Trader's Heaven ! ! Some tweaks for easy going. Review on Reliance Money

I hate writing long long reviews, but after reading lots of neagative reviews of RM I am inspired/forced to write my pleasant experience at Reliance Money(now shall refer as "RM").

I was desperately searching for broker who could charge almost negligible brokerage as that's what they are charged by NSE/BSE so I can exit at small profits on Intraday trades.

I went through all of them Indiabulls/Kotak/Sharekhan/IndiaInfoline etc. But I could not stop myself from subscribing RM because of their excellent brokerge plans. I am Intraday trader and also sometimes convert my trades to delivery.

I will first explain how easily I got my RM account within 15 days and got my trading platform activated within 2 days.

I must admit that after reading all neagative reviews on Mouthshut I was well prepared to face the RM pathetic service, BUT TO MY SURPRISE RM has proved like truely MNC behavior from A/C opening to Call Center conversations. At NO point I faced any problem at all. What I tried to make sure is following this suggestion made by one of my friend.

1. Approch nearest RM office, do not use sub-office, agents or franchisee

   
   




2. I had given my Election Card as my Address proof and PAN card for Photo ID. do not use unclear or local id proofs.

   
   




3. Since RM has online tie-up with HDFC, ICICI, AXIS(As online fund transfer and withdrawal faciliatated through RM website only, so no more visiting their office for check pick-up or drop) I chose to link my HDFC account.

   
   




4. I gave them HDFC cheque for Rs.750/= and one blank(cancelled) cheque.

   
   




5. 1 Photograph of applicant and Nominated person's photo.

   
   




6. Make sure the executive fills up the complete form in front of you. what they do is they take signatures on all pages and information on plain paper then fill it up at their time which might take 3-7 days or may be more. So always insist on filling-up the form in front of you only. Take the note of your application number and keep pestering the executive for atleast 2 days that whether he has submitted the form or not. Tell him that you have called head-office and they have not received it.

   
   




7. I kept calling the RM Call center every 2nd day & kept asking for status and tried tracking it.(as suggested by my friend)

   
   




8. Calling RM call center was always good. I always got the right person within 2 minute of my call and all my queries were answered satisfactorily.

   
   

I applied for RM account on 23rd Feb 2008 and I had the Account Kit with me on 9th March 2008

After I received the Account Kit immediately I called the RM call center and requested them to enable "InstaTrade"(Online Trading Platform with live streaming quotes). I got it activated in 2 days. In my last 20 days of trading I have made the trading worth Rs. 70 lacs. If I had account with any other broker then I definitely would have paid Min Rs. 7, 000/=+Service tax and Max. Rs. 14, 000/=+service tax on intraday trades. whereas with RM I am still having balance in my 500 rs. coupen.

On quicker note on brokerage initial two slabs.(they have coupen system)

1. Rs.500/= coupen (Including Service tax which is 12.26%)(12 month validily)

Rs. 5, 00, 000/=(Intraday trades or delivery whatever)

1. Rs.500/= coupen)(Including Service tax which is 12.26%)(2 month validily)

Rs. 90 lacs Intraday trades and Rs. 10 lacs delivery.