What is a Demat Account?
Before we talk about trading, we must first understand a Demat account. Demat is short for a Dematerialized account. It holds electronic records of securities and shares. Besides, you can also store bonds and mutual funds.
A Demat account is a must for trading. It is similar to using a savings account to keep your money. There are many benefits of owning a Demat account. Now, there are different types of Demat accounts. We will list them below and look at them in detail:
- Regular Demat Account: This Demat account aims to ease the trading process. It is the best Demat account you can use.
- Repatriable Demat Account: This account is for NRIs. It allows you can transfer funds to other countries.
- Non-Repatriable Demat Account: This account does not allow you to transfer funds abroad.
Eligibility for Demat Account Opening
There are two things to check before opening a Demat account.
- The individual should be a resident citizen of the country
- The individual should be over 18 years of age.
Essential Documents to Open a Demat Account Online
Now, let us see the necessary documents for the Demat account.
- Identity proof: You must submit an identity proof having address and photograph. Also, a PAN card is mandatory.
- Income proof: You must submit either three months’ salary slips or an ITR statement.
- Signature: You must submit your signature on white paper. The sign should match the one on the PAN card.
- Photograph: You need one passport-size picture.
- Bank proof: You must submit bank proof like bank account statements.
- Address proof: You must submit your Aadhar card, driving license, passport, or voter ID card.
Popular Demat Account Providers: Top 5 Picks
Lets us have a look at the popular Demat account providers in India. We will discuss their benefits and features.
1. Zerodha Demat Account
Zerodha is the best Demat account provider in the country. Today, it has a customer base of 5 million customers. The Demat account opening is a simple process. It offers a Zerodha app that teaches you everything about trading. It also lets you build your trading platform. Also, it has a Q&A section and blogs for all queries.
- Easy to use.
- No hidden charges.
- Has a free online portal for learning the art of trading.
Upstox is a leading Demat account provider in India. Opening a Demat account online in Upstox helps you save money. It is a great trading platform with a website and mobile application. You can trade in mutual funds and shares. You get live insights on market information. Also, you can view live reports on the app. Upstox allows you to trade from anywhere, anytime. Join Upstox today!
- Zero brokerage.
- Easy opening for a Demat account online.
- It has a mobile application for Android & iOS.
- Offers various plans and services.
3. ICICI Direct Demat Account
ICICI Direct is a reliable name in the market. It has a customer base of over 20 lakh customers. They were the no.1 choice of investors until Zerodha took over. They offer three plans you can choose from. The first is the Secure Plan, and the second is the Saver Plan. Finally, it has the Pre-Paid Brokerage Plan. It offers a 3-in-1 trading account. Also, it consists of the bank account, Demat account, and trading account.
- Secure option to manage finances.
- No charges for opening an account.
- Get instant cash in under 1 hour.
- Ready reports for stock purchases.
4. Angel Broking
Angel Broking Demat Account is a famous brand. It has over 6 million clients. There are many benefits of opening a Demat account with Angel Broking. For instance, opening an account is free of cost. You can access monthly statements, live tracking, and account status. Download the Angel One app to learn and trade like a pro. There are some fantastic rewards and offers you receive as a customer. So, sign up today for a Demat account!
- Start a Demat account online in less than an hour.
- Get a chance to earn higher returns.
- Get access to many applications.
- It makes use of a digital-first approach in stock trading.
5. Sharekhan Demat Account
Sharekhan is one of the best Demat account providers available today. It is a suitable choice for everyone who loves trading. Currently, it has over 16 lakh customers in over 570+ locations. The best part is the interactive tools they offer to understand the market. Besides, they also have portfolio management services. Furthermore, you can trade bonds, shares, mutual funds, forex, and more.
- Provide advisory services.
- No hidden charges for DP transactions.
- High accuracy and seamless trading experience.
- Reliable stock brokers in the country.
The Bottom Line
There are many factors to consider before opening a Demat account online. So, find your Demat account provider today. Visit the Piramal Finance website and help yourself to the knowledge of wide-ranging financial products and services, especially credit cards and personal loans.
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Also Read: Key Learnings from 2021 about Income Tax