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HDFC Free Demat Account
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HDFC Securities, a subsidiary of HDFC Bank established in the year 2000 offers its customers to reap the benefit of opening an HDFC Free Demat Account.Ā
HDFC Securities allows its customers to open a 3-in-1 Demat account with them, thus acquiring the top position in the list of best bank for demat account.Ā
HDFC Securities has earned its place among the prominent stockbrokers in the country.
Let’s get down to learn more about them :
HDFC Free Demat Account Opening
Demat account is the one where you can hold your securities and bonds in an electronic form. Choosing HDFC for opening a Demat account offers you many benefits.
The primary benefit is the zero charges for account opening, other than this, it offers multiple ways to open the account like offline and online.
1. Online Method
For the HDFC Securities Sign Up process, visit their website. Fill the application HDFC Demat Account Opening form with the required details, that is your name and contact number.Ā
On successful registration, you would be able to process further. Just enter your KYC details and upload all theĀ documents required for the Demat account.
Once you are done, your documents will be verified and you get your account details within 24 hours.
2. Offline MethodĀ
Visit an HDFC branch and submit the application form along with providing the necessary ID, address proofs, and PAN Card. Aadhaar Card will serve as ID proof and address proof.Ā
After filling the form, you will receive an account opening confirmation email that includes your HDFC Securities login credentials.
Documents Require To Open An HDFC Free Demat Account
The required documents for opening HDFC free Demat account includes KYC application form, ID proof, address proof, PAN Card and a couple of photographs or scanned copies of the same in case if youāre applying online :
- Ā PAN Card copy
- Address Proof – Rent Agreement, Electricity Bill, Telephone Bill, College Id Card with mention of Hostel Address
- Copy of PAN Card of applicant
- Recent passport size photograph
- Bank Details – carry a canceled cheque to provide your bank details
HDFC Free Demat Account Charges
Although it doesnāt cost a penny in opening an HDFC free Demat account, there are other costs associated with it. Some of them are :
- Demat Account Opening Charges – HDFC free Demat account opening charges are nil. But, opening a trading account will cost ā¹999. This is charged at the time of opening a Demat account and is a one-time charge.Ā
- Annual Maintenance Charges – The Demat account annual maintenance charges are waived off for the first year. From the second year onwards you have to pay the fees, which is ā¹750.Ā For more information, we recommend you check out this detailed review on HDFC Securities AMC Charges.
- Transaction Charges – Transaction charges vary on the basis of the type of Demat account.
- Dematerialization Charges – They levy ā¹5 per Demat certificate + ā¹35 per request as Demat charges.
HDFC Free Demat Account Benefits
HDFC free Demat account holds many benefits. Here we take a quick glance at some of them.
- It proves to be a one-stop platform for all kinds of trading. Be it equities, IPOs, government bonds, stocks or even derivatives, mutual funds, and SIPs.
- The 3 in 1 account enhances comfort in trading. An integrated bank account with a trading and Demat account means that you can transfer money into your trading account pretty much anytime which results in the privilege of trading anytime you wish.
- A complete waiver of annual maintenance charges of ā¹750 for the first year.Ā
HDFC Free Demat Account Disadvantages
As we have discussed the advantages above, we see it just as critical to bring forth some of the disadvantages of opening an HDFC free Demat account.
- Commodity Trading isnāt an option if you have a Demat account with HDFC Securities. They donāt trade in commodities, so trading on NCDEX, MCX isnāt possible.
- The minimum brokerage charge on HDFC free Demat account is ā¹25, which is way too high in comparison to some of the discount brokers offering similar services.
- Since the brokerage charged per share of worth less than ā¹10 is ā¹0.05. It has essentially become too costly to trade in penny stocks.
- Even research tips in the form of SMS are charged.
- HDFC Securities Account Opening Charges are NOT FREE.
Also, Demat Account TransferĀ allows you to transfer your Demat account from one broker to another. you can do this with
Once you have an HDFC Demat account, then you should know about HDFC PMS, portfolio management services are provided to minimize the risk by diversifying the portfolio.
Conclusion
HDFC is one of the most popular names in the banking world, and HDFC Securities, established in 2000, is their dedicated wing for the trading industry.Ā
HDFC free Demat account allows you the opportunity to trade in the various segments of the market. Some of these are equities, IPOs, government bonds, stocks, mutual funds, derivatives (f&o), insurance, etc.
Among the merits of an HDFC free Demat account is the availability of a 3-in-1 account. Of course, one can choose a 2-in-1 account, that doesnāt include the banking account.
The major disadvantage of the HDFC free Demat account is their pricey brokerage charges. Then, there is the absence of commodity trading facilities.Ā
We hope this article will assist you in making a more sound decision. Evaluate all the pros with cons and learn about all the charges associated with a Demat account.Ā
Interested in opening a Demat account, allow us the honor in assisting you through the process:-
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