Let me share with you my experiences with Reliance Money.
Positive
- Brokerage – Very innovative and Flexible brokerage plans available. You can make your brokerage as NIL provided you pay 500 per year for trading of 5 lacs or Rs 500 per 2 month for trading of 1 crore. This option was available to me at least and they keep getting new brokerage plans.
- They have an averagely good online system with lot of additional security.
- You can find Reliance Money Office very nearby as they have lot of them and they are really helpful in getting things done for you.
Negative
- They have a very bad phone trading facility and it once took me around 15 minutes to get a trade done using phone but if you have good relationship with some Reliance Money office people things may be different.
- Online system has one major problem which is it just logout in few minutes and you have to constantly do something to remain logged in.
- They used to offer very few mutual funds online.
It has been quite a while now when I have made my account zero balance with Reliance Money but yet I get lot of SMSes and phone calls asking me to reconsider and re-open the account.
If you have more to share about Reliance Money please do so in comments below.
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{ 44 comments… read them below or add one }
I trade through reliancemoney and ur information is a very good tip which i have noted.
It will be great if u give advice on mutual fund buy and why which will helpm us to pick up a right MF
anil
Anil, I do not prefer to suggest stocks/funds but I share how you can select good funds/stocks for yourself. Just check out http://shabbir.in/select-best-mutual-funds/
No it is not as damn cheap as you mentioned, In Rs 500 limit card, u can trade upto 2 lacs not 5 lacs!.Rel money is charging you in three forms (1) Limit card fees (2) per trade charges Rs 15 (3) Demat charges Rs 12. So if you trade of Rs 40000/ , you will have to pay (1)Rs 100 from your limit card + (2) Rs 15 for trade and (3) Rs 12 for demat etc. STT and other charges would make it total around Rs 130/. So all together the 5 Trades of Rs 40K each would cost you more than 130 *5 = 650 RS.The more you trade in smaller fragments the charges will be more. As small investor not go for such high 40K worth single trade , he ultimately pays more than Rs 1000/ in one year for Rs 2 lacs trades.This limit card is not good at all for Margin trading.
SSP, I just did few trades few months back and realized it was not my cup of tea to trade in Rel Money
Besides the charges there are other information and facilities useful to investor.
Reliance money do not have many which ICICIdirect have, like portfolio,ease of trading,information on quotes in NSE and BSE in on go, easy view of trade book order book etc.
So they must improve the site.
Reliance money doesnt have any office nearby .
Their customer service number is trading number .
They change their brokerage as they change their girl friends .
Worst brokerage firm
I have dmat account with Indiainfoline, they charge every month certain amount of charge as “CDSL charge”. When I asked about that, they told me that it is deducted as per the transaction what we did. Can you give me an idea, whether all dp use to charge this “CDSL charge” or only Indiainfoline?
No Saurav, I have / had account with almost all brokers who did not charge that.
Thnx for your reply.
In the ledger statement of my Indiainfoline demat account the charge description appears like.. “To CDSL DP Bill for month of March 10″.
They replied in my question that “DP bill is charged in your account when you transfer or sell shares from you Beneficiary account; it is 0.05% of the value of transaction, subject to minimum Rs. 15 per instruction and maximum Rs. 100 per instruction”
Indiainfoline is not charging any annual maintenence fees after deducting one time fees Rs 550. But with this CDSL DP bill, I already spent more than Rs 600 in last 5 months.
I have demat account with ICICI direct.Can i change the DP in the exixting demat account.since i intend to migrate to sharekhan and close my brokerage account with icici direct.
Jhinu, best you can do is get the shares transferred to the DP of SK
sir
I have a reliancemoney demat account and I amnot very happy with it. Can Ichange the demat account and transfer my sharesand bondsto newaccount. Please let me knowthe proceadure in clear term
thanks
BKsingh
First get a new account and then I will tell you the process to transfer the shares and bonds.
Dear Sir
I can open another account but does it need to be in the same name singly or can I add my wife name as second holder wheras the Reliance Money account is in my single name
Please advise
thanks
You need to ask the persons from the Reliance money team.
Hi Shabbir,
Thank you so much for providing your views. Recently I have taken SBI Triple account (Savings, De-mat, Trading (Cap securities)). In the charges, they have mentioned only the following
Transaction Charges,
Stamp Duty,
Securities transaction charge,
Brokerage,
Ser. Charge on Brokerage.
Are there any other charges applicable per transaction…???
No Chandra, There should not be any apart from the list you mention.
Thanks for your reply… and I have one more question. I have deposited some money in Savings bank a/c (on the triple a/c) and If I wish to purchase the shares, I need to mark funds lien (in Cap securities). So will they charge anything for that. Or else, simply I can mark/unmark my funds as and when I wish.
And I also request you to throw some light on Fixed Maturity plans on debt funds by AMCs. I wish to know, whether these have guaranteed (or assumed) rate of return like for Bank Fixed deposits, or Post office… etc. and which is the better option between FMPs and Banks FDs, NSC.. etc.
Chandra, I don’t think there should be charge but I am not the right person to ask
Hi.. I want to earn money by reliance money in share market .So for this what the process is required for me.Please tell me the categories you have in relaicemoney and condition and abt my’s work to get this.Is something i have to pay for it .
Hemant, any personal reason why only Reliance Money?
Hi Shabbir,
I have two online trading a/c, one with Reliance Money and other with Karvy. I have never used Reliance Money trading a/c.
Can you please tell me procedure to close trading a/c with Reliance Money.
Thanks
Pankaj
Pankaj, Visit the nearest reliance money office and they can help you get it
re-openedclosed.which is the best firm for stock tips and research?
You yourself.
ok, after me bcoz i m new to this.
@Akhil If any of in whole world know the best firm , person for Stock tips and research,HE/SHE WOULD HAVE RULED THE WORLD,HE/SHE WOULD HAVE NOT OPENED A SHOP FOR SELLING TIPS. it is that simple….
Hi shabbir i am planning start investing with shares i read reviews on every broker but i couldn’t find a single one who is perfect .Everyone broker is bad in some aspect .Can you suggest some good broker to start with .And for your info i am planning to invest on a long term basis
Thanks in advance
The one that suits your need you should go with them. I prefer Motilal and Sharekhan as they give me what I need most.
Hi Shabbir,
I really feel much knowledgeable after reading through all your posts on Demat Accounts. The reason is that, I have decided to open one (my first one), and I need to decide which one
Based on your experiences, or your new learnings (or news from people you know), is ShareKhan still the best one today in India?
I want to have these features:
a) Best range of facilities (I don’t know what, you would be knowing this best)
b) Friendly and honest customer care/ officials
I am not putting charges in my requirements, as I have seen most brokers charge between 0.03% to 0.05% for intraday, and 0.3% to 0.5% for delivery. Please tell me if there are other charges and hidden charges with ShareKhan?
Once again, thanks for your excellent collection of information and for your time. Appreciate truly any help.
Regards
Bhaskar Ghosh
Hyderabad, India
Bhaskar, Sharekhan Customer Care is good but I guess for your need Motilal will be the best. I think both work good but Motilal works good for me in Offline mode and Sharekhan in online mode and to an extent offline mode.
Hi Shabbir,
Thanks a lot for your reply. I think I would only be doing online trading, so have decided to go for ShareKhan.
I have called the representative. I am planning to negotiate on Intra-day and Delivery charges. Is there any other charge, that I need to negotiate or know from him before joining in?
Regards
Bhaskar Ghosh
Nope.
Dear Mr. Shabbir
i m planning to invest some money to share market but i confused to which one is better for me bcoz of i m an nri n presently working in sharjah. plz provide me details in based of easy fund transfer,charges and software (my freind suggest me go with india infoline or sbi capsec or hdfc
Thank
naeem ahmad
sharjah
I am not sure about the charges for NRI account and so cannot comment much.
thanks for reply,if u r not sure abt nri plz tell me if i make online trading behalf of my brother who is in india then which online broker is suitable for me in restpect of ft,charges and software.
once again thanks for ur valuable advice
naeem ahmad
sharjah
I think Sharekhan and Motilal Oswal would be the best.
is possible online mutual fund buy/sell whith sharekhan?
Yes Naeem, it is possible.
Dear Sir
I can open another account but does it need to be in the same name singly or can I add my wife name as second holder wheras the Reliance Money account is in my single name
Please advise
thanks
manoj rourkela
You need to ask them because no one else can say you what is the rule exactly.
sir rel.mony office is closed so how can i trading pls help me
manoj
Worst brokerage possible. Never made money there. Worst phone trading. Stupid and primitive online platform. A small child can make a better trading platform.
Earlier they used to have only limit card charges, then also put each transation charge on every trade. Then change the plans themselves next year. What the f…
They sold my friends positions without even calling him once. Charged me 40 small 500 rs cards as they were set “default”. Bloody stupid people. If I am having 5000 rs limit card, the same should be default. Or at least as me on phone, it cost bolldy 50 paise or something. Sharekhan too expensive, motilal oswal might be good, best is Indiabulls, best rates, fast phone trading, and the best they understand that brokerage will make more money if client makes money. Please stay away from Reliancemoney if u are a real trader, u will lose money just because there phone is not working or sometimes they do exactly opposite u say buy, they will sell. Even after confirmation and everything.
Sharekhan’s brokerage is very negotiable and if you say you have account with others who offer 30 paise, they will get you an account with 20 paise brokerage but for Motilal it was always 30 paise but recently their service is not upto the mark.