Opening a Demat account is chargeable?
Opening a Demat account is chargeable?
Not all the time. There are brokers out there that will open FREE Demat and Trading account for you without charging a dime.
Stockbrokers offer Demat account services to the common investor so that they can invest in the stock market. By opening a Demat account, you are able to store the shares you purchase in the dematerialised format. Since a Demat account is a service offered by the stockbroker, the broker can rightfully charge an account opening fee for providing Demat accounts. However, the policies of every stockbroker vary, which is why you have brokers like IIFL Securities that lets you open a free Demat account. New investors can surely benefit from free Demat accounts.
Beginners are likely to not have a lot of knowledge about the stock market. So, a beginner will surely prefer it if they can open a Demat account for free. An account opening fee can be perceived as a discouraging factor. However, you need to note that there are other charges like brokerage imposed.
At the same time, it is necessary that you open a Demat account only with a stockbroker authorised by regulatory bodies like SEBI (Securities and Exchange and Board of India). IIFL Securities is a broker Registered by SEBI. You can open a free Demat account with IIFL Securities by visiting the IIFL Securities website. You can open the account online by filling out an online form and submitting digital copies of some key documents like your PAN card and Aadhaar card.
After the verification process is complete, you can download the IIFL Markets App and start investing. IIFL makes investing easy for beginners by providing investing recommendations.