Demat account is the most frequently utilised term associated with investment and trading and the popularity of this particular type of account has significantly increased over the past few years. The increasing demand for all these kinds of accounts has let the depository participants come with the best possible features in terms of Demat accounts for the investors. It is very much important for the investors to be aware of the concept of how to open Demat account online so that they can make the right kind of decisions in the whole process. Following are the most important steps to be followed by the people:
- First of all the people need to choose the Depository participants and in India banks, stockbrokers and online investment platforms provide all these kinds of services. It is highly advisable to go with that provider whose services and features match the need and requirements.
- After visiting the official website people need to open the Demat account by filling up an account opening form and there are different kinds of participants who provide the ability to open trading as well as Demat accounts simultaneously.
- After this people need to fulfil the KYC requirements and for this purpose submitting the scanned copies of documents like identity proof, bank account statement, income proof, address proof has to be done by the people and it is a very good idea for the people to arrange all the relevant documents by their side before applying which will help in saving a lot of time in the whole process.
- After these people need to go through the verification process and this exercise is mandatory in the whole process. Depending upon the depository participant people might be required to be present in person at any of the one service provider’s office. But in the cases of online everything will be carried out with the help of WebCam and smartphone without any kind of hassle to the investor at any point in time.
- After the completion of these things, the individuals will be required to sign some of the documents which will include the duties and right of the depository participant as well as the investors.
- After this people need to get the BOID number and upon the approval of the application people will be provided with a unique beneficial owner identification number that can be utilised by the people to access their Demat account perfectly.
It is very much important for the people to depend upon the reputed providers in this particular area and check out the safety and convenience element in the whole process before making such decisions. Checking out multiple securities and lower charges is another very important thing to be paid attention to in the whole process. So, to ensure top-notch quality services at every step depending upon the professional companies like 5paisa is highly advisable for the individuals so that they do not face any kind of problem in the whole system and can achieve their investment goals very efficiently.