Know difference b/w BO ID, Demat & Client ID in Groww
Investing in mutual funds, SIP, and share market has become easier than it was earlier due to the advancement in the technology i.e. software and the internet. There are many online portals and mobile apps that are easy to use & One of the online platforms is Groww. If are using Groww then you might have heard the term ‘BO ID’. So what is ‘BO ID’ and what is used? Let us understand:
If you want to invest in share market then you need to open a Demat account with a depository like CDSL through a Depository Participant (DP) such as Zerodha, HDFC Bank, or Groww). Demat, or ‘Dematerialized’, an account is necessary for holding financial securities in electronic/digital form, also demat account facilitates trading and manages your trading investments.
BO ID means Beneficial Owner Identification Number & it is a unique 16-digit number assigned to you when you open a Demat account with an account with a depository like CDSL through DP like Groww. BO ID is like a bank account number that is used for your stocks, bonds. With this BO ID , depository checks & distinguish individual stocks, bonds, and other securities.
But as per Groww BOID (Beneficial Owner Identification Number) is the same as a 16-digit Demat account number that is registered with CDSL & it is different for each broker account.
Why is the BO ID number so important? Here are a few reasons:
Identification: BO ID is a unique number for individual owners of holdings and securities. It distinguishes legal owners so that actual owners are assigned their holdings.
Transactions: BO ID is used to track and record your transactions. It means when you buy or sell holdings and securities. Whether you’re buying or selling, your BO ID is used to record the transaction against your Demat account. This ensures that all your investments are tracked accurately.
Security: There is no fraud or mix-ups with your investments due to unique numbers i.e. online investments are secure.
Convenience: It is very easy to manage your portfolio. You can manage and check all your investments in one place under this BO ID of a particular DP. This makes it simple to access.
Compliance with Regulatory Requirements: It is very helpful in many regulatory requirements so that investments are done as per the rules and guidelines and if any rules are not followed, they can be identified.
How to Find Your BO ID in Groww ?
Follow the below process in the Groww App.
- 1. Log into your Groww account.
- 2. Go to the ‘Profile’ section. (Check the top right corner of the App)
- 3. Click on ‘KYC Details.
- 4. Under the KYC Details section, you can get your BO ID mentioned.
Also Read :- How to Open SIP Account in SBI & How to Invest ?
What is the Use of TPIN ?
TPIN (Transaction Personal Identification Number), provides additional security along with OTP to verify and authorize transactions within a Demat account. It is like secondary security used at the time of online stock sale to avoid any fraud. It enhances investor protection & it was introduced by CDSL for the verification process.
Is Client ID and Demat number same in Groww?
When you start investing in stock trading with Groww, you will come across two terms “client ID” and ‘Demat Account Number or BO ID’ and it can be confusing whether these two are the same or different. It is very essential to understand these 2 terms. Let us understand.
Client ID – It is an 8-digit number that is used to identify the owner of a demat account within the depository. It is like a membership number in a club that belongs to you and no one else.
Demat Account Number or BO ID: – It is a 16-digit number that includes the DP ID (Depository Participant Identification) and the client ID. The first 8 digits are the identification number of the depository participant (DP), who maintained the demat account & the last 8 digits are your unique client id. This total 16-digit unique number is used in transactions ( sales or purchases) of holdings and securities.
Demat ID :-Full 16-digit account identification number ( XY1234567890123456 )
Client ID (CDSL only) :-First 8 digits of the Demat ID (for indvisual) ( XY12345678 )
So client ID and DEMAT are not the same, client ID is part of DEMAT. You will get both numbers for your DP (Groww ) App, Web, or through a welcome letter, etc. Secure these numbers for managing your investments.
What is Client ID in Groww Demat account ?
When you open a Demat account with Groww or any other DP, they assign an 8-digit number. This number is used to identify your stocks and holdings under the Central Depository Services Limited (CDSL) system. The Client ID & your DEMAT / BO ID /trading account number are not the same in Groww. Trading account number is used to transact (buy and sell ) stocks on the stock exchange.
How to get a Client ID in the Groww App? Follow these steps:
1. Log in to your Groww account.
2. Go to the account details section.
3. Scroll down to get the Client ID.
Understanding technical terms like BO ID, client ID, and Demat number is very important before you start your trading journey with Groww. It helps you to manage your investments in your trading world.
Keep these unique identifiers safe to avoid misuse.
