5Paisa a part of the IIFL group based in Mumbai. It is the second-largest discount broker in India. The brokerage re-launched in 2016 its new brokerage model for providing the online retail broking services. Along with many services like online trading, online mutual funds, online insurances, it also offers provision for opening 5paisa Demat account for free.
5Paisa at date serves more than 3,80,693 retail 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 Review
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 the stock and currency trading in NSE/BSE.
5paisa Demat account is one of the key services and thus one can make use of this service to open the 2-in-1 account.
This will gives you the clear understanding of the need and help you to make the best use of the account.
The scheme of 5Paisa Demat Account includes:
BSDA Account: The AMC charge for BSDA account with Demat value up to ₹50,000 is NIL while for the Demat account between ₹50,000 to 2,00,000 it is ₹100.
5Paisa Demat Account Key Features
The following are some of the top features of the 5Paisa Demat Account that influence many traders to choose it for opening the account.
5Paisa Demat Account is well integrated with the trading applications.
The trader can hold his mutual funds in the same Demat account.
One can use the account conveniently for online and offline transfer of shares.
To prevent the account from getting misused there is a provision for deactivating the account
It is easy to access the Demat account via the mobile trading app, website ad or desktop trading app.
5Paisa Demat account is used for making a direct deposit of dividends in a linked bank account.
The Demat account update bonus issue, right shares, or stock split automatically.
5Paisa Demat Account Opening
If you are looking for the best platform to open a Demat account, then here is the one, 5Paisa.
5Paisa offers many reasons for opening a Demat account. Some of the top reasons that can impress you 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.
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 the 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.
Single Account: It uses a single account to trade in stock, futures & options (F&O), commodities and currencies at the flat rates.
5Paisa Demat Account Opening Documents
For opening a 5Paisa Demat Account, the applicant needs to upload the essential documents enlisted below.
PAN Card: A coloured 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:
Cancelled 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, 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 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.
There is no need for in-person verification if the person e-sign the application form.
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.
5Paisa Demat Account Opening Charges
5Paisa provides the provision for opening a Demat Account for FREE but charge the AMC of Rs. 400 per annum.
Demat Account Opening Fees
Demat Account Annual Charges (AMC)
5paisa Demat Account Charges
Here are the 5Paisa Depository Services Charges for the Residential Retail Customers
Annual Maintenance Charges (AMC)
0.025% and minimum ₹25 per transaction
Remat-Per Certificate Per 100 Units/shares
Conversion of MF units/Destatementisation Per SOA
Reconversion of MF units into SOA or Redemption/Restatmentisation per SOA
Postal Charges Per Request Charged Separately
5 Paisa Demat Account Contact Number
5Paisa do care for its customer and offers a seamless way of connecting with the customers. 5Paisa is one of the leading discount stockbrokers in India and remains concerned about its customers.
It offers various channels by which a customer can get in touch with the team.
The contact number for availing support for the 5Paisa Demat Account opening is +91 89766 89766. Other than this, one can avail 5Paisa customer care support by sending the email at support @5paisa.com
How to Close 5Paisa Demat Account?
Demat Account charges the annual maintenance charges and therefore it is always good to close the account when not in use.
If you have more than one Demat account than you can merge all the securities in one account this will prevent you from saving the maintenance charges.
If you want to close the 5Paisa Demat Account, you can do it by following simple steps. For closing the Demat Account in 5Paisa there are not any applicable charges.
Before you fill the application form for closing the 5Paisa Demat account here are few considerations, that one should keep in mind:
You cannot apply for closing 5Paisa Demat Account online.
If there is more than one account holder than it is essential to get the application signed by all to process the closing request.
To accelerate the process of closing the 5Paisa Demat Account one can take care of a few things mentioned below:
Close all the open F&O positions in the market
Transfer the existing securities to another currently active Demat account.
Vacant your Demat Account.
Clear all the pending dues with the company, if any.
5Paisa Demat Account Closure Form
Here are the steps involved in the closing the 5Paisa Demat account:
Visit the 5Paisa website and scroll down the home page of the website.
Visit the customer support and then to the forms download section.
Download the 5Paisa Demat account closure form.
Fill the form by entering all the essential details.
Get it signed by all the holders in case of the joint account.
Attach the essential documents like photocopies of the ledger and unused DP slips.
Send the form to the company’s head office via courier.
* In case you are unable to download the form, you can contact the customer care executive.
You can know the status of your application by contacting the customer care team.
The procedure of transferring securities within 30 days and you will be notified about the account closure along with the final statement.
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 the reliable stockbroker then this is the one you can rely upon.
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