How can a minor account be converted to an individual account?
Once a minor turns major (18 years of age), the minor account must be converted to an individual account. Clients must submit a new mobile number, email ID and the following documents:
- Account opening forms (PDF).
- A passport-size photograph to affix and sign across on the form.
- Self-attested copy of the PAN with the signature under Applicant signature.
- Self-attested address proof. Any one of the following documents: Driving licence, voter ID, passport, or Aadhaar card. If Aadhaar is being submitted as proof, ensure that a masked Aadhaar is submitted, i.e., black out the first 8 digits of the Aadhaar number. Only the last four digits should be visible. To download a masked Aadhaar online, visit myaadhaar.uidai.gov.in/ and tick the Do you want a masked Aadhaar? option while downloading Aadhaar.
- A bank account proof in the client's name. The bank proof can be one of the following: A personalised cancelled cheque with the name printed on it, a bank statement with the bank logo and seal, a bank passbook copy with the bank account number, MICR, and IFSC code clearly visible.
- An income proof to trade in F&O. The income proof can be one of the following:
- Bank statement with the bank logo and seal for the last six months with an average balance of more than ₹10,000.
- The latest salary slip with gross monthly income exceeding ₹15,000.
- ITR acknowledgement with gross annual income exceeding ₹1,20,000.
- Form 16 with gross annual income exceeding ₹1,20,000.
- Certificate of net worth more than ₹10,00,000.
- Statement of demat holdings with current holdings value exceeding ₹10,000.
In-person Verification (IPV)
As part of the mandatory In-Person Verification(IPV) requirement for all brokers, a Webcam or a physical verification is required. See What is In-Person Verification (IPV), and why is it required?
Once all the documents are ready, e-mail the soft copy of all the forms to [email protected]. The forms will be reviewed in case any corrections are required. After the forms are reviewed, courier the documents and a cheque in favour of Zerodha Broking Limited for the following amount:
- ₹500 towards Equity and Commodity trading account opening charges.
Courier all the documents to:
153/154, 4th Cross, J.P Nagar 4th Phase,
Opp. Clarence Public School,
Bengaluru - 560078
Once the documents are verified, the guardian’s details are removed from the minor’s account.
Did you know? If the word Minor is prefixed to the account holder’s name in the Client Master Report (CMR), the minor account should be closed and a new account must be opened. See, How to close a Zerodha account? , and How to open a Zerodha account online?