Established in 2014, 5paisa is fastest growing discount broker is a subsidiary of IIFL group. The company moved to cater the demand of discount broking business. 5paisa is offering discount broking service to increase its reach to tech-savvy generation. Currently 5paisa is No.2 discount broker in India after Zerodha.
5paisa is the brand name of discount broking business of IIFL. Name itself sound the lowest brokerage in the Industry. They charge Flat rate of Rs 10 per executed order in all trading segments. A direct mutual fund investment in Rs 10 per executed order. The process of account opeing with 5paisa is effortless and simple.
5pasia offers 2 types of accounts.
Here's how you can open a 5pasia account:
For opening an account offline, choose the "Call me Back". You will be assigned a sales manager who will mail you the relevant forms. Alternatively, you may visit to download the account opening forms. Download, print and fill up these forms. Put your signatures in the appropriate places and courier it to:
5paisa Capital Limited
Sun Infotech Park, 1st Floor,
Plot No.B-23, Road No 16V, MIDC,
Thane Industrial Area,
Thane, Maharashtra 400604
The documents that you require to open an account with 5paisa:
The representative will collect all the forms, self-attested copies of the documents to begin the account opening process.
To open a 5paisa account through the online medium, you need to submit a online request. Enter your details, such as your full name, email ID, contact number and register. Instantly, you will get an email from 5paisa support team.
Keep the following documents handy:
After signing up, you will have to input additional details such as your PAN card details, information related to your bank account, and other personal details. On filling out the form, you will have to print it, put your signatures, enclose the necessary documents and courier it to the 5pasia Head Office. (Address is given above)
You can even your documents picked up by Team 5paisa, which is subject to the availability of a representative in the slot picked by you. While signing up, you can choose between Aadhaar verification or opt for Doorstep pickup. Further, this facility is not offered to pick up of PoA for online forms.
Following the receipt of your documents, 5paisa will conduct an in-person verification as laid down by the SEBI guidelines. You can complete your IPV either by being physically present or through your webcam. You will receive an OTP on your registered phone number or email address. Write the OTP on a piece of paper and complete IPV process. Hold the paper until it is visible on the webcam, 5paisa will capture snapshots as proof of verification. Once all the information has been verified, your account will be activated.
The account opening charges are Rs. 650 + GST for a trading and DEMAT account. This amount is non-refundable.
If you face any issues while signing up or opening an account, you can contact the Sales Manager or the 5paisa customer care over +91 89766 89766.
Headquartered at Mumbai, 5paisa don't have branch network, but they are using existing IIFL branches to collect the form. So you can visit a nearest IIFL branch and submit your documents.
Once you complete online or offline application, you must submit your POA form to 5paisa. POA is not mandatory, but it is advisable to provide POA for seamless movement of shares from your DP account. This will give broker a right to meet exchange pay-in obligation, margin requirement, apply in buyback, right issue and so on.
The account opening process is quick and you will need about 48-72 hours to have your account up and running. However, if there is any kind of issue with the verification of your identity or documents, the process may be delayed.
You can check your account opening status online here.
You will know your account opening status as active when you receive a welcome email from [email protected] on your registered email ID. The mail will contain your login ID and password. 5pasia account opening team will keep you posted via SMS alerts on your status.
If you wish to obtain the Account Opening forms from 5pasia, you can give a call to 8976689766 to speak with a Sales Representative, who will send you all the necessary forms by mail.
Alternatively, visit the download section of 5paisa and head over to 'Open an account' tab and click on the "Call me Back" option. Through this method too, you will get in contact with a 5paisa Sales Representative who will mail you the account opening form for the segment that you desire.
For those wishing to find out the forms on their own, navigate to https://www.5paisa.com/downloads and scroll below to the "Account opening KYC Form" tab, you can download the forms.
In case you are an existing customer and need to update your account information, you can get all required documents in the download section.
As 5paisa states, account closure is much different that account deactivation. Upon closing your account, you will have to reapply fresh for account opening if you wish to once again trade over 5paisa. Before applying for account closure, you need to ensure that:
5paisa takes about 15 business days to process your account closure request. The account closing process shall be effective after a month from the receipt of the account closure request from the client. However, in the event that the dues against your account have not been settled, the date of confirmation shall stand from the day all the pending payments have been made. From thereon, the account closure will take place after the lapse of one month from the date of confirmation.
5paisa offers to its clients an account deactivation facility wherein they can halt trading temporarily until they wish to resume it later. Upon deactivation, your account will be frozen and no credit or debit can take place in that duration. Furthermore, no AMC will be charged by 5paisa and all your access to trading platforms and its accessories will be revoked.
To deactivate your account, you need to call 5paisa support team and request to email you an account deactivation form. You can courier it to the main Head Office. It takes nearly 5-7 working days to process the account deactivation request.
As mentioned earlier, you cannot reactivate your account once you have closed it. However, if you have deactivated your 5paisa account, then you can reactivate it by following the steps given below:
Alternatively, you can also drop off the forms in person or at your closest 5pasia (IIFL) Offline Branch.
Tarding Account Opening Charges: Rs 650 (Free Now Promotion Offer)
Time to Open an Account: 3 days to 7 days
Opening an account is an online process with 5paisa, but submitting physical form, POA form and document verification process will make this process bit longer. Below are the steps to open an account with 5paisa:
Wait for a sales representative call from 5paisa. He will explain you plan details and charges.
Visit 5paisa website to start account opening process online by provide your personal details – PAN Number, Aadhar Number, Bank Details and so on. You will get an email with the link and process explained by Sales team. You need to upload all prerequisite documents - PAN Card, Aadhar Card, Photo, Cheque, Bank Statement in Digital format. Size of each document must be less then 1MB. Possible format of files are .png or .jpg. Incase broker allow digital signature, then you need a photo of signature on white paper.
Pay 5paisa account opening fees, if any.
Complete online KYC Process with help of 5paisa support team.
Download PDF file - if it Aadhar integrated (paperless) account, then you need to submit only POA form. For an offline process, you need to download complete form including POA form.
Sign required documents and courier back to corporate/registered office of 5paisa. Document pickup facility available on selected location.
Documents verification by 5paisa support team.
On approval/ account activation, you will get an email with user id and password from 5paisa support team.
Download 5paisa mobile app or login using web-based trading platform.
Do online fund transfer into your 5paisa trading account..
You are all set to start your first trade with 5paisa.
“Guru Mantra of 5paisa” is to Trade, Invest and insure under one umbrella. For Trader, the brokerage is excellent, but the company is missing on margin/leverage policy. The 5paisa is offering free mutual fund account with your trading and demat account, which is towards his focus on Investment and to engage users in other services offered by the company. Trading terminals and tools – average, Missing Cover orders and bracket orders features with high leverage to traders. In summary, 5paisa need to come out with traditional brokerage house mentality and invest/focus in technologies and improve margin/leverage policy.
To open a new trading account with 5paisa, Please provide your contact details and 5paisa representative will connect you ASAP to explain the process. As opening a new account with 5pasia is a paperless process (on your choice, you can opt for form base application also), so with the guidance of 5paisa representative, you will be directed to next steps.
5paisa New Account Opening Offer - Free Account opening, save Rs 650 when your open new account with 5paisa. No account opening charges and Free Mutual Fund Account.
5paisa promo code/promo coupon/Promotion Offer - Free Account opening, save Rs 650 on a new account opening. No Promo code defined.
Cash reward on each account opening up to Rs 555 or 10% brokerage cash back for life.
Last Updated on 2019-07-03