{"id":7720,"date":"2023-11-16T09:55:19","date_gmt":"2023-11-16T09:55:19","guid":{"rendered":"https:\/\/www.religareonline.com\/blog\/?p=7720"},"modified":"2024-06-18T06:58:20","modified_gmt":"2024-06-18T06:58:20","slug":"how-to-open-joint-demat-account","status":"publish","type":"post","link":"https:\/\/www.religareonline.com\/blog\/how-to-open-joint-demat-account\/","title":{"rendered":"How to Open a Joint Demat Account?"},"content":{"rendered":"

What is a Joint Demat Account?<\/h2>\n

Before delving deeper, you must know that a Demat account is used to hold electronic securities. When you purchase securities on a stock exchange, they are delivered to your Demat account. Investors without demat accounts<\/a> need to hold physical trade certificates. On the other hand, securities are safe within a Demat account in electronic form.<\/p>\n

Your Path to Paperless Trading. Take the First Step with Religare Broking<\/h3>\n

Open Demat Account<\/a><\/p>\n

A\u00a0joint Demat account\u00a0has multiple holders. Investors can co-own a Demat account with family members, relatives, or friends. As per the norms, a Demat account can have up to three holders, called the joint account holders. A\u00a0joint Demat account\u00a0will have a primary holder, and others are secondary holders. Two or more people can use their expertise to manage the Demat account effectively.<\/p>\n

How to Open a Joint Demat Account?<\/h2>\n

You can apply for an\u00a0 online Demat account <\/a>\u00a0to skip the long queues. However, you must follow the account opening process, which is as follows:<\/p>\n

Select a Reputed DP<\/h3>\n

Investors depend on Depository Participants (DPs) to open new Demat accounts. You can also rely on stockbrokers. A depository participant in India will be registered with NSDL, CDSL, or both of them. NSDL and CDSL<\/a> are the two main depositories in India for dematerialised or electronic securities. Most DPs offer the\u00a0joint Demat account\u00a0facility in India. They also allow applicants to submit their Demat account applications online.<\/p>\n

Fill Out the Demat Account Form<\/h3>\n

The DP will provide you with a joint Demat account form. You must provide some basic details in the application, like name, age, address, and mobile number. In the case of a\u00a0joint Demat account, all holders must provide their details as well. However, the correspondence address is usually of the primary account holder in the form. The DP sends all communications to the address of the primary holder. All account holders must ensure that details in the form are accurate.<\/p>\n

Recommended Read: <\/b> Benefit of Demat Account\u00a0<\/a><\/p>\n

Submit KYC Documents<\/h3>\n

The Demat account form is not the only thing required by the DP. Stockbrokers and depository participants are obligated to collect more details of the customer via KYC (Know Your Customer) verification. The KYC verification step is also mandatory for Demat account applicants. Each account holder must submit their KYC details. Certain documents are required to complete the KYC verification step. You must provide your PAN, Aadhaar card copy, cancelled cheque, passport-size photos, and other documents.<\/p>\n

In-person Verification<\/h3>\n

In-person verification is also required as per\u00a0joint Demat account rules. All the account holders must visit the DP\u2019s office and sign a few documents. However, the in-person verification step is being completed online by some brokers. With the rise of e-KYC or electronic KYC, some brokers are completing the verification process online. Once the DP or broker has completed the verification, you will receive the Demat account credentials.<\/p>\n

Benefits of a Joint Demat Account<\/h2>\n

Two or more individuals can co-own a Demat account. It is essential when you have to share rights and responsibilities between individuals. Here are some advantages of opening a\u00a0joint Demat account\u00a0in India:<\/p>\n