Recently, the government has meticulously asked individuals to link their PAN to their AADHAR and other accounts. This includes bank and demat accounts. In fact, linking your PAN to your demat and trading account is mandatory for their operation.
This is also beneficial in several ways, including security, unique identity, and more. But do you know that you can also use your PAN to find your demat account number? Yes, you heard it right. Finding your demat account number from PAN is quite a simple process. Let’s see.
How to Find Your Demat Account Number Using PAN
It is common not to remember the details of your demat account. However, you need not visit your account app every time you check the same. You may simply use your registered PAN and locate all the important details. Here is how you do it.
1. Opening Your Demat Account
The first thing to do is to open demat account online. You can initiate the process by choosing a broker and filling out the necessary details. Make sure to upload all the essential details correctly to avoid any kind of hassle in the future.
2. Completing the Account and KYC
Now, you need to complete the form by submitting all the essential documents needed for your KYC or know your customer. This includes submitting documents like address proof, identity proof, PAN, etc.
3. Two-Factor Authentication
Once you complete the form filling, you need to verify your digital details using a two-factor authentication. Here, you need to correctly fill in your phone number and email address to complete the verification process.
4. Setting ECS Payment
Once you’re done with your authentication, duly fill in your bank account details and set up ECS or Electronic Clearing System Payment mode. This makes your transactions easy and fast.
5. Follow the Emails
Now, that you have completed all the essential procedures and uploaded the necessary documents, you will get a welcome mail. Additionally, you may also receive a few other important emails relating to your account history and details. Each of these emails is linked to your PAN.
6. Find Your Demat Account Number
Now, you may simply find your demat account number using these emails. Explore emails sent by NDSL or National Securities Depository Limited if you have an NSDL demat account or Central Depository Services Limited CDSL if you have a CDSL demat account. These emails have both: your PAN and demat account details.
You must understand that both NSDL and CDSL have 16-digit demat account numbers. However, the digits in the NSDL account are combinations of the alphabet ‘IN’ followed by 14 numbers. But for CDSL accounts, the account number has 16 number digits.
Why PAN in Your Demat Accounts?
Now that you are aware of how to use your PAN to find your demat account number, let’s learn a few benefits of PAN.
1. Unique Identity
Linking PAN to your online demat account gives it a unique identification number. The same number is used for confirmation of your stock investments and more. Thus, making it difficult to misuse.
2. Better Loan Facilities
Linking your PAN can also be quite beneficial to avail of loan facilities via your shares. It is important to understand that the same isn’t possible if you haven’t connected your DP account and PAN.
3. Enhanced Security
Using your PAN is also beneficial in terms of your account’s security. Your PAN is used as an ID proof for the sales and purchase of your shares. Further, all your account details and everything is easily accessible to you. Thus, you may monitor them remotely anytime you want.
4. Facilities Tax Filings
When filing your ITR, you are supposed to fill in all important details like name, address, demat account details, etc. However, it is only applicable for accounts linked to PAN, which eases the fillings.
5. For Foreign Currencies and RBI Bonds
Whether you want to buy foreign currencies or invest in RBI bonds, completing a KYC and linking your PAN is a must.
Takeaway
Linking your PAN to your Demat and trading account is a must. It helps the Tax department monitor your investments and tax liabilities. Further, you may also use it for checking demat account details and for several other benefits. Use this simple guide and enjoy the best of your demat account.
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