Geojit Demat Account – Incorporated in 1987, Geojit is one of the most rapidly growing investment and savings service provider. The wide range of services of Geojit not only includes Equity and Derivatives but mutual funds, Life, General insurance and third-party fixed deposits.
Geojit got registered with major stock exchanges like NSE and BSE in 2007. It has some very reputed and well-known names as the shareholders with Geojit stockbroking firm like Mr. Rakesh Jhunjhunwala, Mr. C. J. George, MD, Kerala State Industrial Development Corporation (KSIDC).
The company’s more than 10 lac clients are served with multiple ways to remain them satisfied.
It also helps the wide network of more than 450 branches across the country with efficient phone and email service along with a dedicated customer support team and technology.
The Geojit stock broking company became the first in its industry to mobile trading in India.
The foundation of Geojit stock broking is so strong due to its wide presence in 19 states and 2 union territories on India.
Geojit has a very experienced legacy and has expanded internationally to having its partnership and tie-ups with companies in Dubai and Kuwait.
Following are the names of few partnership firms: Arjeel Geojit Financial Services LLC, its joint venture with the Al Saud Group, is headquartered in Dubai, BBK Geojit Securities KSC, located in Kuwait, is a joint venture with Bank of Bahrain, Kuwait, and JZA
Geojit Demat Account Opening Process
At Geojit company, the management team continuously works to make the account opening process as easy as possible but the Geojit Demat account opening process is totally dependent on successful KYC of the trader or Investor.
One can apply online to get a call back for account opening process, the following is the inquiry form of Geojit online on its website:
In 2011 the regulatory body of all the brokerage firms in India SEBI (Securities and Exchange Board of India) revised its KYC norms and under the new norms centralized KYC system was launched.
This new KYC system says if someone is already registered with any other company or has done the KYC, he/she does not require to repeat the process and in this way, it saves a lot of time and the account is opened in just a few simple online registration steps.
But if the trader or investor is initiating his firm KYC, then following are the steps to open an account with Geojit stock broking company:
- Download KYC-KRA form, fill and sign and submit along with the required ID and address proof documents to Geojit office.
- A cheque of around 472/- to be submitted to Geojit Financial Services towards account opening charges.
- Upon successful completion of the aforesaid process, a client KIT is given which contains user login credentials, FAQ and customer support contact details.
- Once the login credentials are received the client can log in to the system and can change the password time to time for security purposes.
Geojit Demat and Trading Account Charges
Geojit stock broking company offers both Demat and trading accounts to its customers. While trading traders and investors are charged fee commission and taxes. Geojit’s Fee charged and commission slabs are explained below:
Geojit Account opening charges:
|Type of Transaction||Charges|
|One-time charges for trading account||INR 425/-|
|Annual AMC charges||NIL|
|One-time demat account charges||NIL|
|Annual Demat AMC Charges||INR 0/-|
How Long Does It Take to Open Geojit Demat Account?
Geojit broking company has been a pioneer in the launch of an advanced trading platform.
It has also been taken care that its account opening process should always be convenient and easy for its traders and investors across the country.
It has already aforesaid that if a client has done his KYC with any other firm it saves a lot of time and online registration is completed in a few minutes.
But in case the KYC is not done earlier the complete offline process takes place and due to which it may take 4-5 working days to get the demat and trading account activated.
Read Also: Sharekhan Vs Geojit: In Depth Relative Study
Geojit Demat Account Closure process
Traders and investors open demat and trading account to a trader and to keep the shares in digital form in the associated account.
Actually, the main task of keeping the securities safe in digital form is done by the depository participants (DP).
And whenever any of the clients apply to close the account, there could be multiple reasons behind such action:
- If the client wants to stop trading.
- If the client wants to switch the DP.
- Perhaps the client has multiple Demat accounts and now he/she has decided to operate any other account.
- Or due to some personal or financial reasons, a client wants to take a long pause in the trading activity.
The good thing with the Geojit Demat account is that the clients are not charged any extra fee for the process of closure of the account here.
The Following are the simple steps that need to be done offline to get the account closed.
- Download the account closure form
- Submit the duly signed filled form along with the required ID and address proof documents.
- Signatures of the co-applicants mandatorily required if any.
- After completing all the formalities, it will take around 7 to 10 business days to close the account.
Few Important points to be noted before closing the Geojit Demat account
- The account which is to be closed must not have any share left in it, if the securities are available, they must be transferred or sold to proceed with the account closure process.
- All the pending payments or charges due must be paid or settled before the closure process.
- Unused DIS (Delivery Instruction Slip) to be mandatorily submitted to the firm at the time of closure of the account along with all the required documents and applications.
Geojit Demat Account Merits and Demerits:
- Geojit has a very good support system for its clients named FLIP ME it’s only view terminal which helps the clients to view the live prices and recommendations to execute.
- The customer support team is so prompt and efficient to place quick orders in real-time market sessions.
- SMS alerts update the clients with daily news, market trend research report and updating related information in a trading platform.
- The company provides a facility of placing orders Post-close sessions of NSE and BSE.
- Easy payment transfer via online gateways.
- 3 in1 account facility not available at Geojit as compared to other old brokerage firms and in such a case clients have to use banking services from separate banks.
- There is no doubt the technology part of Geojit is one the best but it has been very conservative about brokerage charges thus the brokerage charged here is higher as compared to other known brands.
Geojit Demat Account – Geojit with its long experience in the market, is an established name having a large number of satisfied clients on the basis of good relationships with them. A wide network and good customer support make it a good choice for sustainable and reliable services.
Trading platforms that are technologically upgraded continuously gives a sense of satisfaction to the clients that they are updated and there are fewer chances of errors while placing orders and executions.
With its partnerships and joint ventures with big groups internationally, its has established the brand strongly into the market.
Geojit Demat Account FAQs
Q1. Is there a free trading platform with Geojit or chargeable?
Geojit has free trading platform named “SELFIE GOLD” for all the demat account holders.
Q2. What are the types of positions?
Mainly there are 2 types of positions long and short, long stands for buying positions and short stands for selling positions.
Q3. What’s the meaning of trade in the stock market?
A trade is a combination of 2 positions in any sequence either first buy and then sell or first sell and then buy.
Q4. The meanings of a bullish and bearish trend?
When market price moves in an uptrend (higher highs and higher lows) it is called a bullish market and its vise versa is called a bearish trend.
Q5. What’s the difference between Demat and trading accounts?
A demat account is the one which is used to keep the securities in digital form and trading account keeps the record of buying and selling of the securities.
Q6. Which amount of brokerage is charged on?
Brokerage is charged on the volume (total of buy and sell share price multiplied with the number of shares).
Q7. What does demat account stand for?
Demat account stands for a dematerialised account.
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