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Even before I started reading this question, it was marked for improvement. I had to even make changes in the question for you. I think you should start by writing better queries.Since you have posted a comment which says that your friend was 13 years old when he traded, I am writing this answer in two parts:assuming you are still a minor (<18 years age)assuming that you are a major now (>18 years of age)Part 1: Assuming you are still a minor:I have to tell you that your friend might have not told you the truth. Why?After you sent an A2A on this query, I checked with my brokerage Kotak Securities on the possibility of a minor opening a trading/demat account an they clearly stated that, IT IS NOT POSSIBLE FOR A MINOR TO TRADE AT ALL.This is the current information available for a minor account.What are minor's account trading restrictions?Minor Trading Accounts are allowed only to invest in stock market (Equity Delivery Trades only).They are not allowed to trade in following segments:Equity IntradayEquity Derivative Trading (F&O)Currency Derivatives (F&O)Who are considered as a minor in India?Children below the age of 18 years in India are consider as a Minor.Can a Demat and Trading account be opened for a minor?Yes, both demat and trading account can be opened in the name of a minor child. The account is operated by a guardian till the minor becomes major, Guardian has to be the father or in his absence mother. In absence of both, father or mother, the guardian can be appointed by the court. The guardian is legally entitled to open, operate and even close the bank account, demat account and trading account on the minor's name.Note that two KYC Application Forms must be filled i.e. one for the guardian and another for the minor (to be signed by guardian).Things to know about Minor Demat & Trading Account:The legal guardian has to provide all the documents and fulfill the KYC norms.PAN Card of legal guardian is required to open demat or trading account.The date of birth certificate is required from minor child.When minor turns major, the account becomes inoperative. New separate account has to be opened in this case. Demat holdings can be transferred from minor account to major account.If paper shares are held jointly with a minor, they need to first be transferred to the minor and then to the demat account in the minor's name.A 3-in-1 Account (Bank + Trading + Demat Account) can be opened in the name of a minor.Can minor be a joint holder in a demat account?No. Minor can't be a joint holder in a demat account. Joint account cannot be opened with a minor in it as one of the account holder. Minor account should be a separate account.What happens to a minor demat account when the minor becomes major?When a minor completes 18 years of age and become major, he has two options:Close Minor Demat Account and open a new Demat AccountThe existing minor account can be closed and new demat account opened in the name of the minor turned major. All securities in the minor account can be transferred to the new demat account.Convert Minor Demat Accont to Major Demat AccountExisting minor account can still be used. Minor turned major has to sign a new agreement with the DP and complete all formalities required for opening a new demat account. Guardian details entered earlier have to be deleted.Hope this information makes it clear that your friend was a good Liar.Part 2: Assuming that you are a majorI have written quite a few answers on the same. So the best I can tell you before you start reading those answers is that if you cannot bear the losses that might come your way, then don’t even get into stock market.The reasons I tell is thatWithout incurring a loss, you can never recognize the mistakesIt is never possible not to get a loss in the stock market (everyone gets a loss)So with that, these are the answers for you to read, to get the info that you are asking.Gopal Kavalireddi's answer to Is there any website or a book which explains certain methods to analyze while picking a stock (India)?Gopal Kavalireddi's answer to How does trading in stock markets work? When someone puts up shares for sale, are they purchased by another investor who wanted to buy the shares at that time? Is market price the average buy/sell rate? Where does the money go? Who gains when I lose?Gopal Kavalireddi's answer to How do I go about shortlisting stocks?Gopal Kavalireddi's answer to What are the do's and don't s of stock market investments?Gopal Kavalireddi's answer to What's the best way to earn Rs 10000 in one month?Gopal Kavalireddi's answer to As a beginner, should I opt for banking services like HDFC Securities/ICICI Direct or trading platforms like Zerodha Pi/TradeTiger for online trading?Gopal Kavalireddi's answer to If I had INR 10 million to invest in Indian blue chip companies, what 4-5 stocks would you suggest? Why? I have 15k shares of Hindustan Unilever and want to rebalance my portfolio. I think HUL is becoming fairly overvalued now with P/E close to 50.Gopal Kavalireddi's answer to Indian Stock Market: How do I analyse about the company's future for long term investment?Gopal Kavalireddi's answer to Which tips can anyone use in India stock market to find top two stocks for intraday trading?Hope this info is sufficient enough for you to start your work in the stock market.Image credits: Telugu Investor

Kotak 811 is a zero balance saving account offered by Kotak Mahindra bank which can be used by anyone digitally. The best thing about Kotak 811 is that it is completely free. Paytm Payment bank is nothing but an online bank account that is managed by your Paytm mobile application. Aug 16, 2019How do I set up a bank account for a minor?A legal guardian in the name of the minor. iv) A minor of age 10 and above in his/her name to be operated by the minor. The usual account opening form can be filled up to open a minor account. Details like the minor's name, address, guardian details and signature must be furnished. May 28, 2018Can I get a bank account for my child?Setting Up the AccountWhile your child is still a minor, however, you will have control of the account. You will have the ability to make withdrawals, deposits, or close it if needed. Most banks have no problem including a child's name on an account if a parent will also be listed on the account.List of the 10 best zero balance online bank account for a minor:Axis bankKotak Mahinda bank-Kotak 811PaytmRBL bankAirtel payment bankYes bankAditya Birla payment bankSBIDBSCITI BankWhat is a Zero Balance and the benefits:https://onlineaccountopen.in › Learning Center[Using a bank account is easy – you go to the ATM, withdraw money, and pay your bills and other necessities in cash. However, this isn’t always feasible if you have to spend on the go or within a few seconds. Sometimes you won’t have an ATM near you, or you have to pay for a product completely online. This makes having a digital bank account or a zero-balance account a necessity.Savings Vs Zero BalanceA primary savings account requires you to maintain a minimum balance. You slowly lose your hard-earned money through these minor charges that are levied during an account open. This quickly becomes disheartening as you realize you are being charged for not having a minimum balance, thus putting you in a cash crunch next time. However, with the advent of technology and the increasing user base of mobile and digital users, India is transitioning into a cashless economy.A basic savings account also doesn’t let you access the internet banking facility, in many cases. This paradigm changes entirely with the introduction of a zero-balance account.What Is A Zero Balance Account?A zero-balance account is designed to encourage users to save cash without feeling burdens by limits or restrictions imposed on them. Zero balance accounts are created for the everyday user as well as those who don’t use their accounts too often. It doesn’t take much to open up a zero-balance savings account in India. Banks like Kotak Mahindra Bank, SBI and ICICI lets users open zero balance accounts at no extra cost.By not being forced to adhere to a minimum balance, account holders can safely withdraw any additional money during times of cash crunches.Benefits of A Zero Balance AccountLet’s take a look at the different features of a zero-balance account and its various benefits-High-Interest Rates – You’re not going to compromise on your interest rates in zero balance accounts. Account types like the Kotak 811 gives users an interest rate of up to 6% p.a. for amounts saved in the account and up to 5.5% p.a. for balances of 5 crores and above.Easy to Open – You don’t have to visit the bank branch when you decide to open a zero-balance account. By just visiting the bank’s official website and keying in a few of your essential details including PAN Card and Aadhar, your account is set up! After that, you set up a PIN and start using your account instantly. You don’t have to worry about applying for a checkbook or debit card either since a virtual debit card is integrated with the mobile app.Non-KYC Balance Up to Rs 1 Lac – Zero balance accounts doesn’t just come with zero balance. They let you deposit and hold a certain amount of money, especially for new account holders. Some zero balance accounts like the Kotak 811 savings account to let you keep up to balances of up to Rs 1 lac.This is taking into consideration the fact that it’s a partial KYC-account and not a full-fledged one. If you want to keep more money than Rs 1 lac, you can visit the branch and get your account converted to the Kotak KYC zero balance account or the Kotak 811 Edge. This will let you avail checkbook facility plus you will get a physical debit card delivered straight to your doorstep. Having a full KYC zero balance accounts makes it fully operational for both digital and traditional use.Zero Transaction Charges – One of the many perks of having a zero-balance account is zero transaction charges. If you want to transfer money or withdraw some cash, you don’t have to worry about any deductions or transaction charges. Apps like the Kotak 811 let you send money to your friends and loved ones with a few taps of buttons. The Kotak 811 doesn’t use your ATM PIN when making online transactions. Instead, it uses its unique authentication password called the mPIN for verifying and authenticating payments and transactions.Shopping and Entertainment – Shopping and entertainment are the two areas of life which nobody can compromise. A virtual debit card lets you pay for your favorite products at sales terminals. If you’re shopping online from merchants like Amazon, Flipkart, and international sellers, having a zero-balance account becomes very beneficial. The Kotak 811 lets you pay for products from Google Play Store, Amazon, and works with various international merchants. Since you can buy online, you don’t have to travel all the way to physical stores to get what you want. Additionally, it saves you time, money, and lets you compare and choose products carefully. The Kotak 811 app also allows you to buy discounted movie tickets from PVR Cinemas online.Scan and Pay– No cash. No problem. With a zero-balance account comes many features and one of them is the Scan and Pay. The Kotak 811 app integrates this, and all you have to do to use it is scan the QR code at the POS terminal when shopping.Free IMPS and NEFT Transfer – IMPS and NEFT transfers are popular. We did mention there are no transaction charges involved in the withdrawal and depositing of money in a zero-balance account. But the real game-changer of a zero-balance account is that IMPS and NEFT transfers are also absolutely free of cost!Activ Money Facility – Sometimes you have additional money lying in your account or sitting idle. Wouldn’t it be great to make some investments or get a passive income stream with it? The problem with most savings accounts is that, once you open any investment schemes like Term Deposits, you cannot withdraw before a set period.The Kotak 811 apart stands apart from the rest in this segment. It allows your money to automatically transfer into your Term Deposit account when it’s sitting idle. In the event, your total balance dips low, the money from your Term Deposit gets transferred back to your account. This way, you keep investing bit by bit and save up in the long run, without compromising financially.Why Zero Balance?Switching to a zero-balance account is a definite yes for most account holders. Some of the many reasons you’d prefer switching to a zero-balance account are the fact that you don’t lose money by keeping a minimum or zero balance in your account. Besides this, since it doesn’t take a lot of time to open one, it’s rather convenient.Opening a zero-balance account for the new user means availing many benefits such as getting special cashback offers, discounts on movies, and availing shopping coupons at POS transactions through the Kotak 811 app. And did we mention how easy it is to operate your account? All you need is to generate a pin which is used for most of your digital transactions. The eligibility for opening a zero-balance account at Kotak Mahindra Bank is that you must be 18 years old, an Indian resident, and have your Aadhar Card and PAN details. As long as you are an Indian resident, over 18 years old and have an Aadhar Card and a PAN card, you can open a zero-balance account under the Pradhan Jan Mantri Yojana Scheme in other banksThe Zero Balance Revolution in The Top 5 Cities in IndiaZero balance accounts are changing the way citizens view finances and are positively impacting society as a whole. Let’s take a look at how India is changing with the zero-balance revolution:HyderabadNearly 40% of State Bank of India accounts across India are zero balance accounts. The State Bank of Hyderabad and other branches gives customers the option to convert existing savings bank accounts to a BSBD (Basic Savings Bank Deposit) account or zero balance accounts at no extra cost. These zero balance accounts are targeted towards making banking accessible to the financially weaker sections of society.BangaloreBangalore is the Silicon Valley of India and an IT hub. Almost every business professional and student is a smartphone user. Blockchain technology is disrupting the fin-tech segment and leading to innovations.AI and Machine Learning are dominating the finance sectors and transforming traditional banking services into a digital banking revolution. Banking players like Karnataka Bank Bengaluru and HDFC Bank let account holders file tax returns completely online and enable biometric authentication on transactions. These banks have zero balance account users too with mobile banking facility integrated with them.ChennaiOver 85,000 bank branches are in Chennai, and the South Indian economy are turning more and more digital by the months. Equitas in Chennai is one of the leading small finance banks in this region and lets users carry out NEFT and RTGS transactions without adding CPIN# as beneficiary. According to a Hindu Business Line Report, Equitas closed multiple transactions in the previous financial year which comprised of a mix of private equity, merger and acquisitions, structured finance, and capital market transactions.PuneZero balance account holders are growing in Pune, and digital banking is becoming mainstream. Players like Bank of Maharashtra in Pune, Vishveshwar Sahakari Bank Ltd. Pune, Jana Bank, and Maharashtra State Co-operative Bank in Pune are introducing mobile banking, fixed deposit, and various financial schemes in affordable and accessible ways to users. Accounts under the Pradhan Mantri Jan-Dhan Yojana (PMJDY) are available in leading and small finance banks, thus promoting the zero balance philosophy in action. Access to pension and insurance products are included with these accounts along with interest on deposits and an accidental insurance cover of Rs 1 lac.MumbaiOnline banking has enabled customer satisfaction across Mumbai, and fintech companies are introducing innovative financial services. Minimum balance and zero balance accounts are becoming the norm in the city, and cashless transactions are synonymous with the cosmopolitan population. SBI offers customers a basic RuPay ATM-cum-Debit card at no additional cost to users on zero balance account openings. There are no annual maintenance charges involved, and no charges are levied on inactivation or closure of these accounts. The MSC Bank Mumbai gives complimentary accidental insurance of up to Rs 1 lac on Rupay debit cards and the Sikhar Mobile Banking app allows instant funds transfers and generates mini statements within seconds. Missed call alert services are integrated with these banks in Mumbai and across various financial players.ICICI Bank branches in Mumbai provide a passbook facility with zero balance accounts, and the daily spending/withdrawal limits are restricted to Rs 10,000 a day. HDFC Bank provides its customers with options such as a safe deposit locker facility, and Super Saver schemes to those who hold zero balance accounts or Basic Savings Bank Deposit (BSBD) accounts.All across IndiaKey innovations in the financial sectors are Digital Analytics, virtual banking, cryptocurrency trading, and blockchain technology. Digital banks are providing paperless, branchless, and signature-less transactions which are based on Aadhar-based verifications.Security concerns are being addressed with the use of biometric authentication, and AI-based interfaces provide quick and personalized financial services to account holders based on their different requirements.Robotics technology is automating various banking processes, thus freeing up more time for banking employees to focus on creating innovative financial products and serving customers better. Blockchain technology is preventing fraudulent cases, and banks are using Google Glass Technology to locate nearby bank branches, ATMs, and check account balances. Leading banks like ICICI and SBI offer a Basic Savings Bank Deposit (BSBD) account which lets users keep zero balance without being inflicted by additional charges. These banks won’t do anything to your account even if it has Rs 0 in its balance.ConclusionModern banking websites use the HTTPs protocol and Blockchain technology for maximum safety and security, thus ensuring your details stay private when conducting transactions. Payment apps like the UPI and PayTM facilitate cashless transactions by letting users make peer-to-peer transactions.Once you open a zero-balance account at Kotak Mahindra Bank, you get to start using it in a matter of minutes from anywhere you want, at any moment of time. A zero-balance account at Kotak Mahindra bank is designed for a single user which means no more worrying about joint-account downsides or leaking info to third-parties. To learn more about opening a zero-balance account or to open one instantly, visit the Kotak Mahindra Bank official website or download the Kotak 811 app from the Google Play Store]

What is the PPF Scheme?Public Provident Fund (PPF) scheme is a long term investment scheme backed by the Government of India, framed under the Public Provident Fund Act, 1968. It offers safety with attractive interest rate and returns that are fully exempted from Tax.Who can open account under PPF scheme?a. Individual or individual as guardian of a minor can open the account. (account cannot be opened in Joint names).b. Only one account can be opened by an individual in his/her own name.What is the Limit of Subscription to a PPF account?Minimum subscription of Rs.500/- and maximum of Rs.1, 50,000/- can be made in lumpsum or in 12 installments per financial year.(The subscription limits stands enhanced to Rs. 1,50, 000/ per year w.e.f. 23.08.2014)When does a PPF account mature and can PPF account continue with deposits after maturity?The duration of the account is 15 years and the account can be continued for one or more blocks of 5 years without loss of interest on written request within 1 year from the date of maturity.When is an account treated as Discontinued?Where subscribers fail to subscribe the minimum amount Rs 500/- in a financial year, the account will be treated as discontinued. The subscriber in such cases will not be entitled to obtain a loan or make a partial withdrawal unless the account is revived. The subscriber cannot open another PPF account in addition to the discontinued one.How can a Discontinued Account be revived?A subscriber to a discontinued account may revive the discontinued account by payment of Rs. 50/- as penalty for each year of default along with arrears subscription of Rs. 500/- for each year.What is the Rate of Interest under PPF ?Interest rate is notified by the Central Government in official gazette from time to time. Currently it is 8.1% per annum.Is nomination facility available under the scheme ?Yes, the PPF scheme facilitates nominations of one or more persons. However, no nomination(s) is possible in case of minor account.Can there be a change in nominations ?Yes, changes to previous nomination(s) are possible by applying a fresh nomination(s).Can a PPF account be transferred ?Yes, the account is transferable to and from permitted branches of nationalized or private sector banks or Post Offices by submitting a request letter by the PPF A/c Holder to the existing Accounts Office.Whether Loan facility or partial withdrawal is available under the PPF scheme ?Yes, the depositor is eligible for a loan in the third financial year from the financial year in which the account was opened. Loan up to 25% of the balance amount standing at the credit of the account at the end of first financial year can be availed. Loan is repayable in 36 months. The rate of interest on the loan shall be at 2% per annum above the PPF interest rate.The repayment of loan may be made either in one lump sum or in two or more monthly installments within the prescribed period of thirty six months. The repayment is credited to the subscriber’s account. After the principal of the loan is fully repaid, the subscriber shall pay interest thereon in not more than two monthly installmentsIf the loan is not repaid within the prescribed period of thirty six months, interest on the amount of loan outstanding shall be charged at six per cent per annum instead of at two per cent per annum. Withdrawal is allowed every year from the end of the 5th year.The amount is limited to 50% of the account balance at the end of 4th year immediately preceding the year of withdrawal or at the end of the preceding year whichever is lower less the amount of loan if any drawn by him which is unpaid. If any account is continued after maturity, a partial withdrawal up to 60% of the balance of credit at the commencement of the extended period is permitted during the 5 years block period.Can a PPF account continue with Deposits after maturity?Yes, a subscriber may, after maturity of the PPF account, continue the account for one or more blocks of 5 years without loss of interest on written request within 1 year from the date of maturity.Can a PPF account continue without deposits after maturity?Yes, PPF account can be continued after maturity without making any further deposits. The balance will continue to earn interest at the notified rates. The subscriber can make one withdrawal of any amount in each financial year.Can name of the account be changed on account of marriage of a female subscriber?Yes, In the event of her marriage, a female subscriber may request for change in name of the account by submitting documentary evidence for the same.How is the repayment of balance in the PPF account done after the death of the subscriber?Upon death of the subscriber, repayment of the balance in the PPF account will be made to the Nominee or to the Legal heirs after submission of necessary documents.Does the PPF account earn interest after the death of the subscriber?Yes, the PPF account continues to earn interest at the notified rate even after the death of the subscriber.Whether premature closure of the PPF account is allowed?Not allowed except in case of death of the subscriber.In what banks can I open the PPF account?Public Provident Fund or PPF account can be opened at any of the nationalized banks like SBI, BoB etc and also at private sector banks like ICICI, Kotak etc.U can also open PPF account at Post Offices also, But I would suggest you to stick to either nationalized banks or Private banks. Private Banks is much better because you would have that account as a salary account, which can also be used for investments like PPF, Insurance, Mutual funds investing through SIP, Trading account with Demat account, Gold investments and locker facility.In that way, you can have only one account which can provide all services and also, since you are using all services you get extra facilities and discounts for many sites, shopping, travel etc. It becomes easier to keep a track of your earnings and expenses, so that you can plan your financial budgets better.What are the income tax benefits available under PPF scheme?Tax benefits under section 80C of Income Tax Act are available. Interest income is also totally exempt from income tax. Amount outstanding to the credit of PPF account is fully exempt from wealth tax. You will have to provide all the proof of 80C investments to your auditor at the time of filing your income tax returns.If you are a salaried employee, your company has taken the proof of PPF and other income tax savings schemes to give you tax exemption in the current financial year. Your company is going to submit the same to income tax stating that you have shown PPF as proof of 80C investments. Hence it should be backed up with proof when filing returns also.Gopal Kavalireddi's answer to Can I open new ppf account as my old PPF Account matured?Gopal Kavalireddi's answer to How many PPF account can be opened?Gopal Kavalireddi's answer to What if someone declares high investment in PPF but spends lesser for that year, is that a crime?Gopal Kavalireddi's answer to Which one is a better saving option: NSC, recurring deposit or PPF?Gopal Kavalireddi's answer to How do I withdraw money from SBI PPF account?Gopal Kavalireddi's answer to My PPF account has reached maturity after 15 years. Do i need to open a new account now?The calculation of PPF interest and maturity amounts over a 15 year period (minimum time for maturity) followed by a 5 year extension are covered for general understanding of ' how to accumulate wealth over long term'.Hope this information is detailed enough to address your query. Do read my blog for any further updates.