Things to know before opening a Demat account in Angel Broking

Opening a dematerialization account a.k.a demat account allows you to invest your money in securities such as stocks and bonds. There are various stock brokers in India which allow you to open a demat account with them. Angel Broking is one of the oldest stockbrokers in India, and one of the most reliable and reputed ones. In this blog post, we will guide you through the process of opening a demat account with Angel Broking.

What is Demat Account?

A demat account is a digital account that stores securities like bonds, mutual funds, stocks, etc. If you want to purchase and sell securities in the stock market, it is mandatory to have a demat account. Since it is an electronic storage account, the risk of loss or theft associated with paper certificates is eliminated.

Opening a demat account is pretty simple. You do not have to visit the broker’s office for demat account opening. All you have to do is fill in the electronic form, update mobile number and email ID, and fulfil the KYC compliance with a preferred depository participant. And you’ll have your demat account opened in no time!

Documents required for opening Demat Account in Angel Broking

The following list of documents is required for fulfilling the KYC process associated with demat account opening:

• Identification Proof:
  • Voter Identity Card
  • Aadhaar Card
  • PAN Card with photograph
  • Passport
  • Driving Licence
  • College Identity cards

• Address proof:
  • Latest electricity/ telephone/ post-paid cell phone/ gas pipeline/ water bill
  • Bank account statement
  • Land Receipt
  • Ration Card

• Bank account details

Make sure you provide all the required documents correctly to avoid your application from being rejected. 

How to Open Demat Account with Angel One

Demat Account Opening with Angel One is an easy process. All you need is to do is to follow these simple steps:

• Step 1: Submit your personal details like Name, Mobile, Current City and verify mobile number via OTP
• Step 2: Choose a Depository Participant (DP) to open the account with. A beneficial owner (BO ) account is opened with the depository.
• Step 3: Complete eKYC and upload the supporting documentation copies of proof of address, proof of identity, proof of income etc. PAN card is mandatory to open the account.
• Step 4: You will be provided with a copy of the rules and regulations as well as the necessary charges to be paid to your DP. An in-person verification will be conducted by a representative of the DP to confirm all the details and documentation provided by the investor.
• Step 5: Once approved and documentation is submitted, your Demat account is opened and operational.

Things to keep in mind while opening a Demat Account

While opening a demat account, keep the following things in mind:

• Charges: There is an array of fees collected by the broker, ranging from taxes levied by SEBI to operational fees. Charges are a crucial metric to select the right broking house since these are additional costs you would need to bear along with capital fund investment.
• Linking Demat: You need a trading account, linked to your Demat, to carry out trading. You can have trading and Demat accounts with separate broking houses. But it adds to the process requirement of transferring scripts from one account to another and transaction time. For faster and more seamless transactions, you may open both the accounts with the same broker.
• File nomination: Registering a nominee to your Demat saves a lot of time and hassle in the future. It is an important step that we often ignore. However, naming a nominee for your account while opening the Demat is recommended.

Conclusion

By opening a demat account with a stockbroker, you can invest your money and grow your wealth. Angel Broking is one of the best stockbrokers in India. However, you can open a demat account with any SEBI-registered stock broker of your choice.

If you’re planning to become a stock broker, right now is the perfect time to do it! Check Eligibility Here

Source: Angel One