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Demat Account
Demat Account
Demat Account
Step 1:- Choose a Depository Participant: The initial step to open a Demat Account in India is
to select a depository participant (DP). Most banks, Stockbrokers, and online
investment platforms are DPs with either NSDL or CDSL, and all provide DP services. It is
advisable to open a Demat account with a trading account.
Step 2:- Fill up and submit the Account opening Form: Go to your DP's website and fill in
the online account form for opening the Demat account. However, various depository
participants, such as Deal money, offer investors to open trading and Demat accounts
simultaneously.
Step 3:- Complete your KYC (Know Your Client) Norms: Once you have duly filled the
Demat account opening form, DP will ask you to complete the Know Your Customer (KYC)
norms. It will require you to submit scanned copies of KYC documents like your identity proof,
address proof, and canceled cheque.
Step 4:- Verify your Bank Account Details: Dividends and other such benefits are transferred
by the company directly to the bank account linked to your Demat account. Hence, you will need
to enter your bank details by submitting or uploading a copy of your canceled cheque. You will
need to fill the details like your bank's IFSC code displayed on your cheque. Your bank account
will be verified automatically by your DP and broker in case of a trading account
Step 5:- Complete your IPV (In Person Verification) Process: Your DP will ask you to
complete an 'In-Person Verification procedure after submitting your Demat account opening
form along with the required documents (IPV). It is a mandatory task to ensure that your
documents are valid. Depending on your DP, you may be required to be present in person at one
of your service provider's offices. Many depository participants like Deal money provide IPV
services through a camera or a smartphone in a simple/easy manner.
Step 6:- Sign up the Agreement: Your DP will ask you to sign an agreement once
you complete the IPV process. The agreement contains depository participants and investor's
rights and duties. E-sign is done through NSDL instead of a physical signature in the online
account opening form process, which is easy, convenient, and fast.
Step 7:- Get your Unique Client Number: After completing this procedure, your DP shall
proceed to process your Demat account opening form. Upon approval of your application, DP
will provide you with a unique Identification Number. You can use this ID to access your Demat
account. In the case of a trading account, you will receive a separate trading account code.