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Depository Services
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Axis Bank is a registered member of NSDL and is enrolled as a Depository Participant. You can avail of a host of depository services in India by just opening an account with NSDL through Axis Bank. If you are holding physical share certificates, you can convert them into electronic (dematerialized) holdings through Axis Bank’s Depository Service.
Axis Bank’s Depository Services holds your dematerialized shares in electronic form, offers settlement of trades, electronic credit of public offerings, rights, bonus shares, etc.
You can avail a host of depository services benefits by just opening an account with NSDL through Axis Bank. Some of the depository services benefits include securities entitlements like credit of bonus and rights to your Demat Account electronically.
Even securities entitlements like bonus and rights can be credited to your Demat Account electronically. All you have to do is choose the right option in the share application form. Cash benefits like dividends and interest will, however be forwarded to you directly and not through the depository. However, MICR code details in the Demat Account would ensure credit of cash corporate action to your respective bank account.
As per NSDL guidelines given in its circular reference no. NSDL/POLICY/2021/0036 dated 7th April 2021 and CDSL circular reference no. CDSL/OPS/DP/POLCY/2021/152 dated 5th April 2021, it has been made mandatory to update the following 6 KYC attributes in the demat account of the clients:
a. Name
b. Address
c. PAN
d. Valid mobile number
e. Valid email-id
f. Income rangeFurther, NSDL / CDSL will be validating the email id and mobile number updated in the demat accounts by sending an email and SMS respectively maintained in the account.
All 6-KYC attributes have been made mandatory for new and existing accounts from August 1, 2021.
In case, the aforementioned details are not updated in any demat account, the said demat account will be considered as Non-compliant account; such accounts will be made inactive and no further debits will be allowed.
Demat account holders whose KYC attributes are not updated shall reach out to the branch for updating it.