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

Short Answer

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.

Detailed Answer

Is it possible to open Demat & Trading account without an Aadhaar card?

Yes, you can open a Demat and Trading account without an Aadhaar card but you’ll have to do that by visiting the broker’s branch. Opening a Demat account without an Aadhaar card is not possible through the online route. You’ll have to complete the E-KYC through the Aadhaar portal. Due to this, you will have to provide your Aadhaar card at the time of account opening.

Although, if you want to open your account without providing an Aadhaar card, you can do so by visiting the nearest branch of the broker. There you can submit other required documents like the PAN Card, Bank details, etc to complete the process. But you cannot open your Demat and trading account online without your Aadhaar card. You’ll also have to make sure that your phone number is linked to your Aadhaar card to receive the OTP, during the authentication process.

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Categories: Demat
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Related FAQs

Can I do stock trading in India without a broker?

To buy and sell stocks in the Indian stock market, you will need a demat and trading account. A stockbroker is necessary to trade stocks because the broker will provide the trading account through which you will place your trades.

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.

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

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.

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.

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