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Account Opening
09 June 2016
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Can Minor open the account with ProStocks?

Children below the age of 18 years in India are considered as a Minor.

Yes, both demat and trading account can be opened in the name of a minor child. The account will be operated by a guardian till the minor becomes major, Guardian has to be the father or in his absence mother. In absence of both, father or mother, the guardian can be appointed by court.

The guardian is legally entitled to open, operate and even close the bank account, demat account and trading account on minor name. Note that two KYC Application Forms must be filled i.e. one for the guardian and another for the minor (to be signed by guardian).

Things to know about Minor Demat / Trading Account

  • PAN Card for Minor is Mandatory.
  • The legal guardian has to provide all the documents and fulfill the KYC norms.
  • PAN Card of legal guardian is required for opening the demat or trading account.
  • The date of birth certificate is required from minor child.
  • When minor turns major, the account becomes inoperative. New separate account has to be opened in this case. Demat holdings can be transferred from minor account to major account.
  • If paper shares are held jointly with a minor, they need to first be transferred to the minor and then to the demat account in the minor's name.
  • A 3-in-1 Account (Bank+Trading+Demat) can be opened in the name of a minor.

Minor's Account Trading Restrictions

  • Can Apply in IPO Application using Minor Account.
  • Minor Trading Accounts are allowed only to invest in stock market (Equity Delivery Trades only).
  • They are not allowed to trade in following segments:
    • Equity Intraday
    • Equity Derivative Trading (F&O)
    • Currency Derivatives (F&O)

We do open the account of Minor as well as Guardian of Minor's or those Minors whose Guardians are our existing clients.

People in this conversation

  • Ruchir Goyal
  • Team ProStocks
  • Team ProStocks

Comments (29)

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  • Team ProStocks

    Guest - Chirag
    about 4 years ago

    ProStocks Provides Life Time AMC Free Demat and Trading Account even to Minors.
    Account opening is Free at ProStocks for limited Period.
    ProStocks collect Rs 1000 refundable deposit towards life time AMC Free Demat Account.

    http://maps.google.com/maps?z=15&q=,
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  • Guest - Chirag

    about 4 years ago

    What is the AMC charges and account opening charges to open a Demat and tradding account for Minor?

    http://maps.google.com/maps?z=15&q=,
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  • Team ProStocks

    Guest - Chirag
    about 4 years ago

    Refer above reply

    http://maps.google.com/maps?z=15&q=,
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  • Guest - Pradeep

    about 4 years ago

    What about a situation - if PAN of minor has father's signature and bank account is opened with Minor's mother as guardian

    http://maps.google.com/maps?z=15&q=,
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  • Guest - Nilesh Jalan

    about 4 years ago

    Please tell if minor account opening process is fully online ,like of major ones or not
    and how much time will be taken in ac opening process

    http://maps.google.com/maps?z=15&q=,
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  • Team ProStocks

    about 4 years ago

    Mr Nilesh Jain
    Minor form filling is online. Post Form filling , You will get fully filled PDF file, which you need to print , sign , take signature of witnesses and send the courier to our Mumbai Office. We need to do IPV. You also need to ensure that your Banker has done CKYC for Bank Account.
    It takes 2 to 3 working days post receipt of courier in our office. Minor Trading and Demat Account is virtually free service in all aspect. We are doing financial inclusion.

    Technology is not available in India to open Minor Trading and Demat Account fully online. EDIS is not allowed to Minor so PoA also becomes necessary and PoA can be given physically.

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  • Guest - Sandeep

    about 4 years ago

    procedure to convert demat share when minor become major.
    If share held till 18 years then sold, still consider as guardian income, if not definitely consider.

    http://maps.google.com/maps?z=15&q=,
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  • Guest - Bharat Vaishnavi

    about 2 years ago

    I want to Open my Daughter minor demat account. She is Sukanya yojna Bank account in SBI. And That account has not providing Cheque Book and Internet banking, than how can I pay 1000 security deposit form that bank account.

    http://maps.google.com/maps?z=15&q=,
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  • Guest - PRIYANKA BHANDARI

    about 1 year ago

    Can minor account be open under guardian huf in prostocks?

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  • Guest - Lalabhai

    about 1 year ago

    I do not have a dmat account with Prostock Can I open My child account in Prostock ? Or itis mandatory to open guardian account in order to open minor dmat ?

    From minor account Can I sell IPO on a same date if allloted ( Sell with Prostock application)

    http://maps.google.com/maps?z=15&q=,
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