Reliance Money Online Brokerage — Unfair charges | |
I was induced in taking an online brokerage account last year by Reliance Money offering free trading for a year along with the account. It was not a free account as I paid 750 rs. for opening the account. However, I soon realized that the account was not functioning as the free limit card that should have been associated with the account was not there. After almost 2 months of follow-up, e-mails, calls to their call center and their executives, the account was activated in January 2008. However, I was mistaken to think that this was the end of problems. In January 2009, on checking my ledger account I found that my account was debited 1000 rupees. I was very surprized because only one trade of 900 rupees had been done. I decided to check my account through the year and I was shocked to find that in June 2008, my account was debited 500 rupees. Again in October 2008, another 500 rupees was debited. Apparently all these debits were for the limit card. So much for free trading account. After several times and e-mails, my husband could speak to the company executive who informed that the first card had been used up to the maximum limit of 5 lakhs tunrover - the scheme was one year or 5 lakhs whichever was earlier. Subsequently, the turnover was 60000 for june card renewal but this was only valid for two months, Same thing for the October card as 'by default' the card was renewed as bi-monthly validity card. When asked as to why did the web site brokerage software not ask for the scheme, the reply was that the renewal is done by default unless you go and explicitly choose the scheme. The software used to warn earlier that the limit card had to be renewed, but this warning was now removed. Again in October, I had been charged brokerage as some small trade had been done. On requesting that the scheme be changed to 1 year validity, the executive said that this would be done on writing an e-mail. After several e-mails and subsequent calls, the status has not changed. I feel that Reliance money is taking everyone for a ride by default charging which is detrimental to the customer. Was this information helpful? | |
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Hey i used to think the same... but no yaar this person from their Hyderabad branch explained me that this limit card ia auto renewed in case v dont do it on our own .. n i think they have set bimonthly card as default card (smart people huh ...) ... so everytime u dont renew this bimonthly card of sm 500 rs used to get deducted ..Then he told me that if i do this renwal thing on my own i wont face this issue ... its good trust me ... i have chosen annual card n i dont have to then bother ...
hey but i actually do quiet a lot buying -selling ...so for me annual card is good ... n i personally feel whatever said n done rel money is good as i spend less on the total trades ...
u chk it out ...u have rite to ask as a consumer ... do let me know i[censored] want me to share gyan
hey but i actually do quiet a lot buying -selling ...so for me annual card is good ... n i personally feel whatever said n done rel money is good as i spend less on the total trades ...
u chk it out ...u have rite to ask as a consumer ... do let me know i[censored] want me to share gyan
Sir,
I am a client of reliance money since April 2008.The company issues a limit card of Rs 500 to the tune of 5 lakhs rupees for a period of one year. In case the card is exhausted before one year or rs 5 lakhs limit is used the client can issue a new card. But for some reason if he does not know about its being exhausted, the company should inform him or to stop his trading. I did not come to know of my card's trade limit is over and there was no intimation from the company, or warning, and have been rechrged by same lower amount Rs 500 cards 56 times automatically. I surely feel this is wrong either they should educate the customers or they should not allow for the trading if the card expires. When I called the customer care people they did not help us very efficiently. Most of the times I was not able to see my portfolio correctly. The company and they are not ready to refund the amount saying that nothing can be done, it is the consumer's fault, if that is the case they have larger amount cards which is having the larger transaction limit, then should have inform that as well.I hope the needful will be done and more customers will not be suffered in this manner.
As we are the small investors, we are already loosing lot of money due to up and downs in the market, at the same time lacking of the knowledge and lot of hidden charges applied by these brokers its harming us, and making us to not to invest.
Please guide us what to do. And suggest the brokers to give the best education before they take the customers into the business.
Regards,
Srikanth
I am a client of reliance money since April 2008.The company issues a limit card of Rs 500 to the tune of 5 lakhs rupees for a period of one year. In case the card is exhausted before one year or rs 5 lakhs limit is used the client can issue a new card. But for some reason if he does not know about its being exhausted, the company should inform him or to stop his trading. I did not come to know of my card's trade limit is over and there was no intimation from the company, or warning, and have been rechrged by same lower amount Rs 500 cards 56 times automatically. I surely feel this is wrong either they should educate the customers or they should not allow for the trading if the card expires. When I called the customer care people they did not help us very efficiently. Most of the times I was not able to see my portfolio correctly. The company and they are not ready to refund the amount saying that nothing can be done, it is the consumer's fault, if that is the case they have larger amount cards which is having the larger transaction limit, then should have inform that as well.I hope the needful will be done and more customers will not be suffered in this manner.
As we are the small investors, we are already loosing lot of money due to up and downs in the market, at the same time lacking of the knowledge and lot of hidden charges applied by these brokers its harming us, and making us to not to invest.
Please guide us what to do. And suggest the brokers to give the best education before they take the customers into the business.
Regards,
Srikanth
yes I agree to all above guys..
Recently i have brought limit card of rs 500 which offers 1 Paisa brokage per buy and sell of stocks ie Advanced brokage.
Now from 20/7/2009 Reliance money (The Great CHOR) had started a brokage of rs15 per transaction..
So what is the use of 500/- limit card
I tried to contact them but they are saying they cant help out as company has changed their norms
This brokage is too high.
Really somebody has to make concern on this.
Is some one is Listening??
Recently i have brought limit card of rs 500 which offers 1 Paisa brokage per buy and sell of stocks ie Advanced brokage.
Now from 20/7/2009 Reliance money (The Great CHOR) had started a brokage of rs15 per transaction..
So what is the use of 500/- limit card
I tried to contact them but they are saying they cant help out as company has changed their norms
This brokage is too high.
Really somebody has to make concern on this.
Is some one is Listening??
The Chor Mukesh & anil are fighting amongs themself. Looting the ordinary poeple by charging, brokage of rs15 per transaction..
Mr. Anil how can you change the rules mid way when we enrolled for reliance money this was not there.
Double standard chors are tlaking about MOU ... KG basin
F... K let god punish such crocked persons.
Mr. Anil how can you change the rules mid way when we enrolled for reliance money this was not there.
Double standard chors are tlaking about MOU ... KG basin
F... K let god punish such crocked persons.
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+91 44 3025 4749
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No 6 Reliance House, Opposite Sastri Bhavan, Haddows Road, Nungambakkam, Chennai, Tamil Nadu, India - 600034
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