Fyers Minor Account Opening Process, Demat charges, documents

Any Indian under the age of 18 can open a minor account with Fyers. Parents can open a Fyers demat account for minors to secure their child’s future. Fyers Minor demat account can be opened online and that too for free.

Want to open a demat account for your minor child but don’t know how? Here is a complete step-by-step guide on how to open a demat account for minors with Fyers, account opening and AMC charges, documents required, and trading restrictions for minors.

Fyers Minor Account

Fyers offers account opening for minors. Yes, parents or legal guardians can open a demat account for their minor children. Fyers Minor demat account is used to hold investments in stocks and mutual funds. Minors can only open a demat account, a trading account in the name of the minor cannot be opened. Minors cannot buy shares and mutual funds themselves, parents can buy them from their account and transfer or gift them to the child’s account. Minors can sell the shares and mutual funds themselves.

Benefits of Minor Demat Account with Fyers

• Easy and paperless account opening process.
• Free Minor account opening with zero AMC.
• No minimum balance is required in the minor’s demat account.
• Access to fundamental and technical analysis and research reports.
• Get valuable insights with a portfolio analyzer report.
• Gift-sharing feature to transfer securities from parent to minor’s account.

Process to open Fyers Minor Demat Account Online

If you as a parent have a demat account with Fyers, you can open a demat account online for your minor child. The process of opening minor account in Fyers is completely online and paperless. Here are the steps:

1. Log in to Fyers Demat Account online.
2. Go to My account portal and go to the Manage Account option.
3. You will see an option “Open Minor Account’
4. Tap on open account option.
5. Upload the PAN card of your minor child.
6. Enter other details including name, father’s name, mother’s name, marital status, etc.
7. Contact Information: Upload Aadhaar card as proof of address.
8. Bank details: Enter the minor’s bank account details and upload the last 6 months bank statement.
9. Trading Segment: Equity and mutual fund segments will be selected by default.
10. Nomination: Minors cannot add a nominee to their account thus, I do not wish to nominate will be selected by default.
11. Complete In-person verification (IPV) by uploading a latest photo and OTP.
12. Upload a copy of your (guardian) signature.
13. Proceed to E-sign using Guardian’s aadhaar card details.
14. Once done, the minor child’s demat account will be activated within 24-48 hours.

Note: DP charges are levied on sale of shares and mutual funds by minor demat account holders.

Fyers Minor Account Opening Documents

Keep the following documents ready before opening an account for minors. Here is the list of required documents;

• Minor’s PAN card
• Minor’s address proof: Aadhaar card or passport
• Age proof: Minor’s birth certificate or 10^th marksheet
• Minor’s bank account proof: Latest bank statement or a canceled cheque

Trading Restrictions on Fyers Minor Demat Account

• Minors cannot buy shares and mutual funds themselves.
• Parents have to purchase equity shares and mutual funds and gift or donate or transfer them to the minor child’s account.
• Minors can sell shares and mutual funds that they have received as a gift, donation or IPO.
• Minors can apply for IPOs. The procedure for investing in IPOs is the same as for other persons.
• Minors can participate in corporate actions, such as dividends, buybacks, rights issues, etc.
• Minor’s parent or legal guardian cannot do equity intraday, equity F&O, and commodity and currency derivative trading on behalf of a minor child.
• Minors when turns major must convert the minor demat account to the major demat account. To do so, minors have to register with new KYC details.
• Once the minor account is converted, they will be allowed to trade in the Intraday and F&O segments.

End Note

Opening a minor demat account for children under 18 years is the best way to provide financial security for your child. Fyers is the best broker to open a demat account for minors. Parents can open a demat account for their minor child without any account opening fee. Paperless account opening also allows you to open minor child's demat account instantly.