You cannot close the Demat account by a simple online request for account closure via email. Even if your bank has a tie-up with the same DP (Depository Participant), you need to submit your application in person or via mail to the concerned DP, who is holding the account. Our application process will help you in getting your account closed easily and smoothly. If you want to close a Demat account, then there is no online application form for Demat account closure. You need to submit the hard copy of the Demat application form to the concerned authority.
Procedure To Be Followed To Close Demat Account?
You have to complete the Demat Closing Form, which is an essential part of the process. You must provide all the details, including your name and address, your name and DP ID, your KYC information, and the reason for closing the Demat account. It needs to be verified by a bank official or broking house official and then submitted. You should return any unused delivery instruction booklets to the DP. Before you close your Demat account, you need to keep in mind that you have to cancel all the outstanding orders. Also, return any credit balance of the securities and cash to your bank or broker, depending on whom you held the account with. Take a look at the procedure of how you can close your Demat Account.
What To Do If There Are Remaining Holding In The Demat Account?
If there are any remaining securities in your Demat account, you will need to fill out a delivery instruction slip or DIS. This is to transfer any of the securities still held in your Demat account. To create a slip, make sure your name and details match the registered data on the account. Then include a client master report from the central depository of the new account, along with relevant stamps and signatures. Next, take these materials to your nearest branch office or Depository Participant’s head office for submission.
This form needs to be filled out in case you have any remaining holding in your Demat account. The process is quite simple and only requires a few steps:
- Fill in your Names and details of Demat account holders.
- Submit the Client Master Report from the Central Depository of your new accounts along with a relevant stamp, signature, or logo.
- Send the DIS, CML, and other necessary documents to the nearest branch or the DP Head Office.
Final Conclusion:
In conclusion, here are the steps you need to follow if you look forward to closing your Demat account. You need to send a request along with your signature and PAN Card details. You will then be required to fill up a form with the reason for closing the Demat account. You can avail of the services of an online trading platform or just drop in at a broker’s office. Why pay the annual maintenance charges when you can save money? Moreover, you can contact your broker or sub-broker if you face any issues.
