How to choose the best Demat Account in India
You might be wondering, which Demat Account is best and what factors to consider before opening a Demat Account. There are many points you must look into before opening your Demat Account, let us look at some:
Demat Account Charges
There are various costs associated with a Demat Account, like Account Opening Charge, Annual Maintenance Charge; therefore, one should compare the charges and fees and find a friendly Depository Participant (DP) that doesn’t have high Demat charges.
There are various DPs which are also stockbrokers and provide you Demat & Trading Account that levies very low broking charges, you just need to assess your trading frequency and choose a broker that charges low brokerage.
User interface and trading platform
The trading platform should be seamless and easy to use, which will ensure that you are able to place orders conveniently and track the positions upfront.
Types of Demat Accounts
To further develop on the subject of identifying the Best Demat Account, an investor needs to know that there are different types of Demat Accounts. Different investors may choose different categories of accounts depending on their priorities. Basically, Demat Accounts can be of four types. Here’s a detailed look:
Single Holding Demat Account
This account is held and managed by just one person. They will be the sole account holder and be solely exposed to all circumstances.
Joint Demat Account
A Joint Demat Account allows for a maximum of three people to hold the Demat Account.
Corporate Demat Account
A business setup or a commercial setup can open this type of Demat Account. It will be operated in the organization’s name.
NRI Demat Account
Demat Accounts are available for NRIs also. There are two sub-types:
- Repatriable account: Repatriable Demat Accounts are for NRIs who want to transfer their wealth overseas. Using this, you can transfer funds to your foreign bank account.
- Non-Repatriable account: Non Repatriable account consists of an NRO (Non-resident Ordinary) bank account linked to the Demat Account therefore, the account does not allow the holder to transfer funds abroad.
Why you need to open Demat Account with Bajaj Financial Services Limited
Bajaj Financial Securities Limited (BFSL) is a discount stockbroker and a Depository Participant (DP) that provides Demat & Trading Account to investors. It is a 100% subsidiary of Bajaj Finance Limited. One can benefit from opening account with BFSL in the following manner:
- Affordable subscriptions packs that offer low brokerage charges
- Multiple products to invest in, such as Equity, Derivative, MTF, ETFs etc.
- Smooth Trading Platforms available on web, app and EXE platform
Everyone wants the best of everything in their lives and with little foresight, research, and knowledge you can achieve the right option to suit your needs. When it comes to selecting a platform to invest in stock market, select the option that will help you make the best of financial market opportunities. So, what are you waiting for? Open an account with Bajaj Financial Securities Limited today and start progressing in your investment journey.
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