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5paisa Open Account | Account Opening Process Review


5paisa is Mumbai based discount stock broker. It is part of India Infoline group (IIFL), a well-known financial service provider in India.

5paisa offers online stock trading to retail customer at a very low flat rate brokerage. 5paisa launched its services in 2015 and attracted many investors and traders because of cheaper brokerage plans and strong backing of its parent company IIFL.

5paisa Facts (as of July 2017)

  • 5paisa started offering discount brokerage services in year 2015
  • 5paisa offers free mobile, web based and installable trading terminal to its customer.
  • Customers can also invest online in Mutual Funds, SIP, ETF's, Bonds, and Insurance etc.

5paisa Account Opening

To invest in stocks or trade in stock or derivatives with 5paisa, an individual has to open a 2-in-1 account including a trading account and a demat account. If you only interested in investing Mutual Funds, you could open 5paisa Mutual Fund Account.

5paisa offers 2 types of accounts:

  • 2-in-1 Account (Trading + Demat Account)
  • Mutual Fund Investment Account

How to open an account with 5paisa?

5paisa offers paperless account opening. In most cases it takes 1 hour to get your account activated after you submit the online application and supporting documents.

To open account with 5paisa, simply visit its website and fill the online account opening form. If you need assistance with account opening, leave your mobile number on its website and 5paisa representative will contact you in next few hours to guide you.

The online account opening is integrated with Aadhar card and required correct mobile number setup in Aadhar database for your information validation. In case the Aadhar validation fails, the account opening has to be done by filling the forms manually, printing them and sending them through courier.

5 Steps to open 5paisa account

  1. Fill in your Personal details

    Just fill in your PAN number, Date of Birth and Aadhar number. All other detail is pulled from eKYC database, so can just verify it.

  2. Fill in your Bank details

    Enter your Account Number and IFSC.

  3. Upload your Documents

    Upload your Photo, Aadhaar Card and Cancelled Cheque.

  4. Make Payment

    You will be prompted to pay towards your account opening charges. Also, you can enter a amount you wish to start trading with. You will be redirected to a payment gateway where you can make payment.

  5. E-sign your form

    Once you have filled all the details, you can review the complete form and sign the form digitally. Your application process will be complete. If you do not have an Aadhar physical signature will be required.

5 Steps to open account with 5Paisa

5paisa Account Opening Status

In case of online account opening, it takes between 1 to 4 hours to get the account activated if all the information and supporting documents are in right order.

If paper form is couriered to 5paisa, it takes maximum 2 working days to open the account after forms are received. Customer receive an email confirmation after the account is opened.

If you do not receive a welcome email after 2 days, please give a call you 5paisa support team and they can tell you the status of account opening.

5paisa Account Opening Form

5paisa Account Opening Forms are available on its website to download in PDF format. You could also fill the online account opening application, print it, sign and courier to 5paisa's Mumbai office.

5paisa Account Closure

5paisa all-in-1 account gets deactivated if you do not use them for 6 months. This dormant trading account can be activated by calling 5paisa.

If you are a 5paisa customer and not using the account or moved to another stock broker, it is recommended to close the account to avoid paying AMC charges and maintaining minimum balance. It also reduces the chance of misusing the account by someone else.

5paisa customer may close the accounts at any point of time. Easiest way to close the account with 5paisa is by submitting an application for Account Closure. The form can be downloaded from 5paisa's website. Customer can fill the form, sign it and courier it to the Mumbai office.

Note that after the application for account closure is received, it may take up to 2 working days to close the account. Customer receive the email notification with the status updates on account closing procedure.

Customer has to clear all the balances before closing the account. Fail to do so result in to delay in closure.

5paisa do not charge any fee for account closure.

5paisa Account Opening Charges

Customer pays account opening fee for trading account opening with 5paisa. The account opening fees are as below:

  • 5paisa Account Opening Charges (Trading Acct): ₹650
  • 5paisa AMC Charges (Trading Acct): ₹0 (Free)
  • 5paisa Account Opening Charges (Demat Acct): ₹0 (Free)
  • 5paisa AMC Charges (Demat Acct): ₹400

FAQ's

  1. Is 5paisa safe to trade with?

    Yes, 5paisa is backed by IIFL. IIFL is a strong financial group with experience of over 22 years in brokerage industry.

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  2. How much time does it take to open a new account in 5paisa?

    5Paisa offers instant account opening if you are eKYC Compliant and your Aadhar card is linked to your correct phone number. This paperless account opening is fast and convenient.

    Through they advertise account opening in 2 hours, practically it takes up to 2 working days to get your account opened. The challenges come in uploading supporting documents. The account opening software also throws some random error while you filling the form. Once you complete the online account opening process and submit the application, it goes to the 5paisa team for review. Many a time they come up with additional documents required. They sent an email, SMS and call you to get this additional information. But this process takes time on both the side.

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  3. Does 5paisa have branches?

    5paisa is an online broker. They do not have branches.

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  4. Does 5paisa offer commodity trading?

    No, 5paisa doesn't offer commodity trading at MCX or NCDEX.

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  5. How much brokerage fee does 5paisa charge?

    Flat ₹10 per trade irrespective to the size or segment of trade.

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  6. Do I have to keep minimum balance in my 5paisa account?

    Yes, ₹450 minimum balance is needed in the trading account at any point of time.

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  7. Do I have to pay a fixed monthly change to use 5paisa?

    No. You pay as you go on per trade basis.

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  8. Do I have to pay for software uses charges to 5paisa?

    No, all 5paisa trading software and tools are free to its customers.

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  9. How much is the 5paisa demat transaction changes?

    This is important to note that customer has to pay demat transaction change in addition to the brokerage. 5paisa charges 0.025% (minimum ₹25 per transaction) on all debit transactions from demat account.

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  10. How to close 5paisa Demat Account?

    Demat accounts attract annual account maintenance charges. So it is a good idea to close an inactive or dormant account. In case you have many accounts, you can merge all the securities in one account. This will help you save on maintenance charges and fees.

    Whatever be your reason of closure, you can close your Demat Account with 5paisa anytime. You don't have to pay any fees or charges for closing your Demat account.

    Before you start your 5paisa Demat account closure, you need to know 2 key facts:

    1. 5paisa doesn't allow closure of Demat account online
    2. If you have a joint account then all the holders need to sign on the form for its closure

    Also, there are a few things; you should do before to speed up your account closure process:

    1. Close all your open F&O positions in the market.
    2. Transfer your existing securities in the Demat account to another account
    3. Keep your Demat account empty
    4. Pay all pending dues, if any, with the company

    Steps to close Demat Account with 5paisa

    1. Download the Account Closure Form from the 5paisa website. Scroll down to the bottom of the home page of the website. You will find the form at Customer Support >> Forms Download section. In case, for some reason, you are unable to download the form then please contact customer care. You can reach them via phone and email.
    2. Fill the form by providing all the required details. Please remember that in case of joint account, all holders of the account need to sign on the form
    3. Attach all the required documents like copy of ledger, unused DP slips. And courier the form to company's head office.

    Note

    1. Follow up with the customer care after a week of submission of the application to know the status of your account.
    2. 5paisa will start the procedure for transferring of securities within 30 days.
    3. You will receive intimation for account closure and a final statement.

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