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Can a minor open SBI online demat account?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 rohith asked almost 3 years ago

Can a minor eligible to open SBI online demat account? If yes, how it will be possible?

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2 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 narahari answered over 2 years ago

a) Demat account can be opened in the name of a minor child by the natural guardian (parents) or court-appointed guardians only. b) The guardian needs to fulfill all requirements for documents and KYC norms to open the account in the name of the minor. c) A minor cannot be a joint holder in a demat account. The demat account can be held only in the name of the minor. d) Date of birth of the minor is mandatory required, with proof. The account becomes inoperative when the minor turns major.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 CA Sandeep Bohra answered almost 3 years ago

Dear Friend, a) Demat account can be opened in the name of a minor child by the natural guardian (parents) or court-appointed guardians only. b) The guardian needs to fulfill all requirements for documents and KYC norms to open the account in the name of the minor. c) A minor cannot be a joint holder in a demat account. The demat account can be held only in the name of the minor. d) Date of birth of the minor is mandatory required, with proof. The account becomes inoperative when the minor turns major. e) On attaining major status, a new demat account needs to be opened after completing all documentation. The erstwhile holdings can then be transferred to the new account. f). If shares are held jointly with a minor in paper form, they need to first be transferred to the minor and then to the demat account in the minor’s name. g). Through the Minor’s Trading account only delivery of shares could be bought & sold.

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