Zerodha: On Thursday, the stock trading website Zerodha revealed that parents may now register an account for their kids and make bond, mutual fund, and stock investments.
Parental Supervision
The minor account of their child is completely in the parents’ supervision. Their kids are unable to purchase securities on their own. The child can ask to buy securities and give them to their parents, or the parents can buy the securities and then give them to the child.
Minors are only permitted to track their portfolios and sell the holdings on Zerodha. Futures and options (F&O) trading, as well as intraday trading, are not permitted for modest accounts. For the minor accounts, there is no account maintenance fees. Parents can manage both their own and the minor’s portfolios on the Zerodha platform.
Documents needed
Digital copies of the following documents are required in order to open a minor Zerodha account for the child:
- Minor’s PAN card
- Minor’s Aadhaar card
- Birth certificate
- Photo
- Cancelled cheque
- Guardian letter
- Guardian’s PAN
- Guardian’s Address Proof
- Guardian’s signature
How may a minor Zerodha account be opened?
The procedures listed below should be followed in order to open a minor Zerodha account for a child:
- Enter the guardian’s Zerodha account credentials to log in at signup.zerodha.com/minor.
- In order to confirm the guardian’s profile, click “Continue.” If the profile needs to be updated, go to How can the guardian profile information be changed when creating a minor account? Now that the information has been updated, you can access the account online.
- Enter your email address and mobile number, then use the OTP to confirm. Both the minor’s birthdate and PAN must be included. Select “Continue.”
- On the DigiLocker screen, input the minor’s Aadhaar number. After checking the “Terms and Conditions” box, click “Continue.”
- Once the minor’s bank account information has been entered, you must check the “Terms and Conditions” box and click “Continue.”
- Zerodha is now going to request an In-Person Verification (IPV). The minor and guardian need to be present for this process.
- Once the necessary files have been uploaded, click “Continue.” Details on the nominee can be added at a later time. Use the guardian’s Aadhaar data to eSign.
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