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How to close demat account online - a step by step guide

When we decide to spend and sell, we look for ways to accomplish our goals, such as opening a demat account. However, as time goes by, we seem to forget, become idle, and leave stuff lying around. And this may prove to be an expensive error.

Fees and operating costs are associated with demat accounts. As a result, all unused or zero balance Demat accounts should be closed. We'll lose money if we don't. As a result, it's essential to understand how to close a demat account correctly.

 

Open a Demat Account

Dealmoney makes it easy to close a demat account. It's also completely free!

Before you close your demat account, there are a few things you should know.

It's important to note that a demat account cannot be closed solely via an online request for account closure via email. You must make an application in person, along with a hard copy of all the documentation. However, you can speed up the process by uploading the closure form online.

There are a few preliminary steps to take if you want to learn how to close a Demat account online:

  1. 1.Check to see if there are any shares in the portfolio.
  2. 2.Check to see if their account has a negative balance. Check your account information by signing in to your account or contacting your registered branch.
  3. 3.From the Dealmoney website, go to the "Important Documents" section and download the Account Closure Form.

Deactivating a Demat Account :

To close an account, fill out the Account Closure Form. If more than one user uses the demat account, all account holders must sign the closure form in the presence of a Depository Participant (DP) official. The DP may be a bank or an investment firm.)

When uploading your closure form, make sure to provide the following information:

  • Both your ID and the DP ID are needed.
  • KYC information such as name and address that match the documents.
  • Explain that the Demat account is being closed.
  • The self-attested identification evidence copy must be submitted and checked by a bank official. It is a requirement.

Be sure to return the DP the unused part of the shipping instruction booklet slip.

In-person, the form is sent to the closest branch. An authorized signatory of the organization may pass or close corporate accounts.

What to do if you already have holdings in your Demat account

  1. 1.Print and complete the closure form.
  2. 2.Fill out the distribution instruction slip (DIS) to move the account's remaining shares to another Demat account. Demat account holders' names and descriptions must be similar on both current and old accounts.
  3. 3.Along with the appropriate seal, signature, and logo, send the customer master report from the central depository of the current account where the transfer is requested.
  4. 4.Submit the termination form, along with the DIS, CML, and other necessary documentation, to the DP's Head Office or the nearest branch.
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