Pradeep Bhakhar
As we all know that in today’s world of capitalism everyone wants to create a passive income source. Investing in good companies is the best way to make a passive income. Now to enter the world of the stock market, your main requirement is a Demat account. Demat account opening is completely online. However, Closing a Demat account is not easy, it involves submitting the broker’s account closing form and documents. Let us understand how to close Demat account?
How to Close Demat Account Online
So to make this thing possible for newcomers we have done a deep detailed analysis of the best Demat accounts for beginners. But sometimes the thing is the client wants to end up getting close to his Demat account with the broker.
The main reasons for closing an account are like they have many Demat accounts, or not satisfied with the broker but the thing is they face so many difficulties when they try to close their Demat account.
These Demat accounts and their AMC charges are so high so it’s not possible for a normal investor to handle so many Demat accounts so they decide to close. It’s also a good decision to close any inactive Demat account.
The main way to close Demat is fill broker’s account closing form after that broker will initiate further process.
Top 5 Brokers about which account Closing process we will discuss today are
1. How to Close Zerodha Demat Account ?
The first thing that you have to do is arrange a Demat close form that you can get easily on the website of Zerodha. We will put a link for you in the next part.
Zerodha Demat Account Closing form link – Click Here
Now after that you have to fill basic details-
Zerodha Demat Account Closing Process
- Download the Closing form from the official website and fill it in.
- DP id and Client Id (Details can be found on the Zerodha Console by going in the My Account section.
- After you have to fill Address like details but these should match with your previous data in with your broker.
- Now you have to write the reason for closing your Demat account. This is an optional area.
- All the thing that you have to do in the end is just account Closing sign in the end.
After doing all this stuff you just have to submit this form to HO or the branch office of Zerodha. So to do this type you have to speed post to the Zerodha Head office address.
Zerodha Head Office- #153/154, 4TH CROSS, DOLLARS COLONY, OPP. CLARENCE PUBLIC SCHOOL, J.P.NAGAR 4TH PHASE, BENGALURU-560078
After that they will take 7 to 10 days to close your account.
Holding Transfer
It may be possible that you have holdings in your Demat account. Then the first thing you have to do is you can write in your form about transferring your shares to your new Demat account.
There are other options is to liquidate your holdings and then withdraw your funds in your bank account. After that, you can initiate Demat closing requests very smoothly.
Demat Account Closing Process Charges
Zerodha does not charges any fees from you to close Demat account. The process is easy and free.
Points to Remember
- There should be no negative balance in your Demat account.
- The details you are providing should be correct and in a clean way.
- DP slips that you have not used should be provided back to Zerodha.
2. How to Close Upstox Demat Account ?
The first thing that you have to do is arrange a Demat Closing form that you can get easily on the website of Upstox. We will put a link for you in the next part.
Upstox Account Closing form link – Click Here
Now after that you have to fill basic details-
Upstox Demat Account Closing Process
- Download the Closing form from the official website and fill it in.
- DP id and Client Id (Details can be found on the Upstox Console by going in the My Account section.
- After you have to fill Address like details but these should match with your previous data in with your broker.
- Now you have to write the reason for closing your Demat account. This is an optional area.
- All the thing that you have to do in the end is just account Closing sign in the end.
After doing all this stuff you just have to submit this form to HO or the branch office of Upstox. So to do this type you have to speed post to the Upstox Head office address.
Upstox Head Office- 30th Floor, Sunshine Tower, Senapati Bapat Marg, Dadar (W), Mumbai, Maharashtra 400013
After that they will take 7 to 10 days to close your account.
Holding Transfer
It may be possible that you have holdings in your Demat account. Then the first thing you have to do is you can write in your form about transferring your shares to your new Demat account.
There are other options is to liquidate your holdings and then withdraw your funds in your bank account. After that, you can initiate Demat closing requests very smoothly.
Demat Account Closing Charges
Upstox (RKSV) does not charges any fees from you to close Demat account. The process is easy and free.
Points to Remember
- There should be no negative balance in your Demat account.
- The details you are providing should be correct and in a clean way.
- DP slips that you have not used should be provided back to Upstox.
3. How to Close Angel Broking Demat Account ?
The first thing that you have to do is arrange a Demat close form that you can get easily on the website Angel Broking. We will put a link for you in the next part.
Angel Broking Account Closing form link – Click Here
Angel Broking Demat Account Closing Process
- Download the Closing form from the official website and fill it in.
- DP id and Client Id (Details can be found on the Angel Broking Console by going in the My Account section.
- After you have to fill Address like details but these should match with you previous data in with Angel Broking
- Now you have to write the reason for closing your Demat account. This is an optional area. (Angel Broking Take it as a feedback)
- All the thing that you have to do in the end is just account Closing sign in the end.
After doing all this stuff you just have to submit this form to HO or the branch office of Angel Broking. So to do this type you have to speed post to the Angel Broking Head office address.
Angel Broking Head Office – G -1, Ground Floor,
Akruti Trade Centre, Road No 7,
City: Mumbai
State: Maharashtra
Pincode: 400093
After that they will take 7 to 10 days to close your account.
Holding Transfer
It may be possible that you have holdings in your previous Demat account. Then the first thing you have to do is you can write in your form about transferring your shares to your new Demat account.
There are other options is to liquidate your holdings and then withdraw your funds in your bank account. After that, you can initiate the Demat closing request very smoothly.
Demat Account Closing Charges
Angel Broking does not charges any fees from you to close Demat account. The process is easy and free.
Points to Remember
- There should be no negative balance in your Demat account.
- The details you are providing should be correct and in a clean way. Should match with your data provided to Angel Broking in past.
- DP slips that you have not used should be provided back to Angel Broking at the time of Account Closing.
4. How to Close 5Paisa Demat Account ?
The first thing that you have to do is arrange a Demat close form that you can get easily on the website of 5Paisa. We will put a link for you in the next part.
5Paisa Account Closing form link – Click Here
Now after that you have to fill basic details-
5Paisa Demat Account Closing Process
- Download the Closing form from the official website and fill it in.
- DP id and Client Id (Details can be found on the 5Paisa back office by going in the My Account section.
- After you have to fill Address like details but these should match with your previous data in with 5Paisa.
- Now you have to write the reason for closing your Demat account. This is an optional area. 5Paisa takes it as feedback.
- All the thing that you have to do in the end is just account Closing sign in the end.
After doing all this stuff you just have to submit this form to HO or the branch office of 5Paisa. So to do this type you have to speed post to the Upstox Head office address.
5Paisa Head Office Address – Sun Infotech Park, Road No.
16V, Plot No.B-23 Thane
Industrial Area, Wagle Estate,
Thane – 400604
After that they will take 7 to 10 days to close your account.
Holding Transfer
It may be possible that you have holdings in your 5paisa Demat account. Then the first thing you have to do is you can write in your form about transferring your shares to your new Demat account.
There are other options is to liquidate your holdings and then withdraw your funds in your bank account. After that, you can initiate the Demat closing request very smoothly.
Demat Account Closing Charges
5Paisa does not charges any fees from you to close Demat account. The process is easy and free.
Points to Remember
- There should be no negative balance in your Demat account.
- The details you are providing should be correct and in a clean way.
- DP slips that you have not used should be provided back to 5Paisa.
5. How to Close Motilal Oswal Demat Account ?
The first thing that you have to do is arrange a Demat closing form that you can get easily on the website of Motilal Oswal. We will put a link for you in the next part.
Motilal Oswal Account Closing form link – Click Here
Now after that you have to fill basic details-
Motilal Oswal Demat Account Closing Process
- Download the Closing form from the official website and fill it in.
- DP id and Client Id (Details can be found on the Motilal Oswal Console by going in the My Account section.
- After you have to fill Address like details but these should match with your previous data in with your broker.
- Now you have to write the reason for closing your Demat account. This is optional area.
- All the thing that you have to do in the end is just account Closing sign in the end.
After doing all these stuff you just have to submit this form to HO or branch office of Motilal Oswal. So to do this type you have to speed post to the Motilal Oswal Head office address.
Motilal Oswal Head Office- Motilal Oswal Financial Services Ltd. 765 Fly Edge Bldg, 7th Floor, 703, 705, 706, Above Tirumala, S. V Road, Borivali West, Mumbai – 400092
After that they will take 7 to 10 days to close your account.
Holding Transfer
It may be possible that you have holdings in your Demat account. Then the first thing you have to do is you can write in your form about transferring your shares to your new Demat account.
There are other options is to liquidate your holdings and then withdraw your funds in your bank account. After that, you can initiate Demat closing requests very smoothly.
Demat Account Closing Charges
Motilal Oswal does not charges any fees from you to close Demat account. The process is easy and free.
Points to Remember
- There should be no negative balance in your Demat account.
- The details you are providing should be correct and in a clean way.
- DP slips that you have not used should be provided back to Motilal Oswal.
Can I Close my Demat Account Online ?
Some brokers allow you to upload the scan copy of your account Closing form. But yes definitely you cannot close account Closing just by raising a request online. After doing the necessary paperwork maybe your broker allows you to close the account by just uploading a copy of the Account Closing from.
What happens if I do not pay AMC for a Demat account?
If you don’t use the Demat account for a long time then, your Demat account is declared a dormant account (inactive). After that, you can’t do any transaction until it’s reactivated. If you want to reactivate, you have to pay the reactivation fee (~ Rs 500) and clear all the dues (AMC + interest). To close a dormant Demat account; you have to reactivate it first.
Is it OK to have two Demat accounts?
Yes, it is perfectly legitimate to have multiple Demat accounts. Just as you can have multiple trading accounts. The only condition is that you cannot have multiple trading accounts or multiple Demat accounts with the same broker or the same DP. Every Demat account involves some cost.
Final Words-
As we all know that an investor values every penny in his life. He tries to save and reinvest in equity to make take compounded returns. So to save these extra expenses the first is to close an extra Demat or trading account and save extra bills to your broker. Many are also frustrated from their broking houses than you can also raise an account Closing request.
If you want to learn more about investing, then you can read –
➤ How to Start Stock Market in India | Stock Market for Beginners
➤ Best Youtube Channels to Learn Indian Stock Market
