Learn how you can renew your Demat and Mero share account in the steps below.
Depository banks have called on their customers to renew their Demat accounts by Ashadh 31. Failure to do so would result in your Demat account freezing. That means the balance in your account will freeze, and share trading operations would not be possible but you can apply for IPOs. Therefore, to get complete functions, you should hurry up and renew your Demat account online.
To have a complete share market solution, both Demat and Mero share accounts are necessary. While the Mero share expires in twelve months counting the day since the account was created, the Demat account’s expiry is different. There is a common myth regarding the 12 monthly account validity of Demat. First, let’s clear the air about it.
Debunking The Demat Account Myth
Many have entertained a misbelief about the 12-month validity of their Demat accounts. The account does expire in 12 months. But, what you need to remember is, the validity doesn’t count as a calendar year, but a Fiscal Year.
Nepal’s Fiscal Year begins on Shrawan 1 and concludes on the last day of Ashadh. So, even if you created your Demat profile in Ashadh, you will need to renew your Demat account because it is expiring on Ashadh 31. You can check for both Demat and Meroshare’s validity by logging in to your Mero share account and going to Meroshare Profile. There you will see the validity detail of both Mero share and Demat.
Since, mega-popular IPO’s like NRIC, NIFRA, Chandragiri hills, and many Lagubitta, Demat account holders have multiplied and continues to grow every month by a huge margin. Currently, there are over 3.5 Demat account holders and 77 Depository Members who help create these accounts. With IPOs arriving successively, the need to renew their Demat and Meroshare accounts is much necessary if you want to continue trying your luck, renewing a Demat account is mandatory.
Cost of Demat and Mero Share Renewal
If you are going to renew the Demat and Mero Share account, you need to know that it comes with a cost. The cost of the Demat Renewal for a year is Rs 100 whereas the cost of Mero Share renewal for a year is Rs 50. You can also visit the respective bank to pay for the renewal but that would be inefficient. So, it is preferred to do the renewal of Demat and Mero Share directly from the Mero Share account or from several digital wallets.
Steps To Renew Your Demat and MeroShare Account Online
To renew your Demat and Mero Share accounts, you can either start directly from your Mero Share web page profile or start on a digital wallet like IME Pay, Connect IPS, Khalti, eSewa, or others. You can also go to your Depository bank and get it renewed there. but remember, the service is not available on the Mero share app. For our demonstration, we did it on Mershare’s webpage. Now, to the steps.
First, go to Meroshare, enter your login. On your home page, click on your name just above MERO SHARE PROFILE.
Now, you can see the option of Renew Account. Click on it.
Confirm whether you want to renew only Demat, Mero share, or both. After choosing the option, click on Proceed.
You will get an interface detailing the charges and the accounts ready for renewal. Click on Pay. This will lead you to a new page where you will need to fill up the detail of your preferred payment vendor’s account.
Fill up the detail of your digital wallet vendor (phone number and PIN) to authenticate your ID. Remember that your phone number be the same which was used to register the account. Now, click on Pay Rs. 150.
If the details are correct, your digital wallet will send you an OTP to confirm the payment. Input the code and click again on Pay Rs. 150/100. Your digital vendor authenticates your payment and confirms the renewal.
If the renewal is successful, you will get the following screen as confirmation. You can also download the PDF file for future reference.
That is it. These steps will help you renew your Demat account as well as your Mero share on your own without visiting your depository participant bank. After successful Demat renewal, you can start trading your shares till the end of the next Fiscal Year.