Kotak Mahindra Bank provides its stockbroking and other related services through its subsidiary, Kotak Securities, which was formed in the year 2004. Kotak demat account can be opened under the brand Kotak Securities.
In terms of numbers, it is one of the largest broking service providers in India. It serves more than 13.5 lakh customers through more than 1300 branches and other offices in India.
As far as the active clients are concerned, when last checked, it stood at 4,56,143 which is a decent number to have in the overall stockbroking space.
Kotak Securities is a participant with Indian depositories like NSDL and CDSL. It was awarded the title of “Best Broker” in the year 2019. In this article, we shall talk about Kotak demat accounts and all the aspects related to them.
2. One can easily view one’s holdings of demat account that can comprise of stocks, debt, mutual funds, etc. online.
3. One can avail of the services of the dematerialisation of physical securities into digital form and rematerialization services of converting digital copies into physical form.
4. Customer support is available at any time in almost all the branches in India spread across hundreds of cities and towns.
5. There is no requirement of minimum holdings in the Kotak demat account.
Kotak Demat Account Opening Offline
For those who want to know how to open Demat Account offline here is another broker Kotak Securities, that brings forward an offline process to open an account.
It is very easy to open a Kotak demat account and the simple step by step process is described below:
1. The account opening form of the Kotak demat account needs to be downloaded from here and fill up.
When a short form is filled on the website, a call will be given to you within a span of 3 minutes. The customer care executive will then ask questions regarding a valid PAN card and Aadhar card.
2. Kotak Demat Account-Related Documents: Now, one needs to have copies of some important documents like Aadhar card, voters id card or a driving license as proof of your identity, documents like passport, DL, etc. as a proof of your address, copy of a valid PAN card, passport size photographs, etc.
3. These documents will be collected by your relationship manager from the location you will tell to the customer care executive during the call.
The broker provides you with multiple options to contact its customer support team, such as:
Customer support is available from 8 am to 6 pm on working weekdays and from 9 am to 2 pm on Saturdays. The broker does not provide any customer assistance on Sundays and Public holidays.
Kotak Demat Account For NRI
Kotak Securities provides a provision of an NRI Demat Account for traders residing outside India.
The Kotak NRI Trading Account can be opened for ₹3750 and the brokerage to be paid is generally 1% of the overall trade turnover value.
The NRI Traders are supposed to keep a quarterly minimum balance of₹10,000 in their savings account.
With an NRI Kotak Demat Account, the traders get access to different trading applications, research reports etc as part of their account. Furthermore, you can also place AMO (After Market Orders) through your trading account with this stockbroker.
Kotak Demat Account Benefits
Kotak Demat accounts offer one of the best features available in Indian markets. Let us discuss some of the advantages of having a Kotak demat account.
Trinity account – This is a 3 – in – 1 account that Kotak offers to its customers. Besides holding a Kotak demat account, one also holds a savings bank account and trading account with Kotak.
Like any other thing in the financial markets, there are a few disadvantages of Kotak demat account also. Let us look at them –
Brokerages are higher in comparison with other brokers in India. Since it is a full-service broker, its brokerages are higher as compared to discount brokers.
Some of the reviews say that the Kotak trading app is not quite user-friendly and the customer care experience not so good.
Thus, it is suggested you have a quick guest demo of the app before committing yourself to the broker for your share market investments.
Kotak Demat Account Closure Form
If in case you are looking to close your Kotak Demat Account, you just need to fill this Form.
You need to fill in details in the ‘Demat’ account section carefully and submit the form to the closest branch of this stockbroker. You may choose to courier this form to the head office of Kotak Securities as well, as per the guidance of the customer support.
You will be provided with an acknowledgment slip with the service request number mentioned in it.
Make sure you take care of that slip till the proceedings of account closure are completed. It takes a few business days post which your Kotak Demat Account is closed.
Kotak demat accounts are quite popular in India which can be opened along with a savings bank account and trading account with Kotak. With a Kotak demat account, one can view one’s holdings in it anytime through the internet.
One can avail of the facility of dematerialisation and rematerialisation through the Kotak demat account. Service charges for different facilities have been discussed in the article at length.
There are 5 kinds of brokerage plans that Kotak demat account offers for trading purposes – Kotak fixed brokerage plan, Kotak dynamic brokerage plan, Kotak advance brokerage plan, Kotak NRI brokerage plan and Kotak free intraday trading plan.
The charges associated with every plan should be carefully studied and the best suiting plan should be chosen.
Kotak Securities app for mobile phone trading is also available at Google play store and apple store. One can download the app for viewing one’s holdings as well as making transactions.
Advantages of Kotak demat account include 3 – in – 1 accounts and seamless flow of transactions among the three accounts, availability of margin facility and research reports. Disadvantages include higher brokerage costs, etc.