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Documents Required To Open A Demat Account

Having a Demat or dematerialised account is necessary to start investing in and trading shares and securities. Opening a Demat account these days is easy. You just need to fill out a form and submit all the right documents to the concerned depository participant.

Types of Documents Required for Demat Account Opening

  • Proof of Identity (POI):

This can include your Driving License, Voter ID, or Unique Identification Number (UIN).

  • Proof of Address (POA):

Your Passport, Voter ID, Aadhaar Card, or Ration Card are all acceptable proofs of residence.

  • Proof of Income:

This is mainly for trading in derivatives like futures and options. You can submit a copy of your most recent Income Tax Returns as proof of your income.

  • Proof of Bank Account:

A cancelled cheque with your name and the bank’s IFSC code should serve the purpose.

  • PAN Card:

This document is compulsory for opening a Demat account, no matter the bank or broker.

  • 1 to 3 Passport-Sized Photographs:

Photographs are a standard requirement for any bank-related procedure.

List of documents required as Proof of Identity to open a Demat Account

Below are the documents accepted as a “Proof of Identity” for Demat Account opening:

-   Aadhar card

-   PAN card

-   Voter ID card

-   Passport

-   Ration Card

-   Driving License

-   Photo ID card issued by State or Central Government, bank, public financial institution, affiliated universities, and professional bodies such as ICAI, ICWAI, ICSI, Bar Council, etc.

Additional Read: Checklist of Demat Account Charges and Fees

List of documents required as Proof of Address to open a Demat Account

Below are the documents accepted as a “Proof of Address” for Demat Account opening:

-  Passport

-  Voter ID card

-   Ration card

-   Aadhar card

-   Driving License

-   Registered Lease or Sale Agreement of Residence

-   Flat maintenance bill

-   Insurance copy

-   Bank statements

-   Self-declaration affidavit

-    Proof of address issued by central or state Government, Regulatory Authorities, PSUs, colleges, universities, and professional bodies such as ICAI, ICWAI, ICSI, Bar Council, etc.

List of documents required as Proof of Income to open a Demat Account

Below are the documents accepted as a “Proof of Income” for Demat Account opening:

-   Copy of the Income Tax Return (ITR)

-   Net worth certificate issued by a Chartered Accountant

-   Salary slip issued by a registered employer

-   Bank account statements reflecting monthly salary

Additional Read: What is the Procedure to Open a Demat Account?

List of people authorised to attest the documents

You might have to get your documents attested by a gazetted officer to substantiate their validity. Below is a list of people authorised to certify the documents:

-  All officers of the armed forces

-  Magistrates in Judicial services

-   Central and State service members, including doctors, engineers, etc.

-   Tahsildars and lecturers in Government colleges

-   Doctors in Government Hospitals

-   Headmaster of Government schools

-   Section officers

-   Block Development Officers

-   Scientists working in Government research organisations

-   Group A Government employees (IAS, IES, DIG DCP, DGP, ASP, JCB, SDPO, IB, etc.)

-   Police officers above the rank of inspector

-   Income tax and revenue officer

Additional Read: How to Transfer Shares from One Demat Account to another?

Frequently Asked Questions (FAQs)

1. Can I change my address in my Demat account?

Yes. You can change your address in your Demat account anytime after opening it. To do this, you need to download a Demat account modification form and request for the change of address. You may have to submit the proof of your new address for the same.

2. Is Aadhaar Card necessary to open a Demat account?

At present, linking your Aadhaar to the Demat account hasn’t been made mandatory. You can use your PAN card or Voter ID as a valid proof of identity.

3. Can I open a Demat account without PAN Card?

No, submitting your PAN Card is mandatory for opening a Demat account with any bank, broker, or depository participant.

4. How can I open a Demat account instantly?

If your phone number is linked to your Aadhaar, you can open a Demat account online in no time.

5. Is a bank statement mandatory for opening a Demat account?

You'll need to submit proof of your linked bank account. This can be in the form of a cancelled cheque with your name and the bank’s IFSC code on it or a bank statement.

6. Is ITR filing important for a Demat account?

Yes, it serves as proof of income, which is required for opening a Demat account.

7. Is Aadhaar Card necessary to open a Demat account?

At present, linking your Aadhaar to the Demat account hasn’t been made mandatory. You can use your PAN card or Voter ID as a valid proof of identity.

8. Is PAN card mandatory for opening Demat Account?

Yes, it is mandatory that you have your PAN card for opening a Demat Account. The SEBI necessitates that every Demat Account is linked with a PAN. You cannot open a Demat Account without having your PAN details.

9. How can I open a Demat Account without proof of income?

It is possible to open a Demat Account in India without having proof of income. You can submit all other documents as per the OVD list to trade in equities. However, if you want to trade in derivatives or the currency market, you need to provide proof of income.

10. Are students eligible to open a Demat account?

Yes. Students above the age of 18 can open a Demat account with any stockbroker by submitting the required documents. However, they need to have a PAN card to open a Demat account. Students below the age of 18 may also open a Demat account, but they may not be able to open a trading 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.  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 herein above are solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments or any other product.

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