Now you can open a demat account with just an Aadhaar card
- Nirmala Sitharaman said that a demat account can be opened using an Aadhaar card.
- Finance Minister Nirmala Sitharaman also said that banks will be able to raise an additional ₹5 lakh crore which will help recapitalise banks which are stressed with non-performing assets.
- Further, there will be no tax surcharge on foreign and domestic investors.
A demat account is necessary to invest in stock markets and it helps investors to hold and keep track of shares and securities in an electronic format.
Currently, opening demat requires six different types of documents that makes it a cumbersome process. Now, Sitharaman has eased it.
Here are the documents required to open a demat account which is required no more, according to HDFC bank:
|Documents required previously||Documents required now|
|Identity proof: Passport/ Driving licence/ Voter’s identity card/ Aadhaar card/ PAN card||Aadhaar|
|Address proof: Ration card/ Passport/ Voter’s identity card/ Driving licence/ Bank passbook or bank statement/ Utility bills such as electricity bills or landline phone bills|
|Income proof: Salary slips/ income tax returns,|
|Bank account proof: Cancelled bank cheque|
Finance Minister Nirmala Sitharaman also said that banks will be able to raise an additional ₹5 lakh crore which will help recapitalise banks which are stressed with non-performing assets.
Further, there will be no tax surcharge on foreign and domestic investors.
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