Details of Demat Account

Whenever you open a bank account, you get a bank account number that is further utilized for all your transactions and banking work. Similarly, have you ever thought that is there any such thing with your demat account as well? The answer is yes. In this article, let us figure out the details of demat account, why do you need them, and how you can figure that out.

But before that, let us understand what is a demat account? It is a storing unit for your shares in simple terms. When you are entering the stock market, you need a demat account so that whenever you buy or sell any share, your holdings are stored in a digital format.

Other than this, for those having one demat account, are you thinking of opening more?

But how many demat accounts one can have?

Well! if you are an active trader, then you can open multiple accounts with different stockbrokers in the stock market. Once you open an account there are a few details you must be aware of. Let’s begin with the details about the demat account.

How to Check Demat Account Number?

Whenever you open a demat account with a depository participant or a stockbroker, you get a unique identification code or a demat account number so that you can ease the process of further transactions. It is different for every client and also helps you in logging in to the app so that you can easily continue with future trades.

Are you wondering where will you get this demat account number from?

So, whenever you open a demat account with your concerned stockbroker, you receive a kit with all the details of your demat account. This includes your client ID, your password, and all the other information related to your depository participant.

Further, to ease the experience for the clients, now almost all the stockbrokers also send all these details in your registered e-mail as well.

You will receive your client ID, password, and a complete guide as to how to use your demat account and the trading platforms.

Now, this is the initial process. What if you want to check your demat account details in the app after you have successfully logged in? You can do that by following some simple steps.

• Once you have logged in, go to my profile segment.
• Here now click on the account details segment.
• Now you can see all your details like your client ID and DP ID here.

Now, your complete demat account number is a combination of your DP ID and client ID. This is usually referred to as the BO ID. Let us have a look at how you can find your demat account number.

How to Find My Demat Account Number?

There are two depositories in India, NSDL and CDSL. Now for the demat account details CDSL, you will get a 16 digits numeric combination. And for the demat account details NSDL, you will get a 16 digits number starting with IN.

The first 8 digits of this are your DP ID and the remaining 8 is your client ID.

Now for CDSL, suppose your demat account number is 9876543210123456, then the first 8 digits, i.e, 98765432 is your DP ID.

In the case of NSDL, if your NSDL demat account number is IN987654321012, then your DP ID will be IN987654.

Please note that the DP ID remains the same for all the clients who are opening their demat account with the same stockbroker. For example, if you and your friend both open a demat account with Angel One, then your DP ID remains the same, other than that the client ID differs.

But if one of your opens an account with Angel One and the other with Kotak Securities, then the DP ID details will also vary and the client ID will of course vary as well.

You can also update certain details when it comes to your demat account details. Let us quickly have a look at that as well.

How to Update Demat Account Details?

There are certain details that you can update even after opening your demat account. This is a great option even when you want to change some details or want to update the latest ones.

You can change your mobile number and e-mail ID, by simply opening the app and then going to the account information and then editing it.

Other than this, you can update your bank account details as well. For this, you will have to submit a new KYC form and then complete the entire process. And it is quite easy to do so.

Apart from this, if you have to change your basic details like name, there are some brokers that provide some account modification forms. You just have to read the terms and conditions, fill the form, and then submit it to your stockbroker.

Also, it is possible to do so while updating your KYC in stockbroker. Suppose you use Angel One, it allows users to do so while completing the Angel One KYC update online process for a demat account.

Conclusion 

Demat account details are as necessary for the transactions, just like the bank account details for your money transfer. It is a unique number that helps you to log in and trade efficiently in the stock market.

You can easily find the demat account details in either the mails or the initial messages sent by the broker. You can also update some of the details post-opening your demat account.

By the way, you also need to know that post opening the account, there are AMC for Demat Account too. Now, you’d ask, what exactly is AMC in the first place.

Well, these are account maintenance costs and these are the charges along with it. Nonetheless, you can check that and more at length @ A Digital Blogger.

If you want to start investing, open your demat account today!

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