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Best Demat Account providers in India

Best Demat Account providers in India

A demat account is a pre-requisite if you want to start trading in the stock markets and are planning to hold and buy shares. If you are looking to get a new demat account, you must make a smart choice and choose the right type of account offered by brokerage houses, or you might end up paying a high fee and charge to use these accounts. Remember, that different charges are applicable for using and maintaining a demat account in India.

 

What do you need from your demat account? Well, if you are a beginner and don’t know a whole lot about stock markets, trading and all, but are looking to get in on the good returns that the market has been offering over the past ten years, you will probably be better off taking a demat account from a full service brokerage company over a discount broker.

You will need:

  • Education on the basics of the stock market and trading tips
  • Less charges
  • Help when you need it, and intraday assistance
  • Good trading platforms with ease of use

A full service brokerage firm like ICICI securities offers a good three in one account to get you started with trading, including a savings account, demat account and a trading account. Other firms linked to banks like HDFC and Kotak also offer some variation of an all in one account. The main advantage with these types of demat accounts is that they reduce the fuss of money transfer between your trading account and your bank account. Although the brokerage tends to be on the higher side with such firms, the ease of use and the support/educational assistance is great for a beginner wetting their feet in stock market trading.

Best demat account provider india

 

If you are a pro, and want to do it your way, search for a discount broker instead. Discount brokers offer you a no frills demat account, and that’s it. They don’t bundle a savings account or the personalised support that you get from a full service brokerage company. As the name suggests, you get their service at a much cheaper cost – But you are mostly on your own. The top discount brokers of India offering great no-frill demat accounts are Zerodha  , Tradesmart online, SAS Online and so on.

The main benefit of using a discount broker for your demat account is that you pay a fixed price on your trades, irrespective of the size – which saves a lot of money for you.

Now to open your demat account, you would need the following documents:

PAN (Permanent Account Number) Card (Mandatory)

Identification Proof

Address Proof

Passport Size Photograph

At the end of the day, remember that there is no such concept as the best stock broker or best demat account in India – it is only the “best demat account that suits your needs or the best stock broker that suits your requirement.” Many stock broking houses offer a variety of products and options that might not be what you are looking for. Read the fine print before taking a decision. It will help you in the long run.

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