IIFL Securities NRI Account Opening, Charges, Services Review
IIFL Securities Track Record Of Best Online Stock Broker In India
IIFL Securities NRI Account Opening, Charges, Services Review
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.
The full-service broker has a broad network across India. Its branches are spread across all the major cities and states. It is very famous among the retail investors and the traders for their personalized services by taking the help of Relationship Manager and the branches.
IIFL Securities is a full-service broker that offers two-in-one account i.e. combining demat and trading account to the NRIs. It allows trading in across stocks, equity derivatives and investments in Mutual Funds, IPOs and Bonds.
Unique Selling Point (USP)
The Unique Selling Point of NRI Mutual Fund Investment are:
a) It has a wide range of Investment products.
b) It provides a loyal and dedicated Relationship Managers (RM).
c) It has an in-house research team.
d) It has an online account opening by the video verification process.
IIFL NRI Services
IIFL NRI offers its customer the trading and demat account facility. The NRIs need to open their bank and custodial account that has to be opened with other companies. NRIs require PIS Permission to make investment in stocks and the custodial participant code (CP Code) in order to trade in equity derivatives (F&O). IIFL Securities support Axis Bank, HDFC Bank and Yes Bank for the NRI Bank Accounts. These banks are designated by the Reserve Bank of India in order to provide PIS Certificate to NRIs. It supports ICICI for the custodial account that is required for trading in equity derivatives.
Documents Required to open an NRI Trading Account
An NRI is required to submit certain documents at the time of opening a two-in-one account. All the photocopies must be attested by a notary public.
a) Passport (PIO and OCI card is required and birth place in India)
c) PAN Card.
d) Overseas Address Proof
e) PIS Permission Letter
f) Bank Account Proof.
IIFL NRI Trading Process
After opening all the necessary accounts, the NRIs can trade seamlessly online in their desired stocks. Steps to trade online are:
a) Transfer Money into PIS account- In order to invest or trade, NRIs needs to transfer the money from their PIS Bank account.
b) Place Buy or Sell Order- An individual can buy or sell order by using the various IIFL NRI Trading Software. In case the bank has enough fund to proceed with the order then the trade is executed per order basis. The customer receives a confirmation message for the same.
c) Submit Contract Note- IIFL sends various contract notes for buy or sell transactions to the banks at the end of the day. Based on the buy/sell order the bank transfer the fund to broke or the broker transfers it to the bank.
d) Stock Settlement- The stocks are credited or debited to or from the demat account in T+2 days based on the buy or sell order request.
1. The investment amount for IPOs, Rights and Bonus shares will be debited or credited from the NON-PIS Bank Account.
2. Before placing an order an NRI does not need to transfer the amount from a savings bank account to the PIS account.
3. NRIs are not allowed to place the Intraday and BTST orders.
4. NRIs are not allowed to trade in commodities, currencies and their derivatives.
5. The payment gets rejected in case there is an insufficient balance in the PIS bank account.
6. The separate transactions will be settled by the banks on the basis of their purchase and sale of securities.
IIFL Securities NRI Mutual Fund
The IIFL customers can use the IIFL Mutual Funds mobile app for investing in various schemes. The customers can buy, sell, initiate SIP, track and monitor the various types of mutual funds and receive recommendations anytime and anywhere.
Some of the main features of IIFL Mutual Fund includes:
a) It is a free mobile platform that allows buying and selling of mutual funds from the top AMCs.
b) The NRIs can select SIP investment option through E-mandate.
c) The customers receive research insights on mutual funds to provide better investment decision making.
d) It monitors the fund performance from any where and at any time.
Advantages of IIFL Securities NRI Account
1. IIFL Securities serves its customers by providing with a dedicated relationship manager, research reports and a broad range of products and services.
2. It has comfortable online account opening procedure.
3. It provides a convenient mutual fund investment by a mobile app or website.
4. It is part of trusted IIFL Group, a financial services conglomerate.
Disadvantages of IIFL Securities NRI Account
1. It charges high brokerage as compared to the other discount brokers like Zerodha and Pro Stocks.
2. It does not provide the facility of three-in-one account. The NRI has a compulsion to open a NRI Bank account and custodian account on their own.
Frequently Asked Questions
Yes, the clients can have two separate trading accounts based on NRE and NRO.
The Headquarters of IIFL are located in India.
The customer can simply submit the documents to their Relationship Manager and the documents must hold a stamp of “Verified with original” and need to have signature of RM or branch manager.
FEMA provisions provides permission to the Indian Companies to issue right or bonus shares to existing non-resident shareholders that is subjected to adherence to sectoral cap as may be applicable.
An entity contracted to keep up the record of the owners of the stocks and the bonds that are issued by the company.
• A Resident Indian Individual Account. • HUF Account. • Partnership Firm Account. • NRI Account. • Minor Account. • Corporate Account. • Trust Account.
The transfer of securities from the account in one depository to an account in the other depository is termed as an inter-depository transfer.
No, the NRIs are not allowed to make Intraday transactions. They can only trade on delivery basis. Short selling is not allowed.
Rohit Sharma is the brand ambassador of IIFL.
The customer can square off the stocks through Non-POA holding under the holdings section by selecting the stocks you are willing to sell and authorizing the same via T-Pin procedure.
HDFC Bank, Axis Bank, RBL Bank, Federal Bank, State Bank of Mauritius, Yes Bank and Kotak Bank
As SEBI regulates the Stock Market, Forward Markets Commission (FMC) regulates the commodity market.
IIFL sends DP transaction that includes holding, bill statement (monthly) to their registered mail Id.
A Demat and a trading account can be opened with IIFL Securities.
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.
Any transaction that involves delivery of securities to a clearing corporation or clearing house for sale of securities done on the stock exchange platform is termed as “On Market Transaction”.
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).
CM BP ID stands for Clearing Member Business Partner Id.
You can simply contact the RTA of the company.
An individual needs to submit dematerialization request by sending a duly filled dematerialization request form to the DP along with the certificates of securities to be dematerialized.
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.
IIFL Securities is among the best brokers in terms of its trading platform like IIFL Markets Mobile app, best research and advisory, complete investment option and the personalized PMS.
Your Relationship Manager will contact you in case there is any kind of rejection.
A minor can be nominated if he submits an Id proof and address of the guardian of the minor nominee shall be provided by the beneficial owner along with the birth certificate of minor.