IIFL Rs 9.99 per executed order, just a gimmick?

 

IIFL
GIMMICK?

Fellow Traders and Investors,

I guess you must have read the press coverage about how IIFL is reducing the brokerage to as low as just Rs 9.99 per executed order and how Mr Nirmal Jain has claimed that they can go even lower.

In Economic Times

In Live Mint 

Be very careful, because we think true to its tradition and reputation even this scheme from IIFL is conniving to say the least. Here are the reasons why:

  1. They will be providing you only web based platform, there won’t be any option to use the desktop or the mobile version. If you have to use the desktop or the mobile, you will have to shift to their traditional brokerage plan.
  2. They are having hidden charges in the name of exchange transaction charges. Check this post to know about how brokerages charge extra in the name of turnover charges. India Infoline charges 0.038% or Rs 380 per crore for futures, whereas ideally it should be only around 0.0021% or Rs 210 per crore. Similarly much higher for options (0.058%) and commodity (0.0041%).
  3. No option to place call n trade, you will have to move to their traditional plan if you want to do so.

Click here to see all  other details about India Infoline.

So instead of being penny wise and pound foolish, it is best to avoid IIFL and use one of the reputed discount brokerages out there. Use our website Comparebrokerages, to make the best choice.

 

Empowering Indian retail investors/traders,

Comparebrokerages

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30 thoughts on “IIFL Rs 9.99 per executed order, just a gimmick?

  1. I checked with them. They have the desktop and mobile app for discount broking.

    Fee is also 9.99 only + regulatory charges. I placed one trade on the web. Call & trade they told me Rs 20 extra per trade so facility is there but charge. But i don’t need anyway

    1. These are the disadvantages i saw.

      1. They will block you from logging on to the Trader terminal.

      2. They will not gi9ve you a limit of even 1 buck inspite of you having 1 CR in your Demat a/c

      3. They will send you Physical contract notes and charge for it everytime, INSPITE of your wishes to request it or stop it…

      etc etc…

      So please BEWARE and do not be PENNY wise and POUND foolish !

  2. Im already having a Dmat Account with IIFL but the brokerage is pretty high 0.5% so just need to ask can it be convertible to 9.99Rs flat Brokerage which gets executed.?

    Regards
    Deep A Mukherjee
    996087564

  3. I have account already. please let me know how to get this scheme

    client id BSGOPAL6

    Mobile no : 9000083000

  4. I already have a account with IIFL and want to convert to this option. The relation ship manager never cares to tell the customer about this low brokerage. I never found the relation ship manager helping me with any of the thing It is just waste of having the relation ship manager.
    Can you please let me know the details.
    My id is bsatish8

  5. Today I have maid transaction in Option. IIFL charged me Rs 4 per unit. For trade of 1000 option I have to pay 4000+4000+1189=Rs. 9189.

    Can you imagine of such a huge huge charge?

  6. I have acct with IIFL Can I change over to lower brokerage scheme
    If not I think SAMCO ITL hae best plan to opt
    Wake up IIFL
    MY ID – BKBHATI6
    MOB – 9687460636

    1. Dear Ghanshyam,

      Thank you for showing interest with IIFL. We do have desktop version and our team will be happy to answer any queries you may have about the same.

      Please help us with your mobile number and location so our team can contact you at the earlier.

      Warm Regards,
      Team IIFL

  7. I once had IIFL account then nifty lot size was reduced by exchange and they purposely did not educate customer and were charging huge money on per lot and they literally looted customers that time. I made 3000 profit on one transaction and IIFL brokerage was close to 7500 as I had bought more lots.Thats it, i ended my all relationship with them despite they called many time about this 9.99 per transaction charge. coz I could not trust them any more. Now am with zerodha, they charge exact money as their brokerage calc shows. they dont cheat. just thought of educating people, not sure what their hidden agenda/charges behind this 9.99 brokerage, but be very careful with them. thanks.

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