Depository Services – Account Opening

Demat Account Opening is now Simplified!!! The client can open an account at his/her option without bearing any cost at the time of account opening!!!The agreement to be executed between the client and Janata Bank is now replaced with a common document “Rights and Obligations of the Beneficial Owner and Depository Participant” which attracts no stamp duty charges. This document is mandatory and binding on all existing and new clients. A format of the document is present at branches and also made available on website.

The procedures for opening demat account in NSDL or CDSL are similar.

(PAN compulsory for all demat accounts)

INDIVIDUAL ACCOUNT
An individual Account either Resident can be in the name of an individual, Karta or Minor. The proof of address, proof of PAN card as well as proof of identity of all the account holders is required while opening a new demat account which should be self-attested.

i) Proof of Identity (POI):
(Any one of the following documents should be submitted as proof of identity)

• Passport/ Voter Id Card / Driving License / Unique Identification Number (UID) (AADHAR)
• PAN card with photograph
• Identity card / document with applicant's Photo issued by any of the following:
  • Central/state Government and its department
  • Statutory/Regulatory Authorities
  • Public Sector Undertakings
  • Scheduled Commercial Banks
  • Public Financial Institutions
  • Colleges affiliated to Universities
  • Professional Bodies such as ICAI, ICWAI, ICSI, Bar Council etc. to their Members 
  • Credit cards/Debit cards with photographs issued by Banks.

ii) Proof of Address (POA):
(Any one of the following documents should be submitted as proof of address, documents having an expiry date should be valid on the date of submission)

• Ration Card/Passport/Voter ID Card/Registered Lease or Sale Agreement of Residence/Driving License/Flat Maintenance bill
• Utility bills like Telephone Bill (only land line), Electricity bill or Gas bill not more than 3 months old.
• Bank Account Statement/Passbook – Not more than 3 months old.
• Self declaration by High Court and supreme court judges, giving the new address in respect of their own accounts
  • Bank Managers of Scheduled Commercial Banks/Scheduled Co-operative Bank/Multinational Foreign Banks/Gazetted Officer/Notary Public/Elected representatives to the Legislative Assembly/Parliament / documents issued by any Government or Statutory Authority.
  • Identity card/document with address issued by any of the following: Central/State Government and its Departments
• Statutory / Regulatory Authorities, Public Sector Undertakings/scheduled commercial Banks, Public Financial Institutions, colleges affiliated to Universities and Professional Bodies such as ICAI, ICWAI, ICSI, Bar council etc. to their members.
• The proof of address in the name of the spouse can be accepted.

iii) Identity card/document with address, issued by

• Central/State Government and its departments 
• Statutory /Regulatory Authorities 
• Public Sector Undertakings 
• Scheduled Commercial Banks 
• Public Financial Institutions 
• Colleges affiliated to Universities (this can be treated as valid only till the time the applicant is a student) and 
• Professional Bodies such as ICAI, ICWAI, Bar Council etc, to their members

Kindly note that an account of the minor, has to be in the sole name of the minor only. No joint holder for such account is permitted by NSDL. Similarly for a HUF account there cannot be a joint holding. The account has to be opened in the sole name of the KARTA only.

NOMINATION
A client can avail of the nomination facility for his/her demat account. You can nominate at the time of account opening itself or any time in the future by filling the nomination form. A nomination can be changed at any time by filling the same form. By availing of the nomination facility, the nominee is entitled to receive shares outstanding in the name of the deceased client. However the following categories of investors cannot nominate:

• Minor accounts 
• HUF accounts 
• Power of attorney holders 
• Accounts in the name of society, trust body corporate

The nomination forms (Form JA), are available in any of the Janata Sahakri Bank Branches.
However in CDSL, in case of minor account, the guardian can make a nomination on behalf of the minor. 

CORPORATE ACCOUNT
The following are the requirements for opening the corporate account. NSDL/CDSL does not permit the demat accounts in the name of partnership firm or proprietorship firm. Hence for partnership/proprietorship accounts, the demat account can be in the name of the partners/proprietors and not in the name of the firm. The following documents are required to be submitted along with the demat corporate account opening form: 

For Corporate:

• Copy of Memorandum & Articles Of Association and Certificate of Incorporation
• Copy of the balance sheets for the last 2 financial years (to be submitted ever year)
• Copy of latest share holding pattern including list of all those holding control, either directly or indirectly, in the company in terms of SEBI takeover Regulations duly certified by the Company Secretary / Whole Time director/ MD (to be submitted every year)
• Photograph, POI, POA, PAN and DIN numbers of whole time Directors / two directors in charge of day to day operations.
• Photograph, POI, POA, PAN of individual promoters holding control – either directly or indirectly
• Copy of the Board Resolution for investment in securities market.
• Authorised signatories list with specimen signatures.
• Company's common seal is required on the Resolution copy, the Account opening form for corporate and also on the DP-Client Agreement.

For Partnership Firm:

• Copy of balance sheets for the last 2 financial years (to be submitted every year)
• Certificate of registration (for registered partnership firms only)
• Copy of Partnership deed
• Authorised signatories list with specimen signatures
• Photograph, POI, POA, PAN of Partners

For Trust:

• Copy of the balance sheets for the last 2 financial years (to be submitted every year)
• Certificate of registration (for registered trust only)
• Copy of Partnership deed
• List of Trustees certified by managing trustees / CA
• Photograph, POI, POA, PAN of Trustee

Corporate Benefits (PAN compulsory for all demat accounts)

Benefits accruing to the shareholders and/or unit holders of Mutual Funds in the nature of dividends, units, bonus etc are generally referred to as corporate benefits.

The company/R&T Agents will distribute dividend, interest and other monetary benefits directly to the client, if the shares are in demat form, on the basis of the particulars of the holdings of beneficial owners received from NSDL/ CDSL on the cut off date. If the company is making the payment through ECS, the company will directly credit the dividend to the bank account, which is registered by the client with the DP.  If the company is making the payment through cheque, the bank details will be printed on the warrant. The mode of payment of the dividend etc is decided by the company. 

In case of bonus allotment by the company, the clients holding the shares in electronic form, will directly receive credit in their demat account. Intimation to that effect would be send by the company/ Registrar to the client. 

In case of rights issue, on the basis of the details of holdings from NSDL/CDSL, the Registrar dispatches, the application form for rights issues to the beneficial owners. The customer has to exercise the option to hold the shares in physical or in electronic form. If he opts for the later, the client has to mention the DP Id and the client ID on the form.