How to Open Investment Accounts on a Smartphone

Life has become quite easier thanks to the digital way of doing things in every aspect. It has made things convenient even for an investor because all financial transactions can be done online. Further, as smartphones are now as powerful as computers, trading and investing have become easier. The importance of portability has never been higher. You can now trade from anywhere with your smartphone. You can easily open your investment accounts online using any device, like a laptop or even a smartphone. You just need an online stock broker app for this. Let’s find out how to do this.

How to Open Investment Account on Trading Apps

You can open an investment account like a Demat or trading account without even leaving your house. The entire procedure is digital and can be carried out in a few minutes. The complete process is detailed below.

Step 1: Search for a suitable trading app

Choose a good trading app to open your investment account. Consider the reputation of the brokerage house offering the app. Check its ability to deliver the precise services you are looking for. You should always use apps provided by renowned firms like IIFL Securities. Their IIFL Markets app is one of the top-rated apps available on the app store.

Step 2: Provide basic details

After selecting a reliable trading app, visit its account opening section. Fill out the online account opening form. At first, you will be asked to submit basic information such as your name, phone number, email address, etc. You’ll also need to provide your PAN Card information.

Step 3: Add bank account information.

You must provide bank information such as account number, type, and IFSC code. Adding a bank account is necessary to receive funds, such as dividends, interest, etc. from the firm whose shares you hold in the Demat account. Moreover, you would have to make the payments from the linked bank account while purchasing securities.

Step 4: Complete the verification

You can complete the verification process at home, as the entire procedure is digital. There is no need to wait for a DP agent to visit you and validate your identification. Simply upload your photo and scanned copies of all the relevant documents, such as Aadhaar, PAN, driving license, etc.

Step 5: E-signature

Most DPs will allow you to sign your application digitally with your Aadhar-linked phone number. It is a quick and secure solution for reducing paperwork.

Step 6: Form Submission

Once you’ve completed these steps, submit your form, and your investment account will be active shortly. Essential details like your Demat and trading account number and login passwords will be sent to your registered email and mobile number.

 

List of Required Documents to Open an Investment Account

You will need the following documents to open your investment accounts.

Proof of Identity

Any document, including your name and photo can be used as the identity proof. You may submit a PAN card, Aadhaar card, voter ID, driver’s license, or any other government-issued ID card.

 

Proof of Residential Address

You can provide proof of residency by submitting any document that includes your residence’s exact postal address and city code. You may send a copy of your Aadhaar card, election card, passport, ration card, telephone or power bill, or other documents.

 

Bank Details

To finish the account opening process, you must link your bank account with it. To verify the bank account details, you must provide a copy of the bank passbook and the latest from bank statements.

Proof of your Income

For income proof you can submit your salary slips from your company or the income tax return (ITR) acknowledgement receipt. Remember to provide the most ITR statements of recent assessment year filed to the Income Tax Department.

Conclusion

Opening investment accounts like a Demat and trading account is essential to participate in the financial market. Nowadays, you can open them online on your smartphone. All you need is a good trading app. However, first, you should research the broker offering the best stock trading app and evaluate the trading fees. Make sure you understand the security procedures that the broker has in place to secure your financial information and investments. Opening the investment accounts is crucial in your stock market journey. This task gets quite simple with reliable apps like IIFl Markets. The app is very powerful and sophisticated. You also get access to all the trading tools that make the overall process of investing easy.