Is Opening a Joint Demat Account Fully Online?
In today’s digital age, it’s no surprise that many financial transactions can be completed online. However, when it comes to opening a joint demat account, the process is not entirely paperless. While most brokers allow you to initiate the process online, there are some steps that still require physical interaction. In this blog post, we’ll explore the digital side of opening a joint demat account and what you can expect from the process.
eKYC, Aadhaar e-sign, and Video Verification: The Digital Beginning
To start the process, you’ll need to choose a demat account provider and create an account on their website or mobile app. Most brokers offer an electronic Know Your Customer (eKYC) form that you’ll need to fill out. This form typically requires personal and identification details, such as your name, address, date of birth, and Aadhaar number.
Once you’ve completed the eKYC form, you’ll be asked to upload a scanned copy of your Aadhaar card. This is where the digital process begins. Your Aadhaar number will be linked to your demat account, allowing for a seamless verification process.
The next step is to e-sign the account opening form using your Aadhaar number. This is a secure method of authentication that eliminates the need for physical signatures.
Finally, you’ll be required to undergo video verification. This involves a live video call with a representative from the demat account provider, who will verify your identity and confirm your details.
The Catch: Aadhaar Mobile Linking
However, there’s a catch. If your Aadhaar number is not linked to your mobile number, you may need to submit physical forms. This is because the Aadhaar e-sign process relies on your Aadhaar number being linked to your mobile number. If this is not the case, you’ll need to submit a physical form to complete the e-sign process.
Final Approval and Account Activation
After completing the online and digital steps, your application will be reviewed by the demat account provider. This typically takes a few days, depending on the provider’s verification process.
Once approved, your demat account will be activated, and you’ll receive a welcome kit with your account details and login credentials. You’ll also be able to access your account online or through the mobile app.
Avoiding Delays and Ensuring a Smooth Account Activation
To avoid delays and ensure a smooth account activation, it’s essential to double-check your details and documents before submitting them. Make sure to:
- Verify your Aadhaar number is linked to your mobile number
- Ensure your address and identification details are accurate
- Upload clear and legible scanned copies of your documents
- Complete all required fields in the eKYC form
By following these tips, you can ensure a hassle-free account activation process.
Conclusion
Opening a joint demat account is a relatively straightforward process, with most brokers allowing you to start online with eKYC, Aadhaar e-sign, and video verification. However, if your Aadhaar number is not linked to your mobile number, you may need to submit physical forms. By understanding the digital and physical aspects of the process, you can ensure a smooth account activation and start managing your investments with ease.
