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.
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:
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.
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.
Enter your Account Number and IFSC.
Upload your Photo, Aadhaar Card and Cancelled Cheque.
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.
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.
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 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 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.
Yes, 5paisa is backed by IIFL. IIFL is a strong financial group with experience of over 22 years in brokerage industry.
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.
Though 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.
5paisa is an online broker. They do not have branches.
No, 5paisa doesn't offer commodity trading at MCX or NCDEX.
Flat ₹10 per trade irrespective to the size or segment of trade.
Yes, ₹450 minimum balance is needed in the trading account at any point of time.
No. You pay as you go on per trade basis.
No, all trading software and tools are free.
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.
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:
Also, there are a few things; you should do before to speed up your account closure process:
Steps to close Demat Account with 5paisa
Customer pays account opening fee for trading account opening with 5paisa. The account opening fees are as below:
Information about 5paisa account opening, 5paisa open account, 5paisa opening charges, 5paisa account opening charges, 5paisa account opening status, 5paisa amc charges, 5paisa account charges and 5paisa account closure.
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