How to Choose Best 3-in-1 Demat & Trading Accounts in India?

Here are the factors you need to consider while choosing the best Demat and trading account in India 

To buy or sell shares in the Indian stock market, you need a Demat and a trading account. You may also open a 3-in-1 trading account offered by a few stockbrokers offering a wide range of investment services.

Three-in-one account

A 3-in-1 account is one in which you can get all essential accounts for stock investing – i.e. Demat, trading and savings accounts. When you open a 3-in-1 account, you need to fill out a single form to open a Demat and trading account. 

A 3-in-1 account serves the following three objectives, combined into one account.

• The Demat account enables you to hold your shares in dematerialised form.
• The trading account allows you to place buying and selling orders.
• The funds to pay for your investments are credited and debited from your savings account linked to the trading account, thus enabling you to complete market transactions instantly, in a hassle-free manner.

How do you decide on the best 3-in-1 trading account?

Before you select a 3-in-1 Demat and trading account, here are the factors to keep in mind:

Variety of trading and investment options

The most suitable 3-in-1 trading accounts let you perform various trading transactions. You can trade shares in the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). You can also trade in futures and options, commodities, currencies and IPOs. Along with this, many accounts also offer an option to invest in Mutual Funds, ETFs, standard portfolios, fixed deposits, buy life or general insurance and even take various kinds of loans.

Multiple modes of access

The best 3-in-1 trading accounts will let you access the online trading platform in various ways. You can trade on the web, on the mobile through an app, or on the desktop. Some brokers also offer a call and trade facility along with 3-in-1 trading accounts, i.e. you can place trade orders by calling a number. The calling facility ensures that you never miss out on a trading opportunity and is particularly useful for those who are not tech-savvy.

Advisory services

When you open a 3-in-1 account, you also get access to in-depth research and advisory. Most brokers offering 3-in-1 accounts typically send out research recommendations customised to client needs based on their risk appetites. The best 3-in-1 trading account providers offer advisory services based on risk, return, customers’ financial goals and investment time horizon.

Efficient customer support

Before opening a 3-in-1 account, you must check if the broker has a robust customer support system. Customer service should be available on call and email. Three-in-one account providers may also offer an option where an advisor can call you on request.

Conclusion

A 3 in 1 account is a unique account that clubs many features together. It simplifies your finances and eliminates unnecessary delays and confusion in maintaining multiple accounts. Given the many benefits and convenience of a 3 in 1 Demat and trading account, you can consider opening one as soon as possible and unlock the numerous perks that lie ahead. 

FAQs:

   1. What is the meaning of a 3 in 1 account? 

 The 3 in 1 account is a special account that offers triple benefits of a Demat, trading, and savings bank account. You can use this single account for stock market investing as well to save money.

   2. What is the benefit of a 3 in 1 account?

A 3 in 1 account can offer you several benefits. Firstly, it simplifies your finances by clubbing three accounts in one. Secondly, the account provides you with a variety of options that can help you improve your finances, such as stocks, mutual funds, as well as insurance and loans. Thirdly, you can access the account's in-depth research and advisory modules to build knowledge and make better financial decisions over time.

   3. How do I open a 3 in 1 account?

You can open a 3 in 1 account in a few simple steps:

-    Select a bank that offers a 3 in 1 account.

-    Submit the Know Your Customer (KYC) information like your name, age, address, Pan Card, bank statements, and other similar proofs.

-    Once the bank has completed the verification, you will receive an account number, and your account will be active.

-    You can then deposit money in it and use it for stock market investing and other financial requirements like loans and insurance. 

Disclaimer: The contents herein mentioned are solely for informational purposes and shall not be considered as an invitation or persuasion to trade or invest. I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon.