One of my friends has Reliance Money (RM) account, which she opened 5 month back. At the time of opening the account, the reliance sales executive person committed her lots of the thing and in which the crucial one was not fulfilled.
It was told that the brokerage would be 1 paisa per transaction (sell or buy) and no extra charge would be applicable. But when she saw her ledger details, Rs. 15 per sell transaction was deduced. When she asked for the reason they told her that it was mentioned in the contract.
Most of the time when she bought any security, they are received late or not at all received. For this RM said that the order had gone in auction trading and the security holder is denied to give delivery.
It was also told that she would receive daily free 5 trading calls through SMS. She received it only for 1 month. A particular amount was asked to give for further SMS. For this, RM said that their system is not OK to send these SMS. But she is receiving SMS for Mutual funds and IPO’s, which RM is supporting.
There are internal trading of YOUR securities from YOUR demat account. You can see it in your daily contact node.
You can’t place an order except market timing.
You have to open website in IE. In other browsers, your trade call will be placed twice.
It is very problematic to access the site. Most of the time, session got killed very soon after 2 or 3 clicks.
You have to carry security token to access the site.
You have to open a new account in UTI or HDFC, if you already not have it, in which, you have to maintain a particular balance. 2-3 days needed to transfer money in these accounts from ICICI and same is required to withdrew money from RM to HDFC or UTI.
I think these are sufficient to kill the need to open account in Reliance Money.