Demat Account: To make an entry into the share market, it is mandated that you have a Demat account. A Demat account, short for a dematerialization account, is something like a savings account.
However, here, you store and manage financial products such as shares, stocks, bonds, mutual funds, etc. in an electronic/ digital format. The digital upkeep of securities makes share market online trading simple and convenient.
If you are planning to open demat account along with another person/ persons, then you would need a joint demat account. The opening and functioning of a joint demat are very similar to that of a regular one.
The distinction is that in a joint account, there are more than one account holder. Before we explain how to open a joint demat account, let us take a quick look at the features of a demat account.
- There can be up to three account holders in a joint demat account. One of them will be the primary account holder while the other two will be secondary holders.
- While any of the three holders can initiate a transaction, all three would have to approve it.
- After you open a joint demat account, keep in mind that the members cannot be changed or removed.
- In case of an account holder’s death, the account will be in the name of the remaining account holders, and the account benefits will go to them.
- Typically joint account holders need not pay any separate charges for the joint account.
How To Open A Joint Demat Account With Bajaj Broking?
Once you know the features of a joint account, it will be easier for you to decide whether you need one or not. At Bajaj Broking opening a demat account is fairly simple and easy. The transactions are easily carried out in a few clicks, that too in a secure environment.
You can rest assured that you will be safe from any kind of forgery. No matter what your preferred investment option is, choosing Bajaj Broking for your share market online trading can be a smart choice.
You can either do it online through your computer or smartphone or offline by visiting a company office. Now, let us take a look at how to open a joint demat account.
- Complete your KYC process
All the account holders need to complete their Know Your Customer, KYC. This includes the application form for the joint account opening. For the KYC you will need your documents such as an Aadhaar card, PAN, bank account details, etc.
Tip: Before you sit to open a demat account, make sure you have all your documents handy so that you can avoid running around at the last minute.
- Verification of the documents
Once you submit all the KYC documents, in the presence of the Depository Participant staff your documents will be authenticated.
- Approval of your details
As soon as your details are verified, your application to open the account will be accepted. The credentials will be shared with all the account holders.
Why Open A Joint Demat Account With Bajaj Broking?
The market today seems to be brimming with various options if you are planning to start your journey in the stock market. The right online trading platform can bring a lot of difference in the way you trade.
With over 7 lakh users, Bajaj Broking has been a popular platform for all kinds of investors. It is not only because of the low brokerage but also the assistance in research that Bajaj offers. You can receive guidance from seasoned analysts who will help you all through your trading journey.
For secure and seamless management of your portfolio, you can open a joint demat account with Bajaj Broking effortlessly.