Do you wish to open a demat account for minors for your child? Is your minor child willing to invest in the share market? Are you looking for the best demat account for minors? Well, we have the solution to all your problems – IIFL Minor Demat Account.
But, before we dive into the depths of this topic, you must know about the stockbroker.
With a brief introduction of the broker, we shall move to the first most crucial question – How to open IIFL minor demat account?
How To Open IIFL Minor Demat Account?
The process of opening an IIFL minor demat account is quick and straightforward. It is said to be way more comfortable than the process of opening a standard demat account.
The account on behalf of the minor is opened and operated by the guardian (natural or court-appointed).
The steps an individual needs to follow are listed below:
As one of the oldest stockbrokers in India, IIFL Securities has been chosen as the most suitable broker; log in to their official website.
At the top of the screen, you will see a button that reads – Open An Account.
Click on the said button.
You will be redirected to the page for account opening.
Here, you have to enter your name, mobile number, and the state you are a resident of.
After you crosscheck the details entered, click on the Open Account button.
You will receive an OTP (One Time Password) on the phone number you entered while registering. It is used to verify your mobile number.
Enter the OTP in the specified space and verify your linked mobile number.
Post this verification; the complete form for opening a demat account will open on the screen.
You must fill the entire form with the correct information. Some of the necessary details to be included here are – Father’s Name, PAN Card Number (of the minor and the guardian), Address, etc.
The form is to be signed by the guardian as the account holder is a minor individual.
As the form is filled and submitted by the guardian, you will have to upload the mandatory documents (discussed in the next segment) on the stockbroker’s portal in the next section.
The next step in line is to complete the KYC (Know Your Client) of both the minor and the guardian.
Once it is done and dusted, the guardian receives a verification call from an appointed executive from the broker – IIFL. He/She will verify the details you have entered in the form.
After the verification call, the verification process for opening a demat account is concluded.
The demat account credentials will be mailed to you in 3 to 4 business days.
Generally, the account opening process takes less than 15 minutes, but it might take a while in some cases. Thus the time mentioned is 3 to 4 business days.
Now, let’s move ahead to list the documents required for IIFL minor demat account.
Documents Required For IIFL Minor Demat Account
Whenever you have to open a demat account with a stockbroker, you ought to submit a few documents that are made mandatory by the regulating body – SEBI. An exhaustive list of these documents is as follows:
PAN Card of the minor
PAN Card of the guardian (natural or court-appointed)
Aadhar Card of the minor
Aadhar Card of the guardian
Age Proof of the minor (Birth Certificate)
Photographs of the minor
Photographs of the guardian
These are the documents to be uploaded when a demat account is opened with IIFL. Now, let’s talk about the IIFL minor demat account charges.
IIFL Minor Demat Account Charges
When an individual opens a demat account, irrespective of the fact that it is minor or standard, it comes with a few charges that are borne by the account holder (which in this case is the guardian of the minor account holder).
There are two charges levied on every account mandatorily. They are:
Generally, these charges are the same for a standard demat account and the demat account for minors. You have to pay no fee to open a minor demat account, and the AMC charges are free for the first year.
Post which, the AMC is charged annually at the rate of ₹450 + GST.
These charges have been tabulated below:
IIFL Minor Demat Account Charges
Account Opening Charges
Account Maintenance Charges (AMC)
₹450 + GST yearly
To open a demat account for an individual below the age of 18 years, you have to opt for a minor demat account. This account is opened and operated by the natural or court-appointed guardian of the minor child.
IIFL is one of the oldest stockbrokers in India and is trusted by lakhs of clients in the share market. If you are looking to open a demat account for your minor child, IIFL Minor Demat Account is undoubtedly the answer.
We have discussed all the essential aspects in the article above. We hope your query was resolved.
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