A Demat account is a prerequisite for trading. At times, we end up having multiple Demat accounts in our investment journey, leaving a few unused. This can cost us as Demat accounts incur fees and maintenance charges. So, it's wise on our part to close the inactive or zero balance Demat accounts. It is good to know about the steps included in closing a Demat account, so it becomes easy and helpful when you want to close one.
Closing a demat account with Angel One is easy. And it's free!
But before closing the Demat account, there are some prerequisites you have to make sure of the following ‘NO’ checklist:
- No SIPs, Mutual Funds (MFs), Bonds, etc. linked to your Demat account
- No debit balance in your account
- No open positions in your account
- No holdings in your Demat account and Trading account ( Pool account)
What to do if you have any MFs, SIPs, Bonds or debit balance or open positions or holdings in your account?
Keep reading to know…
If you have any,
- MFs, SIPs, etc: stop and close those linked to the respective Demat account and if units are lying in the pool,
- Shift them to your Angel One DP account
- Move the units from your Angel One DP account to a different DP account ( the closure process will terminate all the accounts associated with Angel One like DP, Trading…)
- Debit balance: clear the debit balance making funds pay in on your Angel One mobile app or web platform.
- Open positions: square off any positions to close your Demat account
- If the shares are in a trading account then sell the shares,
- online from your Mobile App or logging into your account on trade.angelbroking.com
- you may get in touch with your Dealer/ Sub-broker for selling the shares.
2. If the shares are in your DP account, the holdings have to be transferred to a different DP account
Also, mark a fund payout (if applicable) online after the settlement of the trade. Once you mark a payout, you will receive this in the opted Bank account within 24 hrs.
Once you ensure that the above ‘NO’ checklist is completed for your Demat account, you can initiate the closure of your Demat account with Angel One. All you have to do is,
Email us at: [email protected]
We at Angel One make it as simple as possible to close an account, as to start one.
Can only the Demat account be closed?
Can I close the Demat account online?
- • First, fill out the Account Closure Form.
- • Once filled, you need to visit the DP’s office (it can be a bank or any investment firm) and submit the closure form with all the necessary documents.
- • After the form submission, it takes 7-10 business days for the closing of the account. This is how to close your Demat account.
Note: No fees are applicable in this process unless there are pending dues involved with the account.
What happens if I do not close my Demat account?
Note: It is advisable that if you do not use your Demat account for a long time, it is better to get it closed. As there are chances of frauds, scams and other kinds of misuse.