Reliance Money reviews and complaints
The good, the bad, and the ugly - discover what customers are saying about Reliance Money
Welcome to our customer reviews and complaints page for Reliance Money. We understand that making informed decisions about where to invest your time and money can be challenging, which is why we've created this platform for our community to share their honest feedback about their experiences with Reliance Money.
On this page, you'll find a comprehensive collection of reviews and complaints from real customers who have used Reliance Money's products or services. Our reviews are authentic and unbiased, providing you with a complete picture of the company, its products or services, and their customer service.
Whether you're considering doing business with Reliance Money, or you've already had an experience with them, our community's reviews and complaints will give you a valuable perspective on what to expect. Our goal is to help you make informed decisions about where to invest your time and money, and we hope that our platform will be a valuable resource for you.
Please feel free to browse our reviews and complaints and share your own experience with Reliance Money. Your feedback is an important part of our community and will help others make informed decisions.
For Issue Password
Dear Sir,
I want to say that I am Reliance Money DMAT a/c holder.
My a/c no. is [protected] and my client code is
j00045724.
Respected Sir I am to say that I requested three
times in Reliance Money for issuing me new password on
my client code. But they were not give me reply on my
Email or contect no. Therefore I cant use my DMAT a/c.
So kindly request to u that give me a satisfactory suggestion..
THANK YOU..
JAI PRAKASH PATHAK
DMAT A/C NO. [protected]
CLIENT CODE j00045724
contact no. [protected]
DEAR MR. PATHAK
AAPNE BAHUT ACCHA KIYA KI COMPLAIN KIYA
The complaint has been investigated and resolved to the customer’s satisfaction.
Reliance Money / franchisee Depleted all my Shares
Dear Readers, I wish to bring this unfortunate incidence to your notice which happened with me and some other people in Ghaziabad.I am a service class person and job is my only source of income.I saved some money by sacrificing and compromising on day to day needs and INVESTED[I don't have an appetite for trading hence I am not a day to day trader] some money through Reliance Money in Share Market .The reason for choosing reliance money is the added security they promised me as they gave me security key and promised me / gurreented me thet no one except me can operate my demat / trading account which I have with them.I inevested 200000 INR by purchasing all good & A grade shares in year 2008 and thought that whenever I need money I'll simply sell them and take out my money.I invested in following shares:-GVK POWER AND INFRASSTUCTURE, RPL, RPOW [got it in ipo], APPOLO TYRE, BHAGYANAGAR INDIA LTDFour days ago, I got a call from a friend, who also got an account with reliance money, he was screming over the phone, told me that when he checked his demat account, to his surprised, many of his shares have been sold without his knowledge and his account is depleted systematicllay I thought may be he has misunderstood as I was confident that this can not happen and stayed calm, but when he again and again asked me to check my own account, I become a bit worried, I was in office at that time but asked my manager for 1 hr break .I rushed to the franchisee office of Reliance money where I hold my account, they told me that they are unable to update me as they have shifted database to Lajpat nagar location.I took the number of the owner immediately from them and gave him a call .I asked him to provide me the demat balance, Initially he kept on diverting the topic my saying words like "beleive me" " don't you trust me", don't listen to rumourse", but when I stricktly asked him to tell me the balance, he handed over the phone to someone there, he asked me my trading id, and told me that only 4000 worth of following shares are there in my accountBLUE CHIP, CARLS, INTRA I could not beleived him I requested him to kindly check it again, he checked it again and told me same, my head started spinning, I am shocked and I can not tell how I felt at that moment.I felt I got robbed, I called the same friend who informed me about this and told him what has happened with me . He asked me to talk to the franchisse owner, I called franchisee owner again and asked him how could all this happen, he simply said he doen't know and can't do anything about it, and put the phone down.I was like felt screaming on everyone, I went to my friend's place where he has already called a gentleman who has expertise in sharemarket.He told us that OFFLINE trading is the cause of this mishappening where a person from reliance has the ability to do trading from our accounts on our behalf to increase the trading commision revenue and as he might have traded heavily and due to valatile market that backfired him .He asked me to give call to the franchisse owner again and ask him to tell about the one who does this there, I call franchisse owner and asked the same, he told me that guy left the company 2 weeks ago also he asked me to talk to reliance money cluster head regarding this matter as It's with reliance money I have opened my Demat and Trading Account and not with him.I called cluster head and told him the entire story, he fixed a meeting with me and my friend next day.We met him next day and explained him the whole story again. He told us he'll investigate this matter and update us on what so ever is the finding.We went to our friend who has expertise in share market .He asked us to document it at first everything what happened and took formal steps also.We wrote a letter to Relaiance money and went to hand it over by person to Reliance Money office.While coming back from Reliance money office I got a call from cluster head, he asked me wheather I went to relaiance office I said Yes, He asked Why you went to Reliance office I told him to document the incidence, he seemed very annoyed he said " See when I told you I am looking in to it then why you went to office, now on wards i'll also respond you officially only, i took personal interest in your matter but seems you wish to take this official only so it'll be like that only, I didn't understant the reason why he is so annoyed ?Could there be a posibility that reliance guy and franchisee owner doing it together.how and why can my shares be trade with out my consent, knowledge and information ?They did all this just to increase turnover for there trading commission or could there be any other story as well?I am in complete state of shock and mental trouma right now.Did anyone iother also experinced the same issue ?Please join me raising this concern, i beleive united we stand help me, any suggestiions and advice would be appriciated .Can anyone please help
yeah . i guess thats the best way to deal with it.. try to get in touch with the customer desk or any higher authority to get a proper answers.
Don't sit like this
Raise this concern and Do FIR against them.
Dear Sirs,
Please lodge your complaint with the concerned- Consumer Disputes Redressal Forum, that will be rewarding & show ALL the Opponents their proper place & you will not be HELPLESS any more.
Best of Luck.
Uday Prabhu.
[protected]
=============
Silver coin not received
I opened an dmeat & trading account with RELIANCE MONEY at that time they launch a scheme that from 1st march to 31 march who applied for dmeat & trading account they give a gift of 5gm silver coin but yet I do not receive any coin from them. Their sms I got on my mobile that you will receive your silver coin shortly, or collect it from nearest branch. when I inquire to the branch they replied if you are eligible for that then you will receive the coin. The thing is that i applied my account in MARCH & an SMS I received by company that SMS is the proof that I am eligible for the coin.
So do the needful & be oblige.
My Account details is as under.
NAME : SAMIR AMRUTLAL GANATRA
CLIENT ID : S00121729
YOURS TRULY,
SAMIR GANATRA.
Dear Sir,
I request so many times(8) but no response from reliance money.
I fill the form and give a check of rs.- 1200 for opening new account for Dec 2007 but i am not receive my account kit. my application no is -- [protected]
so i request to you either refund my money or give me account kit.
Thanks
Praveen
[protected]
Change the email id
Wrost Demat/Trading acc... Dont create any relationship... RelianceMoeny is the wrost service I have ever seen in my life. I am working in an MNC and used to trade a lot. RelianceMoney is famous for their way of CHEATING customers. They cheat customers anytime anyhow and dont even answers your query ever. The reliance customer service people are all...
Read full review of Reliance Money and 7 commentsunfair trade practice
RELIANCE MONEY IS SIMPLAY CHAETING TO CUSTOMER .THEY ARE CLAMING THEY ARE CHEAPST BROKERAGE CO BUT THE TRUTH IS THEY ARE CHAETING TO CUSTOMER & MAKING AS FOOL
I OPEN RELIANCE MONEY ACCOUNTS IN THE MONTH OF SEP 2007 WITH RS 500 BROKERAGE & RS 750 AS A ACCOUNT OPENING CHARGES
THEY OFFER 25% DISCOUNT ON BROKERAGE (500-25% ) BECAUSE OF HOLDING RELIANCE COMMUNUCATION IN SHAREKHAN ACCOUNTS
I PAID RS 1125 BY CHAQUE WITH FOLLOWING TERM & CONDITION
1) RS [protected]%) BROKERAGE FOR ONE YEAR WITH A TURNOVER OF RS 5, 00, 000 IN A ONE YEAR
2)RS 12 ADDITIONAL BROKERAGE INCLUDING SERVICE TAX ON PURCHASE & RS 12 ON SALE OF SHARE
3)RS 50 AS A AMC FOR MAINTAIN STOCKS
BUT ON 18/02/2008 RS 450 IS DEBITED AS A LIMIT CARD USES CHARGES
ON 1/3/2008 RS 450 IS DEBITED AS LIMIT CARD USES CHARGES
THIS CHAGES ARE DEBITED WITHIN 15 DAYS OF INTERVAL .THIS IS DEBITED IN MT ACCOUNTS
THIS NAME (LIMIT CARD ) & CHARGES ARE NEW FOR ME .I SHOCKED AFTER CHECKING MY ACCOUNTS IN STATEMENT WHICH IS SEND BY RELIANCE MONEY
I ALSO CALLED CUSTOMER CARE 3 TO 4 TIMES .AFTER WAITING LONG HOURS ON PHONE .THE CUSTOMER CARE PEOPLE NOT REPLAY FOR THIS CHAGES .THEY INFORM ME THEIR SYSTEM IS NOT WORKING
THIS NUMER OF CUSTOMER CARE IS ALSO NOT A TOLL FREE NO.I ALSO WRITE MAIL .THE RETURN THEY SEND ME THEIR BROKERAGE STRUCTURE
THIS BROKERAGE STRUCTURE IS ALSO NEW FOR ME & THIS BROKERAGE STRUCTURE IS ALSO NOT UNDERSTABLE
ON WHAT BASIS THIS CHARGES DEBITED I CANNOT UNDERSTAND .I ALSO CALLED MY AGENT WHO OPENED MY ACCOUNT ME HAR[censored] SHAH .THEY ANS TO ME HE IS OUT OF STATION .AFTER THEY COMEING THEY SOLVE THE MATTER
RELIANCE MONEY IS SIMPLY CHAET THE CUSTOMER & MAKING MONEY
BY THIS TYPE OF UNFAIR TRADE PRACTICE
THIS IS NOT HAPPEN IN MY CASE BUT HAPPEN MANY CASES AS PER THE AGENT .IF YOU LOOK THE WEBSITE OF MOUTHSOUGHT .COM .YOU CAN FIND MANY CASES
I AM VERY UPSET DUE TO THIS .I AM SALIRIED PERSON
PLAESE TAKE ACTION .THIS IS NOT A NORAMAL COUSE OF BUSINESS .THEY ARE DEBITED CUSTOMER ACCOUNT WITH A HIDDEN CHARGES
VALJI BHADRA
[protected]
[protected]
I think we should all complain against reliance securities with SEBI. I have done so and would request all reliance money customers to lodge a complaint. It can be done online at http://investor.sebi.gov.in/ under greviences section. Please do so
Actually Reliance customer support most possible is not for normal people. Superfine, infinitesimal, microscopic CS unit is for very very super natural people. Reliance make world record for it CS unit. I am using reliance GSM service. I agree that it is very very cheep. But still now I able to contact Reliance CS.
Dear Sir
On your reliancemoney.com website there is no any customer care contact no. showing. how can we contact if any kind of problem we face during login.
Reliance mobile is india no 1 telecom company but still there is no any toll free customer care provided to reliance money customers. its very surprizing
Thank god if you take this matter seriously.
Regards/yashpal
LOSS OF Rs.45000 RELIANCE MONEY
Hi,
This is my 10th or 11th mail regarding the money transfer. But I've not received any response till now, I'm sending the same request once again to you in the hope that you will certainly help me.
I have transferred Rs 45000.00 from HDFC to Reliance money through Reliance money fund transfer on 11.01.2017, but reliance money ledger balance is not showing any credit of that money.
My bank A/C showing debit of Rs 45000.00 HDFC.. Cheque no. [protected]
transaction no..[protected]-reliance securities.
I don't have words to convey how badly I need money this time, from 11 Jan I'm continuously trying to find out where my money has gone. But my all effort went in vain because I'm dealing with Reliance Money, I phoned in Reliance Money Kanpur, Lucknow, Mumbai but no one is telling me what should I do. At least for me 45,000 is a big amount.
I contacted HDFC, they have transferred money to Reliance Money but Reliance Money is neither replying to my mails nor giving me any satisfactory answer on phone. As I still believe that there are some good persons in the world so I am resending the mail and attaching the account information of HDFC bank.
Please take it very seriously. And help me out of this problem.
Pooja Srivastava
I have an demat account in Reliance money under client ID M00042361, My account has been debited with an amount of Rs. 13000/- for Limit card charges . I have lodge several complaints but noone revert to me .
I want to talk to them on my phone :-[protected]
Thanking you
MUKESH GARG
[protected]
[protected]
I have a Demat account with Reliance Money.
I have had a very bad experience with it. Two weeks ago I transferred money from my Axis bank account to my Demat account, and the money was deducted from my bank account but was not creditted to my Demat A/c of Reliance Money. Later Reliance Money says it will take T+3 days. Atlast I got the money after 5 days.
Now the second thing which happened yesterday, I logged into my account and it showed my balance with an excess amount of 1,14,000/-. Today when I logged in, it showed me that my balance is
-54,500/-.(negative :-0)
Now they say that the server short sold 800 shares of RNRL on 4th Feb. Without me giving any orders for the same. They sold 800 shares and credited the balance to my account. And now the have put those shares on auction. And I cant trade as my balance is -54,505/-. Now again their customer support executives (who pick the call after 15 minutes of hold time) say that they will rectify the balance, which the accept was some technical error. and this will again take T+3days.
The trade was executed at 3:03, so I cant order it as Reliance does not accept Margin orders after 2:55. Its them who did this. And now the RNRL share is at 163/- and they had short sold at Rs. 143.65/-.
I really dont know what to do about all this?
Hello Sir,
I have applied for a new online trading account on 18th June 2017. Then after 2 months I received welcome kit which I suppose to get within 10 days. For this kit I have to fight in the local office of the Ahmedabad.
And after opening this account it will never open during trading hours. I have requested so many times to customer care of Reliance money but they never responded.
Sometimes token will not work or many times their server will not allow to enter into the site due to the rush during trading hours. Today since morning I am trying to open. It has opened for 5 min and then after suddenly token was stopped working and it is showing 8 digit number and it is constant throughout the day. It is not changing while I am resetting it online. I feel online is just a humble nothing else.
Now I am tired with customer care of this company. I want to close my account and want money back which I have used to open the account and also I have placed money in my reliance money account which I can’t use and not able to take back.
Look forward to tackle this issue at the earliest.
Please let me know which other details you require for this issue.
I JOINED RELIANCE MONEY LTD ON 3RD MARCH 2017, AND I WAS INFORMED TO OPEN THE SALARY ACCOUNT WITH AXIS BANK, AND I CALLED THEM FOR OPENING THE ACCOUNT AND GIVEN REQUIRED DOCS ON 5TH AND I HAVE BEEN TOLD I WILL BE RECIEVING THE ACCOUNT NO IN ONE SINGLE DAY AFTER FOLLOWING IT UP Mr SAVYA SACHI (THE HARDLY WORKER) I GOT MY ACCOUNT NO ON 14TH, MY CONCERN IS MY WELCOME KIT (i.e.DEBIT CARD, CHEQUES, PIN NUMBER) SHOULD HAVE REACHED ATLEAST BY 25TH OF MARCH 2017.ONCE AGAIN FOLLOWING IT UP WITH Mr.SAVYA SACHI (THE GREAT SERVICE GUY)I HAVE BEEN INFORMED THAT MY KIT HAS BEEN RETURNED TO MALLESHWARM BRANCH AND I SHOULD GO AND COLLECT IT.WHEN WENT AND SPOKE TO SAVYA SACHI HE TELLS ME THAT THEY ARE NOT SUPPOSED TO GIVE THE WELCOME KIT ACCROSS THE COUNTER IN BRANCH EVEN IF I GIVE THE RQUIRED DOCS(i.e. pan card or letter from reliance, etc) FOR GETTING MY OWN ACCOUNT KIT. EVEN SPEAKING WITH BARNCH MANAGER AND THE BRANCH HEAD Mr.RAMESH THEY INFORMED THEY WILL BE COURIERING IT ON 30TH MARCH 2017.BUT TILL NOW I HAVE NOT RECIEVED THE WELCOME KIT OR THE PIN NUMBER NOR CONCERN PEOPLE SAVYA SACHI IS RESPONDING(NOW ALSO I AM TRYING THE CALL FOR SAVYA SACHI AND HE IS NOT RECIEVING MY CALL) TO MY PHONE.MY SALARY IS CREDITED TO THE SAME ACCOUNT NUMBER WHICH IS NOT USEFULL WITHOUT WITDRAWING IT.EVERY ONE WORKS FOR SALARY AND THE BANK WHICH THE SALARY IS CREDITED IS NOT HELPING ME OUT TO TAKE IT, BEING AN EX EMPLOYEE OF HDFC BANK I HAVE NOT SEEN SUCH PATHETIC SERVICE i.e.EVEN CUSTOMER COMES TO BRANCH AND ASKS FOR THE WELCOME KIT WITH THE SAME DOCUMENTS WHICH ARE GIVEN TO OPEN THE ACCOUNT INCLUDING THE BRANCH HEAD DOESNT RESPONDS... PLEASE HELP ME IN GETTING MY SALARY TO MY HAND FOR SPENDING IT.I DONT KNOW FOR GETTING MY WELCOME KIT ITSELF IT HAS TAKEN ONE MONTH, THEN JUST THINK WHEN CAN I ACCEPECT MY PIN NUMBER FOR WITHDRAWING THE MONEY
Hi,
i opened a reliance money demat account to trade intraday, initially i received my welcome kit but never received my login password. after numerous attempts to call customer service ( the line which is open only between 9.00am to 4.00pm and is never reachable), sent them emails and then received my password. however after a couple of days of trading without any issues, i transferred Rs.10000 from my HDFC bank to reliance money to trade but did not trade that day, however the next day when i logged in to trade, it should have shown me a balance of Rs.10000 left but the balance left was 9116, Rs.84.00 deducted for no reason at all, when i tried calling their customer support, their customer support representative listened to the whole issue and put me on hold, and then disconnected the call, this happened twice. i have sent numerous emails to them, but no response from them at all. really the worst customer service. GUYS, MY FIRM ADVICE TO ALL OF YOU READING THIS FORUM, NEVER TRADE USING RELIANCE MONEY.
REGARDS
Bhavesh P.
Relaince money levies extra charges any time without any consensus with its customers.
Initially at the launch of its services, the brokerage amount was quite less . In time limit perspective also it was appreciable.
But in 2017, it increased the limit card prices in terms of price & time usage next year.
Then again it levied an extra charge of Rs 15/ per transaction from july 2017.
The problem is reliance money just frauds with its customers by their illegal way of brokerage charges increment & poor customer response service.In fact it is a service just for words/ documentsation, otherwise in relaity there is no service at all.
The company should be pressurized to remove the extra 15/- tranaction charges for helping the cutomers .
Their customer support is PATHETIC to say the least.
They take many weeks to respond and then just respond with a copy pasted automated email that just is of no help whatsoever. Please see below email chain.
18th Jan.
----------------------------------------------------------------------------------------------
I registered twice for a demat account. I only got one SMS with two mobile numbers to call.
Neither of them ever pick up the call. I have been trying 3 weeks.
The customer support numbers mentioned for Pune on your website - both of them are always 'switched off'...
3 weeks, i couldnt reach a single customer rep. I wonder what would have happened if I had an account with you and needed urgent help... very scary...
-Vinayak
They reply on 31st Jan
----------------------------------------------------------------------------------------------
From: "Customer.Grievance@reliancemoney.co.in"
To: Vinayak Raghuvamshi
Sent: Thursday, January 31, 2017 11:37:24 AM
Subject: Re: Non existant customer care
Dear Mr. Raghuvamshi,
This is with reference to your email to Customer support dated December 18, 2017.
We request you to specify your query so that appropriate resolution can be provided for the same.
For any further assistance please call us on 3988 6000 or write to us at customer.support@reliancemoney.co.in
I resend message 31st Jan
----------------------------------------------------------------------------------------------
Vinayak Raghuvamshi
31/01/2017 11:48 AM
To Customer.Grievance@reliancemoney.co.in
cc
Subject Re: Non existant customer care
I had registered for Demat using your online web application.
I received an SMS from you ([protected]) on 1/11/08 with two mobile phone numbers - neither of them ever pick up their phone... ([protected], [protected]) .
I tried emailing your customer support - no response.
I tried calling customer support number - no response...
Is my query clear?
-Vinayak
They reply on 18th Feb.
----------------------------------------------------------------------------------------------
Dear Customer,
This is with reference to your email to Customer support regarding following queries.
Kindly provide us your client ID or user ID so that we can provide you appropriate solution.
For any further assistance please call us on 3988 6000 or write to us at customer.support@reliancemoney.co.in
----------------------------------------------------------------------------------------------
I am clearly telling them this is a problem I am facing 'during' registration - where does a client id come into picture at this point. And what about all the information I have sent already?
Stay away from Reliance...
I have applied for a DMAT Account from Reliance Money. My account got opened on 16/11/2017 (App number 567814 DP ID [protected]). But unfortunately I haven’t got the Password PIN till yet. Even after 4 mails to reliance customer care no response till yet. Four months still over.
Hey guys more amazingly I have opened my account on 08/02/2017 and till now i havn't received welcome kit or any other communication from them and surprisingly my account is debited by Rs.1000/- by them.
BIGGEST FRAUD COMPANY TITLE SHOULD BE GIVEN TO THEM ON NATIONAL TELEVISION.
you know what?i would agree with Ramesh here.you have to be assertive while dealing with such big companies.
just make sure you follow up with them regularly!
Worst customer support, issue not yet resolved for more than 2 months!
I applied for a depository account with RelianceMoney on 12th of July 2007 and so for I have not got a luck to look at my own application (forget about getting the account number application has been rejected as per the records and the info which I got after bugging the customer support for hours and days).
Customer support takes around 30 mins to put me on to a representative to answer my queries and I have already called 4 or 5 times this week and get the following message no matter what you do.
"We will get back to you at the earliest. It may take max 24 hours"
The supervisor who spoke to me (couple of times) assured me that he will call me back in 1 hour. I did wait for many 1 hours but no luck.
Here are few queries posted via email :
QRC Number - 171976
QRC Number: 194802
QRC Number - 195055
QRC Number - 215525
reference number - 215526
QRC Number - 221350
Main branch of Bangalore:
Cunningham Road 201, West Minister, Cunningham Road, Bangalore - [protected]-[protected] / 6 / 7 / 8.
Waste to call any of the numbers which they have mentioned on the website, they don't have my application details and no one knows who is responsible for my application. And they promise to get back to you in an hour again no idea where they go, (Please call them back if you have free calls ) I even refused to take the complaint numbers for the calls which I made to customer care ([protected]) as they didn't care for any of my complaints so far.
The person who collected my application at Rajajinagar webworld, Bangalore claims that it is not her responsibility to follow up on the application.
And lastly, there is no response for any mails sent to
customer.[protected]@reliancemoney.co.in
One of the worst customer support ever seen in my life so far.
If any of you have a slightest idea who is responsible for resolving my account creation issue with reliance money, please do update me. Or tell me how I should be approaching consumer court for getting my money back.
They are still dragging my application. Its has taken 3 months till date but no luck.
I HAVE APPLIED FOR DEMAT ACCOUNT ON
22 DECEMBER .MY CHECK IS DEBITED FROM MY ACCOUNT OF RS. 750/ BUT NO INFORMATION IS YET REEIVED.
I have opened my DMAT a/c with reliance money.com around 5 months back, my appl no is [protected], my DP ID is [protected], I have received shara transfer booklet, security key chain but not the password also no demo has been given so i am not able to use the services.
Reliance securities sucks! My account isn't opening now, as it says wrong token entered. I am a passive user of teh account, opening up the account occasionally once in two months. I wan't to get rid of this account somehow. Here is my action plan
1. Transfer the shares out to another demat account first.
2. Give a written application to close the account and refund the proceeds.
Refer Attachment for error message I am getting.
Guys head of customer care Mr. Souvik Sarkar from mumbai is aware of all this he has cheated me for 1.7 lac rupees, he never comes on the calls and answers the email as well.
Mr. Souvik please reach me and resolve the issues
Reliance Securities is the worst company that I have ever seen in my life, , They know only to exploit customers money, It should be ashamed of itself for doing such a business, , , If its only objective is to make money, rather it should become a PIMP Profiteer... They have least respect towards there customers.
Dear Sir,
I request so many times but no response from ur side.
I fill the form and give a check of rs.- 1200 for opening new account for Dec 2007 but i am not receive my account kit. my application no is -- [protected]
so i request to you either refund my money or give me account kit.
Thanks
Praveen
[protected]
Reliance is a big cheater. Initially to attract customers they said that they will charge only 1 paisa brokerage. But it was never 1 paisa. In the name of limit card charges they were taking advance brokerage from the customers. For Rs. 500 they provided Rs. 5 lakh turnover. But after a few days they decreased that limit to Rs. 2 lakh. It means they were charging 25 paise per Rs. 100 for delivery as well as intra day transactions and at both times buying as well as selling. Besides they did not forget to charge there 1 paisa also in contract notes. Then suddenly they increased there that 1 paisa to Rs. 15. So now in addition to 25 paisa per Rs. 100 in the form of limit card charges one has to pay Rs. 15 per executed order. It is for both intraday as well as delivery.
So it is my humble advice to all that they should not open account with Reliance Money. And if you already have 0ne then close it & go to any other broker after careful study of their charges.
Why I quit Reliance Money?
Or Disadvantages of Reliance Money…
· Comparatively twice the delay in opening account initially. Took 20+ days.
· Inconvenient security token
o Without security token you can’t trade.
o It creates inconvenience and discomfort more than security
· Poor trading portal
o Trading portal is not compatible with Firefox or Opera.
o In Internet explorer (IE6/IE7/IE8), it stuck most of the time. You need to re-login again and again.
o JVM installation is also required
· Poor customer service
o No response to emails most of the time
o Otherwise it will take many days to get an email response
o To email them, you need to login to very uncomfortable email account of Reliance Money Mail (Now associated with hotmail)
o No TOLL FREE Number for support. All major share brokers have toll free no. for cust.care
o When an unauthorised tele-trade occurred in my account, they simply said they can’t do anything on the matter. (Case ref:1606762)
· Inconsistent tariff – Always increasing
o They increased the AMC from Rs.50 to Rs.200, i.e. 400% increase
o Limit card turnover limit decreased from 5 lakh to 2 lakh for PR-500. i.e. 60% increase in effective brokerage
o Rs.15 additional charge was introduced per trade for limit card users
Shaheen97ATgmailDOTcom
You have all rights to copy! You may put this article in your website.
I agree to all the comments mentioned above. Reliance money is worst and they are cheaters. Brokers operating for relaince money cheat people. Sales agent and people work in relaince money join together and cheat people. This complaint i am logging against Relaince money based in chennai.
I am also a user of Reliance Capital Ltd I got every thing from this company relating to the account, but yet I unable to transfer amount into my demat trading account, the web page is showing " the bank (State Bank Of India) not support for Online transaction, Use CMS Facility or contact broker / agent, When I met with my agent, he is telling there is no other option to transfer amount into demat a/c for buying process except online money transfer through wesite.
And another one thing is the company has sent me a mail, if I am not deposit the amount into a/c, they will close my a/c permanantly..
I am unable to contact personaly to the broker / customer support office in india, because of I am in Saudi Arabia.., if any one having any information on this matter pls forward me..
pramod_uchitkar@yahoo.com
Giving a Voice to Consumers
At ComplaintsBoard, we know how real consumer issues matter. Our platform is a special place for honest opinions, where people share their reviews openly and honestly, whether good or bad.
Our team checks each complaint or review thoroughly to confirm that each one comes from a real customer experience, keeping our platform trustworthy.
We're totally cool with complaints, as long as you've got some evidence to back it up. Whether it's a photo, a detailed story, or documents, providing evidence makes your complaint more believable and helps others make smart choices.
ComplaintsBoard is more than just a place to share complaints; it's a community where we talk things out fairly. We welcome reviews that not only point out problems but also mention any positive experiences, giving a balanced view.
We're dedicated to providing a fair and unbiased platform for all complaints. Every complaint is important to us, no matter what it's about, ensuring your concerns are heard and respected.
Why are you posting personal information?