How to Close a Demat Account Online
Demat Account Closure, Close Demat Account, Stocks Account — Hello guys how are you all ? I hope you are in the track of enjoying investing in stocks and having a demat account online. So we should always know the Cons, Limitations and the Charges of a Demat Account. Fine, we are going to discuss every information in this blog.
Many online stock brokerage firm offering zero fee account opening option to attract new customer . After 1 year they calculate Maintenance Charges and other Charges . Therefore, it is wise to close all inactive or zero balance Demat accounts. Otherwise, you will be losing your money. So it is vital to know all the right steps in how to close a demat account. Closing a demat account is easy. And it’s free!
Before You Close your Demat Account
- Make sure there are no shares present in the account.
- Make sure their account does not have a negative balance.
Note that a demat account cannot be closed online alone, You have to submit an application in person, which includes providing a hard copy of the necessary paperwork . By downloading the closure form online, you can certainly ease the process.
How to Deactivate or Close a Demat Account :
- Firstly download the respective Account Closure Forms from below links —
5 Paisa — DOWNLOAD FORM
Angel Broking — DOWNLOAD FORM
ICICI Direct — DOWNLOAD FORM
Reliance Smart Money — DOWNLOAD FORM
Upstocks Pro — DOWNLOAD FORM
- Fill the Account Closure Form. If more than one person shares the demat account, all the holders are required to sign the closure form in the presence of a Depository Participant (DP) official. The DP can be a brokerage firm or a bank)
- Make sure you give correct the following details while submitting your closure form:
- Your ID and the DP ID
- KYC details like name and address that are aligned with your records.
- State the reason for closing the Demat account.
- A bank official must verify the self-attested identity proof copy. This is mandatory.
- Ensure to submit the unused portion of the delivery instruction booklet slip back to the DP.
- Now you have to submit the Account Closure Form along with the required documents to your nearest Stock Broking Branch.
- If there is no any branch near you, then you can send your application by post.
- Your account closure can take 7-10 Business Days.
Account Closure Charges
There is no charges on closing your Demat Account. Closing a demat account is absolutely free you do not pay anything for close your Demat account.
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