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Fincash » Demat Account » Canara Bank Demat Account

Canara Bank Demat Account

Updated on November 30, 2022 , 5227 views

Canara Bank is India's third-largest nationalised bank. It is owned by the Ministry of Finance, Government of India, and is headquartered in Bengaluru. Ammembal Subba Rao Pai started the bank in 1906 in Mangalore. Not just in India, it now has offices in London, Hong Kong, Dubai, and New York. However, Syndicate Bank and Canara Bank amalgamated on August 30, 2019, as announced by the finance minister.

Canara Bank Demat  Account

Canara Bank Securities Limited, or canmoney, is a subsidiary of Canara Bank. It was founded in 1996 and specialises in equities brokerage and financial product distribution. They not only handled every financial duty efficiently but also played a key role in the Market's adoption of cutting-edge technology and infrastructure.

They are members of the NSE, BSE, F&O, and CDS. Canara Bank Securities is one of India's most trustworthy stockbrokers, with offices in almost all of the country's main cities. It provides a reliable but improved trading market with exceptional promptness, making it a plus point. In this article, you’ll learn everything related to Canmoney - Canara bank Demat account in detail.

Canmoney: Canara Bank Demat Account

Canmoney is more than a brokerage account. It offers a 3-in-1 account that combines broking, banking, and Demat accounts. As a bank-based full-service stockbroker, canmoney offers easy trading alternatives such as efficient and online trading, fast settlement, and operational transparency. It allows Canara Bank's investor clients to trade without interruption.

In the cash and derivatives market, canmoney offers a variety of products. It offers three products in the cash segment:

  • Cash and carry, which allows customers to purchase and sell stocks using only cash.
  • Intraday trading, in which the trader can purchase and sell against the margin available.
  • Buy in today, sell-out tomorrow permits investors to sell their stock before it is delivered.

In the derivative market, they offer Futures and options which can be traded online against a deposit of cash. Other options include online mutual fund and IPO subscriptions. It offers online trading platforms for mobile, laptop, and desktop devices.

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Types of Demat Account Offered By Canara

Demat accounts are online accounts that hold securities in electronic or dematerialized form. Despite the fact that the objective of a Demat is the same for all investors, different types of Demat accounts exist for different investors. Here are the different sorts of Canara Demat accounts:

1. Regular Demat Account

It is a normal Demat account for investors who live in India. The account is suitable for people who wish to deal only in shares.

2. Repatriable Demat Account

This is for Non-resident Indians who can open this sort of Demat account. It permits the flow of wealth from one country to another. Such Demat accounts, however, need a Non-Resident External (NRE) bank account.

3. Non-Repatriable Demat Account

This is also for NRIs, who can invest money in the Indian stock market; however, NRIs using this Demat account cannot transfer money abroad. An NRO bank account must be linked to this sort of Demat account.

Features of Canara Demat Account

Canara Demat and Trading Account is popular among investors and traders in India. This company provides a variety of services and benefits that make trading more convenient. Let's have a look at what this Demat account has to offer:

  • They offer a 3-in-1 trading account that allows you to manage your Demat, trading, and bank accounts all from one place
  • They facilitate accessibility and greater flexibility
  • They offer to trade in BSE, NSE, F&O, and CDS
  • They have different trading platforms for different kinds of traders
  • They are full-service brokers that offer a wide Range of financial services as well as other products for trade
  • The firm's research team offers a wide range of research services to assist you in achieving high market gains by taking positions in the correct stocks at the right time
  • The brokerage plans are affordable, and often discounts are offered by them
  • The firm provides a reasonable amount of Financial Exposure

Canara Bank Trading Software and Platforms

A trading platform is computer software that allows investors and traders to place deals and track accounts through financial intermediaries. Customers of Canara bank have access to three different trading platforms:

1. Official Website

The most popular online investment and trading platform is Canmoney. It offers IPOs, SIPs, Mutual Funds, insurance, and a range of other services, as well as online trading and Demat accounts. The website also contains research and recommendations. This platform is easily accessible with any browser.

2. Canroyal

It's a highly configurable online trading web-based platform designed specifically for active traders. It has extensive charting capabilities, does Technical Analysis, and displays every bid and offer for every market participant, helping traders to make faster and better trading decisions.

3. Mobile App

It's the official mobile trading app for users who want a trading experience to be a breeze. It allows users to trade from anywhere and at any time by providing real-time price alerts, research notifications, and customised alerts on their portfolio stocks. Both Android and iOS users can get this application downloaded.

Why Choose Canara Bank?

Canara bank offers a plethora of advantages when it comes to opening a Demat account. The following is a list of their advantages:

  • 100% Transparency
  • Easy settlement
  • Multi-locational services
  • Customer-friendly service
  • Online Demat account statements
  • Live trading software
  • Paperless tasks
  • No hidden costs
  • Fast online service
  • Mobile trading app

Documents Required

For opening a Demat account with Canara bank, the required documents are listed below. For the application process, soft copies are required before registering for accounts.

  • PAN Card
  • Residence proof
  • 2 passport size Photographs
  • Bank statement
  • Cancelled cheque
  • Aadhar card

Note: For residence proof, you can submit documents like bank passbook, electricity bill, residential telephone bill, ration card, voter ID or passport. Also, a PAN card is mandatory to open a Demat account. In case you don’t have one, you would have to apply for a new one before the process.

Canara Bank Demat Account Opening

To create a Canara Bank Demat account, you can either visit the bank branch or log in through net banking and fill out the Demat Request Form (DRF) and then submit it with the needed documents or visit the online portal.

Online Mode

For Canara bank Demat account opening online, here is the guide:

  • Step 1: Visit the Canara bank website to log in with online banking credentials. From the quick links, select 'Demat Account'.
  • Step 2: Then, from the drop-down menu, select ‘Demat’. The screen will display a message saying ‘There is no active Demat account associated with the CASA account’ will pop up, and there will be an option to continue. Select 'Continue'.
  • Step 3: All your credentials will be displayed on the screen; click ‘Proceed’, you’ll be redirected to the NSDL website.
  • Step 4: NSDL Insta Demat account form will be displayed on the screen. Fill the form that contains name, email, phone number, OTP, and so on.
  • Step 5: After the completion, check the box to consent documents, then click on the Submit button.
  • Step 6: Once you've submitted the form, you'll get a confirmation message. The message contains - 'Congratulations XXXXXXXXXX on opening an NSDL Insta-Demat account with your DP- Canara bank securities’ along with your account number and DP ID.
  • Step 7: After successful registration, your account will be under the verification process.
  • Step 8: Once your account is activated, you’ll be informed by the bank of your registered phone number and email address.

Office Mode

The process to open a demat account offline with Canara bank is pretty simple; here is a quick guide:

  • Step 1: Visit the nearest Canara branch
  • Step 2: Ask for the Demat account opening form
  • Step 3: Fill out the form carefully
  • Step 4: Attach all the listed documents with it
  • Step 5: Sign it and submit it to the officials

Once registration is done, after successful verification of details, you will get a canara bank Demat account login to start your trading experience.

Canara Bank Demat Account Charges

By using the Demat account, users can hold their securities which are deposited either by NSDL OR CDSL. To hold the securities and their operation, there are few charges that you would have to pay, like Account Maintenance Charges (AMC), broker commissions, GST, STT, and other fees that must be paid after a Demat account is created.

Here you’ll get to know the charges levied by the bank.

Particulars Charges
Account opening charges Nil
AMC Rs. 500 per annum
Trading AMC Nil
Margin Money >25000
Offline to online charges Applicable

Apart from the AMC charges, an investor also has to face other charges for using different services by the broker. Canara bank demat account brokerage charges are listed below:

Particulars Charges
Equity Delivery Brokerage 0.35%
Equity Options Brokerage Rs.50 per Lot on single side
Equity Intraday Brokerage 0.04%
Equity Futures Brokerage 0.04%
Currency Futures Brokerage 0.04%
Currency Options Brokerage Rs.50 per Lot on single side
Commodity Options Brokerage 0.04%
Minimum Brokerage Charges 0.04%
Transaction Brokerage Charges 0.00325%
Stamp Duty Charges Depends on the state
GST Charges 18% of (Brokerage + Transaction charges)
STT Charges 0.0126% of Total Turnover
SEBI Turnover Charges 0.0002% of Total Turnover

The Bottom Line

Canara Bank is one of India's most reputable stock brokerage firms, and its enhanced mobile trading apps have made stock trading a breeze. The company’s transparency with users is the best part about it. Also, the mobile applications are designed in such a user-friendly manner that users can be briefed on stock market information at any time. Apart from that, users receive a lot of well-researched information about the stock market. For traders, it is unquestionably a plus because it allows them to move cash quickly and efficiently. So, what are you waiting for?

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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