WhatsApp be used to open a demat account
What initially began as a simple online texting application, has been developed into a behemoth venture, facilitating not only interactions between friends and family, but also allowing full fledged businesses to operate exclusively through the very same platform that is used for texting. In its most recent update, Whatsapp has also added the ability to send payments to another number directly from the Whatsapp application itself, through its UPI integration. However, for all that it can do, is it possible to go as far as to begin your investing journey by opening a demat account through whatsapp? Let’s find out!
Demat account basics.
Before we take a look at whether you can open a demat account on whatsapp, we can benefit from first understanding what exactly a demat account is, and what function it serves. A demat account opening most times, takes place in tandem with a trading account opening, which is used to buy and sell shares on the stock market. The demat account is like your wallet, where your purchased shares are stored in dematerialized form. These accounts are given through a DP such as a discount or full service broker, which are in turn registered either with the NSDL or CDSL depositories.
Therefore, these demat accounts have to be opened with the broker/DP itself, though it is now possible to facilitate this opening through Whatsapp. Through this, all the initial processes can be carried out through Whatsapp, and you can complete the signup when you are redirected to the webpage. To ensure your security is kept intact. You can follow these simple steps.
Open A Demat Account on Whatsapp
- First identify the DP or broker you wish to go through the demat account opening process with.
- You can now search for their whatsapp business number and save it on your phone.
- Navigate to this chat to open a demat account through Whatsapp.
- Send them a message with the phrase ‘open a demat account’ or a similar rendition, and the system will detect your response.
- You will now be required to enter your email address and mobile number, which you have to verify through an OTP you will receive.
- Part of the KYC process, such as PAN card details etc will also take place through Whatsapp.
- After this, you will be directed to your DP’s webpage, where you can complete the remaining formalities.
- It is also worth noting that as the technology progresses, the functionality offered over Whatsapp also increases. This means that apart from the demat account opening process, you can even apply for IPOs etc through whatsapp as well!
Conclusion.
Not only can you now facilitate your demat account opening through whatsapp exclusively, but you can also avail of a list of other financial services in addition to demat account opening facilities, such as applying for IPOs, making SIP payments and more. As always, even if you have acquired an open demat account, ensure that you do your research and analysis before making any investment decisions, and invest responsibly.
Related Articles: Why is a Demat Account a must for 21st Century Investor | Evolution of Demat and Trading Account in India | Factors to Consider When Opening a Demat Account | 10 Points to Remember When Operating your Demat Account | Types Of Demat Account & Trading Account