Demat account opening procedure using Upstox

There is a rapid increase in the essentiality of the Demat account in India in the present days as people are interested in buying securities like shares or mutual funds etc. it offers many benefits to the investors and also helps in registering yourself with any brokerage.

Basically, for opening a demat account there are two methods one is a paperless method and the other is the traditional one by submitting physical forms.

The broker you are choosing should be in such a way that he can understand the financial goals and should fit the trading style.

The charge for the submission of physical forms will be more sometimes depending upon the broker so it is good to ensure the costs related to the demat account.

How to open a demat account

The first and the foremost step for opening a demat account is to selecting the broker as this is important and has various factors linking with it like brokerage fee and charges, user interface, and service. The opening of the demat account is also related with the broker as he suggests the easy method. Here there will be two methods the traditional method involving papers and other is the online method.

Steps for opening a demat account
Method for opening a paperless account

in this present days, digitalization has improved a lot and there is a rapid decrease in the filling of applications on paper for applying anything as the rapid increase in the online application filling and digital storage of data. Many brokers are also using the same digitalization and help the client in opening an account through online.for the applicant to open an account online there will be the requirement of aadar card linked with the phone number. Follow the simple steps shown below

the applicant needs to open the Upstox online demat account opening page on the desktop or PC.

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Then you need to sign up by entering the required details about yourself in the provided boxes.

There will be the requirements of some documents like Aadar card, PAN card, bank statement and a canceled check etc. as they are to be uploaded.

Verify your identity by entering the OTP received to the mobile number which is linked with the aadhar card which will be sent after submitting the aadar number.
Thus the new demat account is created online.

Process for opening Traditional/offline demat account

This is the process which is carried out offline by filling out the application forms etc.
Basically, An account opening form will be given to the client when he visits the office or when he meets the employ from the office.

The client should fill all the details in this form and submit it to the broker or in the office along with the proof of identity and address proof. The photocopies of these proofs and other documents are to be submitted in the office or to the broker.

You need to sign the agreement which will be given by the broker with all the guidelines and other instructions and the responsibilities that you should carry out as an investor or trader. For further assistance save a copy or take a copy of this with you.

After completing all the above steps the verification process will be continued by the broker and after the successful verification of your documents, the demat account number will be given. This is just similar to the bank account number. This number which is given by the broker is called as the Beneficial owner identification number or otherwise termed as Unique client code in Upstox.

They also provide a login Id and a password for you to access the online portals and trades which is confidential. All these are charged with some amount of money and you need to pay for some portals also.

Demat account charges

There will be some charges for opening and be using a demat account and basically, there will be three types of charges. They are shown below.

Account Opening Fees – this will be collected by the brokers for opening an account and other account charges.

Annual Maintenance Fee – this is the maintenance fee collected for the maintenance of the account for the whole year.

Transaction Fee – this is the charges for the transactions made by you that is opening or closing stocks and moving them and other securities from and to my demat account.