Prostocks Demat Account gives you the opportunity to trade and comes up with many more benefits.
These articles cover all the details of the Demat Account offered by Prostocks.
Dive in to grab the maximum information.
Prostocks, an online brokerage company of Sunlight Broking LLP was incorporated in the year 2016. Prostocks is located in Mumbai and Daman. It offers its services in different segments across different exchanges in the country.
Prostocks Demat Account Review
Prostocks is a relatively new discount broker in Indian markets but has been offering promising services to its clients. Prostocks demat account as well as the trading account can be easily opened with their support in a matter of a few minutes if you have the required documents ready.
They offer the services of a 2-in-1 account where you can open a demat account as well as trading account in a single go and manage them together.
The Prostocks demat account allows you to hold your investments in stocksand mutual funds in it. One can also invest in initial public offerings (IPOs) through them.
On the other hand, the trading account helps in trading on stocks and currency markets. You can avail of their benefits in stocks trading (intraday trade as well as delivery), futures and options, currency trading, etc.
They offer different kinds of low brokerage plans to suit the needs of diverse clients they are catering to. Their prices are one of their biggest advantages and lowest in the Indian broking segment.
They even offer the referral program to their clients through which an extra income can be made.
In terms of customer service, they are good. There are many ways to reach them and they try to make sure to get your queries resolved in a timely manner.
In terms of trading platforms and services, they are quite average in comparison with other discount brokers.
When it comes to the technology part, they can improve on that front by making their platforms better. Also, their application which is downloaded on mobile phones can be improved many folds.
Overall, their technology part is quite average.
Prostocks Demat Account Opening
Prostocks demat account opening is a simple process and can be done in many simple ways. If you want to know about all the details of the process of opening of Prostocks demat account you can gain all the essential information by calling the executive.
For this, you can go to their website and fill in your details like name and phone number in order to request a free call back from them.
If you want to open your Prostocks demat account in the simplest and most convenient way possible, you should go for the instant online application form. Follow the simple steps and get started:
1. Go to their website and click on “Fill online application”. This will redirect you to a page where you would be required to sign up for Prostocks by filling some basic details like name, email id, status as resident Indian or non-resident Indian and mobile number.
2. Click on Generate OTP after which a one time password would be sent to your registered mobile number.
3. You can check the documents required to be uploaded online for the purpose of the Prostocks demat account opening. There are different buttons for different status of the account holder.
If you are a resident Indian, click on the button that says “Document required for resident Indian“. These documents are PAN card, Aadhar card, canceled cheque, the photograph of the client, any address proof if the address mentioned on Aadhar card is not the same as the current address of the client.
In case you want to open the trading account for equity , currency, derivatives, you would be required to submit an additional document from the ones mentioned on their website.
There is one offline method of opening the Prostocks account as well. There are three different kinds of forms available on their website.
Only demat account
Only trading account
2-in -1 account which means both demat and trading accounts
Once you select your desired option, you can download the form and get a print out of it. Now, you need to fill the form completely and attach the required documents and send them to their mentioned address.
Willing to open a Demat Account
Prostocks Demat Account Login
Once you follow any of the methods of opening the Prostocks demat account, your account will be opened with them and they will share a username/client id with you along with a password.
With the help of this username and password, you will be able to access your demat account or trading or both the accounts anytime you want.
This login information needs to be kept confidential at all costs. You just need to have an internet-enabled device with you to gain access to your account.
You need to download their app on your mobile phone or have their platforms on your desktop or laptop. Once you login to your account, you can manage your holdings in it.
Prostocks Demat Account Charges
The Prostocks demat account opening charges are 0. Moreover, the annual maintenance charges of this account are also zero. You just have to submit a fee of Rs. 1000 to Prostocks which will be refunded to you when you are closing your demat account.
The dematerialization charges are Rs. 50 for each setup. Similarly, the dematerialization charges are also Rs. 50 for very setup plus CDSL charges. The charges for pledging, unpledged, and pledge revocation are also Rs. 50 per setup each.
The account opening and annual maintenance charges of the Prostocks trading account are also zero.
Prostocks Demat Account Charges
Demat Account Opening Charges
Indivduals: ₹0 (with ₹1000 one time refundable deposit)
Corporates: ₹0 (with ₹1000 one time refundable deposit) + ₹500 CDSL fee at actual
Transaction Charges per ISIN (Market Trades)
Buy (Receive): ₹0
Sell (Debit): ₹20 flat for every debit transaction
Transaction Charges per ISIN (Off Market Trades)
Buy (Receive): ₹0
Sell (Debit): 0.02% or ₹20 whichever is higher
₹50 per setup
₹50 per setup + CDSL charges
Courier charges per Demat/ Remat request
₹50 per setup
₹50 per setup
Prostocks Demat Account Closure Form
If you do not want to continue with your Prostocks account, you are required to close it formally by filling the account closure form and submitting it to them. Before you start the closure process, do check for two things –
If there are any negative balances in your account, you need to pay them first.
If there are any holdings in your Prostocks demat account, you need to either transfer to another DP or sell them off.
The account closure form can be procured from Prostocks and needs to be duly filled and signed by all the account holders if there are multiple account holders of that account.
Prostocks Demat Account Advantages
Having a Prostocks demat account offers a lot of advantages to you. Some of them are being discussed below –
1) There are different kinds of trading tools available that help the traders and make their experience better in many ways. Some of the tools are brokerage and margin calculators for different segments.
2) The pricing of Prostocks is extremely good for its clients. It is one of the lowest in the market. Whether we are talking about their annual maintenance charges for demat and trading accounts or their brokerage plans, they never disappoint their clients with the costs.
Their different brokerage plans cater to the varied needs of their different kinds of clients.
3) Their platforms and technology are user friendly. They offer free trading software along with free technical charts and live quotes.
4) They provide customer care services through email, phone calls, online support, etc. They are especially good for new investors and traders in the stock market.
5) They offer a chance to earn an extra income on the side by using their referral program.
Prostocks Demat Account Disadvantages
Where there are advantages, there are disadvantages of having a Prostocks demat account as well. Let us discuss some of them here –
1) They do not offer the option of a 3-in- 1 account where banking services are integrated with the demat and trading accounts.
2) The margins offered by Prostocks across different segments are quite low in comparison to other brokers.
3) There are scopes of improvement in the mobile phone application of Prostocks for demat and trading account.
Prostocks is an average online broker that provides its services at very low costs. Their account opening is easy and can be done entirely online. Their brokerage plans and account opening as well as maintenance charges are attractive to the clients. There are many advantages of having them along with some disadvantaged as well.
Before making a decision whether to open a Prostocks demat account or not, one should carefully analyze different aspects of their account.
Frequently Asked Questions
1) Is it possible for a minor to open a Prostocks demat account?
Yes, any minor can also open a demat as well as a trading account with Prostocks with the help of a guardian.
2) Who all are qualified to open an account with Prostocks?
Prostocks account can be opened for individuals as well as non-individuals. Individuals can be either resident or non- resident (NRIs). Some of the examples of non-individual accounts are HUF, company, a registered trust, etc.
3) What are the charges that need to be paid for the annual maintenance of demat as well as trading accounts with Prostocks?
For either demat or trading account, no changes need to be paid as annual maintenance charges. However, there is a refundable amount of Rs. 1000 that needs to be paid for the demat account. No refundable amount is deducted for a trading account.