eKYC – Paperless Trading Account

Now a physical presence is not required as institutions offer paperless KYC popularly known as eKYC. Know, what is eKYC and how to open an Instant Trading and Demat Account via eKYC and it’s benefits.

now your customer (KYC) is a familiar term as it is required to open an account with any financial institution. As per Reserve Bank of India (RBI) guidelines, it is mandatory to complete the KYC process if you want to open a trading account, bank account, or demat account. In the past, it was compulsory to visit the institution physically with a KYC form along with acceptable Government identity proofs. However, with technological advancement, now, a physical presence is not required as institutions offer paperless KYC popularly known as eKYC.

What is eKYC?

This is an electronic procedure of filing the necessary KYC documents required for institutions to know their customers. The Unique Identification Authority of India (UIDAI) provides such services to all its partner organizations. The procedure to complete electronic KYC is simple, quick, and hassle-free.

The electronic service allows you to share your personal and demographic details via Aadhar transparently and securely. You need to provide details, such as, your name, contact number, residential address, gender, date of birth, (as per the Aadhar card) for eKYC.

5 Steps for eKYC for Demat and Trading Account

How to open an ‘Instant Trading and Demat Account’ via eKYC?

Opening a paperless trading account today is very quick and simple via eKYC.

Here are the detailed steps to open an ‘Instant Trading and Demat Account’ with an online broker.

1. Select ‘Open an account’ option on the broker’s website.

2. Fill in your basic personal details, such as name, age, address, and employment

3. Choose the product you want to trade in (for example, BSE, NSE, etc.)

4. Based on your personal trading goals, you may choose the most appropriate brokerage rate plan.

5. After the primary verification of the aforementioned details, pay the initial account opening charges to proceed further.

6. The next step is to upload your documents, such as PAN and Aadhar card details, residential address proof, etc.

7. Finally, complete the e-signature (which is necessary for online trading and demat account)

Once the company verifies the details, you will receive a unique account ID and other details. Now, You can proceed to trade on both online and offline platforms with a web-based registered trading and demat account.

Benefits of eKYC for opening a paperless trading account

• It eliminates associated risks, which may occur while filling up the forms and submitting documents. You can simply submit electronic copies of your proofs, making the entire procedure quick and hassle-free.

• The entire procedure is automated and ensures real-time data transfer without any delays that occurs during manual intervention. The traditional paper-based KYC demands days to be completed whereas, with this modern system, you can open an account in a few minutes.

• Opening an instant account via paperless procedure does not need require any additional payment to the broker.

• According to Indian laws, Aadhar-linked eKYC is acceptable across all institutions. Hence it creates an opportunity to open an instant demat and trading account using your Aadhar card conveniently.

As there are several online broking companies, choosing the right service provider may be confusing. While choosing the lowest brokerage rates, it is also recommended you choose an online broker that offers reliable customer service and detailed research and analysis.

One such reliable and well-reputed online broker is mastertrust that offers a quick and hassle-free procedure to open an instant trading and demat account. Additionally, the broker offers the lowest brokerage rates as well as excellent and in-depth market research and analysis to help you make informed investment decisions.

Get your demat account today and start trading immediately.