What is the procedure to open a minor account in FYERS?

What is the procedure to open a minor account in FYERS?

You, as a guardian, can now open your child’s Demat account with us, which is entirely online and paperless, provided you have a Demat account in Fyers. 

The procedure to do so is as below:

  1. Log in to the My Account Portal and go to the ‘Manage Account’ option; you’ll have an option of ‘Open Minor Account.’ Click on the ‘Open Account’ to initiate the process of minor account opening as displayed in the image below:

  1. You’re required to upload the PAN of your child and enter the relevant details such as Gender, Mother’s name, etc. and Click on ‘Continue.’

3. Under contact information, you're required to upload the proof of address of the child whose account is being opened.

4. Enter the bank account details of your child and upload six months bank statement. 

5. The Equity and Mutual Fund segments will be selected by default as the minor is not allowed to trade in any other segments. Click on ‘Continue’.

6. Under Nomination and Declaration, ‘I do not wish to nominate’ option will be selected by default as the minor cannot appoint nominee/s.

7. Complete your child’s In-Person Verification through OTP and upload the latest photo.

After uploading the photo, you (guardian) are required to upload your signature as displayed in the image below:

8. Once all the above details are submitted, Click on ‘Proceed to E-Sign.’

You need to complete the E-Signing process using your (guardian) Aadhaar Card.

9. Upon completing the E-Signing process, your child’s account will be opened in 24-48 hours provided the details are acurate.

Points to be remembered:

  • The communication details such as the mobile number and email address will be of the guardian.

  • The minor cannot buy shares/mutual funds in this account. However, a minor can sell the shares and mutual funds received via Gift or IPO.

  • As per the SEBI guidelines, a minor cannot nominate anyone.