The steps to open a Demat account is straightforward. It happens in less than or under 15 minutes. And since the entire process is digitised, you don’t even have to step out of your home. Following are a few simple steps that will help you learn how to open a Demat account.
Step 1: Choose a depository participant (DP) such as a stockbroker or a commercial bank with whom you wish to open your account. Thoroughly check your DP’s reputation and whether it can offer you the services you require.
Step 2: Fill out your Demat form and complete your KYC registration. During the registration process, you will be asked to provide some basic details like your name, phone number, address, email ID, etc., along with your PAN and AADHAR card details.
Step 3: After completing your KYC registration, you will have to provide your bank details. For that, you will need specifics like your IFSC code, branch name, account number, etc. This will help the issuer firm credit money to your account when there’s a profit on the shares you’re holding.
Step 4: You will be asked to upload your passport-size photo and other documents related to your proof of identity.
Step 5: To complete the verification process, you will have to provide in-person verification. Contrary to what the name suggests, you will simply need to provide online proof through a webcam and confirm your identity. This will help in establishing the validity of the submitted proofs.
Step 6: Upon successful completion of your online verification, you will be asked to sign the terms and conditions of the agreement. Many DPs offer a simple method for electronically signing the documents by utilizing the customer’s mobile number linked with AADHAR.
Step 7: Once the application is accurately filled and processed, you will receive a confirmation of your newly created Demat account. With that, you will receive other details like your account number and a Beneficial Owner Identification Number (BOID) to log in to the account.
