Who To Open a Demat Account With Bank Or Broker?

Posted by rahulkale on April 8th, 2020

Why would one want to open a Demat A/c? That’s the first question.

To trade in stocks or derivatives or to invest in shares etc right? To do this easily is the reason a Demat A/c has been formulated. Essentially it functions just like a Bank A/c but it is for trading or investing in stocks.

Now with that out of the way, who provides the trading and investing in stocks services? That’s the next question.

The answer is a Broker. So why open a Demat A/c with a Bank? It makes little sense to do this with Bank even if it offers these services as it is not the core USP of the Bank. That’s not what banks are for but it is definitely what stock brokers are for.

So, with that out of the way who to open the A/c with (the Broker definitely!) we can look at the next bit of important information.

A Demat account essentially holds financial securities. Demat account is maintained by two primary depository organisations namely,

NSDL – National Securities Depository Limited
CDSL – Central Depository Services Limited

Most brokerage firms offer this as a service and all is left for us to do is select a reliable platform to trade or invest.

Choice Broking for example offers Free Demat Account opening and has a robust and surprisingly quick platform – Jiffy

Choice Broking is a full-service brokerage and offers the entire gamut of financial services. They have a reliable research and advisory team too.

It is always advisable to open a Demat Account with a brokerage firm because it reduces a lot of hassle. With a bank you will still need to map the account with a brokerage firm with no advantage whatsoever.

Demat Account process is paperless and with the documents handy it does not take more than a few minutes.

Jiffy App has its entire onboarding process paperless; you can do it from anywhere!

What else does Choice Broking’s Jiffy offer?

  • Free Demat Account opening
  • No AMC charges for the first year
  • No Minimum Deposit required to open an account
  • Rs. 1000 gift voucher for recommending a unique* feature

Besides this you get a dedicated RM – Relationship Manager unlike banks. Pretty neat right? Yes. Who wants the hassle of going to the bank with a bulk of documentation?

Download the Jiffy and use the Guest Feature to browse its features. If convinced go right ahead with account opening.

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