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Most beginners are usually put off before they even begin. The jargon seems heavy, the paperwork longer than their college assignment, and the entire process involves nothing but cryptic terms at every step of the way. Take it easy, because opening a demat account is much simpler than your last mobile recharge. Here are some things you should know before you begin.
Do you need one?
If you wish to trade or invest in any of the Indian exchanges. Yes, you absolutely do. SEBI regulations and the Depository Act mandate that a demat account is compulsory to buy and sell shares. Without a demat account, no trade can take place.
How to go about it?
The entire process is now digitised and it takes less time to learn how to open a demat account than it takes to select a new mobile phone plan. Select a broker, enter your mobile number, upload your documents and complete the KYC procedure. Most brokers, including Angel One, claim that they can get your trading started within an hour. Make sure that you have your PAN card, proof of identity, residence and bank account details and a passport size photograph handy. They may also ask for your income proof.
Is it free?
While opening an account is free of charge, maintenance charges apply. Brokers tend to charge an annual fee between 300 and 700 rupees to keep your account active. There is a waiver for the first year available. Always read the fine print to know what you will be paying. Small investors can also ask for a basic service account that charges lower fees up to a certain threshold. Converting old physical shares into electronic form usually costs between 5 and 10 rupees per share.
What does it actually mean?
A dematerialized or demat account meaning is basically a digital wallet where your stocks, m… Read More
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