Rated 4/5 by Top Share Brokers Team
Karvy Stock Broking is a registered member of BSE, NSE, ICEX, MCX, and NCDEX. One can open Karvy Trading Account to trade and invest in equity, derivatives, commodity, currency, IPO, mutual funds, Exchange Traded Funds, NCD/Bonds, and FD. The broker is also a registered depository participant with CDSL and NSDL, through which, it offers Karvy Demat Account opening services to clients to allow them to convert physical securities into dematerialized form. One can open a free demat account with Karvy because of zero account opening charges. Thus, by this means, the broking house provides a 2-in-1 account including both demat and trading accounts. The broker further offers NRI Demat Account and NRI Trading Account to allow NRIs to trade & invest in equity, F&O, mutual funds, IPO, bonds, debentures, and other products. In addition, High Net worth Individuals (HNIs) and corporates can open a priority account with the broker. Karvy demat and trading account is accessible across all the trading platforms such as Karvy NEST Web, Karvy NEST Trader, and KarvyOnline mobile app. The broker also offers a free mutual fund account to invest in various mutual fund schemes on Karvy Nivesh – the mutual fund investment app. Besides this, value-added services i.e. Live chat, Advisory desk, and Ask the Expert facilities are available with the broker to get expert assistance and make smarter investment decisions. You will also get free research calls and tips by opening an online trading account with Karvy. Scroll down to further check the comprehensive review of the Karvy account opening process, account opening forms, account opening charges, account closure process, etc.
Karvy Account Opening Process
1st process: Online account opening procedure
In the current technological world, Karvy Stock Broking offers an online account opening facility to save users time. Any person who wants to open demat and trading account with Karvy have to follow the below-provided process;
- Visit Karvy’s website and fill the online account opening form. The form requires some sort of basic information such as name, e-mail and mobile number.
- After submitting the online registration form, you have to provide the required documents to the broker.
- Post documents submission, you’ll get a copy of agreement, rules & regulations, and applicable charges that need to be accepted.
- Thereafter, Karvy’s customer representative will connect you for the in-person verification process, in which, you’ve to show the original documents on either Whatsapp, Skype or any other mode.
- In the next step, you will receive the login credentials on your respective e-mail id that are required to access your demat account.
- Log in and activate your demat account to hold securities in dematerialized form.
2nd process: Offline Account Opening Procedure
Karvy has a strong geographical presence with a number of branches across different states of the country. Therefore, one can also open demat and trading accounts offline, in which, he/she have to visit the nearest Karvy branch, fill the relevant forms, sign it and provide the relevant documents to complete the offline account opening formalities.
Karvy Account Opening Period
Karvy account opening process is instant, quick and hassle-free, in which, any client can open an online demat and trading account with the broker. Due to the online process, the account can be opened within less than 15 minutes.
Karvy Account Opening Status
To know the application status, follow the below process;
- Go to the Karvy’s website
- Click on the “Customer Service” tab.
- Click on the “Track My Application” option.
- Provide details such as application number and PAN Card number to know the status.
Alternatively, you can connect with your relationship managers and visit the nearest Karvy branch anytime to track the account opening status.
Karvy Account Opening Documents
Karvy demat and trading account opening process requires following documents to be submitted before;
- Passport size photograph of the applicant.
- PAN Card
- Canceled personalized cheque or Latest 3 months bank statement
- Aadhaar Card
Karvy Account Opening Forms
The broking house doesn’t provide account opening forms online therefore, the forms can be received either by connecting with the relationship managers or visiting the broker’s branch.
Karvy Account Opening Charges
The broker provides a free demat account because it doesn’t charge any account opening fee from the clients. However, the demat AMC charge of Rs. 500 from 2nd year onwards is levied by the broker. However, on the other side, the broker levies trading account opening fee worth Rs. 650 whereas trading account AMC is zero.
Karvy Account Modification Process
If a client wants to incorporate any kind of changes in his/her client details such as an address, bank details, contact number in demat and trading account, then the person has to duly fill the respective account modification form and send it to the broker.
Karvy Account Closure Process
In case if you’re not satisfied with the broker’s services or aren’t using your trading and demat account or opened the account with other brokers, then it is strongly recommended to close your Karvy account.
Step by step guide to close Karvy demat and trading account;
- Firstly, ensure to have a demat account with no holdings and clear all the payments due.
- Download the account closure form, fill and sign it.
- Send the filled form to the broker’s head office or any of its branches.
Transfer holdings from Karvy Demat Account to other demat accounts
In case, if you’ve opened a demat account with any other brokers and want to transfer your existing holdings from Karvy Demat Account to other demat accounts, then you’ve to submit the duly filled Delivery Instruction Slip and obtain original Client Master List.
Karvy Account Closure Form
As said earlier, to close an account with Karvy, a duly filled account closure form needs to be submitted. Karvy Stock Broking provides demat and trading account closure form in Annexure Q. You can either visit any of the branches of the broker or request your relationship manager to provide the closure form.
Is Karvy Good and Reliable Broker?
Karvy Stock Broking is among the largest stockbrokers in India that provides a complete range of financial products & services to clients. Talking about its trading platforms, the broker offers highly advanced platforms i.e. Karvy NEST Web, Karvy NEST Trader, KarvyOnline mobile app and Karvy Nivesh. Further, value-added services like live chat, Ask the expert, advisory desk, call & trade, online support desk etc. provides the ultimate experience to users. However, on the brokerage front, its brokerages look a bit higher than discount brokers like Zerodha.
New Account Opening - How to join Karvy?
You can follow either offline or online methods to open an account with Karvy. To open an account instantly, visit the broker’s website and complete the online account opening process. Otherwise, visit any of the nearest branches or call customer representatives staff to open account offline.
New Account Opening offers with Karvy
Karvy has come up with a special offer to provide online trading cum demat account opening service absolutely free. The broker further has an offer to provide up to Rs. 5,500 brokerage reversal for the first month.
Karvy Referral Code
Karvy offers referral services, under which, on each referral to your friend & family members, you will get Rs. 300 plus 20% of brokerage garnered by referral during the period of 1 year. To avail the services, the referred person must open Karvy trading account and trade at least 5 times or beyond within a period of 60 days. Refer & win offer can provide up to Rs. 5500 brokerage reversal.
- In this section we have covered most frequest scenario you have about new account opening. Does Karvy have any promo code? Does Karvy have any special Offers? What are the refferal benefit with Karvy if I refer my frineds or family? How can I start my trade with Karvy? Is Karvy good and reliable?
Account Related FAQs
To open online demat and trading account, follow these steps;
- Register yourself online by filling online account opening form.
- Submit necessary documents including PAN card, Aadhar card, bank proof and ID proof.
- Accept the terms & conditions.
- Complete In-person verification process.
- Use the login credentials received on your e-mail to activate your account.
If you want to open offline account, then visit the nearest branches, fill up the forms and complete offline account opening process.
You can check your account application status online or offline. To check the status online, follow these process;
- Visit the broker’s website.
- Under the “customer service” option, click on the “Track My Application” button.
- Enter your application number & PAN Card no. to track the application status.
You can also visit any branches or call your RM to ask the application status.
Last Updated on 2020-04-07
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