Reliance money sucks

Never ever use reliance money for options trading.
They say 1 paisa but it comes with a huge hidden charge.
You have to purchase a limit card i.e 500/- will give you the turnover limit of 1 crore,
if you are buying 10 lot of call/put with the strike price of 5000 and with the premium 50/- then this turn over will become (5000+50)*500 =2500000 and it makes the effective brokerage of yours 125/- and if you are selling it on the same day then again it will be included in the turnover. You will be paying STT on the premium, but to suck the money they will calculate the turnover on the starike price, one more thing till the time you will keep the position open they will keep deducting the amount from your turnover limit and will keep recharging it by 500/- each time and you will end up paying the charges which you can't imagine in your dreams.

They are the real leach, they will keep sucking your money and even they you won't know about it if you do not keep track of your ledger book.

Reliance Money sucks with there hidden charges......

It is true that the prepaid card is based on turn-over and not the premium. However if you go by say 2% of the premium (standard alternative offered by brokers) in the case illustrated, it comes to: 500 Rs, which is much more than 125 effective brokerage for Reliance. Also RMoney does not charge STT on the turover, that would be illegal.

Repeated charging for everyday if you keep the positions open has ever occurred to me, and I have been trading options with RMoney for 1+ year. Please reconfirm what you are saying and indicate the explicit case that has happened to you in your personal account and not hearsay.

RMoney has its problems: Bad customer care, mediocre trading terminal, no security margining system only cash, but just in terms of brokerage it is probably unmatchable...

hi,
this is raj from chennai .Iam using only reliance money for options normally i trade with spreads .Iam shocking after i seeing your post as i was planning to increase the trade amount. Is this really true.
regards
raj

Dear andygp,
What I am saying is if you keep your position open for 10 trading days, then they will keep deducting the turnover limit for 10 trading days and it makes one of the costliest service. And anyhow I can't see this much heavy figure ( their so called turnover) anywhere other than the limit card statement, they makes a simple transaction of 25000/- to a turnover of more than a crore, this is completely unethical.

Yes,

This is very true, I don't know why till now no one has raised his voice against their so called 1 paisa brokerage. I don't think by such a unethical business practices we are ending up paying 1 paisa only. Others are better than this atleast they says you we are charging this much amount, then its up to the customer to go with them or not.

Hey even i am trading with relmoney and what u r saying is not possible , hat is illegal and has never happened to me , i regularly check my limit card details.
T/o limit is reduced when we trade it cnnot be reduced for trading days.
Aise to if one takes long term options of 2 years all his money wud go in brokrg itself.
Check again , this doesnt happen to me.

hi coolboy,
What u said is correct it doest not happen to me also. Can u tell me how to see the usage limit of our account .

As i use instatrade i will give directions acc to it ,

on the upper bar where derivatives , equity etc is written. Click CHARGES , under it click LIMIT CARD .

A new page will open click TO VIEW YOUR STATEMENT CLICK HERE , click CLICK HERE WRITTEN IN RED.

A new page will open select dates and click get details. u will hav ur limit card details , the limit card is updated usually after a week right now am able to see ma trade details till 26 sep.

I hv manually calculated turnover of my LAST 5 trades in options and they are all correct with deviations of 20-30 rs which is acceptable.

I opened my a/c in Apr 2008 in Mumbai. I was not even aware that something like "limit card charges" exist. The sales person just came to open account and told me That i have to pay Rs 500 / - and everything is free for a year..No charges will be deducted, today after accessing my mailbox after a gap of 2 months, I am shocked and to my horror i see that they have deducted 500 rs twice for some
I AM Facing same problem...I opened my a/c in Apr 2008 in Mumbai. I was not even aware that something like "limit card charges" exist. The sales person just came to open account and told me That i have to pay Rs 500 / - and everything is free for a year..No charges will be deducted, today after accessing my mailbox after a gap of 2 months, I am shoked and to my horror i see that they have deducted rs 1000 i.e. 500 rs twice for some limit card. plus there are some other charges also which i cant understand,..The Ledger statements and all those statements format is not clear and i simply cannot understand anything. When i called them they just plainly said it wont be refunded. The salesperson also did not inform anything as i am totally new to shares and stocks. Please suggest something.Right now i cannot even understand how much and how many types of charges have been deducted from my reliance trading a/c. plus there are some other charges also which i cant understand,..The Ledger statements and all those statements format is not clear and i simply cannot understand anything. When i called them they just plainly said it wont be refunded. The salesperson also did not inform anything as i am totally new to shares and stocks. Please suggest something.Right now i cannot even understand how much and how many types of charges have been deducted from my reliance trading a/c

Plus there are lot of other charges also..Please help