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Close on the heels of ICICI Securities launching its long term pre-paid brokerage product, IIFL also announced the launch of its ‘LifeTime Prepaid, AnyTime Money back' brokerage product.
This product will give investors an option to pay the brokerage commission upfront, beginning with Rs 10,000. With the prepaid brokerage, the customer can enjoy reduced brokerage across equity, cash as well as derivatives, commodities and currency markets, said a release from the company. The brokerage charges also include depository charges.
While the customers can enjoy the benefits of substantially lower brokerage against the pre-paid scheme for lifetime, they can withdraw the pre-paid amount anytime they choose to. However, the amount refunded will include the unutilised pre-paid brokerage after adjusting for normal brokerage charges.
“We believe that the customer, if for any reason is not satisfied and wants to discontinue, then he should not be penalised unreasonably in terms of product or pricing,” said Mr Prabhakaran, President — Retail Equity sales, IIFL Group.
ICICI Securities launched a similar product — Life Time Brokerage Plan — on Thursday. The terms of the plans offered by both ICICI and IIFL are similar. However, ICICI does not offer its customers the option of withdrawing the pre-paid brokerage paid.
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