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:
PAN Card (mandatory) – This must be a colour scan upload with your clear name and photo
Address Proof – can be Passport, Driving License, Voter Identity Card, Bank Statement/Passbook, Lease/Sale agreement of residence, Ration Card, Gas Bill, Electricity Bill, Telephone Bill, UID
Bank Proof – Cancelled cheque with your name printed on it, or bank statement first page with your name
Income Proof – Copy of ITR Acknowledgment, Copy of Annual Accounts, Copy of Form 16, Networth Certificate, Salary Slip, Bank Statement, Copy of demat account holding
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.
You can get your account opening fees and annual maintenance charges for the first year as free if your initial margin is ₹25,00 or more.
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:
In the last and final step, you are required to make the requisite payment in order to complete the account opening formalities.
There is a direct payment gateway integration with Atom Payment Solutions.
You are required to make a payment of ₹650 in this step.
You may choose your preferred payment mode out of Credit Card, Debit Card or direct Net banking.
Once you are done with the Payment part, you will be sent an account activation kit along with your credentials to access different trading platforms and back-office of 5Paisa. Although, this may take some time while your documents and payments get verified.
5Paisa Account Opening Offers
The discount broker runs a few offers every now and then.
Some of the 5Paisa Account Opening offers are:
Free Demat Account
First 5 Trades for Free
Gold Wallet Credit
Free Smallcase investments
Free Account Maintenance Charges
Free Call and Trade Facility
Most of these offers are based on the subscription plan you pick up for your trades.