We are all familiar with bank accounts. A bank account is required to make money, just as a BO account is required for a share transaction.
The BO Account means the Beneficiary Owners Account. CDBL (CDBL) provides this account number. The number of digits of BO account is 5. These 4 numbers are the first 3 digits of the DP and the next 7 numbers are the BO numbers.
The difference between a bank account and a BO account is that the bank account can be opened at any bank but the BO account is open only by the CDBL licensed company.
A person can open only two BO accounts. A single and a joint. What is an IPO?
Whatever it takes to open a BO account:
- First you have to open a bank account. If you already have a bank account, you can use that account as well.
- Applicant must have 5 copies of passport size colored picture, name and signature of the applicant behind the photo, two copies of the nominee passport size colored photo, nominee’s name and signature on the back of the photo and the applicant must be verified.
- The application form for opening the CDBL should be mentioned by mentioning the phone number, home address, occupation etc.
- Photocopy or passport copy of national identity card or copy of driving license.
- Copy of bank certificate / bank passbook or copy of check.
Applicant must have signature on each photocopy.