Published on: June 21, 2023
Guide to Opening a Minor Demat Account
Opening a demat account for a minor provides a secure and efficient way to manage their investments and assets. Whether it’s for educational purposes or long-term wealth creation, a minor demat account offers numerous benefits. However, to ensure a smooth account opening process, certain documents need to be furnished. In this blog post, we will discuss the essential documents required for opening a minor demat account.
Please Note: A demat account for minors exclusively facilitates the gifting or transfer of shares from the guardian’s account, while trading activities such as buying and selling shares are restricted in the minor’s account.
To open your Demat account, you will have to download and duly fill the Individual KYC form.
This form after being filled must be sent to us with the copies of the required documents as mentioned below:
1. Passport-size Photographs: Both the minor and their guardian must affix their passport-size photographs to their respective KYC (Know Your Customer) applications. These photographs play a crucial role in establishing the identity of the account holders.
2. PAN (Permanent Account Number) :
a) Minor’s PAN Copy: The minor’s PAN copy, duly signed by the guardian, is required as a proof of the minor’s tax identification number.
b) Self-Attested Copy of the Guardian’s PAN: A self-attested copy of the guardian’s PAN card serves as proof of the guardian’s identity and tax details.
3. Address Proof:
a) Minor’s Address Proof: Any of the following documents can be submitted as address proof for the minor:
Aadhaar Card
Passport
Bank passbook or bank statement in the name of the minor, signed by the guardian
b) Guardian’s Address Proof: The guardian must provide any one of the following documents Self-attested as their address proof:
Aadhaar Card
Driving License
Passport
Voter ID
4. Bank Account Documents:
a) Cancelled Cheque or Recent Bank Statement: A cancelled cheque or a recent month’s bank statement in the name of the minor is required. This document helps establish the link between the demat account and the minor’s bank account.
5. Additional Documents for the Minor: In addition to the above-mentioned documents, the following documents may be required:
Birth Certificate Copy
School Leaving Certificate
Passport
Mark sheet issued by the higher secondary board
Duration
The entire process takes around 3-5 working days after the form along with all the required documents is received by Definedge Securities.
Once the process is completed, you will receive your UCC on your registered email ID, followed by a link to set password.
If you have any queries regarding this process or wish to know more, kindly write to us at [email protected] or call us at 020-61923200.
