Best Demat Account in India
How to open Best Demat Account and Trading Account in India
When you are all set to kick-start the trading, you need to open a demat and trading account with the help of the stockbroker. As Demat account is entailed in the online trading voyage for your ease, you need to open a best Demat account in India to experience the overwhelming trade experience. Not only this, you have the option to open free demat account also. Despite many stock brokers apply Demat account charges, Wisdom Capital demat account opening is completely free of cost. By selecting the best demat account in India, that also by spending least on the same, you can move ahead in the trading expeditiously. Here, We are taking into account the demat account meaning in addition to the opening process of best demat account in India.
What is Demat Account?
Demat account Meaning:
When you enter the Indian stock market for online stock trading, the demat account provided by the stockbroker serves the purpose of storing the stocks and securities electronically and avoiding any physical control of the certificates. The Demat account can be registered with the NSDL (National Securities Depository Ltd) or CDSL (Central Depository Services India Ltd), two well-recognized existing depositories in India.
Get the Demat Account meaning in simple words here: Suppose, if you have some money, you can keep that it in the bank by having the bank account to store it. Likewise, a Demat account is used to hold the shares/stocks or securities in an electronic form. The account can store your shares as per your buying and selling in the stock market. Moreover, buying of shares would take place with the help of trading account and then they would further be stored in the Demat account. When you want to sell certain shares, they would be taken away from the Demat account into the trading account and available to be sold in an open stock market of India at stock exchanges like BSE, NSE or any other exchange.
The Demat account number is quoted for each transaction to let the electronic resolution of trades to take place. So, the trader should have an online Demat and Trading Account for transacting shares.
The process of opening a Best Demat Account in India
Documents required to open a Best Demat Account
- Passport size photos
- Residence Proof – Any one of Photo Ration Card / Photo Driving License with DOB / Passport copy / Electricity bill / Telephone bill
- Identity Proof – Any one of Passport copy / Photo Driving License with DOB / Voters ID Card / PAN Card / Photo Ration Card PAN card
How to open an online Demat Account in India?
A demat account is opened similarly as a Bank Account. The Account opening forms are available with the DP and require to be filled completely. The pre-defined agreements are to be signed between the Client and the DP that hold their details, rights and obligations.
By following the below mentioned steps, you can easily open the best demat account in India.
Choose a Depository Participant (DP):
DP serves as the intermediary between the depository and the traders. It is an entity, registered with SEBI. Depository connects with its clients/investors through its agents, called Depository Participants. They can be banks, brokers or online investment platforms. Go for a DP, you would like to open your Demat account with. It will act as a mediator between you and the depository.
KYC (Know Your Client) Documents:
You need to submit your filled KYC form with your PAN card, passport size photographs in addition to the photocopies of the other needed documents.
- Address Proof
- Recent Passport sized Photographs
- Pan Card
Now you will have the option to give the name of your nominee. The nominee will get the legal responsibility of your stocks if some mishap happens. If someone wants to change the nominee, he/she can do it by refilling the same form.
With the collection of the other docs, the KYC form also includes the agreement between the Depository Participant and an Investor that includes the terms, charges, rules and regulations applicable while possessing a Demat account. This form also includes the rights of the trader and the responsibility of the Depository Participants.
Perform In-Person Verification
An In-Person Verification is done by the person from your selected DP’s firm to ensure that the information/data given to you in the form is correct and actual.
Obtain Beneficiary Owner Identity (BOID) Number
When your application is processed and your DP has taken forward the opening of the account, subsequently, you will get a Beneficiary Owner Identity (BOID), that is an unique account number which can be taken into use while doing future transactions and to operate your account. It concludes the process of opening a top demat account in India. Besides this, you can open trading account to commence buying and selling of shares.
What are the charges associated with demat account?
There are some basic Demat Account charges and they are discussed below, just have a look here:
- Account opening charges
- Annual Maintenance Charges (AMC)
- Custodian Charges
- Transaction Charges
Account opening charges
These charges are payable by the investors for opening the new account in order to pursue trading in the Indian stock market. But, Wisdom Capital offers free Demat account with zero account opening charge.
Annual Maintenance Charges (AMC)
Annual Maintenance Charge is the fee collected by the online brokers to keep the share of the investors for the future trading. These charges vary broker to broker. Wisdom Capital charges Rs 999 + GST(one-time) for freedom and Pro plans while it offers free maintenance for lifetime in its ultimate plan.
You can consider it as a brokerage or other financial institution fees that is paid by the trader to hold the stocks or securities, this is to reduce any risk or theft of the share and securities and further making them attainable for sale with the stock broking company when asked by the client. The fee is generally charged on the monthly basis and the charge depends upon the volume of securities (International securities identification numbers – ISIN) detained in the account. It normally varies between Rs. 0.5 to Rs. 1 per ISIN per month. Wisdom Capital does not take any custodian charge.
Transaction fee is charged by brokerage houses for buying and selling of the shares/stocks or securities.
Best Demat Account in India at a Glance for the year 2018-2019
|DEMAT ACCOUNTS IN INDIA||DEMAT ACCOUNT OPENING CHARGES||DEMAT AMC||DP CHARGES||TRADING ACCOUNT OPENING CHARGES|
|Wisdom Capital Demat Account||FREE||Rs 0.00 (Ultimate Plan)||Rs 15||FREE|
|ICICI Direct Demat Account||RS. 975||RS.500 (FREE FIRST YEAR)||RS. 5.50||FREE|
|ANGEL Broking Demat Account||RS. 250||RS. 450||RS. 21||FREE|
|KOTAK Securities Demat Account||NIL||RS. 600||0.04%||RS. 750|
|HDFC Securities Demat Account||NIL||RS. 750||0.04%||RS. 999|
|ZERODHA Demat Account||RS.100||RS. 300||RS.13.5||RS. 200|
|SHAREKHAN Demat Account||NIL||RS.750||RS.16||NIL|
|SBI Securities Demat Account||RS. 100||RS. 500||0.01% (MIN RS.21 MAX 300)||RS. 850|
|RKSV Demat Account||RS.150||RS.150||RS.15||RS.150|
|5PAISA Demat Account||NIL||RS. 400||RS. 25||RS.650|
Wisdom Capital provides the Best Demat Account in India, How?
The standards to be the best stock broker in India are continuously rising. However, Wisdom Capital has been emerged as a facet in providing convenient path for your trade voyage. The winsome qualities it acquires make it eligible enough to meet all your trade requirements. The standard services rendered by the broker to its clients scale it up to the higher extent. Some of the facts telling how it provides the best demat account in India are discussed here:
- Wisdom Capital demat account is registered with the well-known depository NSDL(National Securities Depository Limited).
- It offers free demat account, there are no charges applicable to demat account opening.
- The broker provides free trading platform that is reliable and proves its robustness by offering trouble free trading.
- Demat Maintenance charges for freedom and pro plans are Rs 999 + GST(i.e. One-time) each while it offers free demat maintenance for lifetime in its ultimate plan.
- The share broker extends its outstanding services by also providing margin against shares in the DP.
Wisdom Capital is the stock broker that reduces the overall cost of your trading by offering zero brokerage charges. You can save up to 90% on the brokerage and other services.
What else is required? Here, you are already getting the opportunity to earn more while spending least. Besides enjoying free online trading, you get other standard facilities too.
Are there any demat account charges associated with Wisdom Capital?
No, Wisdom Capital does not charge any demat account opening fee and offers free Demat Account activation in respect of all the brokerage plans. You just need to pay 1 time Demat maintenance charges i.e. Rs 999 + GST. That is applicable only for Freedom and pro plans. Demat Account annual maintenance is completely free for lifetime in case of Ultimate plan. You can have a glance at the demat account charges here:
|Demat Account Opening Charges||Rs 0|
|Trading Account Opening Fees||Rs 0|
|Trading Account AMC||Rs 0|
|Demat Account AMC (Ultimate plan)||Free for lifetime|