What is a Demat Account?
A Demat account is like a Bank account used to store Shares and other Securities electronically. It provides a safe and secure way to keep your assets. You can dematerialize your Physical shares and other Securities using it. Here we have shared the process of how to Open Demat account. Let’s have a look.
Advantages of a Demat Account
- Transferring and storing Securities has become more accessible and quicker with Demat accounts than the manual processes.
- You can keep your Securities in your Demat account as collateral for taking a secured loan.
- In case of fraud or any emergency, you can temporarily freeze your Demat account.
- The whole process is hassle-free and does not require you to visit or contact the Stockbroker by which you open a Demat account.
- It is easy to use.
IIFL Securities Online Trading
One of India’s best Depository Participants (DPs) to get Demat account services is IIFL Securities. They have an online trading app called IIFL Markets App that provides users with numerous features and benefits that make their investment journey more comfortable.
Some of the advantages of IIFL Securities are as follows:
- IIFL Securities has some of the most qualified professionals from India to guide you through your investment and trading journey.
- They have been offering financial products and services in this sector for a long time and have proven authentic and reliable.
- IIFL Markets app provides an accurate analysis of stocks and companies you want to invest in. Its breakdown will help you make better decisions according to your financial objectives.
- Their customer services are excellent, with a 24/7 ChatBot feature that will help you all the time.
- IIFL Markets app is a user-friendly app that allows you to trade and invest from anywhere at any time.
- There are no Demat Account Annual Maintenance Charges (AMCs) for the first year after opening a Demat Account.
- IIFL Securities provides a Free Delivery Brokerage for a lifetime.
- Opening a Demat account is a paperless process that reduces the efforts put in by the investors and traders.
- You can now sit in the comfort of your home and invest or trade in various Securities through the IIFL Markets app at any time with ease.
How to Open a Demat Account Online
You can open a Demat account online with IIFL Securities by following four simple steps.
Step 1: Apply for a Demat Account
To apply for a Demat account, you will have to visit your Depository Participant (DP) ‘s website or application for a Demat account opening form.
You will have to provide your basic details like your name, address, phone number, email id, etc., along with a digital signature in your Demat account opening form.
Step 2: Fill in your Bank Details
This step is essential as it will link your Bank account with your Demat account to facilitate easy transfers. You will have to enter the Bank details required to complete this step.
Step 3: Submit The KYC Details
Fulfill the KYC (Know Your Customer or Client) formalities.
You will have to provide the required documents for KYC. These documents are:
- Identity proof:
- PAN Card
- Aadhar Card
- Voter ID
- Ration card
- Address proof: You can provide any of the following documents as proof of your address.
- Voter’s identity card
- Driver’s license
- Aadhaar card
- Electricity bill
- Copy of your insurance
- Ration card
- Bank account proof: Bank account passbook or Bank account statement (not older than three months) can be submitted as Bank account proof.
- Proof of your income: The latest salary slips or your Income Tax Return document.
- PAN Card is a mandatory document required to open a Demat account as per SEBI.
Step 4: Get Your Documents Verified
After successfully verifying all your given documents, you will receive a unique 16-digit Demat account number called Beneficiary Owner Identity (BOID). Receiving this number completes the process of opening a Demat account. The process to open a Demat account will complete when you receive the credentials to your Demat account.