5Paisa Account Opening process is rather straight-forward for the simple reason that most of the stockbrokers, including 5Paisa, have set up respective online procedures to open a demat account.
In this quick, review, we have tried to cover the way this stockbroker allows to do that.
But, before that, let’s have a quick understanding of this discount broker.
5Paisa is one of the most evolving discount stock brokers in India if we talk about the recent past. Handling itself as an independent entity since its separation from IIFL in the year 2017, the discount broker has been able to bring in values such as:
The First 5 trades are free without any brokerage charges
Like a few of the other technologically “aware” stock brokers in India, 5Paisa also allows you to open your demat account online.
Also, since the broker is registered with the top stock exchange you can now streamline the account opening process by knowing how to open BSE account and NSE account.
5Paisa Account Opening Process
The whole process is segregated into 5 steps and you can complete the whole procedure within 5 minutes assuming you have all the required documents handy.
The 5 steps include:-
Enter your Pan card and bank details
Fill in all the required personal details
After this, you can choose a pricing plan. (basic plan, power investor, and ultra trader)
Upload the desired Documents
IPV and E-sign Form
Let’s move ahead and talk about the different steps involved in getting your 5Paisa Demat account opened. Here are the details:
5Paisa Account Opening Form
First and foremost, you are required to enter your basic details on the form below.
The contact details you enter here will be used in the rest of the process for verification. So make sure, the details you entered here are valid:
Once you enter these details here, you will be intimated through your registered mobile number and email id. You will also be sent a login password through which you need to log in for the rest of the process.
5Paisa Account Type
Once you have entered your basic details, you need to choose what type of account you are interested in. You may opt for:
‘Mutual Fund’ Investment account – where you can invest in mutual funds with 0-transaction fees. The broker provides MF recommendations for free and allows you a provision to invest directly from their platform.
All in One Trading and Investment account – Under this account, you can invest and trade across Equity, Currency, Mutual funds, Insurance, and Derivative segments. The derivatives are segmented into 5paisa Option Trading and futures.
The 5Paisa AMC Charges and account opening fees are free if your initial margin is ₹25,00 or more. There are other charges that are not generally revealed by the stockbrokers called DP Charges. We also talk about DP charges in 5Paisa at length in our articles at A Digital Blogger.
5Paisa Account Opening PAN Card
Post account type selection, you need to enter your valid PAN card number.
Make sure the PAN card you enter along with the DOB (Date of Birth) is valid since it will be verified through direct integrated service with the government PAN service database.
Click on the ‘Save and Continue‘ button after entering your valid PAN (Permanent Account Number). Once you do that, the system allows you to enter your Aadhar card number as well, thus, expediting the overall account opening process.
5Paisa Account Personal Details
This is that step where you validate your contact details including your email and mobile number. This validation happens through the OTP (One-time passwords) sent to your registered contact details.
As part of your personal details to the saved in the system, here you are required to provide your name and professional details as shown below:
Then you need to provide some basic details about your monetary state and trading experience as shown below:
The last stage in the Personal Details section is your correspondence and personal addresses. This is an important piece of information since all the physical level communications will be done to the address mentioned in his step here.
Yes, you do have the option to get your address updated later when your account gets activated but its better to set things right at the very start itself.
5Paisa Bank Account Details
Here in this step, you are required to enter your bank account details with information on:
Bank IFSC Code
In case, you are not sure about the IFSC code of your bank branch, then you can look that up using the ‘Get Code’ link. Just enter the bank name and branch city/area and corresponding IFSC code and other details will be populated accordingly.
You will be using this bank information later in order to transfer funds into your trading account. Thus, make sure you are sure enough to enter valid bank details.
Before you move to the next step, select the specific segments you are looking to trade or invest in.
Although looking at the overall process, this particular step and the corresponding information gathered does not seem to be crucial enough.
It is better to keep the overall account opening process simple and lean and thus, this step looks a little un-required.
Some FATCA (Foreign Account Tax Compliance Act) details must be entered as well: