are credited in the Demat account and sold securities are debited from the account.

    On opening an account, you will be provided with a Demat account number which needs to be provided during every trading transaction. You can access the account online to get a complete view of your holdings and portfolio.

     

  2. 2. Is it compulsory to open a demat account with a trading account in IIFL?

    No, it is not compulsory to open a Demat account with a trading account. However, it is advisable to open a Demat as well as a trading account with one broker for seamless transactions.

     

  3. 3. Who can open a Demat account with IIFL?

    IIFL provides its services to both individuals and institutions. Resident Indians, NRIs and Minors can open an account as individuals while Corporate Partnership firms, Registered/Unregistered trust and societies, Association of Persons (AOP), Banks, Mutual funds and LLP (Limited Liability Partnership) can open accounts as institutions.

     

  4. 4. Why do I have to sign a Power of Attorney to open a Demat account with IIFL?

    IFFL asks its customers to sign a limited purpose Power of Attorney (PoA) while opening a Demat account. The PoA gives a written permission from the customers to IIFl to perform certain specific Demat activities like to debit the securities from the Demat account.

     

  5. 5. What is a Depository Instruction Slip (DIS) in IIFL?

    A DIS is an instrument to transfer securities held in one Demat account to another within the same Depository or between Demat accounts held with different Depositories.

     

  6. 6. Can I open a joint Demat account with IIFL?

    Yes, you can open single, joint or account with multiple partners. However, you can only open a single trading account.

     

  7. 7. Why do I have to link my bank account with IIFL Demat account?

    Securities held in a Demat account earn bonuses, dividends etc. This money is directly transferred to the bank account linked with the Demat account.

     

  8. 8. Can a minor open a Demat account with IIFL?

    Yes, a minor can open a Demat account. A legal Guardian is appointed and his/her KYC documents are submitted along with documents of the minor.

     

  9. 9. I already have a Demat account. Can I open multiple Demat accounts with IIFL?

    Yes, there's no restriction on opening of multiple Demat accounts. However, Demat accounts attract AMC fees to be paid every year, so it is advisable that you open Demat accounts only as per your need.

     

  10. 10. How to close IIFL Demat account?

    IIFL Demat account can be closed offline only by submitting the account closure form to the nearest branch of IIFL. This cannot be done online or by contacting customer support.

    Steps to close the IIFL Demat account

    1. Download the account closure form.
    2. Print, fill the required details, and sign.
    3. Submit the form to the nearest branch or courier it to the company's address.

    Points to Note:

    • Clear any outstanding dues failing which the account closure request can be rejected.
    • Transfer any securities from your IIFL Demat account to another Demat account.
    • Submit the unused delivery instruction slip to the DP.
    • The account closure process takes about 7 to 10 days.
    • The form should be signed by all the account holders.

     

  11. 11. How to know Demat account number in IIFL?

    The IIFL Demat account number is a 16-digit number consisting of DP ID and Client ID. Both are of 8 digits each. IIFL is a depository participant (DP) with both NSDL and CDSL. The IIFL DP ID for NSDL is 'IN302269' and CDSL is '12044700'.

    You can contact the customer care number to know your client ID. A sample Demat account number for IIFL customers for CDSL DP is 1204470012345678 and for NSDL DP is IN30226912345678.

     

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Information on this page was last updated on Thursday, October 29, 2020


1 Comments

Shubham Chauhan
1. Shubham Chauhan  Mar 27, 2019 18:06 I Like It. | Report Abuse Reply
THESE PEOPLE ARE FRAUD, THEY HAVE SOLD ALL MY SHARES WITHOUT INFORMING ME AND WHEN I CHECKED THE LEDGER SHEET THERE WERE HIDDEN CHARGES ALSO. I HAVE FILED A COMPLAINT TO SEBI FOR THE SAME. PLEASE SAVE YOURSELF FROM GETTING LOOT FROM THESE PEOPLE, WORST AND FARUDY TRADING PLATFORM EVER.








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