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What is a demat account?
A demat account is similar to a bank account, in which shares are traded electronically instead of in cash. A demat account uses the concept of dematerialisation for an operative function. In the process of dematerialisation, physical share certificates are converted electronically. Accordingly, the demat account uses this technology to store all the shares of the investors under one roof. These include government, securities, mutual funds, shares, bonds, etc.
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Steps to open a demat account online:
1. Visit the official website of your preferred depository participant (broker).
2. Fill out a simple lead form asking for your name, phone number, and city of residence. You will then receive an OTP on the registered mobile number.
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3. Enter the OTP to get the next form. Fill in your KYC details i.e. date of birth, PAN card details, contact details, bank account details etc.
4. Now open your demat account. You will get details of demat account number on email or mobile.
An investor can have multiple demat accounts. Which may be of the same Depository Participants (DP) or may be of different DPs. As long as the investor can provide the required KYC details for all the applications, more than one demat account can be operated by the applicant.