5Paisa a part of the IIFL group based in Mumbai. It is the second-largest discount broker in India. The brokerage re-launched 2016 its new brokerage model for providing online retail broking services.
In a short span of time, it has acquired the position of 6th largest stockbroker in India.
Along with many services like online trading, online mutual funds, online insurances, it also offers provision for opening a 5paisa Demat account for free.
5Paisa at date serves more than 1.2 million customers and is one of the best discount brokers in the country.
5Paisa commences commodity trading and thinking to offer personal loans to its clients. Apart from this, it will include funding products like IPO, NCD
A Demat Account also called a dematerialized account is open to holding the shares and securities electronically. Opening a Demat Account reduces the chance of theft, forgery or loss of physical certificates.
In all, the Demat account streamlines the whole process of buying and selling shares thus helping traders to do trade without any hassle.
5Paisa Demat Account Reviewsa
A Mumbai-based discount broker 5Paisa offers a wide variety of services like trading, investment, and advisory.
It is known for offering low-cost financial services, depository services and stock and currency trading in NSE/BSE. 5Paisa is one of the first fintech companies that was listed in both the stock exchanges, i.e., NSE and BSE.
5paisa Demat account is one of the key services and thus one can make use of this service to open a 3-in-1 account (Trading, demat, and mutual funds account)
You can use a single account to invest in stocks, mutual funds, currency, advisory, research, and commodities.
You can easily open a demat account without the involvement of paper.
The process is swift and usually completed within 5 minutes.
5Paisa Demat Account Opening
If you are looking forward to knowing how to create demat account, then here is the 5Paisa stockbroker. The broker comes up with a seamless way to open the account.
Along with this, it offers top reasons to open a demat account. Some of them are:
Low Cost: 5Paisa Demat account is opened for free. Along with this, it does not impose any fixed DP AMC charges. The trader needs to pay the charges only when he trade. They charge a flat Rs. 20 on every executed order. This becomes even less (Rs. 10) when you subscribe to their added packs. They also don’t charge any annual maintenance charges for holding the security for the value of upto Rs. 50,000.
Flat Fee: The low fee helps the traders to save up to 98% on the brokerage cost. It implies the trade in high volumes with a flat fee of just ₹10.
Hassle-Free: It provides the complete paper-less Demat account opening process. The whole process is based on Aadhaar and hence manages all the investment in one place. The process also does not take more than 5 minutes. So it is hassle-free and also very quick.
Single Account: It uses a single account to trade in stock, futures & options (F&O), commodities, and currencies at flat rates.
Research Ideas: 5Paisa is also great when it comes to giving extensive advice. They give advisory on more than 4,000 companies which makes it the only trading platform to do so.
Analytical Services- With the wide array of services, it has now also introduced a portfolio analyzer. 5Paisa is the first broker in the country to begin this process. You can now analyze your portfolio at your own convenience. Thereafter, you can make improvements in your strategies if you find any glitches.
For opening a 5Paisa Demat Account, the applicant needs to upload the essential documents enlisted below.
PAN Card: A colored and scanned copy with a clear name and photo.
Documents for Address Proof: For address proof one can submit the document like
Lease or Sale Agreement with Residence
3. Documents for Bank Proof: For the bank details one can upload documents like:
Canceled cheque with the printed name on it
Bank Statement with a first page having a customer name.
4.Documents for Income Proof: To show the income proof upload the document
Demat Account Holding
5Paisa Demat Account Opening Process
5Paisa along with many benefits also offers a simple process of opening a Demat account.
The steps involved in opening a 5Paisa Demat account are:
Fill in your Personal Documents
It offers the simplest way to open the Demat Account in India. The applicant only needs to enter the date of birth, Aadhar Number, and PAN number. The rest of the details are pre-filled by the 5Paisa account opening executive.
Once all the details are filled in, the applicant needs to verify all the details.
2. Enter the Bank Details
The bank details; account number and IFSC code should be submitted that helps in easily fetch all the information.
Entering the bank details ensures that the fund and securities settle with your 5paisa trading account. One can start trading only after linking with the bank account Without the verified trading account the customer can have a Demat account that will be used only for holding securities in the digital form.
3. Upload the Documents
5Paisa Demat Account opening process is completely paperless and so one can open the account simply by uploading the documents like:
4. e-Sign the Form
After filling all the essential information and uploading documents, the other important step is adding the e-sign in the application form using the Aadhar Card.
Thus, the whole process of opening the Demat account with 5-paisa is seamless and the account is opened within hours after verification of the information. Let’s now jump into 5paisa account opening charges in the below section:
5Paisa provides the provision for opening a Demat Account for FREE and the AMC is zero for the security value of upto Rs. 50,000.
After that from Rs.50,000 to Rs. 2,00,000, the charges are Rs.8, and above Rs. 2,00,000, the charges become Rs. 25. These charges are applicable to all three packs. (basic, power investor, and the ultra trader)
Growth of 5Paisa at a faster rate and good customer ratings attracts many traders towards it. So if you trade often and looking forward to opening a Demat Account with a reliable stockbroker then this is the one you can rely upon.