Demat account is a must for all investors who wants to do trading in the stock market. One person can keep up to 5 demat accounts. That account comes with own annual fees and maintenance charges. So it's wise to close any zero balance or inactive demat accounts.
Steps to close demat account:
- To close the demat and trading account; you need to fill the closure form. You can download the closure form from this article
- Print the form, fill it and submit it along with your id proof and address proof. You can submit those documents to the nearest branch or courier it to the mentioned address on the form.
Things to do before submitting the form:
- The account holder should settle all payments before closing. Also, the account should not hold any securities. If there is any, they have to transfer in another demat account.
- If more than one person holding the demat account then all holders must sign the closure form.
- All unused DIS booklet should return to the DP.
After submitting all the documents, it takes 7-10 working days to close the account. There are no charges associated with account closure.