When we decide to invest and trade, we look for strategies to accomplish our goals, such as opening a trading account. However, as time goes on, we tend to forget, become lazy, and leave items lying around. And it's possible that this will turn out to be an expensive mistake.
Fees and maintenance costs are associated with demat accounts. As a result, all inactive or zero balance Demat accounts should be closed. We'll lose money if we don't. As a result, it's critical to understand how to shut a demat account correctly. It's simple to close a demat account with Motilal Oswal. 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 terminated just through an online request for account closure via email. You must submit an application in person, together with a physical copy of any required documentation. However, you may undoubtedly speed up the procedure by downloading the closure form online.
There are a few basic steps to do if you want to learn how to shut a Demat account online:
1. Check to see whether there are any shares in the account.
2. Check to see if their account has a negative balance.
3. Check your account information by checking in to your account or contacting your registered branch.
4. Account Closure Form can be downloaded from the Motilal Oswal website.
- What is the procedure for deactivating a Demat Account?
To close a demat account, fill out the Account Closure Form. If the demat account is shared by more than one person, all account holders must sign the closure form in the presence of a Depository Participant (DP) official. The DP can be a bank or a brokerage firm.
When submitting your closure form, be sure you include the following information:
1. Your ID and DP ID KYC information, such as name and address, are in sync with your records.
2. Explain why the Demat account is being closed.
3. The self-attested identity proof copy must be submitted and verified by a bank employee.
- What to do if you still have holdings in your Demat account?
1. Fill out the closing form after downloading it.
2. To transfer the remaining stocks in the account to another Demat account, fill out the delivery instruction slip (DIS). Demat account holders' names and data must be the same on both new and old accounts.
3. Submit the client master report, as well as the required stamp, signature, and logo, from the central depository of the new account where the transfer is being suggested.
4. Submit the closure form, along with the DIS, CML, and other required documents, to the DP's Head Office or the nearest branch.
Wrapping Up
Motilal Oswal, a reputable top broking firm, makes closing a demat account as straight-forward as opening one. A wise investor knows when to close a demat account that isn't being used. Why squander money on maintenance and fees that aren't necessary?
Related Articles: How to Open a Demat Account Without a Broker | Factors to Keep in Mind While Opening a Demat account | Factors to Consider When Opening a Demat Account
Popular Stocks: ONGC Share Price | SBI Life Share Price | UPL Share Price | TCS Share Price | Titan Share Price