If you are looking to find the answer to how to open a demat account, we are pretty sure you must know why demat account is required by now.
Now there are two ways to open a demat account. The first, and most popular way is to open a demat account online while there is an option of opening it offline as well.
For both methods, it is important to check the list of important documents required for a demat account. To simplify this here is the list below:
- Aadhar Card (linked with your registered mobile number)
- PAN Card
- Bank Passbook or Canceled Cheque
- Salary Slips or Account statement of last 3 months (for activating derivatives segment).
Other than this, you must have a scanned copy of photo and signature. Now once you gather all the above documents you can proceed ahead with the account opening process discussed below.
How to Open a Demat Account Online?
Opening a demat account online is easy and is almost similar with all the registered stockbrokers.
- First of all, visit the broker’s website with whom you want to open an account.
- Click on the button “Open a Demat Account” and begin the account opening journey by entering your mobile number.
- Verifty it by submitting the OTP and similarly add and verify your email address.
- After that, you need to enter your PAN card details.
- Fill in some basic details such as your profession, income, Mother’s name, and either the father or the spouse’s name.
- Add your bank details.
- Link your Demat account online opening form with your DigiLocker account.
- Upload all the necessary documents such as your PAN card, your signature, canceled cheque, and bank statement.
- Next step is the e-sign process where you need to enter the Aadhar number followed by adding the OTP received on your registered mobile number.
- Complete the process with In-person verification where you need to record and upload the selfie video of few seconds.
This completes the entire process of opening a demat account online. It must be noted that some stockbrokers send ₹ 1 to your bank account to verify your details while others ask for documents. Additionally, the sequence of steps may vary as per different stockbrokers.
Once the documents are being verified by the respective stockbroker, you will receive an account activation email in your registered email id. You can then begin your trading journey by downloading the trading app and login using the credentials provided.
How to Open a Demat Account Offline?
Now apart from the online process you can also opt for the offline account opening where either you have to visit the branch physically or download & filling the form and sending it to the respective headquarter or nearby branch.
All the documents and other requirements remain the same. Just make sure that you have photo-copies of all the above mentioned documents.
Other than this for both online and offline process there are specific charges need to be paid. However, most of the stockbrokers do not charge any fees for account opening but you need to pay Account maintenance fees either yearly, quarterly or on the monthly basis.
Here again, few stockbrokers come up with certain relaxation where they waive off this fees in the first year and offers you completely free demat account opening services.
If you have any more stock-market-related questions in your mind, feel free to drop your details and we will arrange a callback or an answer.
