Can a person have more than one Demat account in his name?
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- Updated On:24-Feb-2021
- Replies:1
Short Answer
Yes, definitely. One person can create multiple demat accounts but with different Depository Participant or broker.
Detailed Answer
Yes, a person can have more than one Demat account in his name. There are no such restrictions on the number of Demat accounts one can open. However, there are certain points you must know before applying for more than one Demat account.
Even though it is legal to open more than one Demat account, there is a provision attached to it. One person can have more than one Demat account but not with the same Depository Participant (DP) or with the same stockbroker.
Therefore, if one person already has a Demat account with a Depository Participant or stockbroker, then he or she cannot create another Demat account with them.
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Discussion (0)
Yes, you can apply for an IPO application under a minor or HUF's name, provided they have different PAN card numbers. Minors can open a Demat account with their parent’s PAN Card and bank account.
Yes!, one can apply 1 Lot from different Demat accounts but they have to make sure that the other Demat account should not be mapped under their name or PAN Card. If one applies through 2 or more Demat accounts that are mapped under their name then all of the applications will get rejected.
You can close your Motilal Oswal Demat account by mailing a duly filled account closure form to "query@motilaloswal.com". Let's grab details on the full process of closing your demat and trading account with Motilal Oswal.
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One can open multiple demat accounts with one PAN card. However, you are not allowed to open more than one demat account with the same broker or Depository Participant (DP), so you must look for a different broker to open another account.
Public Provident Fund Scheme is a saving scheme that comes with tax benefits. Ministry of Finance introduced this scheme in the year 1968. The main objective of PPF is to encourage general people to mobilize their small savings. The interest offered on these schemes are not taxable. Precisely, PPF is an investment with non-taxable returns.
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The Axis Direct Demat Account Closure Process is quite simple. You need to fill up the account closure available online and submit it at the nearest branch or post it to the address mentioned in the form.