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Open Choice Broking Account | Choice Broking Account Opening Online Process Review


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Choice Broking Account Opening Charges 2021

Choice Broking account opening charges are Rs 0 (Free) for a trading account and Rs 0 (Free) for Demat account. Choice Broking charge Rs 200 or as per plan. (1st year AMC free) AMC for Demat account.

TransactionCharges
Trading Account Opening ChargesRs 0 (Free)
Account AMC ChargesRs 0 (Free)
Demat Account Opening ChargesRs 0 (Free)
Demat AMC (Yealy)Rs 200 or as per plan. (1st year AMC free)

Choice Broking Demat AMC Plans

Choice Broking offers different AMC Plans to individual customers to opt for.

  1. Basic Standard Plan: Rs 200 + GST
  2. Special Plan:
    1. Lifetime AMC Free Plan (One Time - Non-refundable): Rs 1,500 + GST
    2. Lifetime AMC Free Plan (One Time - Refundable): Rs 3,000

Note:

  • The first year AMC is free. The AMC gets charged from the second year as per the chosen plan. However, in case no plan is selected, the company will charge AMC as per the Basic plan by default from the second year.
  • In the case of a refundable AMC plan, the amount gets refunded at the time of account closure.
  • For corporates, the AMC charges of Rs 1000 + GST per Annum Plan are applicable from the 1st year. The corporates can also avail of Lifetime AMC Plan at Rs 5,000 + GST that is applicable only for an escrow account.

Choice Broking Account Opening

Choice Broking offers online as well as offline modes of account opening to its customers. The online account opening is instant and paperless with a sign-up process completed within 5 minutes.

Online Account Opening Process

You can open Choice Broking trading and Demat account from its website or mobile app (Jiffy). The process is simple, easy and it takes a few minutes to apply for an account.

Steps to open an account online

  1. Register online on the company website or mobile app.
  2. Fill in the basic details viz. name, mobile no. and City.
  3. Upload the relevant documents along with your passport size photograph.
  4. Complete the in-person verification (IPV).
  5. Once the IPV is done, the registration process to open the account is complete.
  6. Courier the POA received on your registered mail id to the broker office.
  7. The documents submitted get verified by the broker.
  8. The account gets activated on completion of the verification of the documents.
  9. You would receive a mail from the company on activation of your account.

Offline Account Opening Process

You also have an option to open an account offline by downloading the forms from the company website or you can walk-in at any of the Choice Broking branch offices to get your account opened where a representative will guide you through the account opening process.

Steps to open an account offline:

  1. Download the account opening form from the company website.
  2. Fill the account opening form with the basic personal details.
  3. Attach the required documents.
  4. Courier the duly signed form to the broker office for verification.
  5. Once the verification is complete, your account is activated for trading.
  6. You would receive a mail from the company with account details.

The account opening forms are available on the company website in the downloads under Markets Section at the footer of the website.


Documents needed for Choice Broking account opening

You would need the following documents to open Choice Broking trading and Demat account:

  • PAN Card
  • Aadhaar Card
  • Address Proof
  • Cancelled Cheque
  • Passport Size Photograph
  • Income Proof (for derivatives trading)

Check Account Opening Status at Choice Broking

Once the documents are received and verified by the company, your account is activated for trading within 4-24 hours provided there are no gaps in the documents submitted. In case of any issues in the documentation, the Choice Broking support team will connect with you for any clarifications.

You would get a mail from the company informing you about your account activation. However, in case of any delay, you can get in touch with the customer care via call or email to know the status of your account.


Choice Broking Account Closure

You can close the account anytime if you no longer want to use it. The Choice Broking account cannot be closed online. You are required to submit a hard copy of the account closure form with reasons for the closure of the account stated.

Before initiating the account closure process, you need to ensure to:

  1. Clear any outstanding dues.
  2. Close or transfer any open positions to another account.
  3. Sell or Transfer all your securities into another Demat account.

Steps to Close Choice Broking Account

  1. Download the account closure form from the company website or by contacting customer care.
  2. Print, fill, and sign the account closure form.
  3. Courier the form to the required address of the Choice Broking office.

You will receive account closure intimation along with the final statement of the accounts. Please contact the customer support to check the status and follow up, in case you do not receive any communication from the company.

Choice Broking Account Closure Form

The choice broking account closure form can be downloaded from the company website from the downloads section available at the footer of the website.

Frequently Asked Questions

  1. 1. Where do I find the POA document for Choice Broking?

    The Choice Broking Power of Attorney (POA) is not a part of the account opening form. It is mailed to you separately on your registered email address on the completion of the account opening. 

    You are required to read the terms and conditions of the POA carefully, take a print of the POA, sign it, and send it to the required address of Choice Broking office.

     

  2. 2. Is POA mandatory at Choice Broking?

    Power of Attorney (POA) at Choice Broking is not mandatory. 

    Though POA is not mandatory, signing a POA helps ease the process in case of a sell transaction where a broker can debit your Demat account for the shares sold to settle the trade on time. 

    In case you do not wish to sign a POA, you can opt to authorize the E- Delivery Instruction slip (E-DIS) or transfer the shares to the broker account each time you sell any shares. You need to ensure the shares are transferred to the broker account on time to avoid any failure of the trade.

     

  3. 3. Can the IPV be completed online at Choice Broking?

    Yes, the In-Person Verification (IPV) at Choice Broking can be completed online. You are required to click and upload your photo using the OTP received on your registered mobile number to complete the IPV process.

     

  4. 4. How to open a Demat and trading account with Choice Broking

    You can open an online or offline Demat and Trading Account with Choice Broking. The online account opening process is much simpler and efficient as compared to an offline account opening process.

    Online Account Opening Process

    The online account opening is instant, hassle-free, and paperless with the sign-up process completed within 5 minutes through E- KYC

    Steps to open an account online 

    1. Sign up online on the company website or mobile app.
    2. Fill in the basic details viz. name, mobile no. and City.
    3. Upload the relevant documents and passport size photograph.
    4. Complete the in-person verification (IPV).
    5. Courier the POA received on your registered mail id to the broker office.
    6. The broker verifies the submitted documents.
    7. The account gets activated on completion of the verification of the documents.
    8. You would receive a mail from the company on the activation of your account. 

    Offline Account Opening process 

    The offline account opening process requires a physical account opening form that can be downloaded from the company website or procured from any Choice Broking office. Alternatively, you can also walk-in at any of the Choice Broking branch offices to get your account opened where a company representative will guide you through the entire account opening process.

     Steps to open an account offline 

    1. Download the account opening form from the company website.
    2. Fill the account opening form with the basic personal details viz. Name, Address, Mobile No., PAN, trading preference. 
    3. Attach the required documents.
    4. Courier the duly signed form and documents to the broker office for verification.
    5. Once the verification is complete, your account gets activated for trading.
    6. You would receive a mail from the company with account details.

     

  5. 5. What is an account opening charge in Choice Broking?

    Choice Broking offers free account opening with a waiver of annual maintenance charges for the first year for the individuals. 

    While the account opening is free, Choice Broking charges an AMC of Rs 200 + GST for individuals and Rs 1000 + GST for corporates as the basic plan. The company also has other special AMC schemes as per below. 

    For individuals

    1. Lifetime AMC Free Plan (One Time - Non-refundable): Rs 1,500 + GST
    2. Lifetime AMC Free Plan (One Time - Refundable): Rs 3,000

     For corporates

    1. Lifetime AMC Free Plan (One Time - Non-refundable): Rs 5,000 + GST

    Points to Note: 

    • The first year AMC is free only for individuals. For corporates, the AMC charges are applicable from the first year.
    • The company charges AMC as per the basic plan from the second year by default in case no other scheme is selected.

     

  6. 6. What are the documents required for Choice Broking account opening

    You would need the identity and address proof documents along with some other documents to open an account with Choice Broking as per below. 

    Document list for Choice Broking Account Opening

    • PAN Card- Mandatory for any investment in capital markets.
    • Aadhaar Card - Mandatory for online account opening
    • Address Proofviz Passport/Voters Identity Card/ Ration Card/ Driving License/ Latest Flat Maintenance bill/ Insurance Copy /Aadhaar Card/ Landline Telephone Bill / Electricity bill/Gas bill/Latest three months Bank Account Statement/Passbook
    • Canceled Cheque - To map and link the bank details.
    • Passport Size Photograph - Mandatory KYC requirement.
    • Income Proof(required only for derivatives trading in Equity, Currency, or Commodity).
    • Signature on white paper - Required in case of offline account opening.

     

  7. 7. How long does it take to open an account with Choice Broking?

    You can sign up to open an account with Choice Broking instantly within 5 minutes. Your account gets activated within 24 hours of the document submission in case of no discrepancies. 

    Choice Broking offers online as well as offline account opening. While the online account opening is much simpler, efficient, hassle-free, and paperless, the offline account opening would require you to fill the physical forms. 

    The offline account opening may take a bit longer as the broker can start the verification of the documents only on receipt of the physical account opening form and documents. The account gets activated within 24 hours of the document verification. In case of any discrepancies or issues in the documents submitted, the company representative would connect with you for clarification. 

     

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Information on this page was last updated on Tuesday, November 24, 2020


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