Know All About a Demat Account and Why You Should Open One with IIFL Capital
Thinking of investing in the stock market? Well, there are a variety of ways to pull this off. Yet you need to know the right way to invest to gain maximum returns. Thus, in this blog, Market Miinds, one of the leading financial solution agencies in Kolkata, will let you know the need to create Demat account. Remember, it’s the essential gateway to trading and investing in the digital age. What Exactly is a Demat Account? The term “Demat” is short for Dematerialised account. Simply put, a Demat account is your digital locker for holding financial securities. In the past, when you bought shares, you received a physical paper certificate. However, a Demat account replaces all that paperwork by holding your investments like shares, bonds, mutual funds, and ETFs in an electronic format. Which means you can eliminate the hassle of multiple documents, as well as reduce the risk of losing important documents. There are also other benefits to create demat account, which we will explore below: Primary Function Stores securities electronically (the locker). Executes buy and sell orders on the stock exchange (the transaction tool). Feature Demat Account Trading Account In India Maintained by Depositories (NSDL or CDSL) through a Depository Participant (DP). Maintained by the Broker (like IIFL). Why is it Necessary to Create Demat Account? Since the Securities and Exchange Board of India (SEBI) made it mandatory to hold and trade listed securities electronically, having a Demat account is a prerequisite for most stock market activities, including applying for an IPO. To be clearer, you are legally required to open demat account, whether you open open demat account online or a free demat account with no annual charges. Only then can you buy or sell shares on stock exchanges like NSE or BSE. As mentioned before, a demat account acts as a safe for all your documents and eliminates risks associated with physical documents, such as loss, theft, forgery, or damage. On the other hand, it also reduces the hassle of paperwork and ensures your holdings are easily accessible and traceable. Moreover, you can also get instant transfer of shares during buying or selling, as well as speeding up settlement cycles and reducing delays in receiving securities or payments. Furthermore, if you want access to a vast range of investments, a demat account is the way to go. Because, demat account can hold not just stocks, but also mutual funds, bonds, ETFs, government securities, and more. Plus, the existence of such an account will simplify portfolio management by consolidating all your investments in one place. Lastly, the greatest benefit of a demat account is that it reduces transaction costs by eliminating stamp duty on the transfer of securities. Thus, it will make your corporate actions like dividends, bonuses, and rights issues seamless and automatic. Create Demat Account and Seamlessly Invest with IIFL Capital IIFL Capital is one of the leading Depository Participants (DPs) in India. They typically offer a 2-in-1 account (Demat + Trading) for a smooth investing experience. But first, you need to know how to open your best demat account with us. As Market Miinds is an authorised partner, we will guide you through the process of the steps for opening a demat account. How to Open Your Demat Account Opening an account with IIFL is quick and paperless, especially if your Aadhaar card is linked to your current mobile number (for e-Sign). The process involves a few easy steps that will enable you to create demat account safely. Visit our authorised partner link and click on the “Open Account” button. In case you have run into an issue while following the steps to create demat account. You can schedule a one-to-one meeting with Market Miinds to discuss about this process. Furthermore, if you want a full analysis of your financial health as well. We take 360° care of all your financial needs. Essential Documents to Keep Ready When Opening a Demat Account While the process is mostly paperless, you should have digital copies of these documents ready. There are many steps that you will need to take to look for your document to get the credentials right. Therefore, whenever you are sitting to create demat account, make sure you keep all the documents within arm’s reach. To make things easy for you, we have created a list of documents that you will need during the process. Document Category Required Documents (Any one copy) Identity Proof (POI) PAN Card (Mandatory), Voter’s ID, Passport. Address Proof (POA) Aadhaar Card, Passport, Voter’s ID, Latest Utility Bill (Electricity, Gas, etc.). Bank Proof Cancelled Cheque leaf or Latest Bank Statement. Income Proof (For F&O/Commodity) Last 6-month Bank Statement, Latest Salary Slip, ITR Acknowledgement, or Form-16. How Much Demat Account Cost? Well, the good news is, if you are a new user, you can get access to a free demat account. Moreover, you can also have your broker waive the Annual Maintenance Charge (AMC) for the first year. Furthermore, they also offer many plans that offer zero AMC. However, in case it is not the case, the AMC is usually pretty low-cost, around ₹300/year. Moreover, the transaction cost you bear is around ₹10 – ₹25 per transaction, which is charged when you sell shares; buying is usually free. Lastly, the custodian fee is usually charged by anyone these days. However, if you are an active trader, a free account will not do you any good; after all, regular plans hover around ₹300 per year maximum! Concluding with Quick Tips At Market Miinds, we like to provide you with more than you expect. Thus, here are all the additional tips that you need to keep in mind when you are about to create demat account! First, although account opening is often free, be sure to check for Annual Maintenance Charges (AMC) and transaction fees levied by the DP. On the other hand, you should always complete the nomination process to ensure a smooth transfer of assets to your nominee in
Qualities to Look for in the Best Insurance Advisor in Kolkata
In today’s uncertain world, it is extremely important to have insurance in various aspects of your life. It could be life insurance, health insurance, etc. But before committing to any insurance, what you first need is an excellent insurance advisor in Kolkata. After all, the world of insurance can be pretty intimidating. You will come across terms like premium, deductible, rider, and sum assured swirl around, leaving you scratching your head. An insurance advisor is also like a financial advisor in Kolkata, but for more personal aspects. They ensure you get the best plans that will come in clutch when you need them the most! Therefore, in this blog, Market Miinds, one of the leading financial and insurance advisory companies in Kolkata, will delve into what makes the best insurance advisor in Kolkata. Why You Need the Best Insurance Advisor in Kolkata? It is common sense that whether you’re looking for life insurance, health coverage, or a comprehensive financial plan, choosing the best insurance advisor is a decision that can impact your financial future. Moreover, there are a plethora of plans that fit people with different needs. From young professionals in Salt Lake to families in Behala and entrepreneurs in Park Street, all need customised insurance solutions. However, not all advisors are created equal, so you need to look out for the qualities that contribute to the best insurance and financial solutions provider in Kolkata. So, before diving into the specifics, let’s define what separates a great advisor from a mediocre one: What is the Path to Find the Best Insurance Advisor in Kolkata? The best way of finding the right insurance and financial advisory in Kolkata is by asking your friends, colleagues or relatives. After all, word of mouth alone can tell a lot about the insurance advisor in Kolkata. On the other hand, you can check trending websites that list advisors based on their ratings. You should consider a financial advisor in Kolkata who has a rating above 4 out of 5 at least. Moreover, ensure that they possess years of experience along with verified customer feedback on the site. Additionally, you also need to ensure that the advisor is licensed by the Insurance Regulatory and Development Authority of India (IRDAI). You can ask for their license number or verify it online. If someone refuses directly or roundabout way, consider it a major red flag. Furthermore, don’t settle for the one you have met first; schedule different meetings with different advisors, ask questions like what insurers do you work with? How do you assess a client’s needs? Or what’s your claim support process? Remember, their answers will reveal whether they’re genuinely interested in helping or just selling. Here at Market Miind, we ensure to create multiple touch points like our website and WhatsApp business account for seamless connectivity with our customers. Ensure this is also the case with the advisor you are choosing. Keep in mind that a good advisor will conduct a financial needs analysis before recommending any product. If they jump straight into selling a policy, that’s a red flag. Lastly, it is common in the industry to earn a commission on each insurance plan. However, ensure that such a commission does not create any bias, so ask if they’re tied to one company or work independently. Common Mistakes to Avoid and Things to Follow to Find the Best Insurance Advisor in Kolkata Understandably, price plays a big part when it comes to choosing an insurance plan. However, cheapest isn’t always best, and the correct insurance advisor in Kolkata will help you to look for the best value in such plans. Also, ensure to read the policy document; remember, a good advisor should help you understand it. Avoid companies or agents that promise unrealistic returns. After all, insurance is primarily for protection, not investment. Furthermore, the real test of an advisor comes when it comes to the time of claim. Only the best insurance advisor in Kolkata can help you with the claim, especially during a period of emergency or a crisis. We have already mentioned many of these points before. However, for a refresher, ensure the insurance advisor in Kolkata has their IRDAI license verified. They must also offer multiple insurance products and should be transparent about their commissions. Also, ensure that they provide post-sale support and don’t vanish into thin air. Moreover, they must be accessible via phone, email or WhatsApp and must maintain a respectable website with their accolades listed. They must also have strong online reviews across various unbiased rating websites and forums. Lastly, a good advisor will conduct a Need Analysis to evaluate which insurance you actually need, rather than selling you a plan with the most commission. On the other hand, you can also check out how we help you find the best Mutual Fund Investment Plans in Kolkata! Conclusion Choosing the best insurance advisor in Kolkata isn’t just about ticking boxes. Remember, it’s about finding someone who understands your life, your risks, and your goals. Thus, if you are here and have made it this far, it means that you are trusting Market Miinds. We have been helping our customers for years to find the right insurance plan that will help them when they need it the most! We possess all the qualities that the best insurance advisor in Kolkata needs to earn the trust of their clients. However, if you want to hold a direct meeting with us, then click here to start right away! FAQs
