Zerodha Demat Account Review
Zerodha is one of the biggest online brokerage firms in India with over 1.5 million users. Zerodha is known for its low-cost brokerage charges, which is Rs.20 or 0.01% per order, whichever is lower. Zerodha Demat accounts are one of the most preferred accounts by traders all over India.
It is in fact, the country’s first discount broker. Launched in 2010 by Nithin and Nikhil Kamath, the firm has over the years managed to transform the country’s broking industry significantly.
Today, millions of orders are placed on this platform every day and it contributes more than 15% of India’s trading volume.
Further, it is the low brokerage charges and quick and efficient service which really helped Zerodha in gaining the top spot.
If you are a trading enthusiast who wishes to open a Demat account but is confused due to the plenty of options available, we would advise you to give Zerodha Demat Account a try.
But if you really want to know why Zerodha is the best option for you, please consider the following benefits that Zerodha offers:
- Flat brokerage charges of Rs.20 or 0.01% of the order executed, whichever is lower, irrespective of the value of shares or the number of shares traded
- Zero fees for equity delivery trades
- Zero commission and DP charges on direct mutual fund investments
- Over 300 dedicated support team to ensure all your queries and grievances are handled promptly.
- Fixed pricing across all platforms such as BSE, NSE, MCX, F&O, Equity, and Currency.
- Brokerage calculator provided to help you calculate the brokerage charges reliably.
How to Open Demat Account in Zerodha?
Opening your Zerodha Demat account is a simple and quick process. There are two ways you can use to open a Demat account in Zerodha, the online and offline method.
Online Account opening process
- Visit Zerodha website and go to its account opening page.
- For sign up, you’d need to enter your mobile number. You will receive a One Time password (OTP) on your number for verification of the same
- As all the future correspondences would be done via your email, please enter the correct email address. You would be also sent an OTP on your mail id to verify your email address.
- Once you enter the correct OTP received, you will be directed to the signup page. Here you have to enter some basic information such as your date of birth and PAN card number, then click continue button.
- Next, you have to make the required payment. While you have to pay Rs.200 for equity trading, you only have to pay Rs. 100 in case you opt for commodity trading.
- A number of payment options are available on Zerodha including net banking, credit or debit card, online wallet payment, and UPI. Choose the payment option that’s most convenient for you and make the payment.
- Once the payment is successfully completed, you will receive a confirmation message on your registered mail account.
- The next step is to link your Aadhar details with Zerodha. This has to be done via DigiLocker.
If you don’t have a DigiLocker account, you need to register first. For that, follow the given steps:
- Visit the website and select the Register now option.
- Enter your correct Aadhar number.
- Enter the mobile number registered with Aadhar and the OTP received on your number.
- Set a username and password for your account.
If you already have a DigiLocker account
- If you already have a DigiLocker account, click on the sign-in button and enter your correct username and password
- After successful signup / sign-in on Digilocker, you need to connect your Aadhar with Zerodha. This can be done by clicking on the ‘Link Your Digilocker with Zerodha’ option. Select the ‘issued documents’ option, choose Aadhar and select the share button to successfully link your Aadhar with Zerodha
- Once the linking of your Aadhar details is complete, a new window will appear with the following message, ‘Let’s finish the application’.
- More detailed information would be asked here such as your father’s name, mother’s name, marital status, and bank account details. Click on the continue button once you complete the application.
The next step is the In-person verification (IPV). IPV is a mandatory requirement by SEBI and has to be done by every investor. This can be done either via webcam or mobile phone as per your convenience.
If your PAN is KRA verified, you are exempt from this requirement. For IPV, all you have to do is hold a paper with the OTP written that is displayed on the screen in front of your smartphone camera or webcam.
Just click the start ipv option and then choose the take video button and once the video is taken, choose the save job option.
- Digitally sign your application via your Aadhar through OTP or print the application, sign it manually and courier it to Zerodha office in Bangalore.
- Now you must upload the scanned copy of documents such as
- Pan card
- Bank statement/ Canceled cheque
- Aadhar card
- Passport size pics
- Your signature on a small piece of paper
- If you wish to trade-in options, commodity, and futures, you also have to submit your income proof which includes a 6-month bank statement or salary slip or Form-16.
- Next, E-sign process requires OTP verification. Enter the one time password received and click on the submit button.
- Once the application is filled completely, you will have to download the admit power of attorney form, fill it up and send to Zerodha address
Offline Zerodha Demat Account Opening Process
- Download and print the Zerodha account opening form from its website.
- Download and print the Power of attorney form and nomination form in case you wish to appoint a nominee.
- Fill all the forms carefully and sign them.
- Alternatively, you need to call on the number 080 4913 2020. A sales manager will be assigned to you who will not only send you the forms but also assist you in filling them correctly.
- The documents required online are the same documents you need to send offline. Make a copy of those documents and cross-sign them for self-attestation purposes.
- The charges for opening an account differs when you open the account offline. You have to pay Rs.400 in case you want to open a trading & demat account and Rs.400 for a trading, commodity and demat account.
- Once the application has been filled up successfully, send it to the Zerodha office address
Transfer Shares from One Demat to Zerodha
If you wish to transfer your Zerodha shares to someone else’s account, you need to fill-up a Delivery Instructions (DIS) slip.
You can receive a DIS booklet by printing out and filling the request form for the same and sending it to Zerodha office address.
After filling the DIS slip, submit it to Zerodha registered office address. The successful transfer of shares will take place within the next 48 hours.
Zerodha Demat Account Charges
Apart from the account opening charges mentioned above, Zerodha also charges Annual Maintenance Charges (AMC) per quarter directly from the trading account of the members.
This amount is used for the maintenance of your Demat account with Zerodha.
Below given are the AMC charges of Zerodha:
- AMC for individuals- Rs. 300 plus GST charges
- Account Opening Charges – Rs.300
- Commodity A/c Opening fee – Rs.200
Zerodha Demat Account Opening Status
It takes zerodha up to 2 working days to open your account after they have received your completed application with all the relevant documents.
An email confirmation is received once your account is successfully opened. If you do not receive a confirmation mail even after 2 days of sending your application online, you can give zerodha customer care support team a call for assistance and to know your zerodha demat account opening status.
How to Complete the Zerodha Demat Account Login Process?
Once your account has been successfully opened on Zerodha and you receive a confirmation mail, you can easily complete the Zerodha demat account login process.
For trading, you need to download Zerodha Kite mobile app on your phone, which is available for Android as well as Apple phones.
Kite is one of the most refined trading apps in the market currently. The layout of this app is simple, and it comes with a user-friendly interface.
The kite app is also very light and has a bandwidth consumption lesser than 0.5kbps.
It makes trading super easy and fun and works efficiently to give you the best trading experience.
How to Close Zerodha Demat Account?
Closing your Zerodha account is a simple process. Before closing your account, make sure to clear any negative balance in your account.
All pending dues must be cleared before you can initiate the account closing process. Also, you need to ensure that your Demat account doesn’t contain any securities.
Closing your account with zerodha and deactivating it are two different processes.
The closure is a permanent process and if you wish to resume trading, you have to re-open your account with zerodha.
For closing your Demat account, download, print, fill the account closure form and send it to Zerodha head office.
Or you can opt to fill the account closure form online, e-sign the account closure form by entering the OTP received and submit it by raising a ticket on Zerodha online support page.
Pro and Cons explain
Pros
- Lowest brokerage fees amongst all the share broker firms in India.
- Zerodha allows free of cost equity delivery
- No clearing fees charged from customers which they had to pay if there was a third-party clearing agent involved.
- No minimum balance required to open an account.
Cons
- The Demat account opening process on Zerodha is a tad bit slow and tedious.
- Zerodha is not compatible with Linux and Mac Operating systems
- Customers might not prefer few hidden charges involved, such as Rs.1 for SMS alerts and Rs.9 for DP charges.
Conclusion
Zerodha is a pioneer in the field of stockbroking business in India. According to a report by NSE in 2028, Zerodha is the biggest stockbroking firm in India surpassing several big names such as HDFC securities and Sharekhan.
Above all, Zerodha cares about its customers highly. The charges of Zerodha are the lowest in the market currently making it an attractive choice for the investors. If you are looking for a stockbroking firm that’s reliable, low-cost, efficient, and effective, Zerodha Demat account would absolutely be the perfect fit for you.
