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Easy & Effective Way To Have A Demat Account

by Deadline daily
January 12, 2023
in Finance
0

The stock market presents investment options in the equity, cash, derivative, currency, and other market segments. Opening a Demat account is mandatory if you want to invest in the stock market. A Demat account holds your investments in the Demat i.e. electronic form. You also need a trading account to place buy and sell orders online.

Demat service providers provide an online account opening facility nowadays. You can avail of this service to open a Demat and trading account online. Once you submit the application form and essential documents online, the DP (Depository Participant) will verify your identity, address, and bank details via the online verification method. Once the verification is complete, you will get a BO (Beneficiary Owner) ID which will also be your Demat account number.

Opening an online Demat account is a simple and easy process. However, the most important thing is to apply Demat account online with the right DP. Here are a few ways to ensure that you get the best Demat services in the market:

Choose the right type of broker

A Demat account can be opened with a bank, full-service broker, or discount broker. Bank-based Demat accounts are preferred for their safety features and dedicated customer support. However, they might charge a high brokerage in exchange for the services. The brokerage will be high enough to reduce your trade profit margins significantly.

Full-service brokers are platforms that provide a complete suite of investment and trading services. They provide access to quality research and recommendations to their customers. Though preferable for a newbie investor, their charges or commission are comparable to those of bank-based demat providers.

Discount brokers offer the essentials required to trade and invest in the stock market. They charge a lower fee in comparison to the other broker types. However, you won’t get the research and advisory services that are associated with a full-service broker. Many discount brokerage firms provide top-notch customer support and user-friendly trading platform these days.

Keep the documents ready

The following documents will help you open a Demat account online:

  • PAN Card
  • Identity proof such as voter ID, Passport, Driving License, or Aadhaar Card
  • Address proof such as Ration Card, Driving License, Utility Bills, etc.
  • Salary slips for the last 6 months
  • Bank account statement for the last 6 months
  • A canceled cheque

Know the Demat account charges

Apart from brokerage, there are other charges associated with a Demat account. A nominal one-time account opening fee is charged by most brokers. You would also be required to pay charges for the dematerialization or rematerialization of your holdings. Account maintenance charges or AMC would be charged every year by the broker.

GST charges will also be applicable based on your trading activities. Some brokers also charge for their trading platform on a monthly or yearly basis. These charges could affect your profit margins significantly. Therefore, you must compare the Demat account charges associated with different DPs before opening a Demat account.

Benefits of having an online Demat account

The benefits of having an online Demat account have been discussed below:

  • You can make changes to your online Demat account via an online procedure. You don’t need to be a computer expert or any assistance to make these changes online.
  • Appointing a nominee to your Demat account is also possible through online means.
  • You can add and withdraw funds from your trading account to your bank account seamlessly. A detailed account statement can be used to check the details of every trade you have taken.

Monitoring shares and other investments online is possible with the help of a Demat account.

For more reading blogs visit Deadline Daily.

Tags: apply Demat account onlineDemat AccountDemat account chargesEasy & Effective Way To Have A Demat AccountEffective Way To Have A Demat Account
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