If you wish to no longer use your existing Demat account, then, it would be helpful to know how to fill Demat Account closure form. Although the facility of account opening is mostly online these days, for the demat account closure most of the brokers only provide an offline facility.
And for that one has to either visit the nearest branch of the broker or download a Demat account closure form from the web. Following is the step-wise detailed process.
Steps To Fill Demat Account Closure Form
There can be various reasons for an individual to close their demat account. You just need to follow some simple steps.
STEP 1: Visit the nearest branch to get the account closure form or download one from the website.
STEP 2: Carefully, fill out the details in the account closure form. The details include information like, DP ID, Client ID, the reason for closing the demat account, personal information, etc.
STEP 3: Finally, don’t forget to sign the document before submission.
STEP 4: Either submit the form at the nearest branch of the broker or post the form to the Head office address of the broker.
Once you submit the demat account closure form with the KYC details, the DP will verify everything and then process your request. It is therefore important to make sure that you are providing the right details so that there are no difficulties.
On average, a Demat Account closure form takes 7 to 10 days to get processed.
Other than this, there are some other points that you should remember before filling out the demat account closure form.
- Close open positions in trading, if any.
- Pay any dues related to AMC etc, so that closure request isn’t rejected.
- Keep in mind, that you need to attach all unused DIS.
Hope this resolved your query on how to fill Demat Account closure form. If you are facing any issues regarding the stock market, feel free to submit the query below, and we shall get back to you with the best solution.
