Tuesday, August 4, 2009

Beware of RelianceMoney

I have been using Reliancemoney for the last 4-5 months and the experience is less than satisfactory. I have been using indiabulls prior to switching over to Reliancemoney for access to BSE & IPOs aswell and now i would rate indiabulls much much better than RelianceMoney,specially in terms of the website functions & user friendliness,transperant & simplified billing methods.
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.This clause was not mentioned anywhere before (other than an incomplete/unclear explanation in welcome kit).The first time i got to know it is when i got the statement at the end of the month.Even if you sell a single small value share of say Rs 9/-,instead of getting money,you would end up paying money of Rs 9-12-12 - taxes i.e. -27 rupees for selling that share on phone.(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. (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).
I may be switching over back to indiabulls soon.....as the experience in last 4-5months is not good enough.
- Chetan Joshi (Surat)

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