How To Open Andhra Bank Demat Account – Step By Step Procedure

You must be finding ways that can let you know about demat account. HOOK

But you are stuck and confused of how to open a demat account? You still don’t know why you need one and what are the benefits of it.  PROBLEM

Well, You are at the right place, as this post can show you the right path.  SOLUTION

Reading this post till the end can help you have thorough information of Andhra Bank Demat Account. PROMISE

Introduction

Andhra Bank is a popular financial institution providing demat and remat services for a long time now. It is a depository participant of both NSDL (National Securities Depository Limited) and CSDL (Central Securities Depository Limited). Being a trustworthy participant, it can allow a hassle-free trading experience along with fast transactions.

How To Open Andhra Bank Demat Account

Like almost all other Depository Participants (DPs), Andhra Bank also allows you to open up a demat account by filling up an online application form. The process involves both online and offline means and is hence a bit different from the regular demat account opening process. The below steps list out the procedure for opening up an Andhra Bank demat account. 

• First of all, go to the website of Andhra Bank www.andhrabank.in.

• There, under the retail section, you will find the option of Demat Accounts.

• Clicking on this option, you will be redirected to a page which will give you various information regarding an Andhra Bank Demat account. 
• If there is no option for opening a new Demat account, call the toll free number provided on the site or contact your nearest branch office. An employee will provide you with a physical form or the link to an online application form.
• Once you get that form, you need to fill it up, either online or offline. In this, you will need to fill in your personal information such as an address, phone number, bank account details, etc. 
• After you have filled up the application form, you can submit it or send a physical copy of the same to the branch office. You will also be required to attach a copy of certain documents as specified in the application form.
• Once the bank receives your filled in application form, it will review the various details and verify the documents provided by you. Once it is satisfied that the details provided are as per the guidelines, your Demat account will be created and the details of the same will be sent you via e-mail and courier. 

Documents Required for Opening an Andhra Bank Demat Account

As we have mentioned earlier, the application form contains a list of certain documents, the copies of which you need to send along with the filled-up application form. Here is the list of those documents which you need to send to get your application processed. 

• Address Proof which can be a copy of your Driving License, Aadhar Card, Voter ID Card, Passport, Electricity Bill, or Telephone Bill. 
• Personal passport size photograph.
• Copy of the Bank Statement or Pass Book copy.
• Copy of PAN Card as mandated by SEBI.

Andhra Bank Demat Account Login

Logging into your Andhra Bank demat account is very simple. All you need to do is go the website www.andhrabank.in where you can enter your given login credentials, which are meant for online trading. Following this you will be redirected to your account and can start trading.

Andhra Bank Demat Account Pros And Cons

Andhra Bank Demat Account Pros

Having a demat account with Andhra Bank provides you with a lot of benefits. 

• Safe custody of all your securities including shares, mutual funds, and other assets.
• Dematerializing and rematerializing of the securities.
• Purchase of commodities.
• Sales and after-sales support.
• Pledging and unpledging.
• Effective maintenance of your Demat account. 

Andhra Bank Demat Account Cons

There are two sides to every coin. Hence, if there are some advantages, there will also be certain disadvantages that may or may not deter you from choosing Andhra Bank as your depository participant. 

• Unlike some other Demat account options, Annual Maintenance Charges (AMC) are involved with this bank’s Demat account. 
• The online trading platform is not very robust
• The dematerialization and rematerialization charges are quite high. 
• Since the online presence is not that great, you have to be in constant touch with your stockbroker.

Andhra Bank Demat Account Charges

Conclusion

Andhra Bank has long been a trustworthy banking institution. Hence, it is one of those depository participants which have a strong hold on the market and can hence provide a safe and secure trading experience. Nevertheless, since investing your money is a big thing, it will be better to keep all the above points in mind before starting to invest in trading.

SUMMARY & PERSONAL OPINION

Now, are you aware of the most important and relevant details related to an Andhra Bank Demat account? QUESTION

 If yes, then go ahead and open an account for yourself.TASK

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Andhra Bank Demat Account FAQs

1) Are there any AMC involved?

Yes. You need to pay a certain fee in the form of AMC charges in order to maintain your demat account in Andhra Bank. These charges range from Rs. 300 + tax for individuals to Rs. 750 + tax for corporates.

2) Is the option of having a 3 in 1 account available.

Yes. Andhra Bank allows you to open a 3 in 1 Trading, Demat, and internet-enabled bank account. 

3) Is there upfront account opening charges involved?

In the case of an Andhra Bank demat account, you need not pay any account opening charges.

4) Can I transfer my demat account to some other bank?

Absolutely. You first need to create a new bank account in your destination bank. Then after you contact the branch office of your existing bank, you will receive an account transfer application form that you need to fill. After the verification of the details, your Demat account will be transferred. 

5) Is there an online trading platform?

An online trading platform is available on www.andhrabank.in where you can enter your login credentials. In case you can’t use the online portal, you can contact your stockbroker and trade offline.