Talking about opening an account with SAMCO, let’s delve into the details.
How to open SAMCO Demat Account?
Opening a Demat Account with SAMCO is easier than making tea. You just need to complete a few steps in less than 15 minutes and BAM! You’re done. The steps are as follows:
Visit the SAMCO Website
Open the SAMCO website in your mobile/web browser & click on the ‘Open An Account’ tab.
2. Sign in on the portal
As you click on the tab, you’ll be redirected to a page asking for you to enter your Name, E-mail & Mobile Number.
Enter the said details and register on the SAMCO portal for FREE.
3. Provide KYC Details
The next step to opening an account is to fill in the KYC details.
Here, you’ll be asked things like – PAN Number, Address, E-mail ID, Occupation Details, Income, Bank Account Number, Mobile Number, and Nomination Details.
4. Upload the Documents
A list of documents related to KYC will be uploaded here for verification.
To proceed further, upload all the necessary documents.
5. Sign the Application
As soon as you complete the above-mentioned steps, you’ll be redirected to the UIDAI portal for a digital signature using your Aadhar Card.
After entering your Aadhar Number, an OTP will be sent to you on the registered E-mail & Mobile Number.
Your application will be automatically signed as soon as you enter the OTP.
The credentials for logging into your account will be mailed on the registered E-mail.
The best thing about the SAMCO Demat Account is that you pay nothing to open a Demat Account. Demat accounts are charged with a variety of charges post-opening that are – Stamp Charges ₹50 (paid upfront), ₹400+GST as AMC, and ₹10 on every selling transaction.
With the digitalization of almost every aspect of our lives, even banks have updated their procedures to enhance the customer experience.
Walking on the same lines, SAMCO, too, offers its customers to open, operate & manage their accounts online.
Once you have opened an account with SAMCO, you can explore SAMCO Products and invest accordingly.
How to open SAMCO Account Offline?
With the accessibility of the internet in almost every nook & corner of the world, the need for offline procedures has reduced to almost zero. But for those who are old-school at heart, SAMCO also offers offline procedures for opening an account.
There are two ways to open a SAMCO account offline:
Downloading the Form
In this method, you have to download the form for SAMCO’s website, fill it manually, self attest all the documents mentioned & post the complete form to the cited address.
You’ll get a confirmation once the form is received at the specified address.
2. Visiting the SAMCO Mumbai Branch
For those who live in & around Mumbai can easily visit the office & open the account by following simple instructions given by the staff present.
How to open SAMCO Account Joint?
There is no such provision to open a joint account at SAMCO. Although, according to the guidelines of NSDL, a Demat account holder is allowed to add up to 3 nominees.
How to open SAMCO Account Verification?
The verification of the account is completed while opening an account via KYC in SAMCO Securities. No separate verification is required.
Documents Required For SAMCO
The list of documents required to open an account with SAMCO is pre-decided even though the procedure followed to open an account at SAMCO is varied.
The documents are as follows:
Proof of Address
A long list of documents can be submitted for verification of your address.
Utility Bills – Electricity, Gas, Land-line (not more than 3 months old)
Passport/ Voter Identity Card/ Rent Agreement/ Ration Card/ Driving License/ Insurance Copy/ Flat Maintenance Bill/ Sale Agreement of Residence.
Bank attested Bank Account Statement/ Bank Passbook for the last 3 months.
An Address Proof issued by anyone of these – Gazetted Officer/ Notary Public/ Managers of Scheduled Co-operative Bank or Scheduled Commercial Banks (SCBs) or Multinational Foreign Banks/ Elected Representative – MLAs or MPs/ Documents issued by any Government or Statutory Authority.
Address Proof may be accepted in the name of Spouse.
2. Proof of Income – Only for derivative traders
For a trader who wishes to trade in Futures & Options, Proof of Income is mandatory.
Below is the list of documents that are considered as Proof of Income:
Net Worth Certificate/ Copy of Annual Accounts certified by a Chartered Accountant.
Submission of Form 16 Net Worth Certificate/ Salary Slip.
Bank Account statement of the last 6 months stating the income of the customer.
Copy of Income Tax Return (ITR) submitted to the Income Tax Department.
A statement of Demat Account holding with a depository participant.
Other documents are substantiating the assets owned by the client by self-declaration & relevant supporting documents.3. Proof of Identity
Identity Card issued by Central/State Government or their departments or authorities, PSUs, SCBs i.e., Scheduled Commercial Banks, Colleges or Universities, and Recognised Professional Bodies such as ICAI, ICWAI, ICSI, Bar Council, etc.
These ID proofs are accepted as an address proof as well if they mention the address.