How Long Does It Take to Open a Demat Account?

Opening a Demat account must be the topmost priority for investing in the stock market. However, before opening it, you must think about how long it takes to open Demat account. Numerous factors influence the duration to open a Demat account. This blog provides an analysis of how much time it take to open Demat account both online and offline and highlights influencing factors.

Important Factors Affecting the Time Needed to Open a Demat Account

Investors must contact a depository participant (DP) or an authorised broker to open a Demat account. The following factors can affect the time of opening this account:

1. Documentation
   The accuracy of submitting the required documents plays a major role in the Demat account opening process and time. Ensuring all required paperwork is in order may speed up the account opening process. Investors must provide address proof, identity proof, details of PAN card, and passport-size photographs, along with a completed account opening form.
2. Know Your Customer (KYC) Procedure
   The KYC process is also an influential factor in the duration of opening a Demat account. It verifies the identity and address of an investor. The effectiveness of DP, investors’ promptness in supplying necessary data, and compliance with legal requirements are the factors that determine how long the KYC process takes. The KYC procedure may occasionally require in-person verification. Sometimes it prolongs the account opening procedure.
3. Mode of Opening
   The duration of a Demat account opening also depends on the account opening method. An online procedure reduces the time to open a Demat account. An online mode of account opening may expedite the approval and verification procedure by allowing investors to complete an application and submit the supporting documents digitally.
4. Verification Process
   The document verification timeframe and fulfilling regulatory compliance can also influence the duration of Demat account opening. An efficient DP can easily carry out these processes quickly.
5. Provider
   The account provider or the chosen DP also influence the time to open the Demat account. Processing timelines and efficiency levels for account opening requests differ throughout DP companies. Seek an established and reputable DP to guarantee a quick and easy Demat account opening process.

How to Open a Demat Account Online?

You can open a Demat account online with the help of an online broker. The duration for opening a Demat account online varies from broker to broker. You can open a free Demat account with PL Capital Group – Prabhudas Lilladher within the same working day. The following steps will help you understand how long does it take to open a Demat account online:

1. Download the PL application from any app store.
2. Click on the ‘Account’ section and go to the ‘Profile’ option.
3. Enter your email ID and mobile number in the required fields. For verification, enter two OTPs that were sent to your email address and cellphone number.
4. Now, provide your PAN information, including your name and number, for instant e-KYC.
5. Verify your Aadhaar number through the OTP sent to your Aadhaar-linked mobile number.
6. Your Demat account will be created after you grant access to your Digilocker.

How to Open a Demat Account Offline?

You can also open a Demat account offline, but it will take more time than the online process. Have a look at the procedure below to know how much time does it take to open Demat account offline:

1. Visit the branch office of your chosen DP or broker and collect the account opening form.
2. Fill out the Demat account opening form accurately and attach the required documents.
3. The staff will verify each physical document and cross-reference the details.
4. Your Demat account will be activated by the DP after successful verification.

It will take a few days to a couple of weeks to open a Demat account offline, and then you can start trading.

How Can You Check the Status of Your Demat Account?

Now that you know how much time it will take to open Demat account both offline and online, you should also understand how to check the status of it. You can verify information using the reference ID supplied in the web interface or on the Demat account app if the opening of a Demat account is taking longer than expected. To find out how your Demat account is doing, you may call your chosen broker.

Final Thoughts

If you are looking for how much time it take to open Demat account, you must note that it depends on several factors like account opening mode, verification process, KYC verification time, and more. An online procedure for opening a Demat account is less time-consuming than an offline procedure.

However, if you want to open a Demat account for free, then download the PL application. This full-service broker enables you to invest in various types of securities like stocks, mutual funds, bonds, derivatives, and others with zero trading charges.

Frequently Asked Questions

1. Can a Demat account be opened in a single day?

Yes, you can open a Demat account in a single day using e-KYC and online mode. However, the bank verification process can take an additional day.

2. How long does it take to have a Demat account verified?

The physical document verification process generally takes two to three working days. However, in the online mode of account opening, it will take a few minutes.