DMAT Account is an account which you need to invest in shares, stock markets, or exchange traded funds.
To open a dmat account you first need a PAN Card. PAN Card is nowadays extremely essential in India for not only opening a Dmat Account, but also investing in Mutual Funds, depositing large amounts, typically over Rs.50,000 in banks, etc. So it is a good idea to apply for it as soon as possible. (If you already have a PAN Card, scroll down).Documents needed to apply for PAN Card:
- Proof of Identity : e.g. your 10th class SSC certificate, Ration Card, etc.
- Proof of Address: Ration Card, Driving Licence, etc.
- Recent Color Photograph : 3.5cm x 2.5cm
more over you can get more details at Government website on PAN-Card
Once you have a PAN Card, you will then you have to decide whom to open your dmat account with. Just as you can open a savings account with various banks, you can open your dmat account with various ‘Depositories’ or DPs. A depository or a DP is simply an institution with which you can open your Demat Account. You can choose to visit one of the following places: SBI, ICICI, HDFC, Sharekhan, CITIBank, UTI or Axis Bank, IDBI Bank, or several other banks and even some brokers offers this facility.
Now Documents Needed to Open a Dmat Account:
- Copy of your PAN Card. It is also advisible to carry your original PAN Card. PAN Card also serves as Proof of Identity.
- Proof of Address. e.g. light bill, bank passbook etc.
If you are opening your Dmat Account with a Bank like SBI, and you would like to link it (i.e. view your holdings online) you certainly need to carry your Bank passbook. You may also use it as proof of address.
