Here are the steps to open a demat account:
- Select your DP: DPs can be banks, brokers or financial service providers. Select your DP, preferably the stock broker with which you have a trading account, so all your trading transactions will be seamless.
- Fill out and submit account opening form, KYC form, and Documents: Fill out and submit the form given to you for opening an account, the KYC form, passport size photographs, your PAN card (Permanent Account Number), and other photocopied documents. The documents required to open a demat account include proof of address and proof of identity. Also, you need to give the name of a person as your nominee.
- Proof of Identity Documents:
- Voter’s identity card
- Income tax returns
- Bank attestation
- Electricity bill
- Passport
- Driving license
- PAN card
- Identity card issued by central or state govt., professional bodies like the Bar Council, Institute of Chartered Accountants of India, and Institute of Cost Accountants of India or by public sector undertakings, regulatory or scheduled authorities, public financial institutions, university-affiliated colleges, or scheduled commercial banks.
- Proof of Address Documents:
- Ration card
- Leave and license agreement
- Verified copies of the electricity bill
- Bank statement or passbook
- Driving License
- Residential telephone bill
- In-Person Verification (IPV): In-person verification (IPV) is conducted by a person from your DP’s firm to find out the existence of the customer by meeting in-person and verifying identity and address proof with original and to ensure that the details provided by you in the form are authentic. This can be done over your pc by video meeting/conferencing with the help of internet and web camera. Before the IPV starts, make sure you have your address proof and PAN card ready to show.
- Get Beneficiary Owner Identity (BOID): Once your application has been processed and your DP has facilitated the opening of your account, they will give you a Beneficiary Owner Identity (BOID) – a unique account number – that you can use during future transactions and access your account.
