How To Find Demat Account Number From PAN Card?
Your Demat Account Number (DAN) is an important part of how you trade on the stock market and with mutual funds and assets every day. It’s possible that you got it at some point, but it likely got lost in the heap of papers you have.
So, what do you do if you need this number again? Well, this guide has got you covered. To get your Demat account number from your PAN, read on!
How to Use Your PAN to Check Demat Account Number?
You must know that the Income Tax Authority of India mandates that your demat account number be tied to your PAN card. Hence, if you are searching for how to use your PAN card to find your DAN you can do so through Depository Participant.
Check out the steps listed below to check all of your demat accounts associated with your PAN. Take a look.
- Open the DP (Depository Participant) website/application and fill out the application form. Make sure that the information you provide is accurate. This is to avoid potential problems in the future.
- Next up, finish off the KYC (Know Your Customer) process. Here, you will have to show proof of who you are and where you live, i.e., address proof and identity proof. Ensure sharing these documents along with your application form. After that, the DP will conduct certain processing on their end.
- Once the DP is done verifying your information, use two-factor login authentication to make sure that your digital information is correct. For the verification step, ensure providing an email address and a phone number.
- With the digital authentication being done, go ahead and confirm your bank account details. Additionally, set up the ECS (Electronic Clearing Service) payment method as well. This will facilitate more efficient and fast transactions.
- After a while, a welcome email will be sent to the email ID that you have registered. Herein, you may get encrypted emails that have important account details, like your account history. Your PAN card number will be associated with every email.
- Look through communications/emails from the National Securities Depository Limited (NSDL), Central Depository Services Limited (CDSL), or your individual Depository Participant (DP) to locate your demat account number. It is likely that these emails may contain your DAN along with your PAN.
What is the significance of a PAN card in a Demat account?
Having the PAN number linked to the investor enables the Income Tax Department to effectively track and monitor the investor’s income, investment details, and tax liabilities related to market investments. The process resolves any issues regarding tax liabilities.
Online Trading and Demat Accounts
For Indian investors, a Demat Account No. is just as important as a bank account number. Demat Accounts are the pillars for trading and investing in the share market. While you may have heard the advantages of online trading, it is important to know that you can’t open a trade account without a Demat Account. To trade and buy in the stock market, you need to have these prerequisites.
Demat accounts keep your shares safe for as long as you want. All you need to invest in stocks is your Demat Account number and any other information that is linked to your Demat Account.
Wrapping Up
To sum up, investors need an active Demat account in order to trade or invest. You don’t have to remember the number because your brokerage firm links your trade account to your Demat account and quotes it for you whenever there is a financial transaction. Yet again, you must know where to look for, just in case.
