Dematerialised Account or best known as a Demat Account allows investors to hold shares of companies and securities in an electronic format. It means that this account will hold securities like mutual funds, bonds, stocks, exchange traded funds, etc and Demat account can be opened online. In this article, we will get to know the documents required for Demat account and also the best Demat account in India.
A Demat account in a way is like a bank account and if you open it online, you need to upload your PAN card and address proof by logging in to the bank or broker’s website. The documents required for Demat account are common across banks, brokers, and other organisations that act as an online trading platforms. Make sure that all the documents submitted are valid and are not expired while you are submitting them.
You will need documents related to the below two categories:
Personal details – Details like proof of identity and address proof are needed as asked in the prescribed format. Most of the banks do keep pre-filled details when you provide them with the PAN and other required documents but do verify and cross check them once before final submission.
Bank & Income details – For opening a Demat account you have to provide your Bank Account Number and IFSC code. Do not worry about disclosure of your details as they are safe with the bank or the broker. Lastly, you will have to provide your income details as well.
Documents required for Demat account
- Checklist for proof of identity
One can submit the below documents as proof of identity while opening a Demat account
- PAN Card
- Unique Identification Number (UIN) – It can be Passport / Voter ID Card / Aadhaar Card / Driving License
- One can submit Members Id’s from professional bodies like ICAI, ICWAI, ICSI, and Bar Council
- Checklist for address proof
- Voters Id Card
- Sale or lease agreement of the house
- Driving license with Photo
- Maintenance Bill
- Telephone or Gas Bill
- Insurance Paper
- Electricity Bill
- Bank account statement or Passbook
- Checklist for income proof
- Income Tax Return acknowledgement slip
- Salary Slip or relevant document like Form 16 that discloses your net worth
- Net worth certificate by a Chartered Accountant
- Past six months’ account statement reflects the income history
Now that you have known what all documents are required to open a Demat account let’s check on the best Demat account in India you can open.
Best Demat account in India
If you are looking to start your investment and want to open a Demat account then check out the best Demat account in India below to take your decision.
- Angel One Demat Account
- SBICAP Securities Demat Account
- ICICI Direct Demat Account
- Zerodha Demat Account
- Axis Direct Demat Account
Demat accounts have helped many people out there to save time by giving them a digital trading experience without having to deal with the time-consuming paperwork. A newbie should research wisely and look into the features while choosing a Demat account. Now get your savings into action and start your journey of investment.