When an individual chooses to open minor demat account, the most challenging task is to select a suitable stockbroker. So, if your choice is Upstox, then you must learn every bit of information about the minor demat account Upstox.
But before diving into the pool of various aspects of a minor demat account, let’s learn about the broker in brief.
Upstox is a discount broker that was earlier known as RKSV. It is SEBI registered broker and was established in 2012 in Mumbai, Maharashtra. It allows its clients to trade in multiple financial segments like:
Trading in these segments is because of its membership of various stock exchanges like NSE, BSE, MCX, and MCX-SX.
Now that we understand the broker better let’s move forward to the discussion of various aspects of a demat account for minors Upstox. First, we will acquire knowledge of how to open minor demat account upstox.
How To Open Minor Demat Account Upstox?
The procedure to open minor demat account Upstox is straightforward. It is considered to be more simplified than opening a standard demat account. The steps to follow are as follows:
Log on to the official website of the broker – Upstox.
On the home screen, you’ll find the tab that reads – Open An Account.
Click on it.
You get redirected to the designated page on the website.
Here, in the signup form, enter your email address and your mobile number.
Click on Send OTP button.
You will receive an OTP (One Time Password) on the mobile number you entered.
Enter the OTP for the mobile number verification.
After this, the complete account opening form will be loaded on your screen.
Fill the form will the correct information. The information includes Guardian’s Name, Address, PAN Card Number, etc.
The account opening form is to be signed by the guardian (natural or appointed) because the account holder is a minor.
With the form submitted, you have to upload the necessary documents (listed in the next section) on the portal.
The subsequent step in the process is to complete the KYC (Know Your Client) of the minor account holder and the guardian (appointed or natural).
Post this step, an executive from the broker will call you to verify the details and information entered in the form.
As the verification process concludes, you receive the account credentials on the registered email address and mobile number.
Some documents are to be submitted mandatorily when you open a minor demat account with Upstox. These are used for verification and documentation of every account. The list of the documents to be uploaded is as follows:
PAN Card of the minor
PAN Card of the guardian (natural or appointed)
Age Proof of the minor (Birth Certificate)
Address Proof of the minor
Photographs of the minor
Photographs of the guardian
Bank Proof of the minor
Aadhar Card of the guardian
Aadhar Card of the minor
These are the documents that are to be uploaded after the account opening form is submitted to the broker. Now, let’s discuss the minor demat account Upstox charges.
Minor Demat Account Upstox Charges
When you choose to open a demat account with a stockbroker, you check multiple aspects, and charges levied are one of them. In a demat account for minors, two charges are borne by the guardian of the minor. They are:
Are you wondering that brokerage and margin charges are missing?
Well, that’s because a minor trading account has to be opened separately, and trading in a minor demat account is permitted under particular situations. Thus, the charges are only for a demat account.
The account opening charges are nil, and the account maintenance charges are ₹300 + GST, charged monthly.
To open a demat account for minors, you have to look for many things. The opening process is a quick and simple one and can be completed by anyone. The process gets concluded in less than 30 minutes.
Although it might take a long time in some cases, that is why 3-4 business days are mentioned above.
The process is no different from the regular demat account opening process, but the only difference is the requirement of extra documents as the account holder is a minor.
The charges levied in this demat account are account opening charges and account maintenance charges, which have been mentioned in the dedicated section. Moreover, make sure that you adhere to the Minor Demat Account Rules.
We hope that your query in this regard has been resolved.
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