What Is A Demat Account?
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One thing which is highly essential before you start trading is opening up a demat account. This account will not only hold all of your shares but also hold other financial entities such as bonds, ETFs, mutual funds, etc.
All this will be held in an electronic and easy to access format so that you can obtain them whenever and however you want. Samco demat account provides you a simpler way to start trading and that too with added benefits.
Who Is Samco?
Samco is another one of India’s online discount broker, providing various financial services at subsidized costs.
Samco offers services such as trading in shares or stocks, currency and commodities at the Bombay Stock Exchange (BSE), National Stock Exchange (NSE) and the MCX.
You can also obtain various types of loans against shares and other commodities besides availing the benefits of margin funding.
Also, the online broker has a tie-up with CDSL which enables it to act as a depository participant.
This company was set up in the year 2015 and since then has set up its reputation owing to its ultra-low-cost brokerage plans. Along with the low brokerage, you get exposure to a larger market and a wide variety of schemes. The trading software which you get for free acts as the icing on top.
Besides all the benefits which Samco has on offer, it can be a lucrative option for those who are looking to move their broker or broking services.
How to Open A Samco Demat Account?
Opening up a demat account is a pretty simple and straightforward process. It is also unique because the process is a combination of both online and offline means.
Due to its valuable tie-up with the CDSL, Samco can act as a trusted and valuable Depository Participants to keep all your financial transactions safe and secure.
Now, considering that you have evaluated your options and decided to entrust Samco with your financial dealings and as your Depository Participant, it is time to open up a demat account. You can follow the given steps to open up your Samco demat account with ease.
First of all, as is the case with all other online work, you need to visit the website www.samco.in which will open up the home page of the online broking service.
- After opening up the home page, you will find an icon at the top of the page which says “Open My Account”. Click on that to proceed to the account opening page.
- The account opening page will open up. Here you first need to provide four primary details which are: your name, e-mail ID, mobile phone number, and the city in which you reside. You need to fill these details correctly (like all other) as these will form the basis for the further account opening process. Also, you will get a password for opening your account on both your e-mail ID and password.
- After you have received the password, you can log in using your e-mail ID and password.
- Now, you will be redirected to a page where you need to fill in your Full name and the type of account that you want to open, whether an individual one or a company one.
- After this, you can start filling up the online application form in the next step. Here you need to add details such as personal details and backgrounds, permanent and correspondence address along with the contact details, bank and DP details, Nominations, and trading preferences.
- Once you have filled up all the information and reviewed it, you can submit the application form by clicking on the “Submit” button. You can also save the filled application form in the form of a PDF.
After you have completed this online process for filling up the application form, you need to take a print out of it and sign in the relevant indicated areas.
Then you need to attach the documents listed and mail it to the head office of the company. Thereafter, your form and documents will be reviewed and verified, and your account opened within 72 hours from the time of reception.
Documents Required for Opening Samco Demat Account
After you have filled up the online application form, you will be provided a checklist. This list contains the documents required for opening up your Samco Demat Account.
Here are the documents which you need to attach along with the printed application form and submit it to the company.
- Identity Proof which can be your Aadhar card, passport, voter ID card or a PAN card.
- Address Proof which can be a passport, voter ID, electricity or gas bill, bank account statement or a copy of the passbook.
- Proof of income which can be a copy of ITR acknowledgment, copy of annual accounts, salary statement, demat account holding statement or other relevant documents.
- Proof of bank account which can be a canceled cheque or a bank statement from the respective bank.
Samco Demat Account login
Once you have completed all the formalities such as filling up, attesting and mailing the application form, providing the required documents, signing the terms and conditions agreement, etc, you are ready to start trading.
You can use the given credentials to go to your demat account and start trading.
The following steps will guide you to easily log into your account.
- First of all, go to the home page of the website of the online broker.
- There, you will find the login option on the top right-hand side of the screen. There, you will have the option of logging into your trading or back-office account. After filling in your login credentials, you can now access your Samco demat account with ease.
Advantages of Having A Samco Demat Account
- With Samco, you can get amazing margins for all your financial transactions. Margin funding of 0.05% interest in a day is something not easily find everywhere.
- You get the advantage of a Flat rate brokerage plan which amounts to Rs 20 per trade. This can be highly beneficial for large trade volumes because in such cases, the brokerage cost becomes significantly less.
- You can trade in more than 500 stocks and that too in an intraday mode.
- The Opening up of Samco demat account is free and hassle-free.
- You get free access to the trading software offered by Samco.
- The account opening process is largely paperless.
Disadvantages of Having A Samco Demat Account
- You cannot invest in mutual funds.
- As is the issue with all other online brokers, you don’t get offline support. There are no branch offices where you can go in with your queries.
- Pledge creation and closure charges are pretty high, almost double to what some other online brokers have on offer.
- Online IPO application is unavailable.
- There is an extra fee of Rs 20 which is levied for call and trade.
Samco Demat Account Opening Charges
One of the best things about trading with Samco is that you don’t need to pay any fees for setting up your online demat account. No matter what type of account you want to offer, whether demat or trading, you don’t need to pay any opening charges.
However, there is an amount of Rs 400 which you need to pay upfront in the form of Account Maintenance Charges.
Some of the other charges which are directly or indirectly related to your Samco demat account are:
|Account opening charges for a demat account||Rs 0|
|Stamp Charges||Rs 50 (payable upfront)|
|Account maintenance charges for individuals||Rs 400 plus GST|
|Account maintenance charges for corporate||Rs 800 plus GST|
|Transaction charges levied on purchase||Rs 0|
|Transaction charges levied on selling||Rs 10|
|Demat charges||Rs 10 + Rs 50 per certificate|
|Remat charges||CDSL +Rs 50 per ISIN|
|Courier charges||Rs 50 per demat/remat request|
Besides being one of the few online brokers having flat trading plans and ultra-low brokerage fees, there are many features that make Samco 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 Samco 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.
After all, having a trustworthy Depository Participant can go a long way in your financial dealings.
Samco Demat account some Commonly Asked Questions
What are the various account maintenance charges involved?
In the case of Samco, you need to pay an annual account maintenance charge in case you have a demat account. This charge is Rs 400 (plus GST) for individuals and Rs 800 (plus GST) for corporate
What are the Demat charged involved?
There are various Demat and remat charges which are levied on your financial transactions. The base demat charge is Rs 10 with an additional amount of Rs 50 for each certificate. The remat charges are as specified by the CDSL plus Rs 50 per ISIN.
Can an existing Demat account of mine be linked with a new Samco Demat account?
Absolutely. You can easily do this on any of the Samco platforms 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.
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.