How can I convert my Minor Demat account to a Major (Individual) account after turning 18?

How can I convert my Minor Demat account to a Major (Individual) account after turning 18?

Once a minor turns 18, the account must be converted into an individual account. The process involves closing the minor account and opening a new individual account by following the standard resident individual account opening procedure.

Documents Required:

Identification Proof

Provide all the following documents:

  1. PAN card copy of all the holders (self-attested).
  2. Passport-size photograph of all the holders.

Bank proof

Anyone from the following:

  • Personalized cancelled cheque with the individual name pre-printed on it.
  • Bank passbook/statement (should not be older than 3 months) with all the details clearly visible, such as holder Name, Bank logo and seal, IFSC code, MICR Code, and Account Number.

Address Proof

A self-attested copy of any OVD can be considered for address proof. OVD (Officially Valid Documents) are the documents taken for KYC as, an Aadhaar card (only masked Aadhaar cards are allowed), voter ID, passport, driving license, or NAREGA job card.

Income Proof

(to activate the F&O segment)

Anyone from the following:

  • Last six months' bank statement
  • Last filed ITR (Income Tax Return)
  • Last three months’ salary slip
  • Net worth Certificate
  • Statement of demat holdings.

All physical documents and forms must be couriered to Jainam House for processing.
Jainam broking Limited
Jainam House,
kargil chowk,
Piplod,
Surat-395007


RELATED FACTS:

  • A new PAN card (minor to major) is mandatory.
  • A new mobile number and email ID must be provided if the guardian’s contact details were previously used. These must be unique and not already linked to any other Demat account.
  • In-Person Verification (IPV) is compulsory. It ensures that the person opening the account matches the submitted documents.
  • The bank account used in the minor account can be continued unless you wish to update it.