IIFL Securities is a part of IIFL Group and was incorporated in 1995. It is among the largest independent full-service stock broker house that serves various retail and institutional clients. The IIFL group is the leading financial service provider in that provides a broad range of services. It is the highly recognised brand for the quality of advice, personalized service and the usage of cutting-edge technology.
The full-service stock broker provides an online trading and research-based advisory services for the complete range of financial products that includes Stocks, Derivatives, Commodities, Insurance, FDs, Loans, IPO and Bonds etc.
IIFL Demat account is the account where IIFL customers can keep their shares, mutual funds, bonds and ETF in the electronic format. The demat and a trading account is required to trade or invest in the stock market.
IIFL Demat Account
IIFL or India Infoline is the full-service broker that provides both the trading and demat account. It offers a demat account through the membership of NSDL or CDSL.
Dematerialised account is commonly known as demat account. It is necessary to make any kind of transaction in stock exchange. The customer can open their demat account with the help of broker. Demat account makes the trading, investing etc. smoother and faster as well.
As per government guidelines, it is mandatory to have a Demat account along with a trading account.
Benefits of opening a Demat account with IIFL
1. It provides free Demat account opening.
2. It has earned over 40+ Lakh customers.
3. It allows investing or trading facilities in Equities, Mutual Funds, IPOs, Derivatives and commodities with one IIFL demat account.
4. It allows managing the portfolios with ease.
5. It provides the investment ideas by Award winning research and analytics expert team.
6. It provides an advanced online trading and investing platform for fast and seamless experience.
Documents required to open a Demat account:
The documents that are required to open a demat account with IIFL Securities are:
3. Bank account proof (Bank passbook, or Latest bank statement)
4. Income proof (Latest Salary Slip, Income Tax Return for currency and derivative segment)
Demat account opening charges in IIFL
Demat Account opening charges (One time)
Demat Account AMC (Yearly)
Note – AMC is charged from second year onwards. There is no AMC for the first year of account opening.
Demat Account Opening Procedure
IIFL offers demat account opening in two ways:
The best method to open an account with IIFL is to request a call back from the IIFL representative. After the submission of request, a person from the nearby IIFL Branch will call you and guide you for the further process.
The customer can open an instant and paperless account with IIFL. The condition is that the customer’s current phone number should be linked with the Aadhar card.
Steps to open demat account online are:
• Visit official website of ‘IIFL securities.
• Click on ‘Open Demat account’.
• Fill all the required details.
• Enter your PAN and Aadhar details for KYC.
• Upload all the required documents.
• Complete your in-person verification (IPV).
Shortly, the customer will receive a client code of the demat account generally known as BOID (Unique beneficiary owner identity). You can sign in to your demat account using this BOID.
The account will be opened in the next 24 hours after validating the information and documents. The customers will receive a mail once their account is opened.
SEBI has assigned DPs in order to determine the value of holding on to the basis of the daily closing price or Net Asset Value of the securities or the units of mutual funds. If the value of your holdings exceeds by the slabs then the DPs are permitted to change the same as they charge non-BSDA regular demat accounts.
IIFL POA form is signed for the limited purpose. It allows IIFL to perform limited activities in the demat account of a client like the debit of shares from the account. IIFL asks its customers about the Power of Attorney (POA).
The Securities that are held in the depository account can be pledged in order to avail the loan or credit facility. Pledge of Securities in CDSL/NSDL depository requires both the borrower and the lender to have an account within a same depository either in NSDL or CDSL.
The customers will receive SMS on the registered mobile number and a welcome mail on the registered mail id. He will also receive a welcome letter along with the welcome kit on the registered address. Further, the customers will receive the password on the registered mobile number.