Demat accounts replaced the earlier prevalent paper certificates of securities. They allow digital storage of all our assets, like stocks, mutual funds or financial securities. This enables convenient online trading too. A demat account opening app now facilitates online demat account opening, which we shall explore in detail.
App for demat account opening
Earlier it was a tedious task to open a demat account. One has to make multiple rounds of visits to a stockbroker’s office to complete the entire procedure. However, today, we can instantly open a demat account via a demat account opening app. The app stores for android and ios platforms are, in fact, full of such trading apps. Several stockbrokers have come up with online trading platforms. However, it is vital that you find a suitable trading app to open your demat account and start investing.
Every online trading app shall pack in different kinds of services. Here are some pointers to pick an appropriate demat account opening app.
- A smooth interface for convenient usage
- Easy account opening in a few steps
- Minimum account opening charges
- Access to all market segments with a single demat account
- Low brokerage charges
- Reasonable account maintenance charges
Look for apps offered by renowned firms such as Kotak Securities which lead in digital innovation for financial solutions. Its expertise in the field of fintech is quite proven. The Kotak Stock Trader App ranks pretty high in the app store ratings. Moreover, being a full-service broker, Kotak Securities provides all kinds of brokerage services. Not only can you open your demat account on the app, but you also access a range of features for efficient trading. Opening the demat account is a 10 mins task. One can provide scanned copies of requisite documents for document verification. Identity verification is possible online only, through video-KYC or aadhaar-based e-KYC. After downloading the app, proceed with the steps mentioned below.
Steps For Opening A Demat Account
Download the demat account or trading app. Simply search for the Kotak Stock Trader App on the app store or make a quick Google search to get the link. Further steps are as follows.
#1 Fill in the basic details
On clicking the “open account” option, you will find an account opening form on the demat account opening app. Fill in all the details as required. Enter your full name, date of birth, address, email id, phone number etc. Carefully enter the correct data in the fields marked as mandatory. After completing, do a proper check before proceeding with the next step. Once you are good to go, click on the submit button to proceed with the application.
#2 Verify your email and phone number
You will receive instructions to verify your email and phone number upon submitting your details. On the app, an option to “send OTP” will pop up. OTPs are one-time passwords for online verification procedures. Click on it, and you will get OTPs on both your phone and email. Enter the codes in the specified fields. This will complete the authentication process and you can now move on to identity verification.
#3 Provide document and complete e-KYC
This is a crucial step where you ought to provide all the relevant documents and complete your KYC. KYC is the know your customer process mandated by government agencies to get demat accounts. A simple form asking for your personal details will be present on the app. Fill out that page and proceed to upload documents. Investors have to provide proof of their identity, address, and bank account details. You can use the documents listed below.
For identity verification
- Aadhaar card
- Voter id
- Pan card
- Driving licence
For address verification
- UID or Aadhaar card
- Voter id
- Driving licence
- Land lease agreement papers
- Recent utility bills such as electricity, telephone, water or gas etc.
Proof of bank account details
- Copy of bank account passbook
- Your recent bank account statements (last three to six months)
- A cancelled cheque
Scan these documents using the in-app scanner or make pdf copies using a third-party app. Then upload them in pdf or any other supported format. E-sign the documents if asked for. Also, provide a recent colour photograph.
#4 Get the demat account credentials
On completing the steps mentioned above, click on ‘final submit. The account opening procedure will be complete. In a few minutes, you will receive the login credentials for your demat account. A beneficial owner identification number (BO ID) shall be provided to you along with the profile id and password. You will receive emails and messages on the registered mobile number containing the particulars. Use the login credentials to access your demat account. Your demat account will be active, instantly.