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A Demat account helps you store and transfer all the required shares and securities electronically when trading in the stock market. With a Demat account, you can access dematerialised shares quickly and trade efficiently.  

 

At this stage, you can select any Depository Participant and open a Demat account. Do note that you will have to fill a few forms, and submit some documents to complete the process. This is mandatory as DPs have KYC protocols in place.  

 

Read on for the complete list of required documents Depository Participants may ask for when you wish to open a Demat account.

Proof of Identity

Demat account opening documents generally include authentic KYC information to verify who you are, where you live, and if you are eligible to invest in the stock market. In addition, these documents ensure secured and legalised operations.

 

Identity proof (ID) documents are critical during the application process as they help in confirming your identity when you open a Demat account. Apart from helping financial institutions verify your genuineness, they safeguard your account from instances of fraudulent activities. 

 

This way, you can rest assured when investing in the stock market. The government requires you to submit these documents to safeguard your as well as account providers’ interests. 

 

Proof of Identity documents for a Demat Account includes the following:

 

  • Aadhaar Card (UID)

  • Driver's Licence

  • Passport

  • Voter ID Card

  • Permanent Account Number (PAN) Card

  • NREGA Job Card 

  • Any other document, as notified by the government

  • Latest Passport-size photographs

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Proof of Address

Proof of address documents are important because they help account providers verify your current residence. This ensures that you are providing the correct contact information when opening a Demat account.

 

Moreover, as these documents follow the government rules, it helps in locating the subscriber easily, especially during instances of any discrepancies or fraud.

 

Proof of address documents for a Demat account includes the following:

 

  • Aadhaar Card (UID)

  • Driver's Licence

  • Passport

  • Voter ID Card

  • NREGA Job Card

  • Utility Bills- electricity bill/telephone bill/water bill/piped gas bill

  • Statement of a bank account or Post Office savings bank account

Proof of Bank and Income

Having proof of your bank details and income documents is very important because they confirm the bank account information you have provided is true. Moreover, your income proof also helps assess your financial situation.

 

With income-related documents, account providers can evaluate your ability to manage investments and financial obligations, including charges associated with your Demat account. 

 

Also, providing bank details ensures easy transfer of money when investing in the stock market by linking your Demat account with your bank account. This makes the fund transferring process quick and easy.

 

Proof of bank and income documents for a Demat account include the following:

 

  • Your name

  • Bank Account Number

  • Bank’s IFSC Code (Indian Financial System Code)

  • MICR Code (Magnetic Ink Character Recognition)

  • Cancelled cheque

  • Bank statement for the last 6 months

  • Salary slips for the last 3 months

     

However, note that income proof is not mandatory. You need to submit all aforementioned supporting documents along with a completed application form containing the following particulars:

 

  • Type of account

  • Your personal details

  • Details of the second holder (if any)

  • Guardian details

  • Bank account details

  • Financial information such as PAN details

  • Latest photograph

  • Declaration by the account holder

     

Provide these documents to a broker of your choice and open a Demat account without much hassle.

List of Authorised Individuals for Document Attestation

An individual from an authorised department must attest to the submitted documents before DPs can open your Demat account. Here are the individuals authorised for attestation. 

 

  • Notary Public

  • A Judge or Court Magistrate

  • Manager of public or cooperative bank

     

Any NRI opening a Demat account with an Indian DP can get an attestation from the concerned departments. 

  • Authorised officials of overseas branches of scheduled commercial banks registered in India

  • Indian Embassy

  • Consulate General

     

Knowing the documents required for a Demat account before applying for one is essential. This way, you can be well prepared and have a smoother investment experience. In addition, by gathering all the necessary documents ahead of time, you can save time and make the application process easier and more efficient. 

 

Hence, remember to keep all the required documents for a Demat account handy to make your Demat account opening process quick. You can get additional details about Demat accounts on Bajaj Markets.

FAQs on Documents Required for Opening a Demat Account

What are the eligibility criteria for opening a Demat account?

To open a Demat account, you must be an Indian resident above the age of 18 years with valid documents. Depository Participants require a PAN card and bank details to verify your eligibility for a Demat account. Submit all essential documents required for a Demat account.

Can I open a Demat account without proof of income?

You can open a Demat account without proof of income by submitting other documents instead. Submit your PAN card, ID/address proof and a copy of a cancelled cheque to begin your trading journey.

How can I modify my address details after opening a Demat account?

To change your address details, you must submit an account modification form to your concerned Depository Participant. Once you submit the necessary address proof documents for a Demat account, your DP will update your account details. 

Why is a PAN card mandatory for opening a Demat account?

This is an essential requirement, as stated by SEBI (Securities Exchange Board of India). This helps track your Demat holdings and link them to your income tax filings.

Can I open a Demat account without a bank account?

No. When you trade your Demat account shares, the funds are transferred into your bank account. So, you must have a bank account linked to your Demat and trading account to make a transaction.

What is the minimum bank balance for a Demat account?

A Demat account is used for holding shares and securities. Therefore, a Demat account requires no minimum account balance.

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