Zerodha is a discount broker in India that is a very famous stockbroker for its services and technology-driven trading platforms. Just like every other player in the industry, it also offers Zerodha Joint Account.
So, are you looking at opening a joint account in Zerodha?
Let’s get into all the details of it and we will start with the reason as to why an individual chooses to open a joint account. The list is as follows:
The individual holds physical shares in a joint demat account with another broker.
He/she has a joint account with another broker and wishes to close that account after they transfer the shares to the joint account with Zerodha.
This was the answer to a basic question – Can I use a joint account for Zerodha? Now, let’s talk about the account opening process.
The account opening process is the same as that of a normal demat account. The only addition to those steps is to name the joint account holders under the designated columns. You can add up to three account holders.
Zerodha joint account has to be opened in offline mode only as the online process does not facilitate this service. The first account holder’s correspondence address should be added in the form as all the communication of the account will be sent only to him/ her.
In the case of the KYC (Know Your Client) requirement, all the account holders have to submit their KYC forms, PAN copies, and individual address proofs.
Note: The tax liability on the profit & loss in the case of a joint demat account is on the first account holder.
Since the online process is not available for Zerodha joint accounts, you have to take the printout of the account opening form, fill in the details, and send it to the Zerodha head office. You can download the form from here.
Since the account is opened using the offline method, the time taken to register, open, and verify your documents is about 2 to 3 days. You have to send the form to the head office which takes approximately 4 days.
The individuals who are willing to open a Zerodha joint account can follow the simple process offline. It is a necessity for those who want to transfer their shares from a joint account. Further, if a few people want to own financial assets as one entity, it helps.
The account opening fee and all other charges are the same. Download the form from their website, fill it in, attach the documents, and send it to the Zerodha Head Office.
In case you wish to learn more about the Zerodha Joint Demat account or anything related to it, just fill in these basic details and we will call you back: