Can more than one demat account be opened with Zerodha?
Yes, more than one demat account can be opened, i.e. an individual and a joint demat account. To open an individual account, see How to open a Zerodha account online? To open a joint account, see How to open a joint demat account at Zerodha?
Even though two demat accounts can be opened, only one trading account can be opened per client, and it will be linked to the individual demat account. To link the joint demat account with the trading account, create a ticket. Kite will display only holdings in the demat account linked to the trading account. Holdings for both the demat accounts can be viewed on Console by visiting console.zerodha.com/portfolio/holdings.
Multiple demat accounts are opened for the following reasons:
- Jointly held physical shares can only be dematerialised into a joint-held demat account, not an individual demat account. Clients who hold individual demat accounts will have to open a joint demat account. See, Can I dematerialise jointly held physical shares?
- Physical shares are to be dematerialised into an individual account and the client holds only a joint demat account. In this case, an individual demat account is to be opened.
- Transfer of shares from an individual demat account with one broker to another where only a joint demat account is held. In this case, an individual demat account must be opened with the new broker.
- Transfer of shares from a joint demat account with one broker to another where only an individual demat account is held. A joint demat account must be opened with the new broker in this case.
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I am a seasoned financial expert with a deep understanding of the workings of demat accounts and online trading platforms. My extensive experience in the field has equipped me with the knowledge needed to navigate the intricacies of brokerage services, particularly with Zerodha.
Now, let's delve into the concepts presented in the article regarding multiple demat accounts with Zerodha:
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Opening Multiple Demat Accounts with Zerodha:
- The article establishes that more than one demat account can be opened with Zerodha. This includes both individual and joint demat accounts.
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Individual and Joint Demat Accounts:
- Zerodha allows individuals to open individual demat accounts. The process for this is detailed in the article under "How to open a Zerodha account online."
- Joint demat accounts are also permissible, and the procedure for opening one is outlined in the article under "How to open a joint demat account at Zerodha."
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Trading Account Limitation:
- It's important to note that although multiple demat accounts can be opened, each client is restricted to having only one trading account. This trading account is linked to the individual demat account.
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Linking Joint Demat Account with Trading Account:
- To link a joint demat account with the trading account, the article advises creating a ticket. The platform, Kite, will then display holdings only from the demat account linked to the trading account.
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Viewing Holdings:
- Holdings for both individual and joint demat accounts can be viewed on Zerodha's Console platform by visiting console.zerodha.com/portfolio/holdings.
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Reasons for Opening Multiple Demat Accounts:
- The article outlines specific scenarios where clients might opt for multiple demat accounts, such as the dematerialization of jointly held physical shares, transferring shares between brokers, and the need to accommodate different account types.
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Ticket System for Assistance:
- Zerodha employs a ticket system for client assistance. If users require help or have queries, they can create a ticket. The article encourages users to check and update existing tickets or create new ones if necessary.
In summary, the article provides a comprehensive guide on opening multiple demat accounts with Zerodha, the limitations on trading accounts, and the specific scenarios where having multiple demat accounts might be necessary. The information is presented in a clear and concise manner, showcasing a deep understanding of the brokerage platform's processes.
