Minor Demat account offers you many benefits, as an opportunity to secure your child’s future or to start investing at the earliest and lots more. But are you aware of the documents required for minor Demat account opening?
If not, then here is the list of valid proof and supporting documents required to open a Demat account for minors.
Documents Required for Opening Minor Demat Account
Many individuals often think that there is an age limit for demat account. But the answer is No! A minor is also capable of opening a demat account as much as someone older.
As already known, that one needs to submit a few essential documents to activate the Demat account.
These documents are generally to validate your identity, address, and income. But how do minors able to submit all these documents?
Well! for this one need to add supporting documents of their guardian.
Starting with the address proof, here the minor can submit any of the following documents for Demat account registration:
Aadhar Card of minor
Aadhar Card of guardian
Utility Bill
Ration Card
Bank Passbook of the minor
Identity Proof for Minor Demat Account
To validate the name and birth date, the minor need to submit some of the essential documents:
PAN Card of the minor
PAN Card of the guardian
Age Proof (Birth Certificate)
Photograph of the minor
Photograph of the guardian
Income Proof for Minor Demat Account
Next comes income proof.
But income proof is required only when you want to trade in the derivatives segment, and as per SEBI guidelines, minors can only use their Demat account to invest in delivery shares.
Moreover, no trading account is activated in the name of minors hence there is no need to submit the income proof, however for bank details guardian need to submit a few essential documents like:
Bank Passbook of the Guardian
Canceled cheque
So, here to activate the minor Demat account, you don’t have to submit the income proof to your stockbroker.
Conclusion
These are the compulsory documents required to be collected by all stockbrokers. In the case of some specific ones, they might add a few others for their requirements.
So, if you are looking forward to opening a Demat account for minors then it is important to look for the above list of documents before applying.
Other than this, make sure that the PAN card and Aadhar Card of the minor are linked with each other.
To validate other details of the minor, double KYC documentation is done, under which the minor has to submit the Aadhar and PAN card of their guardian along with their linked documents.
We hope that your query of the documents required for the minor Demat account has been resolved.
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