I have opened trading account with religare. I have so many rancid experiences with them that it is going to be a long compilation of problems.
Right from the start of opening the account, I have facing different type of problem. In nutshell:
- First agent who came for account opening, returned to me after few days only to say that Religare is bad company so don’t open account and as he was changing the job his suggestion was for his new employer.
Anyway I opened the account with Religare when second person visited to me. He convinced me that buying annual subscription with a payment of Rs 5000 is best deal. Unfortunately I was convinced without realizing that the person is tying me with a big stone and throwing me in a sea called Religare. He vanished after that.
- As per promise I was supposed to get day trading calls from the RM (Relationship Manager!!!!!!!!!!!) over the phone and RM will execute all the calls. Alternatively I can do the same online.
Reality is opposite - No one call me for any day trade. I would be calling them, but most of the time they don’t have good day calls. Even if they are they will tell you execute the call yourself at online terminal.
As per promise RM will keep you updated. Reality: continuously changing RM’s. I have seen 3 or 4 in 6 months. Currently I don’t know who is new RM and biggest surprise - I called customer care of Religare and they too are not able to tell me “Who is my RM?"
As per promise there could not be any extra brokerage charge for one year full subscriber. In my case brokerage is charged at 4-5 transactions. I wrote them, called them, sent the proof (was not this with them already??). But I did not got even a reply.
Quality of day calls - I used to call them for day calls. Performance of their day call was like 10 % at gain 90% at loss.
Customer Care: this the most irritating part of the story. Call to customer care; and you will find confused people who have no knowledge or sense to solve your problem. They spend all there energy in telling "good morning", "thanks for calling" etc. etc.
I have wrote many mails to customer care but no response, not even acknowledgement. One surprising fact: I sent one SMS for opening a commodity trading account and next day early in the morning someone calling me back. But not even a single response to my mails/calls regarding trading account problems.
Shameless: When I faced initially so many problems, I asked for return of my money. Shameless response was “This is not possible".
I still would like to talk to someone who is heading customer care of Religare.