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Uncover the rewards of RuPay credit card on UPI. Learn about the benefits of linking RuPay credit cards to UPI before applying!"
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Know whether the SBI IRCTC RuPay Credit Card can be linked to UPI or Not. Also, learn the entire linking process.
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Save money and earn free fuel with Indian Oil Fuel Credit Card, help you save big! They grant a fuel surcharge waiver.
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Explore the best HP fuel credit card options to get one that gives you maximum benefits. And Reduced your Fuel Bills.
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Discover the exceptional benefits and features of the new BPCL SBI Fuel Credit Cards Octane. And everything you need to know.
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"Discover the top-notch features of the premium Axis Bank Gold credit card that can be easily applied online"
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Learn about the different types of Axis Bank credit cards available and choose the card that best fits your specific needs and preferences.
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Explore Demat Account Meaning, Types & Benefits
What is Demat Account -Demat Account Meaning
A Demat account meaning is a digitalised domain for holding shares and securities. It eradicated the requirement for physical share certificates by transmuting them into an electronic configuration. It enables effortless online trading for users. The Demat account is a central repository for housing investments in diverse financial instruments such as shares, bonds, exchange-traded funds, government securities, and mutual funds.
The introduction of Demat accounts in 1996 by the National Stock Exchange (NSE) in India marked a significant milestone in the digitisation of the stock trading market. Initially, the account opening process was manual and time-consuming. However, with technological advancements, investors can now open a Demat account online within minutes, making it more accessible and convenient. The COVID-19 pandemic further accelerated the popularity of Demat accounts as investors turned to digital platforms for trading.
Types of Demat Accounts
Traders can open the following Demat accounts before they start trading.
Regular Demat Account
This type of account caters to resident Indian investors who primarily trade shares and require a secure storage facility for their securities. In regular Demat accounts, stocks are debited when sold and credited when purchased during trading activities. A Demat account is not mandatory for investors trading in derivatives like futures and options (F&O) as these contracts do not require storage.
Basic Services Demat Account
Introduced by the Securities and Exchange Board of India (SEBI), the Basic Services Demat Account is for new investors still waiting to open a Demat account. It offers zero maintenance charges for holdings valued below Rs 50,000 and a flat fee of Rs 100 for holdings valued between Rs 50,000 and Rs 2 lakhs. This account aims to promote financial inclusion and encourage more individuals to participate in the stock market.
Repatriable and Non-Repatriable Demat Accounts
These accounts are designed for non-resident Indians (NRIs). A Repatriable Demat Account is linked to a Non-Resident External (NRE) account, allowing the transfer of funds abroad. Investments made from repatriable funds are maintained in this account. On the other hand, a Non-Repatriable Demat Account is linked to a Non-Resident Ordinary (NRO) account, which does not permit the transfer of funds to foreign locations. Investments made from non-repatriable funds are held in this account.
Benefits of Demat Accounts
The following benefits come with holding a Demat account.
Easy Tracking
Demat accounts offer easy tracking of trading activities. The account provider’s website lets Investors view their holdings, transaction history, and account statements online. This enables users to monitor their investments effectively and make informed decisions.
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A Comprehensive 7-Step Manual on How to Open Demat Account
Before learning the steps on how to open Demat Account, let us first know what a Demat Account is.
A Demat Account, or Dematerialised Account, allows the electronic storage of stocks and other securities. Shares are purchased and maintained in a Demat Account while trading over the internet, making it simple for consumers to transact. Each person’s investments in mutual funds, bonds, shares, exchange-traded funds, and government-issued securities are kept together in a Demat Account.
NSE first made it available in 1996. Initially, investors had to go through a manual procedure for creating an account, which took a few days to be active. The Demat Account has reduced the chances of stealing and deception by holding stocks in digital form.
How Does a Demat Account Operate?
A Depository Participant (DP) can open a Demat Account on your behalf. You and Central Depository Services (India) Limited (CDSL), or the depository NSDL, are connected through the DP.
Following account opening, you may transfer shares from your actual share certificate to your Demat Account. You can purchase and trade shares, mutual funds, and other securities with the Demat Account. Following the close of business, your Demat Account will either receive credit for or debit for the shares.
Steps on How to Open Demat Account
One can now learn how to open a Demat Account in only minutes. Demat, which soared in popularity during the pandemic, has benefited from the entirely digital procedure. The following steps will let you know how to open Demat Account:
Step 1: Do a Depository Participant Search
The first step on how to open Demat Account is to decide the DP with whom you wish to register a Demat Account. Think about the DP’s status and if it can offer the services you need.
Step 2: Initiate the Demat Account Opening
After deciding on a DP, complete the online account opening form on the DP’s website. You must start by giving basic information like your name, email address, mobile number, etc. You must also include your PAN card information.
Step 3: Add Your Banking Information
Step three on how to open Demat Account involves adding bank details such as account number and IFSC code. Providing account information is crucial because it is utilised to credit any cash owed to you. You may own shares of the company that issued them in your Demat Account, such as dividends and interest.
Step 4: Upload Documents
In the next step, you need to upload a photo. Obtain a record of your identification and address proof documents to finish this process.
Step 5: Complete Personal Verification: Read more...
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When you think of choosing an investment plan, you can be a little confused about the one you should choose. The confusion can be borne from the various choices that you can find. But how do you figure out which one is the best? For this purpose, it is first necessary to understand investment plans.
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Insurance protects your car against unforeseeable events, accidents, natural disasters, and other risks. Getting your car insured financially protects your four-wheeler in case of damage or loss from any accident
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Understanding Your Credit Scores
Credit scores is a crucial figure in the world of finance. It determines a borrower’s ability to get approved for loans and interest rates. However, many people do not understand how their scores are calculated, which factors can affect their scores or what they can do to improve their scores. Read more..
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How To Check, Generate & Activate UAN Number
UAN number plays a crucial role in ensuring smooth access and efficient management of provident fund accounts. This unique 12-digit number is important for each employee covered under the EPF scheme. To take full advantage of this system, each individual must be well-versed in the process of checking, generating and activating their UAN numbers.
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LIC Premium
LIC Premium Life insurance offers a financial safety net that transcends human existence. It secures your future and that of your loved ones. LIC - Life Insurance Corporation of India, is the pioneer in offering life cover to millions of people in the country.
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Best credit card in India 2024
With the expanding Indian economy, credit cards have become increasingly common. However, selecting the ideal credit card may take time and effort since many options are available. Therefore, we have produced a list of the 10 best credit cards in India for 2024 to assist you in making a choice. If you’re looking for rewards, vacation perks, or low interest rates, one of the cards on our list is perfect for you.
The top Indian credit cards for 2024
You can discover some of the best credit cards in 2024 through the list given below and find the one that suits your needs and requirements.
1. HDFC Bank Regalia – the Best Travel Credit Card.
2. SBI Card Elite – Most Significant Rewards Credit Card.
3. American Express Platinum Travel Credit Card – Best for Upscale Travel.
4. ICICI Bank Amazon Pay Credit Card – Best for Online Shopping
for know more Click Here
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