Process to Open A Demat Account

 


Opening a demat account (short for "dematerialized account") allows you to hold shares and securities in an electronic format. Here's a step-by-step guide to open a demat account:

Step 1: Choose a Depository Participant (DP)

  • Depository Participants: Entities such as banks, brokers, and financial institutions that offer demat account services.
  • Compare DPs: Look at fees, customer service, and the ease of transaction. Popular DPs include Bajaj Finserv, ICICI Direct, HDFC Securities, Zerodha, and others.

Step 2: Fill Out the Account Opening Form

  • Visit the DP's website or branch to get the account opening form.
  • You can usually fill this form online on the DP's website.

Step 3: Provide Required Documents

You will need to submit the following documents:

  • Proof of Identity: PAN card, Aadhaar card, passport, voter ID, or driving license.
  • Proof of Address: Aadhaar card, passport, utility bill, bank statement, or ration card.
  • Passport-sized Photographs: Recent photos as per DP’s requirement.
  • Bank Proof: Canceled cheque or bank statement.

Step 4: In-Person Verification (IPV)

  • Some DPs may require IPV, where you may need to visit the DP's office, or they might send an agent to your address for verification.
  • Online IPV can also be done via a webcam or mobile app.

Step 5: Sign the Agreement

  • Read and sign the agreement provided by the DP which includes details of the rights and duties of the DP and the investor.

Step 6: Receive Your Demat Account Details

  • Once the application is processed, you will receive your demat account number (also known as BO ID – Beneficiary Owner Identification Number).

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