Steps required to close Demat account

The Procedure to close a Demat account is as follows:

1. Visit the DP office or branch by any of the Demat account holders and submission of requisite form and documents.
2. The application form can be downloaded from the website of the depository participant.

The following details need to be mentioned:

• DP ID and Client ID
• Details like name and address that should match the records.
• Mentioned properly the reason for the closure of the account, and account holders are required to sign the closure request form.

 POA holder (if any) cannot sign the closure request. If the Demat account has any balance (holdings), then the details of the account to which this balance needs to be transferred must be mentioned in the form. The transfer can also be carried out by filling up a delivery instruction slip (DIS) before the closure of the account. There are no charges for account closure, and if the account has any negative cash balance, it must be settled before submitting the request for its closure.

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