How Long Does it Take to Open a Demat Account?
Once you have decided to open you demat account, the first question in your mind would be how long does it take to open a demat account. After all, you would prefer a demat account where the time taken to open demat account is as short as possible. One thing to remember is that if the documentation is proper and the demat account opening form is filled up properly, it really should not take too much time.
Open Demat Account Online or Offline?
The Demat account can be opened offline and online. The demat account needs proof of address, proof of identity, PAN card and the cancelled cheque as documents. In online application, all these details are downloaded from your Aadhar database and you only need to authorize the DP / Broker to authenticate with the OTP that Aadhar sends to you.
The time to open a demat account would vary depend on whether you opt to open the demat account online digitally or offline. In the case of online demat account opening, the entire process including the in-person verification (IPV) can be comfortably completed in a few hours’ time. However, if you opt to open the demat account by submitting physical documents for proof of residence, proof of identity and PAN card, it may take around 2-3 days’ time to open the demat account.
The online method is not only more comfortable but also convenient and much quicker. More so, now you don’t need to execute power of attorney while opening your trading cum demat account. So, in the absence of POA, the demat account opening can becoming entirely online, without any physical intervention. Remember, the time taken to open a demat account can be loner if your documents are not proper or incomplete.
How to check your Demat Account Status?
Once Demat account is activated, you will be intimated by a welcome mail to your registered email id and an intimation to your mobile number. However, in case the demat account opening is getting delayed, you can check the details based on the reference id provided either in the portal interface or the mobile app. You can even call up the broker to check the status of your demat account.
In the case of any discrepancy in data or mismatch in signature, you may be required to go personally and rectify the situation. It is always better to get such issues resolved immediately as once the issue is addressed, the account opening happens immediately.
Frequently Asked Questions Expand All
For online demat account opening, it gets activated in just a couple of hours. However, in case of physical documents based account opening, it can take around 48-72 hours based on the completeness of data provided.
If you have bought shares in the secondary market, the shares will be deposited in the demat account on T+2 day i.e., two working days after the transaction. In the case of IPO, the shares are credited within a day of allotment date.
The process will take longer as there are multiple levels of compliance and approvals. Typically, a week to 10-day is what it could approximately take.