What is a Demat account?
A demat account is an electronic ledger that always you to hold securities, ETF’s, Bonds, Mutual Funds, and other instruments. Currently, most people hold their shares in an electronic format in their Demat account for safety, convenience, and ease of transaction purposes.
A Demat account is similar to a bank account in that a bank account allows you to store your money in an electronic forum and a Demat account allows you to hold multiple securities in an electronic (dematerialized) form.
Types of Demat accounts?
Individual Demat account- This account is the most common Demat account and is for local Indian citizens who are opening an account just for themselves.
Joint Demat account- This type of account allows up to 3 people to jointly open a single Demat account and have joint rights on the account. However, transaction notifications will be only sent to the first holder. Hence, would suggest making the first holder the person who will ideally handle the operation of the Demat account.
NRI Demat account – They are two types of NRI Demat accounts which are namely repatriable Demat accounts and non-repatriable Demat accounts. For repatriable Demat accounts, the movement of funds will have to be an NRE account. For non-repatriable Demat accounts, the movement of funds will have to be to NRO accounts.
They are two depositories (DP) that exist today which are namely National Securities Depository Limited (NSDL) and Centralised Securities Depositories Limited (CDSL). At Northeast Broking Services Limited, we are a depository participant for both NSDL and CDSL and the investor can choose any depository based on their choice.
Demat account charges?
The type of charges that an investor may have to pay to include the following:
Annual maintenance charges(AMC)
Transaction charges – Transaction charges are charged on all debit transactions from this account. No charges are levied for credits to this account.
How to open a demat account?
You can open an acount online itself using the following link: https://ekyc.northeastltd.com/
Alternatively , you may reach out to our applications team via email: firstname.lastname@example.org and or via phone (040)-66918840. Documents that are required include:
Passport size photo and/or live picture