Choice Broking Demat Account Charges, Review, Opening

Choice Broking Demat Account Opening Charges

To open a new Demat account with Choice Broking, the customer may have to pay Demat account opening charges. The broker may also charges Annual Maintenance Charges (AMC), a yearly fee to maintain the Demat account.

Choice Broking Depository Service Charges for Resident Retail Customers

1. 1. Is Choice Broking account NSDL or CDSL

   Choice Broking has a depository participant (DP) membership with CDSL and NSDL both. You can choose any of the DP while dealing with Choice Broking.

    Choice Broking DP Details

   DP SEBI Regn. No : IN-DP-84-2015

   CDSL-DP-ID : 12066900

   NSDL-DP-ID : IN301895

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2. 2. What is an AMC charge in Choice Broking?

   Choice Broking AMC charge is the annual maintenance charges for maintaining the Demat account with the broker. The first year AMC for individuals is free. 

   Choice Broking AMC Charges

   Choice has different AMC schemes for individuals and corporates as per below:

   For individuals  

   1. Basic Standard Plan: ₹200 + GST
   2. Special Plan:

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

   For corporates 

   1. Basic Standard Plan: ₹1,000 + GST
   2. Special Plan:

   1. Lifetime AMC Free Plan (One Time - Non-refundable): ₹55,0000 + GST (only for Escrow accounts) 

   You need to pay AMC irrespective of whether you use the Demat account or not.

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3. 3. Why do I have to sign a POA to open a Demat account with Choice Broking?

   Power of Attorney (POA) authorizes the broker to debit the shares from your Demat account whenever you sell the shares and transfer it to the Exchange to meet the pay-in obligation. If you do not sign and submit the POA, you are not able to see or sell the shares in your Demat account. 

   Earlier the POA was required to be couriered to the broker office on completion of the registration. However, with the introduction of Electronic Delivery Instruction Slip (eDIS), it is now not mandatory to submit a POA to Choice Broking. The eDIS enables the investors to sell their shares using TPIN by way of online authorization. 

   It is important to note that the eDIS facility is currently available only for CDSL Demat account holders. See the below video to know how to sell your shares without POA.

    

    

    

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4. 4. How to open a Demat account with Choice Broking?

   The Choice Broking offers to open online as well as offline Demat account. The online account opening is an easy and convenient way to open a Demat account. It is a paperless process wherein you can instantly sign up within 5 minutes to open the account using your Aadhar card. 

   Steps to Open a Demat Account in Choice Broking 

   1. Go to the Choice Broking website or download the mobile app - Jiffy.
   2. Sign-up by providing basic details viz. name, mobile no. and City.
   3. Upload the relevant documents and passport size photograph.
   4. Complete the in-person verification (IPV) to complete the registration process.
   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. 

    

   With the introduction of eDIS, it is now optional to sign and submit the POA for CDSL account holders. 

   To open an account offline, you need to: 

   1. Download the 'Account Opening Form' from the company's website
   2. Print and fill it.
   3. Attach the required documents.
   4. Courier the form and documents to the broker office.

    

   Alternatively, you can walk-in at any of the Choice Broking branch offices and get the account opened.

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