Opening a free demat account requires certain documents from the applicant. The required documents vary from one broker or depository participant to another, but commonly include identity proof, address proof, and income details. Commonly accepted identity proofs are PAN card, AADHAR card, passport copy, driving license copy, and voter’s ID card. Address proof can be any of the following: Aadhar card with current address mentioned on it; bank statement not older than three months; electricity bill/landline telephone bill/water bill not older than three months; rent agreement in case of rental accommodation; passport copy mentioning current address; recent post office passbook or statement of account showing current address; or NREGA job card issued by the Government of India. Lastly, an applicant needs to provide income details such as salary slips for salaried professionals and balance sheets for business owners.
Step-Step Instructions for Opening a Free Demat Account:
The process of open Free demat account is fairly straightforward and can be done online as well as offline depending on the preferences of the customer. Following are step-by-step instructions for opening a free demat account:
1) Select a Brokerage Firm – Choose a reliable brokerage firm that offers competitive rates and provides excellent customer service along with other benefits like discounts on trading fees, etc.
2) Fill Out Application Form – You need to fill out an application form provided by your chosen brokerage firm either online or offline as per your preference. This form will require you to provide personal information such as name, date of birth, etc., along with the necessary documents listed in Subsection 2.1 above.
3) Get Approved – Once your application form has been submitted successfully you will need to wait until your broker approves it before you can open up your free demat account
4) Open Your Account – After approval is received you can proceed with opening up your own individual demat account which typically takes only a few minutes.
5) Fund Your Account – Once the account is opened you will need to fund it so that you are able to start trading immediately. Depending upon which broker you have chosen this could be done through a net banking facility or debit/credit cards etc.
6) Start Trading – After funding your free demat account you are ready to start investing! Log into your broker’s platform and begin trading stocks & securities according to your investment strategy free trading.
Online Services Available for Opening A Free Demat Account:
For customers who prefer convenience over traditional methods of setting up their accounts, there are several online services available these days that allow them to open their free demat accounts quickly without having to go through complicated paperwork or setup processes in person at their local branch offices etc Some popular brokers offer mobile applications through which customers can easily enter all required information including uploading scanned copies of necessary documents directly from their phones. They can then receive instant approval within minutes allowing them to get started right away!