Hi ! Need help regarding iifl

Hi ! Need help regarding iifl

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Deal Subedar
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Hi !
Wanted to know if any one is having account (mutual fund or trading ) with iifl ?

My query is -
Is iifl safe ? They are asking for signature proof, cancelled cheque and a video (me speaking my name and showing pan card)

2. Is iifl mutual fund services free of cost ? ( Except for their margin between regular and direct plans ?

3. Cantacting iifl RM using whatsapp number is safe , as they stated this is their helpline number and i can contact using whatsapp also?

7 Comments  |  
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@stalwart

IIFL is not a good choice. There are better options available if you don’t want to go with a discount broker like RKSV/Zerodha.

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rsai01 wrote:

@stalwart

IIFL is not a good choice. There are better options available if you don’t want to go with a discount broker like RKSV/Zerodha.

Asking only for mf investments ,

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stalwart wrote:

Asking only for mf investments ,

For MF invest directly through the fund house website or as some suggested in other threads CAMS which is an unified platform. It’s better to invest in direct plans always through fund houses. But IIFL as a whole is not good (not personal experience but 2 of my friends got their accounts closed in the last 15 days because of various issues). They don’t provide any value addition over other brokers.

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rsai01 wrote:

For MF invest directly through the fund house website or as some suggested in other threads CAMS which is an unified platform. It’s better to invest in direct plans always through fund houses. But IIFL as a whole is not good (not personal experience but 2 of my friends got their accounts closed in the last 15 days because of various issues). They don’t provide any value addition over other brokers.

Agreee, but my query was 1. Is it safe to provide them my documents ?
2. There are no annual or monthly fees or brokerage charges on mutual funds ?

I know that it is always better to invest directly, but fir bhi i wanted to know about about 2 things

By the way , how can i close my accounts with them ? Just in case, i need it in future ?

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stalwart wrote:

Agreee, but my query was 1. Is it safe to provide them my documents ?
2. There are no annual or monthly fees or brokerage charges on mutual funds ?

I know that it is always better to invest directly, but fir bhi i wanted to know about about 2 things

By the way , how can i close my accounts with them ? Just in case, i need it in future ?

Every brokerage house would ask for those documents. For in person verification if you can’t go to their office, video call/recorded video with a proof is the way it is done. So it is safe to provide them the documents as they are a huge establishment.

They would of course charge AMC for your demat account though there is no brokerage for mutual fund purchases.

To close your account you would have to give a request letter after settling any dues. If you have securities in your demat account you should give another demat account for it to be transferred. Some brokerages have some charges if you close the account before 12 months I guess.

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rsai01 wrote:

Every brokerage house would ask for those documents. For in person verification if you can’t go to their office, video call/recorded video with a proof is the way it is done. So it is safe to provide them the documents as they are a huge establishment.

They would of course charge AMC for your demat account though there is no brokerage for mutual fund purchases.

To close your account you would have to give a request letter after settling any dues. If you have securities in your demat account you should give another demat account for it to be transferred. Some brokerages have some charges if you close the account before 12 months I guess.

Thats wonderful !
N thats so kind of u to bear with me.
Thank you so much for the info !
N karmas to u for all that.

One last question is can we buy mutual funds using upstox ?
TIA https://cdn1.desidime.com/assets/textile-editor/icon_smile.gif

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stalwart wrote:

Thats wonderful !
N thats so kind of u to bear with me.
Thank you so much for the info !
N karmas to u for all that.

One last question is can we buy mutual funds using upstox ?
TIA https://cdn1.desidime.com/assets/textile-editor/icon_smile.gif

No upstox doesn’t have the facility yet (though they mention about bringing it to their platform very soon) but I guess zerodha has it (not sure though). Cheers and happy investing. https://cdn2.desidime.com/assets/textile-editor/icon_smile.gif

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