One of the major prerequisites of participating in the Indian securities market is having a demat account. As its name suggests, a demat account is an account that serves as the safe storage unit for your securities in a dematerialised form. This account is opened with either the Central Depository Services Limited (CDSL) or the National Securities Depository Limited (NSDL) through a depository participant (DP). You can open a demat account online.
If you are wondering whether you can open a joint demat account, then the answer is in the affirmative. Just as you are allowed to open a joint bank account, you can also open a joint demat account online. Such an account has certain key characteristics, which have been listed below.
It is easy to open a joint demat account online. The process is similar to opening a single demat account. All you need to do is visit the official website of the selected depository participant and have all the necessary KYC documents handy. Whilst filling the account opening form, you must select the mode of operation of the account as being joint instead of single, and mention the names of all the account holders.
There is only one major benefit of a joint demat account, namely, that each individual holder of the account does not have to pay the demat account annual maintenance charges separately. Although the account has multiple holders, the charges are for one account. This is one of the main reasons why people opt for a joint demat account.
You can open a joint demat account online by following a few easy steps. Such an account enables the joint demat account holders to save on the cost of the fees for multiple demat accounts.
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