What Documents required for Minor Demat Account

 

What Documents required for Minor Demat Account

Investing is an important skill and it’s never too early to teach your children and to secure your children’s future. A minor demat account is an account opened by the guardians, in the name of a person below 18 years of age. The account will be operated by the guardians till the minor becomes major (18+ years of age). A minor can also invest in stock market. Guardians has to be the father or mother. In absence of father/mother, the guardian can be appointed by court.

Here is the list of documents required to open demat account for minors.
1. Address proof for minor Demat account - For address proof minor can submit any of the following documents for demat account registration.
• Minor Aadhar Card
• Guardian Aadhar Card
• Utility bill
• Ration Card
• Minor Bank Passbook

2. Identity Proof for Minor Demat account - For identity proof to validate the name and date of birth, the minor need to submit some of the following documents.
• Minor Pan Card
• Guardian Pan Card
• Birth certificate
• Minor photograph
• Guardian photograph

3. Income Proof documents - This document is required only when you wish to trade in the derivatives segment as per SEBI guidelines so the minors can only trade in delivery segment.

Moreover, Guardians needs to submit some of the bank details like:
• Bank Passbook of the Guardian
• Cancelled cheque

So, here to activate the minor demat account, there is no need to submit the income proof to the stockbroker.
If you want to know more details about minor demat account, click here

If you wish to open Minor demat account, click here


Conclusion

If you are looking forward to opening a Minor Demat account then it is important to have the above mention documents before applying. Other than this, make sure that the PAN card and the Aadhar Card of the minor should be linked with each other. Apart of some restriction, like the minor account holder cannot be a part of joint accounts and can only trade in delivery segments.


Also Read: Why Demat Account is Required in Indian Stock Market

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