Correctly filling out the application form is extremely important when applying for your Demat Account online. This is because all documents submitted as proof need to be verified for the successful approval of your application.
Ensure that you follow all the steps provided in this article for a convenient and pleasant experience. Once submitted without any inaccuracy, it won’t be long before you are eligible to use your Demat Account for trading in the stock market.
Why do I need a Demat Account?
A Demat Account is essential for the holding of your financial securities in electronic form. Opening a Demat Account gives a user complete access to the stock market. Individuals can choose an upcoming IPO investment tax-saving instruments, and a host of other options to build their short and long-term financial wealth. A user with a Demat and Trading Account for trading and holding securities possesses investing independence. Therefore, users who understand market trends and conditions can capitalise on opportunities in real time.
Even though you do not need a Demat Account to trade in mutual funds, you can still invest in mutual funds from your Demat Account. Hence, a Demat Account for trading is all-inclusive, giving interested users access to the entire stock market.
Documents Needed to Open Your Online Demat Account
Proof of identity: To open a Demat Account, you need to submit proof of identity. You can submit a copy of your PAN Card, Aadhar Card, Voter ID, passport, or driver’s license as proof of identity.
Proof of bank Account: To invest in the stock market, a Deamt Account must be linked to your bank account. You can upload an image of a cancelled cheque with the bank’ IFSC and MICR codes during the application process to link your bank account. In some cases, you can submit your bank statement as well.
Following The Online Procedure
To successfully open a Demat Account, simply follow all the step-by-step instructions and fill in the details.
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To register online, you will require soft copies of all the required documents.
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Visit the online platform of your chosen depository participant to begin the application process.
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You will need to provide your email ID and mobile to receive an OTP. Make sure the contact number you use is linked to your Aadhar card.
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After entering the OTP, you will be brought to the next screen where you need to provide your PAN card number.
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Finally, you must also upload your Aadhar card details for verification. Remember that providing a Pan card and Aadhar card details is mandatory to open a Demat Account.
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Upload all your documents, submit and wait for approval from your broker.
The online process is faster and more convenient, and worth the time it takes to get soft copies of your documents.
Conclusion
A Demat Account gives individuals investing independence and freedom to invest in the stock market. From IPO investment to mutual fund investments, a Deamt Account holder has access to various investment tools. Opening a Deamt Account for trading online is an easy and transparent process.
