Demat account is the most frequently used term in the world of trading and investments. The popularity of this particular account has been significantly improved because of the increasing awareness among the people about the concept of the stock market, investing, and trading. The increasing demand for all these kinds of accounts has also led to the increasing demand for the depository participants which helps in providing the people with several kinds of features at the bare minimum cost in the whole process.
The step-by-step guide about how to open the Demat account has been perfectly explained as follows:
- First of all, people need to choose the perfect depository participant because this is the first step in the world of opening the Demat account. People need to be very much clear about that particular service provider whose services will be matching with the needs and requirements of the people in the whole process.
- Submitting the online Demat account opening account form is another very important aspect to be undertaken by the people. Several depository participants help in providing people with an opportunity of opening both trading and Demat account accounts very easily and efficiently without any kind of problem.
- Fulfilling the “know your customer norms” is another very important aspect to be undertaken by the people in this particular area. For this purpose, people need to submit comprehensive KYC documents including address proof, bank statement, income proof, identity proof and several other kinds of things. It is always a very good idea to have access to the relevant documents by the site at the time of indulging in an application so that process can be quickly carried out without any kind of problem.
- People need to go through the comprehensive verification process which will be based upon the in-person verification system. For this purpose, people need to have a good relationship with the depository participant so that they can be implementing things very easily and effectively without any kind of problem. Due to the advancements in technology, this particular process can be easily undertaken with the help of a smartphone or the Web camera without any kind of hassle and from the comfort of home.
- Signing the agreement copies is the second last step in this particular area so that people can have access to the right kind of Demat account very easily. This particular agreement will be containing all the duties and rights of the deposit to the participant along with the investors.
- Getting the BOID number which is the beneficial owner identification number is the last step of this particular procedure and will be carried out after the approval of the above-mentioned points.
Hence, it is very much advisable for the people to be clear about the basic advantages associated with the Demat account so that all the above-mentioned points are very easily fulfilled. Apart from this depending upon companies like 5paisa in this industry is the wisest decision which the people can make to avail the advantages of safety and convenience of simultaneously.