What is a Demat account?
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Opening up a Demat Account is the first step if you are looking to start trading in shares. Demat Account or a Dematerialized Account is basically an account that can hold all the shares which you possess or trade-in in an electronic format.
While opening a Demat account can be a bit cumbersome sometimes, Finvasia Demat account provides you a simpler way to start trading and that too with added benefits.
Demat account is not just for holding your shares. It can also hold bonds, ETFs, mutual funds and other such types of assets that can hold assets having their own unique ISIN number.
Finvasia can act as an efficient Depository Participant. In case you decide to open up a demat account with Finvasia, it can act as a depository participant to manage and assist you in all your transactions.
Who is Finvasia?
Finvasia is a fintech company, which means that it provides technical financial services. It is based in Chandigarh, India and has its operations spread out in fourteen different countries ranging from Australia to Brazil. Some of the services provided by Finvasia are:
- Equity trading in retail form
- Trading in the currency as well as commodities
- Management of your various assets
- Financial advice and assistance
- Currency hedging
Finvasia is a relatively new entrant in the market and started its operations in 2016. But it has quickly emerged as one of the fastest-growing stockbroking service providers in the country.
It is also a member of both Bombay and National Stock Exchange (BSE and NSE).
What makes Finvasia an enticing option for online stock trading is its zero brokerage trading services.
This means that you never have to pay any brokerage fees or commission for your lifetime while trading on this platform. And this thing applies to all segments and exchanges besides stocks.
You just need to pay certain transaction charges, without paying any clearance fee too.
While most of the online brokerage service don’t charge any monthly fees, Finvasia does charge a fee monthly for using its online trading platform.
But still, you end up saving a lot more than you would while trading with a normal broker.
What makes Finvasia widely popular apart from the zero brokerage fees is the large number of trading platforms it offers. Some of the trading platforms on offer are:
How to Open A Finvasia Demat Account?
It is extremely easy to open up a Finvasia demat account. Just like many other online brokerage platforms, you need to fill up an online application form in order to open your demat account.
Also, it will be an added benefit if you already have your KYC done or have a demat account on some other platform.
This is because whenever your KYC is done, the data is stored in the central KRA and can be accessed at a moment’s notice.
In case you don’t have your KYC done, it’s not a problem. It will be done while filling up the online application form.
So here are the steps that you need to follow in order to open up your Finvasia demat account:
- Go to the website of Finvasia which is finvasia.com
- There on the top taskbar, you will find an option which says “Open an Account”.
- A new page will open up. Here, you will have to fill out details such as your PAN card number, your e-mail ID and your mobile number. After this you will have to submit several other documents such as Aadhar card and bank statement.
- After this, all the documents which you have uploaded and the various details which you have filled will be carefully scrutinized. This is just to ensure that no fraud occurs while opening up the demat account. Also, this process is not lengthy and will take just a couple of minutes.
- After this, you need to digitally sign a form using your Aadhar card. Here, you will have to fill in your Aadhar card number. Then you will get an OTP on your registered mobile number. After verifying the OTP, the Finvasia demat account opening process will be complete.
Documents Required for Opening
For opening up any account whether a normal one or a demat account, you need to submit certain accounts. These documents will be verified and scrutinized by the concerned authorities to prevent any kind of fraud that might arise due to fake documents.
The various types of documents which you need to upload and submit in order to open your Finvasia demat account are:
1) A digital copy of PAN card
2) Address Proof
But in case your KYC is already registered, there is no need to upload a copy of PAN card and Address Proof. Other documents, however, will be required.
3) Your photograph
4) Income proof in the form of a bank statement
5) Canceled cheque to verify the bank details
Finvasia Demat Account Login Process
After you have completed all the formalities related to the application form for opening up your demat account, the account will be opened up in a matter of minutes and the login credentials will be sent via mail. After this, all that remains is for you to log into your demat account
Follow the given steps below to go and log into your demat account:
Go to the homepage of the online broking platform.
- On the top of the screen is a taskbar where you will find the option of signing into your account.
- From there you can conveniently log into your Finvasia PRISM or Back Office account.
Also Read: Sharekhan And Finvasia In-Depth Assessment
Advantages of Opening Up A Demat Account With Finvasia
As a trader, you get a lot of benefits in case you decide to trade with Finvasia. Some of them are:
- The account opening process is highly simplified. Opening up your account is now just a matter of minutes. All you need is some documents such as your PAN card, your date of birth, Aadhar card, photograph, bank statement, etc. to get your account opened.
- Finvasia offers you a highly intuitive trading platform known as PRISM. Here you have all the necessary information and tools which can possibly need to trade and carry out your financial dealing. It is modeled taking into account the basic needs of a trader and hence, is better than many other platforms available online right now.
- Get rid of all those yearly maintenance charges which can be a drain in your pockets. Finvasia demat account comes with zero account maintenance charges so that you don’t have to worry about them at all.
- Other trading platforms offered by Finvasia such as Back Office can help you get ahead in the race and make managing your assets a much easier task.
Finvasia Demat Account Opening Charges
No matter which type of trading account you are going to open, you don’t need to pay any account opening fee. In case of a demat account, there is just a Power of Attorney charge which amounts to Rs 199.
Also, you are exempted from the yearly account maintenance fee no matter which type of account you hold, except if you are a corporate client.
Corporate clients have to pay Rs 1000 in the form of account maintenance charges.
The biggest feature which Finvasia is known for is its brokerage fees and the variety of trading options. On Finvasia there is absolutely zero brokerage fee no matter what the transaction deals in.
It can be equity delivery, intraday trading, equity future, equity options, currency futures, currency options or MCX commodity. You don’t have to pay any fees as commission at all.
The various charges associated with a Finvasia demat account are listed as follows:
|Account opening charges||Rs 0|
|Power of attorney/stamp charges||Rs 199 payable upfront|
|Account maintenance charges for individuals||Rs 0|
|Account maintenance charges for corporates||Rs 1000 + GST per year|
|Transaction charges while purchasing||Rs 0|
|Transaction charges while selling||Rs 9|
|Courier charges||Rs 99 per request|
|Closing a demat account||Rs 0|
Although Finvasia is essentially one of the many online brokers available in the market right now, there are many features that make it stand apart in the crowd. Nevertheless, since investing your money is a big thing, it would be better if you keep all the above-mentioned points in mind while going to open your Finvasia Demat account.
This will not only help in easing the account opening process for you but will also make you aware of what you are going to deal with.
Finvasia Demat account some Commonly Asked Questions
Is opening a Demat account necessary to open up trading?
There is absolutely no need to open up a Finvasia demat account in order to open a trading account. You can independently open up any kind of account.
What are the various account maintenance charges involved?
In Finvasia, you don’t need to pay an annual account maintenance charge in case you have either a trading account or a demat account. But in case you are a corporate client and have a trading or demat account, then you need to pay an annual fee of Rs 1000 in the form of account maintenance charges.
What is the procedure to transfer my funds?
You can transfer the funds to Finvasia in multiple ways. This includes various payment gateways along with a check or can also easily transfer the funds online.
Can an existing Demat account of mine be linked with a new Finvasia Demat account?
Absolutely. You can easily do this on the Finvasia platform and integrate your accounts. In fact, in case you have a previous Demat account, the account opening process will be much shorter for you because your KYC has already been done and all the information is readily available on the central servers.
What are the courier charges involved?
In case you have a demat or trading account with Finvasia, you don’t need to worry about the delivery charges. There are zero charges for equity delivery trades which are also known as CNC or Cash and Carry trades
Can I open more than one trading account in my name?
No. While you cannot open more than one trading account in your name with the same broker, you can register the account with a different broker.
Stockquantum was founded by Dharmendra Mukati in 2018. I am a Trader and Investor in the last 10 years.
I am writing here about stock broker review, broker comparison, IPO investment, Crypto currencies, technical analysis, fundamental analysis, sub brokership, mutual fund, personal finance, and our experiences.