Have you been looking for a free Demat Account lately? Yes, if you want to trade in the Stock Exchanges, you will need to have this account as well as a trading account linked to your general savings account. In India, the Demat Accounts were introduced in 1996 and are still afresh to people who have not been a part of the stock market ever since. NSDL (National Securities Depository Limited) proposed the thought of using a digital storage system to help traders store their share certificates safely to an access point. Considering the same, the concept of dematerialisation came into existence, and one after the other, dozens of DP (Depository Participants) joined the service force. All these parties coordinate with the two major depositories and build a sustainable chain.

So, now that you have opted for a free Demat Account, there is a list of prerequisites that you must follow strictly for reaping the maximum benefits possible. While your priority must be finding the best Depository Participant, you must also focus on other important aspects to make a profitable decision. To open your first Demat Account for free, visit the online websites to get details.

Get all your questions answered without facing the fear of making the wrong decisions!

The Ultimate Checklist For Opening Demat Accounts

There are a few prerequisites that you should look for before ending up with a choice. Since you have a dozen options available in the market, you have to be assured of your selection. Therefore, try to go through this list of things to verify before you start your stock marketing venture in the industry. Remember, the best investors are the ones who scrutinise every step they take.

Cost of Services Offered By The Depository Participant

All the aforementioned costs vary from one Depository Participant (DP) to another. You will have to make a wise choice by choosing between the available options. However, you don’t need to go by the lower limit and choose the DP who is offering services at the lowest cost. Compare the quality of services and the costs simultaneously to see what you can get at a reasonable price.

Quality of Online Services

The major purpose of Demat Accounts is to offer online services so that you can access your free Demat Account using your digital devices. Therefore, to enjoy a smooth service, you must look for a DP who is offering the best technology.

Mobile Applications

Almost every Depository Participant that is worth giving a try will offer you access to its mobile applications after opening the free Demat Account. You must know when it is compulsory to open the account and what you should expect from the same. Once you are sure of your choice, go through the online ratings and reviews of the company’s application to see if the users are happy with the service or not.

You do not want to face glitches and bugs while using the apps since such experiences are unpleasant. So, you must check this prerequisite before opening your free Demat Account. Analyse your options and then choose your trading partner.

Online Web Portal

Apart from mobile applications, there are separate online portals of the Depository Participants who have been in the business for the long term. The user-interface of these websites must be easy and convenient so that you can use it without any hassle! Get the details and visit the site to see how accessible it is and how much time it is taking to follow your digital commands.

Quality of Customer Care Department and Services

A bothersome customer care service can spoil your trading spirits and efforts completely. As a beginner who is yet to open his free Demat Account, it can be difficult to manage and learn the nitty-gritty.

Keep a track record of your shareholdings and stock prices in the market through your digital devices.

Therefore, you should check your resources carefully and go through the website thoroughly. Access it from the device you will be using in the future to ensure its reliability. Talk to the customer service department beforehand and clarify your doubts verbally. You will be able to judge the quality of their services by speaking to authorised individuals.

Other Important Factors To Keep In Mind

While the costs and quality of services are the primary concern, there are a few more things that deserve your consideration. Tick-off all the things on the list to avoid leaving loopholes.

Background of The Depository Participant

Do your research well and read everything about the Depository Participant and its details. Check the number of countries and stock exchanges the DP has access to, and you will be able to avail directly.

Schedule of Services and Charges

The types of services and benefits like access to mobile applications, web portals, free AMC in the initial year, etc. are important aspects. You should not compromise with the services that you can easily avail. The best pick will be the one that will offer your quality services at reasonable maintenance costs for opening your free Demat Account.

List of Documents Needed for Opening The Account

You must also verify the list of documents that you need for opening the account. Address proof, Identity proof, income statement and bank details are the mandatory requirements for opening the account. If there will be any other addition to this list, you will get the information from your Depository Participant.

All the things that you have noted down from the given information must be on your checklist while you opt for a free Demat Account. Do not follow individual opinions or myths that prevail in the market. Always look out for information that has a strong ground! Opening the best Demat and trading account will take you one step forward to your investment venture.