Documents required to open a demat account online in India
A practical checklist of documents and details needed to open a demat account online, plus tips to avoid delays during eKYC and eSign.
Most demat applications that fail do not fail because the customer is not eligible. They fail because a document or detail was not ready. If you help people open accounts, share this checklist before they start.
The basic checklist
- PAN card: mandatory. The name should match other documents.
- Aadhaar number: used for eKYC. The Aadhaar must be linked to a working mobile number to receive OTPs.
- Bank account details: account number and IFSC. A cancelled cheque or bank statement may be asked for in some cases.
- Signature: usually drawn on the screen or uploaded as a photo of a signature on white paper.
- Photo or selfie: captured live during the application.
- Email ID and mobile number: must belong to the customer, not to you.
Extra documents for some customers
- Income proof (salary slip, bank statement or ITR) if the customer wants to trade in futures and options. This is not needed for buying shares or IPOs.
- Address proof other than Aadhaar if the Aadhaar address is outdated and the broker asks for it.
Common problems and how to avoid them
Aadhaar not linked to mobile
Without the OTP, eKYC cannot be completed. The customer must update their mobile number at an Aadhaar centre first.
Name mismatch between PAN and Aadhaar
Small differences (initials, spelling) can stop the application. The customer may need to correct one of the documents.
Blurry photos
Uploads should be clear, well lit and fully visible. Ask the customer to sit near a window or under a light.
Wrong bank details
A single wrong digit means the bank verification fails. Copy details from the passbook or bank app, not from memory.
A five-minute preparation routine
- 1Keep PAN card and the Aadhaar-linked phone ready.
- 2Open the bank app to copy account number and IFSC.
- 3Sign on plain white paper in case an upload is needed.
- 4Sit in good light with a stable internet connection.
- 5Keep 10–15 minutes free so the application is not left halfway.
Never ask for documents yourself
As a referral partner, you should never collect a customer's PAN, Aadhaar, OTP or passwords. The customer applies directly on the broker's official page. Your job is to guide, not to fill in their details. This protects the customer and keeps you safe too. Read more on safe referral practices.
Special cases you may come across
Name changed after marriage
If the PAN shows one surname and the Aadhaar shows another, the application may fail. The customer should update one document so both match, or follow the broker's process for name differences.
Address changed recently
Aadhaar address updates take some time to reflect. If the customer has just moved, they can still apply; the address on Aadhaar will be used unless the broker asks for another proof.
Joint bank accounts
A demat account can usually be linked to a bank account where the customer is the first holder. If the customer is only the second holder, the bank verification may fail.
Senior citizens without a smartphone
They may need help from a family member to complete the online steps. The customer must still enter their own OTPs and approve everything personally.
Why brokers ask for so much information
Brokers in India must follow know-your-customer (KYC) and anti-money laundering rules set by the regulator. Every detail they ask for, from income range to occupation, is part of those rules. Explaining this calmly helps customers understand that the questions are normal and not a sign of something suspicious.
Keep it simple for the customer
Send the checklist in one WhatsApp message before sharing your link. Customers who prepare first finish faster, face fewer rejections and are far more likely to become active investors. That is better for them, and it is the only kind of referral that counts.
Frequently asked questions
Is Aadhaar compulsory for a demat account?
Aadhaar-based eKYC is the fastest route. Some brokers offer offline KYC with other documents, but it is slower.
Do I need income proof to buy shares?
No. Income proof is usually needed only for derivatives (futures and options) trading.
This article is general information, not financial, legal or tax advice. Earn MUFAD is not a bank, broker, lender or insurer. Earnings depend on approved results under each campaign's terms; there is no guaranteed income.