- Zerodha. Zerodha is the biggest and the best stockbroker in Indian with over 4 million clients that make up the +15% of daily retail trading volumes on Indian stock exchanges. …
- ICICI Direct. …
- HDFC Securities. …
- Angel Broking. …
- 5Paisa. …
- Upstox. …
Procedure of Opening a Demat account:
Step 1: You have to select Depository Participant (DP) …
Step 2: Fill out and submit the Demat Account Opening Form. …
Step 3: Comply with KYC (Know Your Customer) requirements.
Step 4: Complete the Verification Procedure. … Step 5: Sign Copies of the Agreement
- Decide on a Depository Participant (DP), which is any authorized bank, financial institution or broker, with who you want to open a Demat Account with. The choice of a DP should ideally depend on the brokerage charges, annual charges &leverage provided.
- Submit a duly filled account opening form and KYC form. Along with this, you will need to attach copies of –
- PAN Card
- Residence Proof
- ID Proof
- Passport-sized photographs
Do carry original copies of all for verification purposes. You will also need to give a cancelled cheque for dividend bank details.
- You will then need to sign an agreement that will mention all the rules, regulations and rights associated with holding a Demat Account. Read them carefully and do not hesitate to clear all your doubts. When this is submitted to the DP, it will be signed by an authorized person and a copy of the same will be given to you.
- When the account is opened, you will receive a unique Client ID from the DP. This, along with other details, will help you get access to your Demat Account online.
- You will also be given instruction slips by the DP, which will be of use for depository services like transfer, purchase, etc.
Note that a Demat Account does not require any ‘minimum balance’ of shares or financial securities to be held in it. Also, you can hold more than one Demat Accounts linked to a single PAN. However, not with the same DP.
How to open a Demat Account online:
A request to open a Demat Account with any DP can be applied for online as well.
- Email ID
- Mobile Number
- One-time password (OTP) that you will receive
- You will receive communication from the DP to get in touch with you for completing the above mentioned formalities and opening a Demat Account
Your demat service provider needs to give you the following details:
- DP ID
- Beneficiary ID or Demat Account number
- Power of Attorney (POA) number
These are especially helpful if you want to apply for an initial public offer (IPO).