Are you fascinated by the stock market? Do you think those fast-moving numbers and the thrill of seeing your money grow to capture your heart if yes, then you may need to know in-depth about demat accounts. So what exactly is a demat account, you may ask. It is the foundation of your journey into the stock market. It allows you to legally buy shares, mutual funds, or bonds. The demat accounts make investing clutter-free, covering each perspective. Let’s dive in and explore how a Demat account can simply revolutionize your investment game.
Demat accounts in India
Twenty years after their introduction in 1996, demat accounts have significantly increased the number of Indian investors who can now buy stocks. Let’s examine why investing in India requires a Demat account and how to get one. Any investor in India who wants to hold stocks, bonds, or mutual funds is required to open a demat account. Dematerialized, or “Demat,” refers to computerized records that monitor your ownership of marketable items. If you are looking for answers to the questions like “How to open a demat account in India” or “How to open a demat account online”, you can get all the answers in the content that follows
How to open a demat account in Zerodha
Image source- http://Zerodha.com
If you are ready to go live with a new opening account, you may consider doing so on the Zerodha platform. The easy-to-use and intuitive web portal allows you to create an account in simple steps. Here are the steps you need to follow:
How to open a demat account in Zerodha step by step
- Go to Zerodha.com. The “sign up for free” button should be clicked on the homepage.
- Put in your mobile number.
- Verify that you received the OTP on your phone.
- After entering your name and email address, click “Continue.”
- After entering your date of birth and PAN ID, click “Continue.”
- Here, you can pay with a debit or credit card, UPI, or Netbanking while creating an account. Click “Continue.”
- Investors must use their Aadhar card to log into Digilocker and select “Next” in this phase.
- A temporary OTP will be sent to the investor; enter it and select “Allow” to gain access to their Aadhar data. A success message will be displayed.
- An investor will then be presented with a profile page where they can update details such as their mother’s and father’s names, income range, trading experience, occupation, and political exposure.
- The customer must then link their bank account, which involves a background check of their bank information. The investor is not required to present verification of the bank account if the name of the bank account matches the IT database. If it doesn’t match, though, the customer has to show evidence.
- Investors can connect by using their UPI ID or IFSC.
- After that, the client has to consent to IPV verification, which involves letting the camera view and capture an investor’s video.
- The upload page follows, where all necessary documents—such as a copy of the PAN card or a proof of signature—must be uploaded.
- Next, select Equity by clicking on e-sign. Verify the information and sign the document.
- Click Sign Now after you’ve scrolled to the bottom of the page.
- Enter the OTP you received on your registered cellphone number, together with your Aadhar number or VID.
- After completing this step, the account can be opened and the registration procedure is complete.
- After that, you will be notified that your application is complete and that you will receive an email with your login credentials.
- Your account opening procedure is finished with this step.
How to open a demat account in SBI
SBI is a government-operated platform and comes with authenticity if you are looking to open a Demat account. Here are the steps to follow
-As the first step, log into the official demat account portal of SBI and click on a new account.
-Fill in all the details on the online application form and when done, click on submit button. You will be asked for proof of address, PAN Card details, Bank account information, and so on.
-Next, you will get the digilocker screen. Here you will have to enter your Aadhar number.
-Check the OTP sent to the number linked with your Aadhar Card. Fill in the 6-digilocker pin to allow the system to fetch your Aadhar Card from Digilocker.
-Check and submit all your documents and then your E-KYC (electronic know your client) process will be completed.
-Allow access to your camera and a live photograph will be captured as the subsequent step of the process. This process is also called IPV or in-person verification.
-With this, you can complete the process with ensign and you can use your new Demat account.
For more information, check out the detailed guider here.
How to open a demat account in HDFC
HDFC is also a widely popular and trusted private banking firm, offering a seamless demat opening process. Here are the steps to follow if you are looking for answers:
Step 1: Go to the Demat account section of the official HDFC website.
Step 2: Select the Demat account type you wish to open.
Step 3: Enter your personal information, including your IFSC code, bank account number, and a
canceled cheque. You will have to manually upload bank documentation if the penny drop doesn’t work.
Step 4: Send in scanned copies of your Aadhaar and PAN cards along with a white paper photo of your signature.
Step 5: Use Aadhaar-based e-KYC to finish the KYC verification procedure online, or turn in hard copies of your documentation at the closest branch.
Step 6: E-sign the application using the Aadhaar-based OTP.
Step 7: An acknowledgment receipt with a reference number to monitor the progress of your application will be sent to you.
Step 8: You will receive an email and SMS with your Demat account credentials as soon as your application has been reviewed and approved.
How to open a Demat Account in Angel One
Angel One is yet another specialized stock brokerage firm, offering trading, stock investing, mutual funds, and more. Here are the steps to get started with a demat account on this platform:
-Visit the official website of the Angel One Demat Account.
-Provide your name, phone number, and city of residence on the short lead form. After that, your registered cellphone number will receive an OTP.
-After entering the OTP, you will be sent an email with another OTP that you must enter.
-Put in your PAN information.
-Enter the information for your bank account.
-Enter your Aadhaar KYC information.
-Add a signature and a selfie.
-You’re almost done with your work. You can use e-sign to finish the verification.
-You can now access your Angel One demat account! Details, including your demat account number, will be sent to your mobile device and email.
You can add nominees and activate your F&O trading facility now that your demat account is open.
How to open a demat account for NRI
While many may think that being an NRI bars you from opening a demat account in India, such is not the case. NRIs can also open demat accounts, but their process may include additional documents and a tad bit longer. Here are the steps to follow:
-Select a Depository Participant or broking company that has been approved by SEBI. You can choose credited ones like Angel One or Upstox.
-An NRI account opening form will be given to you by your broker. The online NRI registration website for your preferred platform may be chosen in this step.
-Complete this form and affix a confirmation of address and identification.
-Enter your Aadhaar card details and upload scanned copies to complete online Aadhaar-based registrations.
-After finishing, you will be required to sign a contract with your broker. This contract will outline both your brokerage’s and your own obligations as a trader or investment.
-Similar to how we get a bank account number when we start an account, you will obtain your demat account number once the document processing is finished.
Note that NRIs may need a valid visa and valid passport, amongst other documents before creating their official demat account. The list of the documents may be checked on the respective website of the service provider being chosen.
How much time does it take to open a Demat account in Groww
Groww is a very popular Indian firm that operates with seamless functionality, allowing for demat accounts creation and more. The usual time taken for the account creation is within 48 hours. Also, if there is a delay beyond this time period, investors can always get connected with the customer service of Groww to seek queries and reasons for the delay.
Conclusion
We hope you like reading our well-sought list of demat account creation options, as much as we did create the content for you. No the platform you chose, do take note of the terms and privacy before you start investing. If you have any queries, you can always contact the customer care of the brokerage you are dealing with. Your Demat account is your boat to sail into the highs and lows of investment and hence, it should be created with the right mindset, following all steps and avoiding any shortcuts.
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