Demate account for Kids future - Need info

#1
I like to invest x amount by buying "good" stocks like infosys and it will be for 10 to 15 years (unless it goes down more than 25% of its price any time).

Is any concession for opening demate account for minor? where i can open demate account without annual fee and What is pros and cons. How can I do this.

Expecting Experienced seniors suggestions.
Thanks
Alagar
 

rh6996

Well-Known Member
#2
I like to invest x amount by buying "good" stocks like infosys and it will be for 10 to 15 years (unless it goes down more than 25% of its price any time).

Is any concession for opening demate account for minor? where i can open demate account without annual fee and What is pros and cons. How can I do this.

Expecting Experienced seniors suggestions.
Thanks
Alagar
Have similar enquiry with one more query added :
Can a demat account be opened in the name of a Minor?
If yes! What documents are mandatory?
Not looking for Free account but a Low charge account.... have heard there is some Low maintenance charge account where there are less number of transactions !
 
#3
Demat account can be opened in the name of a minor. Till he /she becomes major, the account is operated by his father or in case father has expired, his mother ( in that order) .If both parents are no more then the account is operated by the guardian appointed by competent court.There is no concession for accounts in the name of minors.

Smart_trade
 

rh6996

Well-Known Member
#4
Demat account can be opened in the name of a minor. Till he /she becomes major, the account is operated by his father or in case father has expired, his mother ( in that order) .If both parents are no more then the account is operated by the guardian appointed by competent court.There is no concession for accounts in the name of minors.

Smart_trade
ST Sir,
Do you mean to say that a mother cannot operate her minor child's account till the time the child's father is alive???? If its correct then it needs to be changed. Who is the Govt to dictate which of the natural guardian is to handle a minor's account!! By the way, is it also true for a minor's Bank Account?
Would be happy t receive some links where I can verify your statement (please sir, this is not to show disrespect to you by doubting what you have written) :eek: just need to refer to an authority's link and then send my plea to proper department for an amendment !
Thanks.
 
#5
ST Sir,
Do you mean to say that a mother cannot operate her minor child's account till the time the child's father is alive???? If its correct then it needs to be changed. Who is the Govt to dictate which of the natural guardian is to handle a minor's account!! By the way, is it also true for a minor's Bank Account?
Would be happy t receive some links where I can verify your statement (please sir, this is not to show disrespect to you by doubting what you have written) :eek: just need to refer to an authority's link and then send my plea to proper department for an amendment !
Thanks.
https://www.cdslindia.com/downloads/faq/Demat CDSL Way - II - Account Opening.pdf

Read point No 14

Smart_trade
 
#7
Based on multiple thread, I understood Zeordha is good. In ICICI they give 3-in-1 account ie Savings Bank Account, Trading Account and Demate Account. If i open with Zeordha for my kids, should I open Savings Bank Account in some bank in the name of my kid and the same name to be used for demate account also?

Can smart_trade or any one explain this?
Thanks
Alagar
 
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#8
Based on multiple thread, I understood Zeordha is good. In ICICI they give 3-in-1 account ie Savings Bank Account, Trading Account and Demate Account. If i open with Zeordha for my kids, should I open Savings Bank Account in some bank in the name of my kid and the same name to be used for demate account also?

Can smart_trade or any one explain this?
Thanks
Alagar
Yes, you need savings bank account and demat account in the name of your kids to operate Zerodha account.But I am not sure whether children below 18 can open trading accounts as only persons who are legally allowed to enter into a contract can open trading account as it involves a contract.

Smart_trade
 

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