When it comes to closing a demat account, it is not as simpler as opening it. Most of the stockbrokers have still not updated their platform that can help investors to process account closure. So, if you are thinking can I close my demat account online, then here is the information of whether it is possible or not?
How to Close Demat Account Online?
Closing a demat account online is only possible if your stockbroker allows you to process the closing application using an app or web or through an online medium.
Here, for example, Upstox provides you with a seamless way of closing an account online using its app. Also, with HDFC Securities you can close your account in 7-10 days by raising the closure request via email.
Here is the complete list of the stockbroker providing an online way to close your demat account.
| Closing Demat Account Online | |
| Stockbroker | Medium |
| Upstox | Upstox Pro |
| Zerodha | Zerodha Console |
| HDFC Securities | |
| 5paisa |
But this is not the case with every stockbroker.
However, with other brokers you don’t need to process the entire process offline, as all the brokers provide you the form online.
To close the demat account just visit their website and download the account closure form. Once the form is downloaded follow the steps below:
- Fill in all the details including your BO ID and DP ID.
- Mention the reason for closing the account.
- Sign the form in all the required places.
- Attach required documents.
After completing all the details, next, you can either submit the form to the nearest branch or send it via speed-post.
On receiving the application either online or offline, the stockbroker takes 7-10 days to process the request.
Hope the information above helps you. If you are having some other queries related to share market investment or account opening, just fill in your details below.
