Demat account has made life convenient for stock market investors as it gives security to the shares. There are various stockbrokers in the market which offer you a demat account and one of them is 5paisa. Although 5paisa is known for its great services, a user might want to discontinue using it because of various reasons. So if you are looking to close 5paisa demat account, the steps are given below.
How to Close Demat Account in 5paisa
When you want to open a demat account with 5paisa, you can complete the entire process online and at your own comfort. But this is not the case with the account closing. You cannot close a 5paisa demat account online.
If you want to close a demat account in 5paisa,
- You will have to call or email 5paisa stating the reason for the closing of your demat account.
- After that, download the 5paisa account closure form. The account closure form is attached in the image below for your reference.
- Fill in all the necessary information required like name, BO ID, balance, type, etc.
- After this, sign the form wherever required.
- You will now have to send the duly filled form to the nearest 5paisa office.
5paisa office on receiving your form will validate the information and only after that, your account closing request will get processed.
Although, there are some points that one must remember before closing a demat account for a smooth process.
- If you have any shares or holdings in your demat account, remember to sell them off or transfer to another demat account before closing your account.
- Also, make sure that you don’t have any remaining balance in your account.
- Apart from this, you should also close all your open f&o positions.
Once you keep all these things in mind, you can easily close your 5paisa demat account without any difficulties.
Hope the above information was helpful and solved your query regarding the closing of your 5paisa demat account. If you have any other questions above the stock market or any stockbroker, you can fill in the form below.
