It is no secret that change is a recurring pattern in life. With the passage of time, almost everything can change, including important personal details pertaining to you, for instance, address, bank account details, etc.
When there is any change in pertinent personal information, you must update your bank account and demat account at the earliest. In this article, we shall discuss
- What is a demat account
- how to open a demat account
- how to update your personal details in a demat account
What Is A Demat Account?
Your demat account is the digital repository of the assets you have purchased from the securities market. With a functional demat account, you need not worry about storing, managing, and locating physical certificates of securities.
Furthermore, you can buy and sell securities through the linked trading account in a seamless manner. Since your demat account contains some of your financial assets, it is important to check the account on a periodic basis, and keep your personal details updated in the account.
How To Open A Demat Account
You can open demat account online by selecting a depository participant (DP) and filling the online account opening form. While selecting a DP, you must carry out adequate research to check their market credibility, compliance record, security history, and emphasis on customer service.
Once you have selected a DP, you can submit the required supporting documents along with the demat account opening form on their official website. These documents include a valid proof of identity, proof of address, Permanent Account Number (PAN) card, bank account details, and recent passport size photographs.
After the verification of the aforementioned details, the DP shall open your demat account, and communicate the account particulars (DP ID, login credentials, terms of the contract, etc.)
on your registered email address. Subsequently, you can access the DP’s demat account platform and login to your demat account.
Process To Change Personal Details In Your Demat Account
Should you need to update any personal details in your demat account at a later stage, you can do so by following a simple process. You can change your name, mobile number, email address, communication/ permanent address, nominee details, and bank account details in your demat account.
- Change In Name
If you have modified your name due to any valid reason, you can update the same in your demat account.
To do so, you must download an Account Modification Form from your DP’s website, fill the pertinent details, and submit the form with the required documents.
For updating your name in your demat account, you shall be required to submit a notarised copy of the modification (as published in an official gazette).
For name change following marriage/ divorce, you must also submit a copy or your marriage) divorce certificate. In order to rectify spelling errors in the name quoted on your demat account, you must submit a self attested copy of your PAN card (with the correct spelling of your name).
- Change In Correspondence Information
To update your address in your demat account, you must download an Account Modification Form from the DP’s website, fill it, and submit it along with a copy of the new address proof.
- Change In Bank Account Details
If you wish to change your bank account details in your demat account, you must obtain a Bank Account Modification Form from your DP’s website. Then you must fill the form and submit it along with a copy of the new bank account’s cancelled cheque, bearing the account holder’s name, the account number, bank IFSC code, and other relevant details.
- Change In Nominee
In order to update your nominee details in your demat account, you have to download the Nomination Modification Form from your DP’s website, and submit it along with the Know Your Customer (KYC) documents of the new nominee. Alternatively, you can access the website of the NSDL or CDSL, and update your demat account nominee details there.
The Bottomline
By following the processes mentioned above, you can easily open a demat account and update important personal information in the account as required. You must keep your personal information, particularly correspondence details, updated in your demat account at all times.
