How to Open Demat Account in Canara Bank?

If you are seeking help for opening Demat Account in Canara Bank, then this is the right article for you. Firstly, you should know what is Demat account, its importance, and then we will move to the procedure of Opening Demat Account in Canara Bank.

What is Demat Account?

Earlier you needed to keep a hard copy of Share Certificates but now all the transactions including selling and purchasing of shares have been digitalized. With the help of a Demat Account, you can keep all your shares in digital form.

In order to gain from the potential of equity if you are planning to invest in shares, then you must have an online brokerage or a demat account. For investing you must have these three types of accounts – a Bank Account, a Trading Account, and a Demat account. A trading account is must to have for selling and purchasing securities along with the Demat Account. The trading account helps you invest in stocks, Mutual Funds, Gold, IPOs, and in Demat account, you can hold them easily.

Before opening a Demat account you should keep some important points in mind. You must know the fact that there are some charges which you have to bear for operating Demat account. These charges are Account Opening charges, Annual Maintenance Charges, and Brokerage charges which vary from bank to bank.

Note: Demat account is connected with your Bank account. Whenever you want to purchase any share firstly you have to transfer your money from your Bank Account to your Demat Account.

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Why is DEMAT Account needed?

There is a number of advantages of opening/keeping a Canara DEMAT account which are as follows:

• Shares, in electronic form, are kept in your DEMAT Account

• No further need to keep a hard copy of share certificates

• Remembering of record dates of various companies is no more needed.

• Transfer of securities can be done immediately.

• You should not bear any stamp duty on the transfer of securities

• No more Risk of bad delivery and/or fake securities included.

• Reduction in paperwork used for transferring securities

• Transaction cost is minimal.

• The nomination facility is available

• Securities’ easy transmission is possible

• The credit of Dividend and/or bonus shares is done automatically

• SMS/Email alerts are available

• IDeAS (Internet-based Demat Account Statement) facility is also available for viewing and getting printed (or Downloaded)  by DP clients.

Why to open DEMAT account/Trading Account with Canara Bank?

Opening a Demat account with Canara facilitates its customers with various advantages. Canara Bank is a trustworthy bank that you can choose for opening a Demat Account. The advantages of the Canara Bank Demat Account over other options are mentioned here.

• Multi-locational services are being provided all over India

• Canara Bank provides Competitive charges for Demat Account

• Customer-friendly service makes Canara Bank for Demat the best option among all others.

• IDeAS (Internet-based Demat Account Statement) facility is also available for viewing and getting printed (or Downloaded)  by DP clients.

• CAN ROYAL Software(Exe based)is provided to the Customers of Canara Bank for Live trading Experiences and experiencing faster execution of Orders

• Canara Bank Demat Account is a 100% subsidiary of Canara Bank

• Customers get free Trade Calls and Research Reports

• Paperless tasks are performed i.e. Digitally signed contract notes, Reports, etc. are sent by electronic mail.

• The mobile Trading facility makes the working environment more user-friendly. It is available on Android & iOS platforms

• Canara Bank is an Active Institutional desk that deals in big / bulk orders

• The home page of www.canmoney.in links its customers to important sites of NSE/BSE/SEBI/NSDL/CDSL/RBI  etc.

• There are no hidden charges. Canara Bank maintains transparency in all transactions.

Documents Required for Demat Account Canara Bank

1. PAN Card
2. Residential Address Proof
3. 2 Photographs
4. Bank Statement
5. Cheque of amount Rs.600/- in favor of Canara Bank Securities Limited – Only If you are choosing the offline mode of opening Demat Account Canara Bank
6. Nominee ID Proof (In case needed)

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How to Open Canara Bank Demat Account?

You have three options to open a Demat Account in Canara Bank

1. By Visiting Canara Bank Branch
2. Via Canara Bank online portal www.canmoney.in
3. Using Canara Bank Mobile Banking

Method 1: Steps to Open Demat Account in Canara bank by Visiting Home Branch

In order to Open Canara Demat Account  via offline mode you have to follow the below mentioned steps carefully:

1. Visit your Home Branch of Canara Bank .
2. Ask for the Demat Account opening form the bank officials and fill it carefully.
3. You can also Download Demat Account Opening Form before visiting bank and fill  it with the help of Canara Bank Demat Account Opening Sample Filled Form.
4. Now attach copy of your Address Proof (Aadhaar Card or any other valid proof) and PAN card.
5. Also you have to submit a Cancelled Cheque as a proof of your Bank details.
6. Sign the form properly and submit the form with all above mentioned documents.

Note: Please carry all the other documents like Bank Passbook, Passport, Ration Card, Voter ID etc in Original with you. These can be asked by the bank officials for the verification purpose.

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Method 2: Steps for Canara Bank Demat Trading Account Opening Online via canmoney.in

1. Visit Canara Bank Online Trading (OLT) portal www.canmoney.in
2. Click on the “NEW USER? SIGN UP” option
3. Now again on the next page under the login section click on “New User? SIGN UP“
4. Now after reading the displayed instructions for new user click on “Continue“
5. For starting new registration you have to do online KYC. Under which you have to provide “Email ID” and “Mobile Number“
6. Now click on “Generate OTP” and you will receive an OTP on your mobile number registered with Canara Bank.
7. Enter the OTP, Tick the Check box (after reading the given information) and click “PROCEED“
8. On the next page you have to enter your PAN Number and D.O.B (as per PAN).
9. Now click on “Next” and you will get a verification link in your mail ID.
10. Open your mail box and click on the verification link.
11. After mail verification you have to pay Demat trading account opening charges (It is currently Rs 600 as on May 1,2021) with Transaction Fees (Including GST)
12. You can pay via Canara Bank Net Banking, Wallet, Canara Bank ATM/Debit Card, Canara Credit Card, or UPI.
13. Then in the next step you have to do your KYC choosing any one option among given 4 options ( Online Aadhaar Based E-KYC, Offline Aadhaar XML Based E-KYC, Share KYC document from Digi Locker, Video KYC)
14. Now provide Additional KRA Details like Nationality, Residential Status, Marital Status, Gender, Father/Spouse Name etc.
15. On the next page you have provide some of your Personal and Financial details like Country of Birth, KYC Identification Number, Occupation, Gross Annual Income, Net worth as on date, Place of Birth, Mother’s Name etc. These are required for CKYC, PMLA and FATCA compliance.
16. Then provide bank account details like Type of account, Account number and IFSC code for receiving all future pay outs.
17. Now select Trading Segment Details as per your requirement.
18. At the next step you can open E-insurance account if you are interested.
19. Then read the Terms & Conditions and Declaration carefully and click on “Agreed and Proceed”
20. Now read the Summary of all the details you provided also you can download the application form in pdf form to read and cross verify the details.
21. At last step you have to sign your Application. You have two options for this “eSign with Aadhaar OTP” (if your mobile is linked with Aadhaar) or “Offline mode to sign the form” in which you have to take a print of the form and sign it.
22. After completing all the steps you will get the Application Reference Number.
23. Also dont forget to download Power of Attorney Form and Nomination Form, dully sign them and send them to the address mentioned below:

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Method 3: Open Demat/Trading Account Canara Bank via Mobile Banking

1. Open Canara Bank Official Mobile Application – CANDI
2. Login into App using Canara User ID and Canara Password
3. Now click on “VIEW YOUR BALANCE”
4. Under “Quick Links” you will find “Demat/Trading Account”. Click on it.
5. Now select “Apply for Demat” or “Apply for Trading”
6. Now provide the asked details step by step (Same as the aforementioned steps in Method 2) and complete the process.

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Download Modification Form to Change/Update Details in Demat Account Canara Bank

If you want to change/update details in Demat Account in Canara Bank you can download the PDF form and mention the modifications you want to do in your Demat/Trading.

Final Words

I hope this guide helped you to understand the procedure of Opening a Canara Bank Demat Account. Also, the above-mentioned points will help you to make a wise choice that’s why you should choose Canara Bank for opening Demat Account over the other available options. It is a very simple method and can be completed in just a few steps.