Documents required to open 5 paisa demat account

What is a Demat Account?

A Demat Account is an account that enables the user to hold the shares and securities in electronic form. The word “Demat” is actually short for Dematerialization that means converting physical shares to E-form. The Demat account has benefits as it stores the shares in a dematerialized format. Moreover, the Free Demat account service in India is provided by NSDL and CDSL through Depository Participants, Stockbroker, etc. The charges of a Demat account vary highly and it depends on the volume of securities held in the account, type, and terms that are laid by stockbroker and depository. 

5 paisa

5 paisa is a discount stock broker that is Mumbai-based. They offer services like trading, advisory, and investment to retail customers. Moreover, 5 paisa provides financial services that are low-cost. It is a flat fee broker which has many advantages. They charge a fixed brokerage of Rs. 20 on every executed order across the segments. The brokerage does not depend on the size of the trade, the customer pays only Rs. 20 as the brokerage. It is relatively very low as compared to traditional brokers. 

The process for opening an account with 5 paisa is paperless and online. 5 paisa depository services or we can also call it 5 paisa Demat account provides impressive services. The facility of a 2-in-1 account that is offered by the 5 paisa includes a Demat and a trading account. 

5 Paisa Demat Account Schemes 

5 Paisa offers two Demat account schemes for its customers. Those are:

1. Regular Account (Non-BSDA)
2. BSDA Account: This type of account has AMC free of charge if the value of holding in the Demat account is up to Rs. 50,000. If the holding between 50,000 to 2,00,000 then 5 paisa charges AMC of Rs.100.

Key Features of 5 paisa Demat account

• Offline and Online transfer of Share is very easy.
• The facility of converting physical share certificates to dematerialized format is beneficial.
• There is a feature of auto-update of Bonus issues, stock split, or right shares directly into your Demat account. 
• You can hold mutual funds in your Demat account.
• There is an option to freeze the account when you require that to avoid misuse. 
• The well-integrated system with the trading application is an amazing feature of the 5 paisa Demat account. 

Documents Required for Opening Demat Account with 5paisa

You need to be well prepared with documents that will be needed to open a Demat account with 5paisa. These Documents are important for the KYC process i.e. Know Your Customer. The Documents that are required are:

1. Proof of Identity: Copies of any of the following documents will work as Proof of Identity.

• Driving License
• Pan card
• Aadhar card
• Voter’s ID
• Passport

1. Proof of Address: Copies of any of the following documents will work as Proof of Address.

• Electricity Bills
• Telephone Bills
• Ration card
• Voter’s ID
• Aadhar card
• Property tax receipts
• Passport
• Bank passbook

Process of Opening Demat account with 5 paisa

In order to open a Demat Account with 5paisa you need to follow these steps mentioned below:

Step 1: Find a Depository Participant: The first step includes looking for a depository participant. Look for a suitable depository participant, it can be a broker, bank, or online investment platform. If you choose 5paisa as your depository participant from the next step onwards are the steps you need to follow. 

Step 2: Fill in your Personal Details: You need to fill in the details like Date of Birth, Aadhar Number, and Pan Number. Moreover, other details required are taken from the eKYC database so you need to verify it and it should be true. 

Step 3: Fill in the details of the Bank: In this step, you need to enter your Account Number and IFSC. 

Step 4: Upload your Documents: The documents that are mentioned in this article like the Aadhar card, Photo, and Cancelled cheque needs to be uploaded in this step. 

Step 5: Make payment: Pay the account opening charges. Reach the payment gateway where you can make the payment. 

Step 6: E-sign your Form: After you fill in all the details, now you need to review the form and sign it digitally. The application process will be completed and no physical signature is required. 

5 Paisa Account Maintenance Charges

Holding Value of the Security on the Last Day of the Month

Basic Pack

Power Investor Pack 

Ultra-Pack

Up to Rs. 50,000

Rs. 0

Rs. 0

Rs.0

From Rs. 50,000 to Rs. 2,00,000

Rs. 8

Rs. 8

Rs. 8 

Above Rs. 2,00,000

Rs. 25

Rs.25

Rs. 25

 

5 Paisa Depository Charges

Nature of the Transaction

DP Charges

Transfer of Shares from Demat A/c

Margin Funding Account or Margin Account, Unpaid Securities Account upon the selling of shares

Rs. 12.5 (Flat)

Transfer of Shares from your Demat account to any other Demat account on request as requested

Rs. 12.5 (Flat)

 

5 Paisa Pledge and Unpledged Charges

Transaction

Charges

Pledge for Margin

Rs. 12.5 per scrip

Pledge for Funding

Rs. 25 per scrip

Unpledge

Rs. 12.5 per scrip

Unpledge and sell

Rs. 12.5 + Rs. 12.5 (Rs. Per scrip)

 

5 Paisa Demat Account Opening Charges

Service

Charges

Demat Account Opening Fee

Free of Charge

Demat Account Annual Charges (AMC)

Rs. 540 (Charged as Rs. 45 on every traded month) 

 

5 Paisa Demat Account Charges

Services

Charges

Debit Charges

Rs.12.50 per transaction per script 

Credit charges

Nil

Pledge Closure

Nil

Pledge Creation

Rs. 50

AMC

Rs.540 (This is charged every trading month-Rs.45)

Demat 

Rs. 15 per certificate

Remat

Rs. 15 per certificate or per 100 shares (whichever is high)

Conversion of MF

Rs. 15

Reconversion of MF

Rs. 15

 

Conclusion

To sum it all up, we discussed what exactly is a Demat account and the features of the 5 paisa Demat account. The benefits of the 5 paisa Demat account are attractive and to open a Demat account with 5 paisa you need to follow the steps provided above in the article. Also, we have mentioned the Documents required to open 5 Paisa Demat account knowledge of which will make the process smoother.