Choice Broking Demat Account Review – Account Opening, Features, Charges, Offers & more
The full-service broker Choice Broking was started in 2010 by Kamal Poddar and had their headquarters in Mumbai. The company has over 2.6 lakh active clients using the Choice Broking demat account.
They offer varied trading facilities and financial services to their clientele. The Choice Broking account opening will help you streamline your trading activities in a single account.
They have more than 50 offices nationwide, so anyone can reach out if offline assistance is required. Their custom care team is also present to help you with your queries.
In this Choice Broking demat account review, we will know how to open or close your demat account, the documentation required, charges, etc. Let’s go ahead.
| Broker Type | Full Service Broker |
| Active Demat Accounts | 2.6 Lakh+ |
| Account Opening Charges | Free |
| AMC | Rs. 200 – Rs. 3000 (First year free) |
| Free Account Opening | Yes |
| Free AMC | No |
Choice Broking Demat Account Review by Finec.in
Overall Rating
Account Opening Process
Offers
Charges
Products & Service
Experience
Choice Broking Demat Account – Top Features
Before opening your demat account, you should know its key features. Below, we have listed some key features you can avail of by enrolling for a Choice Broking Demat account.
- There are no account opening charges, and the AMC is also nil with them. You only had to pay for the AMC from the second year onwards. This facility is best for beginners who have just started their career in trading.
- Experience the advantage of minimal brokerage fees, commencing at only 0.02% of the transaction value, enabling you to maximise your earnings.
- Also, the clients can earn from refer and earn facility offered by the company. The compensation is upto 100 INR for every onboarded client.
- The company sends regular emails for account statements.
- Choice Broking is a full-service broker providing in-depth research reports to clients.
Choice Broking Demat Account Opening Charges
Account Opening Charges
Annual Maintenance Charges (AMC)
DP Charges
Account Closure Charges
Reactivation Charges
Dematerialisation Charges
Call & Trade Charges
For a Demat account holder, the person must know about the DP and account opening charges. There are no charges if any individual wants to open an account with Choice.
Also, there are no charges for account closing and reactivation. The dematerialization charges are 10 INR for every certificate, and call & trade charges are 30 INR for every trade.
The Choice Broking AMC is free for the first year; the charges are 200 – 300 INR for the second year. Do make a note of these charges before registering with Choice Broking.
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Choice Broking Demat Account Offers
Free Account Opening
Free AMC
Free Brokerage
Free Research Reports
Free Trading calls
Referral Offers
Choice Broking Demat Account Opening Process – Step-by-Step
The Choice Broking Demat account opening process is available online and offline. The user can opt for any of the modes as they wish.
In both modes, they must provide the organisations with the KYC documents. And on their verification, only the user demat account is confirmed.
So, let’s know the demat account opening procedure for online and offline modes one by one in the below sections.
How to open a Demat Account in Choice Broking? – Online Process
Nowadays, people look forward to opting for online procedures to open their demat accounts. Here is the complete guide about how to open your demat account with Choice broking via online mode.
- To start, you can hit a tab mentioned as “open a demat account” and click on it at the bottom of the webpage.
- On clicking the tab, a form will open up. Could you fill it out with the mentioned details? You will receive a call shortly from the executive. They will guide you through the further procedure.
- With your smartphone or webcam, you can complete the IPV verification.
- As per the list provided, arrange and upload the KYC documents.
- Add nominee details, e-sign your form, and submit it.
How to Open Choice Broking Demat Account? – Offline Process
The User can also opt for offline mode as their preference. Here is the complete procedure if you need to know how to open a demat account with Choice Broking.
- Start with choosing the depository participant to open your account. The selection can depend upon the brokerage and the annual charges.
- Now, please fill out your form and submit it
- Provide all your KYC documents and wait for IPV verification.
- You can sign the verification agreement, and the procedure is complete.
Eligibility Criteria to Open Choice Broking Account
Nationality
Age
Active Bank Account
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Documents required to Open Choice Broking Account
PAN Card Copy
Identity Proof Copy
Address Proof Copy
Bank Account Proof Copy
Copy of Income Proof for F&O
Passport Size Photo
Signature on White Paper
IPV (In-person Verification)
To open a Demat account with any company, you must submit some KYC documents. With this broker, we list the documents required to open your account.
- Offering a PAN card is compulsory.
- Any identity proof, like an Aadhar card, driver’s license, passport, etc., must be submitted.
- Anyone’s address proof must be submitted, such as a passport, Aadhar card, driver’s license, etc.
- Income and bank account proof are also needed.
You can keep these documents handy if you look forward to opening your Choice Broking account.
How to Close a Choice Broking Demat Account?
Online closure is not available for Choice Broking. Please download the closure form, fill in the details, and submit it physically to initiate the process.
Follow these steps on how to close the Choice Broking demat account.
- Download the closure form from the company website.
- Complete details such as name, DP information, and reason for closure.
- Choose to close the trading, Demat, or both accounts.
- Submit/Courier the filled and signed form to the broker’s office.
Before closing the account, ensure:
- Settle any outstanding dues.
- Close open positions.
- Transfer securities to another Demat account.
Choice Broking Demat Account Review – Conclusion
The Choice Broking Demat account is undoubtedly one of the best platforms to opt for to start trading. Their charges are reasonable, and they have more than a decade of experience in the sector.
Their account opening and closing system is simplified, so no one faces issues while working with them.
If you want to open your demat account, you can follow any mode online or offline. They have received more than eight ratings from Finec, which makes it one.
FAQs on the Choice Broking Demat Account Review
Here is the list related to the Choice Broking Demat account.
How to create a Demat Account in Choice Broking?
The user can opt for online and offline mediums to open a Demat account.
For online, you can hit the tab “open a demat account” at the bottom of the webpage and fill out the form. Guidance will be provided.
You must contact the office and submit the account opening form with the KYC documents for offline. Your account will be verified and opened within a few days.
How to delete a Choice Broking Account?
Download the account closure form from their website to close your account. You can fill it up and submit it to them offline, along with your KYC documents.
What is AMC in Choice Broking?
The AMC is zero for the first year; from next year, the user has to pay 200-3000 INR.
What are Account Opening Fees?
There are no charges for opening an account.
How to find a demat account number in Choice Broking?
If you have a CDSL depository, your DP account’s 16 digits constitute your DP ID.
In the case of NSDL, the initial two digits are alphanumeric (code), followed by 14 digits representing the DP number. Once logged in, you can look for profile details to find your Demat account number.
How to get a Statement of Demat Holdings in Choice Broking?
You can obtain your statement for demat holding directly from the NSDL and CSDL. You must visit their website and enter your demat account number to get through the demat holding statement.
What documents are required to open a demat account?
The KYC documents required to open your Demat account are identity proofs, address proofs, bank account copies, passport-size photos, etc.
How long does opening a Demat Account take?
Opening a Demat account online will take just a few hours. However, offline procedures can take 4 to 5 days to empty your bank account.
How to change your bank account in Choice Broking?
To change your bank account, you can contact their customer care team; they will guide you further in changing your bank account.
How to transfer shares from a Demat Account to a Choice Broking Demat?
The client must submit the DIS copies to the branch to transfer any Demat account to Choice Broking.
You need to check the signatures, and just after a while, your account will be transferred to the depository you wanted.