What is a 3-in-1 Account?

What is a 3-in-1 Account?

Merging a bank account, trading account, and Demat account into one is known as a 3-in-1 account. It lets you buy and sell stocks (trading account), hold assets (Demat account), and safeguard your funds (savings account). The Demat account in this combination of accounts has to be connected to either the CDSL or NSDL central depositories. Three-in-one Demat accounts are offered by brokerage firms that are affiliated with a banking group.

This blog offers a thorough rundown of the advantages, explains how to create a three-in-one account, and identifies the top five options. Before determining whether to create a 3-in-1 account, continue reading. 

Features of a 3-in-1 Account

Here are the key features of this combination account:

Seamless Digital Account Opening: Open three accounts at once and enjoy the ease of doing so without having to deal with paperwork or in-person interactions.

Documentation: All you need to do is show your Aadhar and PAN cards to start the procedure. All that is needed physically is your signature on a piece of white paper.

Efficient KYC via Video Conferencing: We use video conferencing for our KYC (Know Your Customer) process, which guarantees a quick and safe verification procedure.

Rapid Account Activation: Your Demat and Trading Accounts will be authorized within a quick 24-hour period following the completion of the KYC procedure, enabling you to begin investing right away.

Unified Documentation: You may open all three accounts—Demat, Trading, and the related Bank Account—with just one set of paperwork, simplifying the procedure for your maximum convenience.

Take advantage of a simple, effective, and paperless account opening procedure that aims to streamline your financial journey.

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Table of Content

  1. Features of a 3-in-1 Account
  2. Benefits of having a 3-in-1 account
  3. Who Should Consider Opening a 3-in-1 Account?
  4. How To Open a 3-in-1 Account?

Benefits of having a 3-in-1 account

The several advantages of 3-in-1 Demat accounts are listed below:

Convenience: A three-in-one trading account is very practical and simple to operate. It allows investors to handle all of their financial needs from a single account. They are also able to monitor all of their transactions from one location and access various accounts.

Various Investment Option: Three-in-One You may invest in several types of financial assets using Demat accounts. You can think about investing in commodities and currencies in addition to storing stocks, bonds, government securities, mutual funds, and ETFs (Exchange Traded Funds). In addition, you may file taxes, buy or pay for insurance, invest in NPS, and use standard banking services.

Safety: In order to protect investors, SEBI has implemented restrictions for 3-in-1 Demat accounts. These accounts are governed by the Central Depository Services Ltd (CDSL) or the National Securities Depository Limited (NSDL), which guarantee the safety and security of transactions and investments. Updates on investments are provided by portfolio balances, real-time statements, and auto-generated reports.

No transfer Fees: For transactions pertaining to investments, you must move the necessary funds from our account to your trading account whether you have a single Demat account or a 2-in-1 account. It's possible that you may have to pay the bank or broker fees in order to complete the transfer. 

A large number of these transfer fees are reduced or eliminated with 3-in-1 accounts. Furthermore, because you just have one client, the waiting period is significantly shortened. Simple, short actions may be used to accomplish the full process.

Access via Multiple Devices: The 3-in-1 account is accessible from a variety of devices, including laptops and desktops. Even phone customer assistance is a service provided by some brokerage service providers. It is now simpler to conduct your financial transactions whenever and wherever it is most convenient for you.

Who Should Consider Opening a 3-in-1 Account?

A 3-in-1 account, which combines a Demat, trading, and Bank account, is a versatile financial tool suitable for various individuals and scenarios. Here's who should consider opening one:

Stock Market Enthusiasts: A 3-in-1 account is a sensible option if you are enthusiastic about investing in stocks. Buying and selling stocks is made simpler as a result of the process's overall streamlining.

Novice Investors: The ease of use of a 3-in-1 account might be advantageous for those who are new to the world of financial markets. It provides a unified trading, investing, and fund management platform.

Long-term Investors: Managing all accounts on a single platform will be convenient for those who want to hold investments for a long time, such as shares or mutual funds.

Active Traders: Because of its easy recordkeeping, easy access to funds, and easy way to track investment success, this account type is beneficial to traders who trade often.

Savers and Spenders: Combining a bank account with an investment account might help those who want to manage their daily spending as well as their savings.

Financial Planners: A 3-in-1 account makes financial planning and tracking easier if you have a varied portfolio and want to handle it thoroughly.

How To Open a 3-in-1 Account?

A detailed tutorial on creating a 3-in-1 Demat account is provided below:

Step 1: Complete the Opening Demat Account Form.

To open your 3-in-1 account, select a bank. To obtain the account opening form, either visit the closest branch or download it from the internet. When completing the account opening form, keep your income tax returns, bank information, Aadhaar card, and PAN card close to hand. While filling out the form, add a nomination.

Step 2: Upload necessary Documents

Maintain copies of your self-attested PAN Card and identification that verifies your address (passport, driver's license, Aadhaar card, or voter ID). A cancelled check and passport-sized pictures are also needed in order to start a Demat account. 

Step 3: After submitting the document, you will receive an email

Lastly, you must finish the online verification procedure, now you will get your Demat account details on your registered email ID & mobile number.

Transferring money between your trading account and bank account is simpler with a 3-in-1 trading account. For investors who wish to trade online, it is handy. With a 3-in-1 account, you can also carefully track your assets with a variety of helpful tools. In only a few minutes, you may move your money and make transactions without incurring any additional fees.

FAQs 3-in-1 Account

Any resident of India, after 18 years of age, is eligible to establish this account.

Once the KYC (Know Your Customer) process is complete, both the Demat and Trading Accounts should be active within 24 hours, provided all required documents and verifications are in order.

No, until the entire KYC process is finished, trading and Demat will not be enabled if you want to use another form of identity than Aadhaar.

Yes, in order to register a 3-in-1 account, you must take a live selfie and geotag your location. If you are starting a savings account solely, you can use the upload photo option.