6 Types of Documents Required to Open Demat Account Online | My Espresso

Documents Required for Opening Demat Account

In India, a Demat account can be opened with a depository participant (DP). The National Securities Depository Limited (NSDL) and the Central Depository Services (India) Limited (CDSL) are the two depositories in India that offer depository services to market participants. These depositories have multiple depository participants that offer Demat accounts to people.

Published on 10 January 2022

The process for Demat account opening in India is uniform across DPs. You need to fill an account opening form, KYC form, and submit documents as prescribed by the depositories.

In this article, we will take a detailed look at the documents required for the Demat account opening in India.

Documents needed for Demat account opening

The types of documents needed to open a Demat account in India are as follows:

  • PAN Card
  • Photograph
  • Proof of Identity
  • Proof of Address
  • Proof of Bank Account
  • Proof of Income (for derivative trading)

Let’s look at the list of documents that are accepted for the Demat account opening in India.
Also Read: Things to Keep in Mind Before Opening a Demat Account

PAN Card

You need to submit a copy of your PAN Card with a clear photograph. This is mandatory for all applications unless you are exempt from applying for a PAN.

Photograph

1-3 recent passport-sized colour photographs of all applicants.

Proof of Identity

One of the following documents can be submitted as a valid proof of identity:

  • PAN Card with a clear photograph
  • Aadhaar Card
  • Passport
  • Voter ID Card
  • Driving License
  • An ID Card or document with the applicant’s photograph issued by :

    Any department of the State Government

    Any department of the Central Government

    Regulatory or Statutory bodies

    PSUs

    Scheduled Commercial Banks

    Public Financial Institutions

    Colleges that are affiliated with universities

    Professional bodies like ICSWA, ICAI, Bar Council, etc.

    Credit or Debit cards issued by banks

Proof of Address

One of the following documents can be submitted as a valid proof of address:

  • Passport
  • Voter ID Card
  • Ration Card
  • Registered Agreement (Lease or Sale) of residence
  • Driving License
  • Maintenance Bill copy of the apartment
  • Insurance Copy of the house
  • Utility bills that are not more than three months old (landline telephone bill, electricity bill, or gas bill)
  • Statement or Passbook of your bank account that is not more than three months old
  • Proof of address issued by:

    Manager of a scheduled commercial bank, scheduled co-operative bank, or foreign bank

    Gazetted Officer

    Public Notary

    Elected representatives to the Parliament or the Legislative Assembly

    Government or Statutory Body

  • ID Card with address issued by:

    Any department of the State Government

    Any department of the Central Government

    Regulatory or Statutory bodies

    PSUs

    Scheduled Commercial Banks

    Public Financial Institutions

    Colleges that are affiliated with universities

    Professional bodies like ICSWA, ICAI, Bar Council, etc.

  • Any valid proof of address in the name of the spouse

Proof of Bank Account

You might be asked to submit a cancelled cheque as proof of the bank account that you want to connect with your Demat account.

Proof of Income

One of the following documents can be submitted as valid proof of income:

  • Income Tax Return Acknowledgement slip
  • A Certificate of Net Worth certified by a Chartered Accountant
  • A copy of audited annual accounts certified by a qualified Chartered Accountant
  • If you are a salaried professional, then the recent salary slip or Form 16 to prove income
  • Bank account statement, not more than six months old, reflecting the history of your income
  • Any other document as specified by the DP

If you plan to trade in derivatives like Futures & Options, then providing proof of income is mandatory.

Attestation

You need to submit photocopies of these documents that are attested by one of the following:

  • Public Notary
  • Gazetted Officer
  • Manager of a scheduled commercial bank, schedule co-operative bank, or multinational foreign bank with the name, designation, and seal clearly affixed
  • If the applicant is an NRI, then the attestation needs to be done by:

    Authorized officials of the overseas branches of scheduled commercial banks that are registered in India; or

    Public Notary; or

    Court Magistrate; or

    Judge; or

    Indian Embassy/Consulate where the applicant resides

Conclusion

It is important to note that the depository participant might ask you to submit additional documents if it is not satisfied with the ones provided by you. Also, many DPs have started offering a completely paperless Demat account opening process if the applicant’s Aadhaar Card is linked to his/her mobile number by using Aadhar verification.

Before you initiate the process of Demat account opening, ensure that you check the list of documents and keep them ready so that the process is quick and hassle-free. Also, make sure that you fill the account opening form carefully and provide correct details to avoid delays due to corrections.

Chandresh Khona
Team Espresso

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