As we know now that it is the depository participant that acts as an intermediary link between the user and NSDL, it is essential to pick the right one.
There are various DPs that are registered with NSDL.In addition to this, multiple stockbrokers are functioning as Depository Participants. There are banks and also investment companies that provide DP services in India.
There are various factors that you should keep in mind when choosing a Depository participant.
Convenience – Although all the stockbrokers offer online services it is good to choose a DP that is nearby and easily accessible.
Reputation – You should always go where there is your comfort level. Look for DPs that have a good record and reputation. Check the past records and also whether they have the services that you need or not.
Cost – Always compare the cost and the level of services that your DP is providing.
If you want to know which all Depository Participants are registered with NSDL, all you have to do is visit the website and check the list there.
Let us begin by discussing the procedure to open an NSDL demat account in detail.
NSDL Demat Account Opening Online
In the fast-paced and digitally advanced world, it is bliss to know that you can open an NSDL Demat account online. So, if you want to know the procedure to NSDL Demat account opening online, continue reading.
Given below are the steps that will make your process of opening a Demat account easy:
Visit the website of the depository participant with whom you want to open a Demat account.
Fill in the basic details like Name, Mobile Number, Email ID.
Verify the details by entering the OTP received on the mobile number and email.
Now enter the details of your PAN card, Aadhar Card, etc.
To verify the same, upload the supporting documents.
Enter the bank details and some more details like income, occupation, etc.
Once done, move towards the last step of Aadhar verification NSDL e-sign. For this, enter the Aadhar number and the OTP received on the registered mobile number.
The last step is in-person verification which is explained later in the article.
After you have completed the KYC norms in the online and offline account opening process, you will have to go through a mandatory verification process. After you have submitted all the documents, the authenticity and accuracy of your documents will be checked.
This process can be done either online or the representative visits your place to verify your details.
It is only after this process is completed that you can move on to the next step.
Sign & Complete the Agreement
After the successful verification of the documents, you will sign an agreement with your Depository Participant. The DP will give you specific information after the Demat account is successfully opened.
These details include,
Client master report (contains all the necessary details of your demat account)
‘Right and Obligations of the Beneficial owner and Depository Participant.’
The DP ID is an eight-digit code that the NSDL allots to all the associated DPs.This aids the process of identification.
You should also make sure that you check the Client master report to ensure that all the details are correctly registered.
In this way, you can successfully open an NSDL Demat account opening.
When you open an NSDL Demat account, some charges are certainly levied in the process. As we know that we do not directly open an account with NSDL, but with the stockbrokers registered with NSDL.
It is now obvious that the charges are also levied by the stockbrokers and not directly by NSDL.
During the earlier times, high Demat account opening charges were very prominent. With the passage of time and a lot of stockbrokers competing with each other, the prices have comparatively gone down.
To get a general view, let us look at the Demat account opening charges of some of the brokers.
NSDL Demat Account Charges
Name of the Stockbroker
Account Opening Charges
IIFL Demat Account Charges
Zerodha Demat Account Charges
Sharekhan Demat Account Charges
Motilal Oswal Demat Account Charges
HDFC Securities Demat Account Charges
NSDL Demat Account Annual Charges
Apart from this, there are AMC charges charged by the stockbroker in the share market. These AMC charges are either charged monthly, quarterly, or yearly.
Also, there is a stockbroker that offers relaxation by waiving off the AMC charges for the first month.
NSDL Demat Account Opening With Broker
Now let’s explain the process of Demat account opening as per different stockbrokers. Here as already discussed the procedure is the same, the only difference is the time taken by the broker to activate the account.
In general the time is taken to validate the details and other parameters provided by the client at the time of account opening.
Here, we have enlisted the account opening procedure for the top stockbrokers registered with NSDL.
Here is another bank-based stockbroker, that provides the account opening process for its potential clients. It offers 3 in 1 account thus offering you the benefit of banking, trading, and Demat account.
To open the account, visit the Kotak Securities website and proceed further by filling in the name, mobile number.
Upload the PAN Card, Aadhar card and in case you want to trade in derivatives, upload the income proof to activate the segment at the time of account opening.
Complete the process with NSDL e sign and get your account details within a few hours.
For offline method, download the Kotak Demat Account opening form and experience trade with a reliable stockbroker.
When we talk about NSDL demat account opening, we are talking about opening a Demat account with a Depository Participant registered with NSDL.
The procedure is also very straightforward. You have to choose your DP and then you will be guided through the entire process. After the submission and verification of the documents, your Demat account will be an easy task.
We hope that you are now clear about the process and documents required to open an NSDL Demat account.
At the same time, if you need us to help you out in the process further, well, why not?
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