We all know the importance of Demat accounts. They are the only key way to store our shares alongside other securities. We have to make sure it is protected from other account frauds. Even though the online Demat account is well protected up to a huge extent using a proper ID & password, you can still be tricked if you aren’t very careful. So to help you enhance your protection, we can help you with a few tips, suggestions, and guidelines that will help achieve your goal. To know how you can start your own online Demat account, keep reading this post.
Reconcile your Demat and trading accounts on a daily basis
Whenever you want to purchase or sell shares through your trading account, you will get a contract note containing all the details required to make transactions. Ensure all the shares that you have purchased have been credited to your Demat account. You can also make simple reconciliations depending on the contract note as well as the account statement. This will help you spot any discrepancies and ensure that it is well rectified.
Dont share credentials with any person
Yes, this is an obvious one. It is also something several traders and investors tend to follow. Even if you trust your family members, make sure that you never share your one-time passwords, user IDs, or other private details with them. You should also keep your mobile number, email ID, and other details private. They should only be used for share transfers.
Never use public WIFI
Using public wifi is another thing you need to avoid when you have logged into a Demat account. Public wifi several times contains malicious software which allows uncouth individuals to easily access your account and get complete access to it. So make sure that you refrain from using any of them. This will help you keep your account safe and protected.
Freeze the account from time to time
If the Demat account contains many shares or even securities that you dont want to use for a while, make sure to freeze the account. This will prevent you from making random debits and eliminate the chances of experiencing a Demat fraud. However, credits alongside other means will always continue to happen without any hindrance.
Keep the account details updated
Make sure that your mobile number and address are updated so that you are always updated with all the changes in your account. Not keeping them checked can lead to account fraud. Hence, it is wise that you check your details from time to time to ensure you have all the right details.
Using the following tips, you can always be safe and secure and keep your Demat and trading accounts safe. If you are genuinely interested in stock trading but dont know how you should possess an online Demat account, then make sure to check our main website. We are going to reach you about how to manage open trading accounts, steps on how to open a Demat account, and improve your finances in simple and easy steps. You can also speak to our experts to get a sound understanding of the same.