Nuvama Wealth Account Opening Review 2024

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Nuvama Wealth (Formerly Edelweiss) allows customers to open a free trading and demat account at nil account opening charges. Open an Instant Nuvama Demat account online using your Aadhaar in less than 15 minutes. The broker is a one-stop-shop to trade or invest in equity, futures & options, commodities, currency, IPO, mutual funds, and fixed-income products. Nuvama charges you just Rs 10 flat brokerage per trade irrespective of the segment you are trading in. Let’s dig further to know the complete process of how to open Nuvama Demat account, Nuvama account opening charges, documents required, how to close Nuvama account, and more.

Nuvama Account Opening Charges

Note: Nuvama charges Rs 300 per annum as a demat account maintenance charge in the Lite flat pricing plan while if you choose to trade with Elite Plan, the yearly account maintenance fee is slightly higher to Rs 500. There is no AMC for the first year on the Nuvama account.

Nuvama Demat Account Opening Process| Open Instant Nuvama Account online

Nuvama Wealth facilitates customers to open an Instant paperless Nuvama 2-in-1 (Demat + trading) account for free in a fast, paperless, and hassle-free manner. Opening Nuvama Account online only requires your aadhaar number to be linked with your mobile number. The digital onboarding process takes no longer than 15 minutes to open Nuvama account and provides access to top trading platforms; Nuvamawealth.com, Nuvama Markets app, and TX3 desktop terminal to trade in equity, derivatives, commodities, and currencies segment.

Steps to open Nuvama Demat and Trading Account Online;

1. Head to Nuvama wealth.com and hit the “Open Account” tab on the top.
2. Enter name, city, email ID, mobile number, and verify with OTP.
3. Complete PAN Verification by entering your PAN number and DOB as per PAN.
4. Provide profile details like name, address, etc. (In case of KYC KRA verified clients, the system will auto fetch the details).
5. Link a personal bank account to the Nuvama Wealth Trading Account.
6. Select between the Nuvama Lite (Rs 10/order) and Elite (% brokerage plan) as per your choice.
7. Upload scanned copies of required documents for verification.
8. Now, record and upload a few-second video of yourself for in-person verification (IPV).
9. Digitally sign (E-sign) the account opening form using Aadhaar-based OTP.

Note: Once you have completed the online account opening process, Nuvama internal team will verify the documents and upon successful verification, your demat account will be activated within 12-24 hours. After that, you will receive a welcome email from the broker providing a unique beneficial owner identification number (BOID)/client ID with a password. Use the account login credentials to login to the Nuvama platforms and trade across segments at Rs 10 flat brokerage fee per order.

Nuvama Account Opening Documents

Opening an online account with Nuvama requires users to keep the following set of documents handy;

1. Live Photo during the IPV process.
2. PAN card as a mandatory ID proof for KYC.
3. Address proof: Aadhaar card,
4. Bank proof: personalized cancel cheque leaf, latest 3 months bank statement, passbook’s front page with bank stamp
5. Income Proof: Latest 6 months bank statement, latest 6 months bank passbook, last 3 months salary slip, IT-return, etc.

Income proof only needs to be submitted, if you wish to trade in the derivative segment (Equity, commodity, or currency).

Nuvama Offline Account Opening

If your aadhaar number and mobile number are not linked, you can choose to open an account offline by submitting the duly filled and signed account opening form along with the required document checklist to the broker’s office or at any of the nearest branches. You can download the Nuvama account opening form from the broker’s website or request it from your relationship manager.

Nuvama Account Closure Process

If for any reason you want to discontinue trading with Nuvama, you can close Nuvama Trading and Demat Account offline. The full-service stockbroker does not allow users to close their accounts online.

Steps to close Nuvama Demat Account;

1. Request to get a soft copy of the Nuvama account closure form from the nearest branch, or by mailing it to the Nuvama support desk, or from the relationship manager.
2. Download, take a printout, and fill out the closure request form (client ID, DP ID, etc.) along with your signature. In the case of joint account, the closure form must be signed by all the account holders.
3. Submit the duly filled and signed closure request form to the nearest branch or courier it to head office.

There are no charges for account closure in Nuvama, and the closure request is generally processed within 7-10 working days. In this regard, the broker sends closure request intimation at your registered email ID. In case you did not yet received the closure intimation, raise your query by writing a mail at [email protected] to know the closure request status.

Before closing the Nuvama Demat account, you must keep the following things into account;

• No Security into your Demat account: Sell or transfer all the stocks and securities from Nuvama to another Demat account.
• Make sure to close all the open positions.
• Clean all the dues and payments with the broker.

If any of these conditions are not met, then your account closure request cannot be processed.