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Know Everything About Bank of Baroda Demat Account

Updated on November 20, 2024 , 13764 views

Baroda Bank’s Demat is one of the best-known Demat online stock trading accounts. In India, banks have offered Demat accounts since 1996. It is vital to open a Demat account for everyone who wishes to participate in stock trading.

Bank of Baroda was created more than 100 years ago in Gujarat, India, and has been growing ever since. It is now the third-largest public sector financial bank in India. The bank has almost 10,000 branches nationally and abroad. This turns the bank into a genuinely multinational one.

Demat Account with BOB

A Demat account at Bank of Baroda is an account containing only electronic copies of shares and other securities certificates. Thus, the electronic and digital processing of all transactions involving these financial instruments is done online. Stock trading and share trading can now be done through a bank account called Baroda Demat, which is good, safe, and convenient for anyone.

The tangible copies of these certificates are therefore plainly eliminated. For any investor interested in online stock trading, a Bank of Baroda Demat account is thus obligatory. This account will be domiciled by the Depository Participant.

Major Benefits of Baroda Bank Demat Account

It is in many ways helpful to hold a Demat account at the Bank of Baroda. Some of the advantages are listed here:

It's cheap to work, and you're saving money. Trade takes place online, which eliminates the physical handling of the document.
There is no risk of loss, destruction, falsification, etc., which typically occurs with actual securities certificates.
Trading stocks is safer, easier, and more straightforward. Instead of weeks and months, most surgeries are performed in relatively few hours.
It makes stock trading transparent, the main advantage of the Baroda Demat Bank account.
Before making a decision, you can verify reports and analyze statistics. In the past, when Demat was not available, this was not conceivable.
The stock trade is swift and immediate because there's no long queue and there's no more waiting.

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Documents Required to Open BOB Demat

Here is a list of documents that you are required to have while getting an account opened with Baroda Bank, either online or offline:

Residential proof - Electricity or Phone Bill, Adhar Card, etc.
PAN Card
ID proof - 10th Board mark sheet, Adhar Card, etc.
2 Photographs - passport size

Opening Baroda Bank Demat Account Online

Th’s bank’s Demat accounts must be used for retaining the copies of dematerialized shares and securities. In order to be held in a Baroda Demat Bank, shares and securities must be dematerialized and converted from physical to electronic forms.

With dematerialization, an investor needs no actual share certificates and is able, via his Bank of Baroda Demat, to monitor his investments online anywhere in the globe.

Here are the actions you are going to take to open a Demat account with the Bank of Baroda:

While you go for opening a BoB Demat account, you must have a savings or current account opened. Therefore, if you do not already have any savings or current accounts, you can submit an application for either of them along with the Demat account opening application. And that is why you must also keep two sets of all the mandatory documents ready.
Look for a nearby branch of the bank. You can also search for the nearest branch by visiting the website of the bank to view the list.
Visit your preferred branch to collect your account opening. You can also download the form online and request further information and instructions from the bank personnel on how to submit an application successfully.
Next, you are required to submit all the mandatory documents along with the properly filled application form at the bank branch. For verification, the bank officials might also ask you to carry the original documents.
For verification, the bank will need only the original of each document.
Your Demat account number will be provided to you once your documents have been checked and the request procedure completed. This number is useful for logging in to the account online and accessing numerous functionalities.

BOB Demat Account Charges

Here is a detailed description of all the charges applicable while opening an account or going for different transactions with Bank of Baroda:

Banking Services Area	Service Charges for Demat Account
Account opening charges	Zero
Annual Maintenance Charges for Demat Account - General Customer	Individuals: There will not be any charges for the newly opened accounts during the first year. INR 200 every year, along with GST, will be charged from the second year. Non-Individual: INR 500 along with GST will be charged.
Annual Maintenance Charges for Demat Account - Staff or Former Staff	50% special consideration is offered in the AMC charge if the account holder’s first name is the same as the name of the staff member or a former one, and that is also available only for a single Demat account.
Annual Maintenance Charges for Demat Account - For the BSDA Customers	Individual: There will not be any charges for the newly opened accounts during the first year. After that, no AMC will be imposed if the holding worth is at max INR 50,000 in that financial year. For between INR 50,001 and INR 2,00,000, the AMC will be INR 100.
Dematerialization Shares	A bank of Baroda charge of INR 2 is charged for each certificate, and the minimum amount is INR 10 along with GST and real postage.
Rematerialization - nsdl demat account	INR 10 along with GST and the normal postage rate will be charged for each security out of a hundred or a fraction of it. This charge is paralleled with the higher of: INR 10 along with GST and actual postage on every certificate or INR 5,00,000.
Rematerialization - CDSL Demat Account	Charge is INR 10 along with GST and actual postage for each certificate.
Charges of Transaction - General Customers	In this case, the charge is 0.03% of the Market worth with a minimum of INR 20 with GST on every transaction. 0.03% is charged for debt instruments and commercial papers, subject to a minimum INR 20 along with GST for every transaction.
Charges of Transaction - BCML Customers	For each of the debit instructions, transaction charges are INR 15 along with GST.
KRA or KYC Registering Agency Charges	KRA charges are INR 40 along with GST plus the real postage for uploading the latest KYC detail. KRA charges are INR 40 along with GST for each download.
Creation of Pledge	Charges are INR 50 along with GST for each of the ISIN of every request.
Confirmation of Pledge Creation	For the confirmation of pledge creation, the charges are INR 25 along with GST for each of the ISIN.
Invocation of Pledge	For the invocation of pledge, the charges are INR 25 along with GST for each of the ISIN.
Charges for a Failed Instruction	Zero
Overdue Charges	Some interest has to be paid for paying the service charges at the rate of 13% per annum along with GST after the crossing of the due date.

Conclusion

In and outside of India, corporate organizations and individuals can have a Baroda Bank account online. Only electronic copies of share certificates for transactions involving these securities can be kept in a Demat account at the bank.

Opening the account is easy, quick, and free. For more details and help regarding any of the procedures, you can contact the bank’s helpline at 1800 102 4455 or 1800 258 4455.

Frequently Asked Questions (FAQs)

1. Is Baroda Bank Demat a good account?

A: You'll make a clever decision if you opt to open a Demat account at the Bank of Baroda. Demand for this account is high throughout India. Baroda Bank is a renowned leading bank with exceptional services and a good workforce. You've got the best offer if you choose this. However, it is beneficial to be cautious while providing all your details and ensure that none of them goes into any scamming hands. Moreover, it is also essential to trade wisely using the account because solely opening a Demat account does not guarantee a profit for you.

2. Does the Demat account open with the Bank of Baroda have any charges?

A: When you open a Demat account with the Bank of Baroda, there are no such costs. However, INR 500 is necessary to open the Trading Account E franking.

3. Can somebody have two Demat accounts?

A: As long as the accounts are opened with different depository participants, investors can open numerous Demat accounts. More than one account with the same DP cannot be opened. A second Demat account with the same DP but a different combination of account holders can be opened.

4. Is the Baroda Bank Demat account a successful choice in the long term?

A: With the greater share of low-cost debt, higher interest rates will not affect the Bank of Baroda. This stock can be taken into account by long-term investors. It is one of the few banks in nearly all its India branches to use the centralized banking system. However, as said, you must consider all the factors, like whether you want a short-term investment or a long term one, what stocks are at hype currently and what is the future for them, etc., to be sure whether or not to choose this bank and its Demat account.

5. Is it possible to transfer my Demat account to a different broker?

A: The transition to the new Demat account may take one or two days. For this transfer, the broker may apply certain charges. The sum can vary accordingly. But the broker cannot charge any fee if you close the Demat account.

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.