5paisa Minor Demat Account

When an individual plans to open a demat account for minors, they face the most challenging task, i.e., choosing a suitable stockbroker. If you have decided on opening a 5paisa minor demat account and are eagerly looking for information around it, welcome to the land of all the answers.

But, before we jump to resolving your queries, we must know about the broker in brief.

Let’s go!

5paisa is a discount broker established in 2015 as a subsidiary arm of the full-service stockbroker, IIFL Securities. It became an independent identity in 2017. It is headquartered in Thane, Maharashtra, and is a SEBI registered broker.

It is a depository participant with CDSL and is a member at various stock exchanges like NSE, BSE, and MCX. It aids trading in multiple trading segments like:

• Equity
• IPO
• Bonds
• Commodity
• Currency
• Derivatives
• Mutual Funds
• ETF
• Insurance

With the brief information about the broker stated and learned, let’s move forward to discussing the various aspects of the 5paisa minor demat account. The first one is how to open 5paisa minor demat account.

How To Open 5paisa Minor Demat Account?

The process of opening a minor demat is considered to be much more comfortable in comparison to the one of a standard demat account. The steps you have to follow for this are given below:

1. Click on the link of open a demat account. 
2. Enter your ten digit mobile number.
3. Click on the Start Now button.
4. You will receive an OTP (One Time Password) on the registered number to verify your mobile number.
5. Enter the OTP in the designated place and click on the Verify button.
6. After the number is verified, the complete account opening form will load on the screen.
7. Fill the form with the complete information like Guardian’s Name (natural or appointed), PAN Card Number (of both the minor and the guardian), Address, etc.
8. The account opening form is signed by the guardian as the account holder is a minor currently.
9. As you submit the form, you will be requested to upload the necessary documents (listed in the next section) to open a demat account for minors.
10. The next step is to complete the KYC (Know Your Client) of the minor account holder and the guardian both.
11. Once that is done and dusted, you will get a call from the appointed 5paisa executive for the verification of the details and information provided in the form.
12. As the verification process concludes, you will receive a confirmation text from the broker.
13. After this, the credentials of the account will be sent to the registered email address and registered mobile number.

The complete process generally takes around 5 minutes. In exceptional cases, it might take more time than expected in extraordinary circumstances, and thus, you will receive the credentials in 3-4 business days.

Now, let’s talk about the documents required for a minor Demat account in 5paisa.

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Documents Required For 5paisa Minor Demat Account

The regulatory body, SEBI, has mandated the brokers to collect a few documents from the account holders before the demat account for minors is opened. The list of these documents required in the case of 5paisa are as follows:

• Address Proof
• Aadhar Card of the minor
• Aadhar Card of the guardian
• Age Proof of the minor (Birth Certificate)
• Photographs of the minor
• Photographs of the guardian
• PAN Card of the minor
• PAN Card of the guardian
• Bank Proof of the minor
• Specimen Signature of the guardian

These documents are to be uploaded after the form is filled and submitted. Now, let’s move to discuss the 5paisa minor demat account charges.

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5paisa Minor Demat Account Charges

Whenever we open an account, we look for the costs we have to incur for owning it. If the charges are viable to our pockets, we make the final decision. Thus, 5paisa minor demat account charges are an essential aspect here.

The two significant 5paisa charges levied in the case of a demat account for minors are:

• Account Opening Charges
• 5paisa AMC Charges (Account Maintenance Charges)

Are you wondering that we forgot to mention brokerage or margin charges?

Well, we did not, as trading is permitted in a minor demat account only under particular situations and conditions. They are set by SEBI and can be read in Minor Demat Account Rules or the SEBI guidelines for demat account of minors.

The account opening charges in 5paisa are nil, and the account maintenance charges (AMC) are dependent on the holdings at the end of every month. They are tabulated below:

 

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Conclusion

To open a minor demat account, you have to make sure that you cross-check various aspects before engaging with any stockbroker. 

The most significant aspects of this category of demat account are the opening process, the documents required, and the charges to be borne by the guardian.

Every point necessary has been covered above in detail. The charges are the same as for a standard demat account, and the process is considered much more comfortable than the other. The documents required are more as the account holder is a minor.

We hope that all your queries in regard to a 5paisa minor demat account have been resolved.

Happy trading!

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