You can open a free demat account in just one step if you have the requisite papers. After contrasting brokers based on aspects like customer service, account fees, and user experience, select one. You have two options for finishing this procedure, depending on whether you save these papers electronically or on paper.
- Please fill in all the essential information on the demat account opening form after downloading and printing it.
- Send the account opening paperwork and supporting documentation to your broker. Your broker could request one if the KYC form hasn’t been updated. One of the most crucial things you must provide is confirmation of identification and proof of address.
- You will also be prompted to list a nominee on the account opening form. If something unfortunate were to happen to you, your account and its assets would be managed by a nominee.
- The Depository Participant-Investor agreement is another document you’ll encounter. It contains information about the fees you’ll pay for holding the dematerialized account, the terms and conditions, the rules and regulations, the responsibilities of the broker and your rights as an investor.
- Your information may be verified in person to ensure that it is accurate and legitimate.
- Your Beneficiary Owner Identity (BOID) or Unique Client Code (UCC), a particular account number used in all subsequent transactions you make, will be given to you after the procedures are finished.
Electronically registering for demat (eKYC)
As you can see, the paper registration procedure is time-consuming and might take several days. It’s much simpler to establish a dematerialized account now because of the internet and the increasingly linked systems.
- You can register your account online with soft copies of all the necessary papers and the Aadhaar Letter as Proof of Address for Know Your Client (KYC). Enter only the bare minimum of information, such as your preferred mobile number and email address. Ensure that the provided cellphone number is connected to your Aadhaar Card to obtain the OTP.
- Your PAN number should be required for validation on the next screen.
- The most crucial step in the account opening procedure is the confirmation of Aadhaar data, which comes after this page.
- When you enter your Aadhaar (UID) number, Sharekhan will validate all the remaining data for you, including your complete name, address, age, and gender. All other fields will also be prefilled.
- Your account registration should be complete once you have uploaded all of your supporting papers. Enjoy your trading!
The following fields must be completed on the demat account form:
- Account Type (Ordinary, NRI, NRI-Non-Repatriable or HUF)
- Accountholder details (name, address, telephone no., email id etc.)
- Second holder information
- Guard information
- Additional details for NRIs (foreign address, RBI reference no. and RBI reference date)
- Bank information (Account number, name of an account holder, etc.)
- Financial information (PAN number)
- Declaration for Photograph (Name and Signature of Holder)
As proof of identity and proof of address, you have several choices. You can easily upload scanned copies of your papers to some brokers’ account opening portals.