We find ways to trade and invest when we make the decision to do so. As time goes by, we forget and get lazy and leave things to chance. This can be costly.
Demat account are subject to fees and maintenance costs. It is a good idea to close any inactive or zero balance Demat account. We risk losing our money. It is important to understand how to close a demat bank account.
Angel One makes it easy to close a demat account. It's easy and free!
Before You Close your Demat Account
You cannot close a demat account online by simply submitting an email request to account closure. An application must be submitted in person. This includes providing a copy of all necessary paperwork. You can ease the process by downloading the closure form online.
There are some steps you need to follow if you want to learn about how to open a Demat account online.
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Complete the Account Closure Form. If there is more than one demat account holder, all holders must sign the closing form in the presence a Depository Participant official (DP). A brokerage firm or a bank can serve as the DP.
When submitting your closing form, make sure to include the following information:
Ensure that you return the unused section of the delivery instruction slip slip to the DP.
You must submit the form in person to the branch nearest you. An authorized signatory of the institution can transfer or close corporate accounts.
What to do if you have any remaining Demat holdings