Can I open 2 demat accounts with the same bank account?
Short Answer
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.
Detailed Answer
Can you have 2 demat accounts?
In short, Yes. You can have 2 or more demat accounts as it is perfectly legal to have multiple demat accounts. Now the question arises can I use the same bank account for 2 or more demat accounts.
Can you use 1 bank account for 2 or more Demat accounts?
Using a single bank account for multiple demat accounts is absolutely fine. You can link your same bank account to two or more demat accounts without any problem. As per the SEBI (Securities Exchange Board of India), one individual can open only one account with one stockbroker. This means you cannot open two demat accounts with one single stockbroker.
Some other rules to adhere to while opening a Demat account
- As per the market regulator SEBI, you cannot open more than one demat account with one DP (Depository Participant).
- You will have to provide your PAN Card, at the time of account opening. It is a mandatory document required to open a demat account.
- Apart from this, you can provide the same mobile number for different demat accounts provided it is linked with your Aadhaar and Pan card.
Some added advantages of having the same bank account for different demat accounts.
Having one bank account for 2 or more demat accounts makes the job of adding or withdrawing money from the account easy.
- You can easily add money to your demat account seamlessly with your primary bank account.
- The tracking of funds becomes easier. With a single bank account, it is easy to manage the dividends and the interest received and paid. You don’t have to go through multiple accounts in order to maintain a record of the receipts.
However, you can add up to 5 bank account to your demat account for pay in and payouts. The primary account linked with your demat will be used to deposit all your dividends payouts.
Ask Your Query for FREE, Get quick answers from our FINTRAKK community!
Discussion (0)
Discount brokers have gained a lot of popularity in the past couple of years. Zerodha is currently India's largest and most trusted discount broker which is also the best option for beginners. It has all the necessary qualities required for a good broker like low commissions, low-maintenance charges, high-quality trading terminal, etc.
Yes, an Overseas Citizen of India (OCI) can invest in Indian stock market. Let's know ways how an OCI can start investing in Indian stocks from another country.
Learn the basic necessities to trade in stock market in India. Easy stock trading tips for a hassle free experience as a trader or an investor. All you require is an internet connection, laptop or smartphone, active bank account, demat and trading account and there you do, trading in the stock market is simple as booking the movie tickets online.
Yes, NRIs can invest in Indian stock market. It is essential for the individual to check if he is considered as NRI or not according to the norms of the government. If yes, only then he can invest. There are also certain rules and regulations that must be followed.
NRI demat account can be opened both online and offline. You must either physically visit the DP office or download, complete, and courier all the necessary forms and documents to the DP address.
To close the Prostocks demat account, you need to submit the Prostocks demat account closure form in offline mode. It cannot be closed in online mode.
No, a demat account is not required for SIP or Systematic Investment Plan because a SIP can be purchased directly from an AMC (Asset Management Company), a third-party financial advisor, your bank, or other online platforms.
To login Zerodha Kite, you have to enter your Login ID and password. Before that, you must have a demat and trading account with Zerodha to have complete access to its stock trading platform.
The best stocks for college students to invest in in India are those with strong fundamentals and high dividend yields, such as Reliance Ltd., ITC Ltd., and Infosys Ltd.
Paytm has added its name to the stockbroking industry all through its new platforms “Paytm Money.” The platform was rolled out to customers earlier in September 2020 and had since then exploded amongst traders/investors to see the offerings set up by the company.