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How to open a demat account online?

4 Mins 07 Apr 2023 0 COMMENT

 

Step 1: Select a Depository Participant(DP)

Choose a Depository Participant (DP), which is a bank, financial institution, or broker that has been authorized to open Demat Accounts on your behalf. The ideal scenario would be for the choice of a DP to be based on the brokerage fees, annual fees, and leverage offered.

Step 2: Duly fill and submit the Demat account opening form

You have to submit a duly filled account opening and a KYC form. With that, you must also include your PAN Card, Residence Proof, ID Proof, and passport-sized photographs. Keep all the original copies ready for verification purposes. For dividend bank details, you will also need to provide a cancelled cheque.

Step 3: Comply with the verification process and sign a contract with your DP

You will then be asked to sign a document outlining all the rights, obligations, and rules related to owning a Demat account. Please carefully read them, and don't be afraid to ask any questions you may have. When this is submitted to the DP, it will be signed by an authorized person, and a copy of the same will be sent to you.

Step 4: Verification of the application

You will receive a Beneficial Owner Identification Number once the application has been verified and approved by the concerned authorities.

 

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How To Open ICICI Demat Account | ICICI Direct Demat Account Opening Process 2022 Explained

Frequently asked questions

1. Can I open a Demat account online on my own?

Yes, you can open a Demat account online in a few easy steps without having to get in touch with a brojer or firm in person.

2. Why are the fees and charges in a Demat account?

You will be required to pay account opening charges by some DP, along with maintenance fees, custodian fees, transaction fees, and miscellaneous expenses.

3. Is it safe to open a Demat account online?

Yes, its safe to open a Demat account online as they verify your documents and conduct KYC in a thorough manner.

4. How to open a Demat account online?

  • Choose a Depository Participant
  • Fill out and submit the Demat Account opening form
  • Complete KYC requirements and submit the paperwork
  • Follow the verification process and sign a contract with your DP
  • You will receive a Beneficial Owner Identification Number once the application has been verified and approved by the concerned authorities

Additional Reads:

How to Choose the Best Broker?

How to Invest Without a Demat Account?

How to Buy & Sell Shares in Demat Account?

Disclaimer: ICICI Securities Ltd. (I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Centre, H. T. Parekh Marg, Churchgate, Mumbai - 400020, India, Tel No: 022 - 2288 2460, 022 - 2288 2470. The contents herein above shall not be considered as an invitation or persuasion to trade or invest.  Investments in the securities market are subject to market risks, read all the related documents carefully before investing. I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. The contents are solely for informational and educational purposes.