How To Close Demat Account Online
How To Close Demat Account Online | Step By Step Full Guide
How To Close Demat Account Online, How To Close Demat Account , How To Close Demat Account Online – Hello Trickunlimited Readers, Hope You Guys Doing Well Now A Day. It’s easy to open a Demat account and everyone provide How To Open A Demat account or all benefits. Everyone should know Cons , Limitation and Charges of A Demat account. We TrickUnlimited committed to provide complete information of every offer.
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 losing 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!
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Know 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
1. First of all Download Demat Account closure Form.
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2. 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)
3. Make sure you give correct the following details while submitting your closure form:
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- 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.
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4. Now You Have To Submit Your Closure Form With Required Document To Your Nearest Stock Broking Branch.
5. If There Is No Branch Near Your Location Then You Just Send Closure Form By Post.
Closing Time
Your Demat account will be closed within 7 to 10 business days.
Charges
Closing a demat account is absolutely free you do not pay anything for close your Demat account.
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What to do in case there are remaining holdings in your Demat account ?
- Download the closure form and fill it in.
- Fill in the delivery instruction slip (DIS) to transfer the remaining securities held in the account to another Demat account.
- Names and details of Demat account holders on new and old must be identical.
- Submit the client master report from the central depository of the new account,
- where the transfer is being proposed, along with the relevant stamp, signature, and logo.
- Submit the closure form along with the DIS, CML, and other necessary documents at the nearest branch or at the DP’s Head Office.
Reputed leading broking firms like Angel Broking Uptox 5paisa and more make it as simple as possible to close an account, as to start one. A Wise investor knows when to close an underutilised demat account. Why waste money on unnecessary fees and maintenance charges?
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