How to open an account in a dealing center. 1. Determine the type of brokerage account you need
The trading account is where you will place bids for buy or sell orders and demat account is for holding your shares in dematerialized form. Steps to open a share trading account 1. Find a broker The first step is to find a stock broker or firm.
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Stock brokers are of two types - full service and discount. A full-service broker provides a variety of services along with buying and selling of shares such as research and advice as well as retirement and tax planning.
For example, if you open your trading account with a bank subsidiary, it can be your a 3-in-1 account, i. Other full-service brokers provide all these facilities except a savings account.
Discount brokers are new to India. They charge a much lower fee than full-service brokers and provide a no-frill stock broking accounts. They only provide the necessary trading facility at the least possible cost.
Compare brokerage rates Every broker charges commission and certain fees for processing investors order. These charges can vary from broker to broker.
Some give discounts on the basis of the amount of trades conducted. Take all this into account before opening an account. But don't over-emphasise the point.
You need to understand the facilities offered.
You need to fill up these forms and submit it along with identity and address proofs such as Voter ID card, PAN card, birth certificate, passport, ration card etc. Once your application is verified, you will be given your trading accounts details.