Demat Account: Like a bank account is needed to deposit money in the bank. Similarly, a Demat account is required to collect shares or securities in the Share Market. You keep your shares in the Demat account, which are bought from the stock market. Talking about a recent report, there has been a lot of growth in the number of people investing in the stock market. Increased to 10.8 crores in December, 2022, which shows 34% growth on an annual basis. However, there are also many old demat accounts which are not being operated by anyone. which is not active. If you also want to close your demat account, then its process is very easy. Let us tell you that an annual charge has to be paid for maintaining the demat account, if you are not using it then it is prudent to close it.
Can you close online?
By the way, the whole process of closing the demat account is offline only. Although you can apply for closure by filling your online form, but its entire process is offline only. For this you have to fill a form and follow the steps given below.
How to close demat account?
- For this, you will either have to visit the DP (Deposit Participant) office or branch of NSDL, where you will have to submit the required forms and documents.
- The account holder can download the application form from the website of the Depository Participant. You can also take a print out of the online form.
These details will have to be given
- You have to provide your DP ID and Client ID.
- Details like name and address have to be mentioned. The details which are there in the record will have to be given.
- You will also have to tell the reason for closing the account.
- All the holders of that account will have to sign the closure request form.
- Now if you have any balance in your account, then it will have to be transferred. You will also have to tell the form to which account this balance should be transferred. Transfer can also be done by filing a delivery instruction slip.
The account gets closed within seven to 10 days after the form is submitted. There is no charge for closing the demat account. If the balance of the account is in negative, then you will have to settle that amount also before the closure.
