Beware of RelianceMoney !

[THETRADER]

i would rate indiabulls much much better than RelianceMoney,specially in terms of the website functions & user friendliness,transperant & simplified billing methods.

Nothing surprising, as ANYTHING ELSE, even a School Computer Science Project will be better than this!

Among the issues which are to be noted in RelianceMoney are - (a) Charging Rs 12 + taxes on each scrip ordered on phone or thru e-kiosks.(b)Charging of Rs 12 + taxes on each scrip sold on any single day thru net.If the order is placed thru phone, the transaction charge is Rs 12 + 12 + taxes for each scrip ordered to be sold thru phone.

They charge Rs.12 per transaction, irrespective of the quantity, and, not per share. I guess if you sell 1 share at Rs.9/- your charges are going to be what you've mentioned, but not when you sell 100 shares, where the charges still remain Rs.12 only. Please correct me if I'm wrong.

(c)The helpline number has never been picked up till date while i tried during trading hours...must have tried atleast 15 days till date.

HELPLINE works this way - During market hours, you will be on a queue, and, after market hours, you will be asked to call during market hours!
BTW, what do you think you can achieve, even if they did answer? Nothing much !!!!!

(d) The "My Portfolio" option in the site never opens and even if it opens ,it displays all baseless values,like a stock costing Rs 30 in market is displayed at Rs 90. (e)The "Inbox" function has never operated till date.(f)The amount debited from my trading amount dont match with the balance i should be having after paying all the transaction charges, brokerages,etc, as mentioned in the statements.(g)Disappearing of account balance details at the end of each trading session to reappear in the next trading session.....and than find difference in amount balance between the previous day and the next day (After considering brokerages/transaction fees/taxes).

Are these the only problems? Then you dont need to switch (There are tons more, and, far more serious, and, others arent switching!

 

[knarendra]

Dear friend,

I will try to clear your doubts. If you can ordered through phone, they will charge extra Rs:12/- per order.
Note: Per order not per share.No bother about quantity of share One or One lakh.
If you are a net trader, They cannot charge Rs:12/- per order.
But, some sub franchises also collcet Rs: 12/- per order, even you are a net trader.
To avoid this, contact only main franchises.
To find out main franchises,
log on www.reliancemoney.com/contactus.aspx
Then search your city, and find out.
regards,
naren

 

[ratan jain]

Dear friend,

I will try to clear your doubts. If you can ordered through phone, they will charge extra Rs:12/- per order.
Note: Per order not per share.No bother about quantity of share One or One lakh.
If you are a net trader, They cannot charge Rs:12/- per order.
But, some sub franchises also collcet Rs: 12/- per order, even you are a net trader.
To avoid this, contact only main franchises.
To find out main franchises,
log on www.reliancemoney.com/contactus.aspx
Then search your city, and find out.
regards,
naren

Then why is reliance allowing these sub franchises to collect extra.

Are they deaf or blind or just cheaters???????????????

Wherever I see the reliance board I should get the same service, why should I care if he is a sub sub sub sub franchise or anil himself.......

 

[rajinvestor]

Hi ! I am new to this site and found this website while searching about other people suffering from Reliance money or other brokers. I use my mobile to access Rmoney and trade. I do have desktop but not a laptop & it's not possible to always trade at home thru desktop. I have tried to find the solution with local Rmoney office but they are untrained persons and more interested in taking TRADE CALLS which generates income for them. So I've sent mail to customercare reliance.
" Dear customer care executive,
My id is R00036780. I've been ur customer since July 2007. I am afraid I'll have to change my DP because I am totally dis-satisfied with your services.
My ledger report shows unexplainable deductions. Moreover local Rmoney branch official appear to be untrained and always busy to explain all the details.
10/10/07- 13 Rs deducted for CDSL DP Bill 01/09 to 30/09.
22/10/07- 417 Rs deducted for Limit card charges. I've already paid 500 three times for limit cards(500 in starting, 500 on 27/09/07, 500 on 03/10/07) and 2500 on 08/10/07. In spite of limit remaining why 417 Rs have been deducted for limit card charges.
2232 Rs have been deducted on 06/11/07 for mandate charges for period 01/10/07 to 31/10/07. On the same day Rs 240 have been deducted for mandate charges for the same period.
Rs 1052 have been deducted on 08/11/07 for CDSL DP Bill from 01/10/07 to 31/10/07
Rs 204 and Rs 648 have been deducted for the same time period 01/11/07 to 15/11/07.
I need to know what is all this? What % is charged and for what? Why two time charges for same time period?
To add my worries Trade book is showing same shares (same exchange transaction id) traded two times eg. ABB and BHEL on 26/09/2007.
Moreover your portfolio link is showing 'please bear with us' since last 45 days.
You even don't have toll free customer care service. It appears I am bearing Reliance money itself which is not going to continue. My faith in reliance is vanishing fast. Hope you can do something else I'll have to take some steps."

I don't know when I will get reply for usch deductions which were never explained/told while opening account. Now local office person is telling 12Rs brokerage per trade. Initially they told 1 paisa per trade and contract note also shows the same. WHY CHARGES HAVE BEEN DEDUCTED TWO TIMES FOR THE SAME PERIOD? AND WHAT PERCENTAGE AND FOR WHAT ?
MOREOVER I AFRAID THAT NOW I'VE SETTLED MY PORTFOLIO AND NOW I WILL HOLD THEM FOR 1 YEAR AT LEAST. WILL RELIANCE MONEY KEEP ON CHARGING ME FOR THIS AND THAT WHILE I WILL NOT SELL/BUY A SINGLE SHARE FOR 1 YEAR???????? IN THIS WAY I WILL HAVE TO SELL SHARES TO PAY THERE MISCELLANEOUS CHARGES AND I WILL END UP WITH NO SHARES IN THE END. SO I AM INVESTING FOR MYSELF OR TO PAY CHARGES TO RELIANCE MONEY???????

 

[rajinvestor]

I am new to this website and I found this website while searching on google about people suffering from broker atrocities. But now I am annoyed to see that all my replies to the post are not shown. They just disappear. What to do?

 

[rajinvestor]

Congrats to myself coz my reply has appeared this time. So, I was talking about Rmoney. "Achha sila diya tune mere pyar ka, yaar ne hi loot liya ghar yaar ka." I said yaar for reliance coz 40% of my portfolio includes reliance group including reliance capital. Rmoney has deducted a lot of money in the name of "MANDATORY CHARGES" that also 2 times for the same time period. Moreover TRADE BOOK shows same scrip with all details like exchange trans. Id and all that TRADED TWO TIMES. I bought 5 shares of BHEL and 10 shares of ABB on 26.09.07 but trade book is showing 10(5+5) shares of BHEL and 20(10+10) shares of ABB bought by me. I know that I bought 5 BHEL and 10 ABB shares and paid money for them and DEMAT ALLOCATION is matching with my records. Then why they are showing it 2 times. I'll tell you. To deplete my Limit card so that I purchase new limit card.
Local Rmoney office guys will be very happy 1. If you are opening new account 2. If you are buying shares by calling them
REST IS YOUR PROBLEM. Sudip Bandopodhya told on CNBC that we take 1 paisa per trade brokerage + taxes. Then what's this MANDATORY CHARGES???
If this is the buissiness model of Ambani brothers I should not only quit Rmoney but also Reliance scrips. Buissiness models like this cant work for forever.
Anyone pls tell me charges of indiabulls, sharekhan etc.
Why don't we make a table to compare DP's?

 

[veeruisgreat]

Hi Guys,

I can assure you of one thing - Reliance money has definitely been a better experience than any of its competitors

 

[himanshu12]

Hi Guys,

I can assure you of one thing - Reliance money has definitely been a better experience than any of its competitors

You must be sleeping with the CEO then...not withstanding your sexual preferences.....

Thats the only way to get service from Reliance.

How much are they paying you? If its a good amount tell us all, we will all talk bullshit like this and make good money in the process!

 

[bilalinamdar]

LOL
Reliance Money ('beta' is proper name) Really Sucks
*Hard to Navigate
*No streaming Quote (i am not taking abt reliance Insta trade but Easy Trade)
*The Money transfer System is such a Stupid that they say DO NOT CLICK X button can't the programmer get it done easily so stupid it is know as session management.
*Login Problem
*The Security Key Really Sucks
*Very Very Slow Damn Youtube Video Load faster than Reliance money
* In case of Market crash (recently) you can't take out money (at specify time quickly) or buy share...Down down slow

Some Positive Points
* less Brokerage (No competition as a small Retail trader)
* Goodwill (which is falling down in case of reliance money)


I have Share Khan Account (i am not promoting)
What i do is Open the Fast trade of share khan (which is free and java based) and than i look at the current Price and Purchase from reliance.
Share khan Also some time can't update quote and some java problem occurs.. But overall i can trust it for my small trades

 

[chella70]

I have opened an account with reliance money one year before.The trading platform is worst compare to other brokers.I have asked them to enable insta trade and got a message that "insta trade enabled".but whenever I try to login insta trade,the alert i am getting is "you are not authorised to use this plaform.hence I also accept reliance money is the worst.my id chmn0003