Can I have two Demat accounts in India? 2 or multiple accounts

Short Answer

Yes, you can have multiple demat accounts with different stock brokers in India. But, what's the need to have 2 demat accounts? Just have a single demat account with a good popular broker. That's it!

Detailed Answer

A trader can keep as many demat accounts as he wants with different brokers. Amongst which one is always primary and others are secondary accounts. I think there isn't any issue in having 2 demat accounts. You can have more than 1 demat account. It's upto you how you manage them.

But, I personally feel having only 1 demat account is perfectly fine. Since it saves cost and you can manage well. Why to pay extra account opening and maintenance fees to different brokers? Right!

However, if you still want two different demat accounts, you can keep one with your favourite broker and can open one with another. Why add to the cost by opening another account with AMC and account opening charges?

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Categories: Demat
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Discussion (1)

    Why do you need to maintain 2 demat and trading accounts? When you can hold all your securities, mutual funds at one place, there seems no need to bear charges for two or more of them. These days, there are brokers offering a 3-in-1 demat and trading and saving account also. That's all the more convenient. What say? Agree to it.

Related FAQs

How much money is required to open a Demat account in India?

Many Indian brokers allow you to open your Demat account for free, whereas some charge a nominal fee of Rs 200 to Rs 500. Although there are some recurring charges that you have to bear such as annual maintenance charges, Demat charges, etc.

Can I open 2 demat accounts with the same bank account?

Absolutely, you can open two or more demat accounts with one single bank account. You can, later on, add other bank accounts to your demat account as per your requirements.

What is need and importance of Demat Account in India?

The stock market has seen significant changes since the introduction of demat accounts. Demat refers to “Dematerialization” of shares. Know the meaning, need and importance of Demat Account in India. Simply speaking, Demat account allows you to store securities in electronic form.

Can I open 2 demat accounts with different stock brokers?

You can open more than one demat account as long as you open them with separate depository participants. It is completely legal to own multiple demat accounts but you cannot have more than one account with a stockbroker.

What are documents required for Demat account opening online in India?

To open a demat account, users will require a filled applciation, Aadhar card, PAN card, address proof, photographs, bank statement, and income proof.

Can we open demat and trading account without Aadhaar card in India?

Yes, you can open a trading and Demat account without an Aadhaar card but it's not possible to do that in the online method. To open your account without an Aadhaar card, you will have to visit the broker's branch and complete the process there.

Is opening a demat account free in India?

Yes opening a Demat account in India might be free with some brokers but not all. Apart from the opening charges, a Demat account is not completely free. You will have to pay an Annual Maintenance charge or Demat fee, every year.

Is Aadhaar mandatory for demat account in India?

Absolutely, your Aadhaar card is mandatory to open a Demat account online. Although if you want to open your account without providing Aadhaar, then you'll have to do it through the offline method. Consequently, you will require a valid Aadhaar card to complete your Demat application process

Can a person have more than one Demat account in his name?

Yes, definitely. One person can create multiple demat accounts but with different Depository Participant or broker.

Can someone else operate my Demat account on my behalf on the basis of Power of Attorney?

Yes, you can give power of attorney (POA) to someone to operate your demat account on your behalf. For details let's explore more.