Are you looking to Open Demat Account Online? You will be surprised to know that most of the tech-savvy stockbrokers have provisions to do so. Now you do not need to go to any branch or request any executive to come over to your place or office for any formalities.
Every step of the process to open a demat account, with the help of technology, has been enabled to be completed online.
In this detailed review, we will have a look at the process and also talk about 5 stockbrokers that open demat account online for you.
Open Demat Account Online Basics
With so much technology transformation happening across different sectors and industries, stock broking space has also seen its bit in making consumer’s life easier. At the same time, from the customer’s point of view, there is easy access to internet-enabled portable devices such as a mobile, tablet, laptop but certainly, there is a shortage of time.
Very few people will be comfortable with age-old methods of filling forms, dispatching them to broker’s address, drop cheque against the broker’s account and other physical activities.
Some of the documents you will need to submit to open demat account online include:
Bank account proof (Bank statement, Cancelled Cheque or copy of the first page of bank passbook)
2 Passport sized photographs.
Although some brokers have been working continuously towards bringing this eco-system online while strangely most of them yet have not been able to realize the importance of this yet.
This needs to be understood that soon in the coming time, it will actually be a mandate from the customer’s point of view rather than convenience.
Stockbrokers that Open Demat Account Online
Nonetheless, let’s talk about some of the “aware” stock broking companies in India from both discount and full-service space that allow to Open Demat Account Online. In fact, most of these broking companies will actually open a demat account on the same day or rather in few hours itself (if the documents are in order).
5Paisa is a discount stock broker, that was earlier part of IIFL but now exists as an independent entity since July 2017. The broker offers one of the lowest brokerage charges in the stockbroking industry in India at ₹10 per executed order.
Zerodha is the pioneer of discount broking space in India since 2010. The broker is known for bringing in technology-based innovations on a regular level. Yes, it still lacks when it comes to customer service and support, but overall it brings value for money trading to its clients.
Angel Broking has shown a keen interest in technology-enabled solutions for its clients. In fact, the broker introduced ARQ – an automated recommendations engine in 2016 that takes away any human biases towards stock recommendations for investment.
Other than that, the broker keeps a close focus towards updating its trading platforms on a regular basis. Thus, be it the Angel Broking Mobile App, Angel Broking Web or even its terminal solution – Angel Broking Speed Pro, all these applications get regular updates through its outsourced technology team (although all its softwares are their own and not 3rd party applications).
When it comes to open a demat account online, the broker has introduced Digi-KYC (or 5MinWeb) in the recent past. The overall workflow is slightly unconventional and asks for trading amount option right at the start, which can be a little overwhelming for beginner traders. Nonetheless, Angel Broking is a prominent name since 1987 and can be trusted on that front.
Enter your personal details, verify your mobile number through an OTP
Choose a Brokerage plan based on your initial trading amount
Enter your PAN details along with Aadhar card followed by OTP re-verification
Add your address and other personal details
Pay Account Opening fees
Upload requisite documents
Post application submission, Angel Broking takes few hours to a day or two in order to activate your demat account. Once your account is activated, you will be provided with login credentials of different trading platforms, back office etc.
Motilal Oswal is a full-service stockbroker and is one of the oldest brokerage houses in India established in 1987. The broker is known for its research and wide offline presence through its sub-brokers and franchise locations.
Thus, if you are somebody who prefers an offline presence of your broker around your area, then you may go for full-service brokers such as Motilal Oswal (2500+ branches) or Angel Broking (11,500+ branches).
Probably, Motilal Oswal has one of the weakest design and user experience of its online demat account application portal. Like its other positionings in technology, this portal can also certainly improve in making client’s life easier while getting them onboard.
So, if you are convinced enough about the Motilal Oswal brand, then you need to follow the below-mentioned steps to get your feet moving in the space of trading and open demat account online with Motilal Oswal:
Enter your personal details and verify your contact details
Upload your scanned documents
Upload your passport sized photograph
Enter your Aadhar card details, validate your mobile number using OTP
Go through an Online in-person verification (IPV), implying a video call based verification through a Whatsapp or Skype call
Post verification of documents and IPV, your account will be activated.
Edelweiss broking is most likely one of the least prominent stock brokers in India. It will be a surprise for most of the readers to know that Edelweiss was the first brokerage house in India that introduced the concept of online demat account opening. Yea, that’s right!
Even though Edelweiss is not really famous for its trading platforms, service and the likes but the most likely reason for that is its under-marketing and low brand equity. This needs to be understood that developing valuable entities for clients is one thing and communicating those values is another. Edelweiss broking has been clearly missing the trick when it comes to the communication part.
Nonetheless, talking about the process to open demat account online through Edelweiss, it requires you to go through the following steps:
Enter a valid email id
Provide PAN card and DOB
Upload PAN Card, Photo, Bank Proof, Address Proof
Edelweiss Broking claims that the overall demat account opening process can be completed within 15 minutes along with account activation, assuming all the documents are in place.
However, in our experience, there are still few manual aspects including IPV and not to mention that the document verification actually takes more than 15 minutes as well. Having said that, Edelweiss Broking still is one of the quickest stock brokers when it comes to account opening online.
So, these are the top 5 Stock brokers in India that allow you to open demat account online. Yes, there are few more brokers that allow account opening online but their overall process still is in pre-mature stage and can be improved significantly to be part of this top stock brokers list.
Following back from the point on some of the brokers not realizing the importance of online account opening, it includes some of the big names in the industry. Brokers such as Sharekhan, ICICI Direct or Kotak Securities do not have an online account opening process.
Yes, it is good to build brand equity over a period of time but going ahead the only way it can be maintained is by bringing convenience to the users through leveraging online mechanisms and not fancy ad campaigns.
You may also use the form below to get recommendations for a suitable stock broker for intraday trading. We can set up a callback for you and if you like, you may choose to open the trading account with the corresponding stock broker: