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What you should consider before opening Minor Demat Account?

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Following things should be considered before opening Minor Demat Account:

  • PAN card of minor is mandatory
  • The legal guardian has to provide all the documents and fulfill the KYC norms.
  • PAN Card of a legal guardian is required to open a demat or trading account.
  • The date of birth certificate is required for a minor child.
  • When minor turns major, the account becomes inoperative. A new separate account has to be opened in this case. Demat holdings can be transferred from minor account to major account.
  • If paper shares are held jointly with a minor, they need to first be transferred to the minor and then to the demat account in the minor's name.
  • A 3-in-1 Account (Bank + Trading + Demat Account) can be opened in the name of a minor.

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