How to Open Demat Account
If you are familiar with the term ‘Online Trading’, you cannot miss the term ‘Demat Account’. It is a trading account wherein you can buy, sell, and hold all your dematerialised securities under one account. Opening a demat account is quite an easy process. You can follow the steps mentioned below:
Step 1: Choose a Depository Participant or DP
There are a number of broker agencies, banks, and online investment portals in India that offer Depository Participant services. You can compare the services offered by the DPs and choose the one that suits your requirements.
Step 2: Submit the Demat Account Opening Form
Fill up the demat account opening form available on your DP’s official website and submit the same.
Step 3: Submit the necessary documents (KYC)
Provide the prescribed documents for the process of KYC and verification. You will be required to submit the documents for proof of address, proof of income, and proof of identity. In addition to that, you might be required to go through the process of In Person Verification (IPV). For this you might have to be present physically at one of the service provider’s offices. However, there are a number of DPs that let you complete this process online using video verification.
Step 4: Sign the Agreement with your DP
Once the IPV process is completed, the DP will provide an agreement for you which has to be signed and submitted back.
Step 5: Obtain your BO ID Number
This is the last step for the acquisition of your demat account. On completion of the steps mentioned above, the DP will generate a Beneficial Owner Identification Number or BO ID Number which will be provided after the approval of your application. This ID number will be used to access your demat account.
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