How to Find the Demat Account Number from a PAN Card?
A Demat account allows you to hold stocks and securities in the electronic form and trade them conveniently. A PAN card is an essential document for you to open a Demat account. Moreover, you can also use your PAN details to find your Demat account number.
This blog provides a step-by-step guide on finding your Demat account number with a PAN card.
Why Is PAN Card Important to Open a Demat Account?
A PAN card is one the most essential documents for opening a Demat Account. These points highlight the importance of a PAN card for Demat account related purposes.
- A PAN allows the Income Tax (IT) department to track all of your financial activities in the stock market.
- The IT department considers the PAN card as the primary identity proof of an individual participating in the trading of stocks.
- PAN card details also play a significant role while filing Income Tax returns.
- You must also mention your PAN card details while buying or selling securities on the stock exchange.
- Investors in the northeastern states of India can apply for a Demat account without a PAN card. However, the maximum amount they can invest is ₹50,000.
Steps to Find the Demat Account Number Using Your PAN Card
Follow these steps to find your Demat account number using your PAN card details:
Step 1: Visit the website of your Depository Participant.
Step 2: Download and fill up the application form using your PAN card as identity proof.
Step 3: Complete the KYC procedure using a PAN card and other required documents such as identity and address proof. Submit scanned copies of these documents along with the application form.
Step 4: Your Depository Participant (bank, NBFC, or stockbroker) will complete the due diligence from their end.
Step 5: After you submit the details from your end, you must complete a two-factor authentication process to verify your email address and phone number.
Step 6: Following this verification, you need to verify your bank account and ECS payment methods for instant and hassle-free transactions.
Step 7: When you finish these verification processes for your Demat account, you will receive encrypted emails regarding account history and transactions of stocks. You will find these emails on your registered email ID. Also, these emails will carry your PAN card and Demat account number.
Step 8: You can check your inbox and enter your PAN number in the search bar. All your emails with your PAN number will show up.
Step 9: Click on any email from NSDL or CDSL (the depository of your choice) and note down your Demat account number from here.
How Can I Create a Demat Account Using My PAN Card?
The process of opening a Demat account is entirely digital. Within a few days, you will be able to open your Demat account by following some basic steps.
Follow the steps below to open a Demat account online with your PAN card.
Step 1: Choose a Depository Participant, which can be a bank, NBFC, or stockbroker. Visit their portal or download their app to open a Demat account.
Step 2: Provide basic details like name, email ID, phone number, and PAN details.
Step 3: Enter your bank details like account number and IFSC code. This will allow you to transfer funds from the linked account and receive dividends straight to your bank account.
Step 4: Upload scanned copies of required documents like a PAN card, Aadhaar card, and a passport-sized photo. These documents will act as your identity proof and address proof.
Step 5: Complete the KYC verification by following the directions provided. You might need to record a video of yourself reading details from your PAN card.
Step 6: Upload the e-signature as a self-attestation of all the above documents and acknowledge the terms and conditions.
Step 7: The Depository Participant will verify your details from their end and notify you via mail when your Demat account is active. They will also mail you the Demat account credentials and a unique ID.
Frequently Asked Questions
What is a depository?
In financial terms, a depository means an entity that holds financial securities in a dematerialized form. NSDL and CDSL are two depositories that govern Demat accounts in India.
What is the DP ID?
Banks, financial institutions, and brokerage firms are assigned a Depository Participant ID by the NSDL and CDSL.
What is the Customer ID?
The stockbroker assigns each customer a customer ID based on the last 8 digits of their 16-digit Demat account number. These 8-digit numbers are unique to every investor and can never be the same for two investors.
Can a minor have a Demat account?
There is no minimum age limit for an individual to have a Demat account. Therefore, a minor below 18 years of age can have a Demat account if their parents or guardian manages it on their behalf.