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Open Demat Account

Open Demat Account Online

Last Updated 01st Jul 2022

  • A Demat account is an account to hold financial securities in electronic form.
  • You can open Demat Account online and make the entire procedure of investing, holding, monitoring, and trading, faster, convenient, and cost-efficient.
  • To open an online Demat Account, you have to submit KYC documents such as Address Proof, PAN card and bank details.
  • Instant Free Demat Account opening option available from 5paisa and Bajaj Finance Securities.
  • You can also avail loan against the securities in the Demat Account.
demat account

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Apply for Demat Account Online

Free Demat Account Opening

A Demat account or Dematerialized Account is an account to hold financial securities in electronic form. In simple words, Demat Account is a bank account that saves your money. In the Demat Account, the money gets replaced with shares and securities. The Demat Account makes the entire procedure of investing, holding, monitoring, and trading, faster, convenient, and cost-efficient. Demat accounts are maintained by two depository organisations, National Securities Depository Limited and Central Depository Services Limited. You can open free Demat account from top broker companies like 5paisa and Bajaj Finance Securities.

How to Open Demat Account Online with MyLoanCare?

You can open the Demat account online by visiting the broker companies' website or an online marketplace like MyLoanCare. Follow these steps to open Demat Account online:

  • Visit the official website of the MyLoanCare and enter the required details like name, number, pin code for opening a new Demat account.
  • After entering all the details, an OTP screen will appear.
  • Enter the OTP, and you will land to a screen to compare the plans of top broker companies at one place.
  • Select the broker and choose the subscription plans at the broker’s website.
  • Submit all relevant documents of KYC such as Address Proof, PAN card and bank details.
  • The DP will conduct an in-person verification of your KYC documents. You will be required to pay the necessary fee associated with opening a Demat account. The fee depends on the existing policy of the DP.
  • After all, the documents are verified, and the final formalities completed, your new trading Account will be functional. The broker will provide you a Unique Identification Number for your Account.

What is the use of Demat Account?

The regulatory body of stocks and shares, SEBI or The Securities and Exchange Board of India has made it compulsory to open a Dematerialisation account to transact in the Indian stock market. The rationale for it is that the Demat Account is cost-effective, safe and convenient. By holding the shares and securities in electronic form, the risks relating to theft, loss and mutilation of share certificates do not exist. Further, transacting through the Demat Account is a paperless task which makes it even more convenient, cost-effective and promotes digitalisation.

A Demat account provides various facilities like easy-share transfers, faster dematerialisation & rematerialisation of securities and freezing of the Account.

Benefits of opening a Demat & Trading Account

  • Relieves Safety Concern: Share and stocks might get misplaced in the physical form. There are chances of forgery as well. Over time, paper decays and ink may leave dabs. The Demat Account addresses these concerns as here all the securities are kept in an online account. Further, it eliminates stamp duty costs.
  • Easy Access: Demat Account provides easy access to the individual from any part of the world. You can access the information through a computer, smartphone or any other device.
  • Easy Holdings: Demat Account helps in holding and monitoring all the investments through a single account. Further, it reduces time in completing the transactions.
  • Loan against Securities: Individuals can also avail loan against the securities in the Demat Account.
  • Boosting the Economy: Demat accounts also provide access to Indian stock market to foreign investors. The investment in the Indian stock market boosts the economy.

FAQs

Which is the best bank to open a Demat account?

Most Banks in India offer a Demat Account. Some of the best banks to open a Demat Account are ICICI Bank, HDFC Bank, Kotak Mahindra Bank, Axis Bank and SBI. You can also open Demat Account online from top broker companies like 5paisa and Bajaj Financial Securities.

Can I open Demat Account online?

Yes, you can open the Demat Account online. You can visit the official website of the bank or broker company to open a Demat Account online. Individuals are required to provide Aadhaar details to open an online trading and Demat Account.

Which is the best site to open a Demat account?

One of the best site to open a trading and Demat account is MyLoanCare. You can apply for Demat Account and compare the offers and plans of top brokers at one place.


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