Resident Individual
A Resident Individual is a person who resides in India and meets the criteria set under the Income Tax Act to be classified as a resident for tax purposes. Typically, this includes individuals who have stayed in India for 182 days or more during a financial year or satisfy other conditions laid out under Indian tax laws.
Resident individuals are eligible to open trading and demat accounts in their own name to invest in equities, derivatives, mutual funds, and other financial instruments.
You can open a Firstock account in two ways:
1. Online – A quick and paperless process using your Aadhaar-linked mobile number. You can complete everything from your phone or computer, including uploading documents, taking a photo, and e-signing.
2. Offline – A manual process where you fill out forms, attach your documents, and send them to Firstock by courier. Additionally, you will need to complete a short video verification or an in-person authentication.
Documents that you will require
1. PAN Card
- Why Required: Mandatory for all financial transactions in India; used to verify identity and link transactions with the Income Tax Department.
2. Signature
- Why Required: Needed for verification purposes and to authenticate documents and agreements.
3. Passport-Size Photograph (Signed Across)
- Why Required: Used for visual identification and must be affixed to the physical application form in offline processes.
4. Self-Attested Address Proof
- Why Required: To confirm residential address as part of KYC norms.
- You can submit any one of the following:
- Driving License
- Voter ID
- Passport
- Masked Aadhaar (with only the last 4 digits visible for privacy)
5. Income Proof (Only for F&O Trading)
- Why Required: SEBI mandates proof of financial stability for trading in derivatives (F&O), to ensure the client can bear the potential risks.
- Submit any one of the following to prove financial eligibility:
- Last 6-month Bank Statement (₹10,000+ average balance)
- Last 3-month Salary Slip (₹15,000+ monthly income)
- ITR Acknowledgement/Form 16 (₹1.2L+ annual income)
- Demat Holding Statement (₹10,000+ in securities)
6. Required Forms
- Equity Trading and Demat Account Form
- DDPI (Optional)
- KYC & CKYC Forms
Charges
This section outlines all applicable charges related to opening and maintaining an account at Firstock:
- Account Opening: ₹0 (free for both online and offline methods)
- Account Maintenance Charges (AMC): ₹0 (No AMC)
- Brokerage Fees:
- Equity Delivery - ₹0
- Equity Intraday - 0.03% or ₹20 per executed order (whichever is lower)
- Equity Futures - 0.03% or ₹20 per executed order (whichever is lower)
- Equity Options - ₹20 per order
