Tag: income range

If you have a demat and/or trading account, then do ensure that all your KYC details including income range, mobile number, email ID etc. are up-to-date/provided in the account. If these details are not updated in your accounts by July 31 (Saturday), then your demat and trading account will be deactivated. Many stock broking firms/Depository participants have been emailing letters to their clients i.e. demat/trading account holders, to complete/update their KYC details before the expiry of the deadline to avoid deactivation of their demat/trading accounts.

As per circulars issued by the depositories, i.e., Central Depository Services Ltd (CDSL) dated April 5, 2021 and National Securities Depository Limited (NDSL) dated April 7, 2021, certain KYC attributes must be updated mandatorily before July 31, 2021. These include:
a)Name
b)Address
c)PAN
d)Valid mobile number
e)Valid email ID
f)Income range

If these details are not updated, then your demat account will be deactivated by the depository and will not be activated till you update these details. Prakash Gagdani, CEO, 5Paisa.com says, “If all the KYC attributes are not updated, especially the verification of mobile number and email ID, the demat account shall remain under ‘Pending for Activation’. It means that demat accounts will not be activated by depositories till all the KYC attributes are updated. In case of updation of mobile number and email ID, these will be verified before the demat account is activated.”

He adds, “If demat account cannot be activated, there would be hindrance in activating of trading account as well. Even if the client buys shares, the shares cannot be transferred to his demat account till the time KYC attributes are updated and verified.”

As per emails sent by the Stockholding Corporation to their clients if KYC details with regards to PAN is to be updated, then one should ensure that their PAN is linked with Aadhaar in the income tax database. Similar emails have been sent to their clients by ICICI Bank Demat Services.

With regards to the income range, account holders have been asked to choose and specify as to which income range their income falls in from a list given in the email. The list of income ranges from which account holders have to choose, as per the email, are:

For individuals (annual):
a)Below Rs 1 lakh
b)Rs 1 lakh – Rs 5 lakh
c)Rs 5 lakh to Rs 10 lakh
d)Rs 10 lakh to Rs 25 lakh
e)More than Rs 25 lakh

For non-individuals (annual):
a)Rs 20 lakh
b)Rs 20 lakh to Rs 50 lakh
c)Rs 50 lakh to Rs 1 crore
d)More than Rs 1 crore