“Spend not where you may save; spare not where you must spend.”
And a good place to spend is on Shares and IPO’s. But did you know that you need a certain type of account before you can be involved in buying and selling shares and IPO’s?
That type of account is called a Demat account!
What type of account is called Demat Account?
The simple answer is – it is an account meant specifically for buying and trading shares and IPO’s. This account enables you to buy and sell the shares and record all the data at the same time. The Demat is an acronym of DEMATrilzation Account which basically means to transform into a virtual entity from a physical one. As you may have guessed, this Demat account is a virtual one.
But How Do You Make It?
Well, the process of making a Demat account is rather simple. All you need to do is fill up a form and submit it. Once you do this, you will have this type of account. The following are the step-wise procedures to make a Demat account.
- Fill up a DEMAT form. To do this you will need
- Bank account
- Personnel details
- Citizenship Photography
- Passport-sized photograph
- Submit the form
- You will receive a 16 Digit DEMAT account number
- Cheque book
This is how you make a Demat account. By making this account you will be able to buy and sell Shares and IPO’s. But did you know that you need to renew your Demat yearly?
How Do You Renew Your Demat Account?
So the thing is, the Demat account expires yearly and you need to renew your Demat account on time in order to keep on buying and selling shares. But while a lot of people know that you need to renew your Demat account yearly, people don’t know when to renew the Demat Account.
A lot of people think that the Demat account should be renewed on the yearly basis of BS, which is true but it doesn’t expire on New year. Rather it expires at the start and end of the fiscal year.
For those who don’t know fiscal begins on Shrawan 1 and ends on Asadh 30th. Now that we know when to renew your Demat account, let’s move on to the process of How.
To do this, you have to follow the process below:
- Open Mero Share
- Click Over Mero Share
You will see the option of Renew your Demat Account
- Click on it
You will see the modes of payments
- Choose your preferred mode of payment
- Pick the option of
- Renewal of Demat
- Renewal of Mero Share
You will see the payment details
- Click on Pay
- Fill in the details of the digital wallet
Your Digital wallet will send you an OTP to confirm the payment
- Input Code and Click on Pay
Once you finish these steps your Demat account will be renewed.
But What Is The Cost?
Those who are unknown with Demat and Mero Share may think that renewing these accounts is an expensive process. The ones who make them are those who are interested in finance and playing in the stock market which is high risk – high-reward game. So it makes sense that Demat might cost high. But that is not the case at all. The cost of renewing Demat is
- Rs 100
And if you want to renew MeroShare all you need is an extra amount of Rs 50.
So The Thing Is,
It is relatively easy and quick to both make and renew your Demat Account unlike what a lot of people think. All you need to do is grab a form, fill in the details to make the Demat account and log in to Mero share and click a few times to renew them.
By doing this, you can keep on playing in the stock market.
Hope you found this helpful. If you have any suggestions for us do let us know them down in the comments below. And as always, thank you for reading till the end.