Akash Jha
When we make the decision to invest and trade, we start thinking about how to best achieve our goals, such as by establishing a trading account. With the passage of time, though, we forget, grow lazier, and start to slack off about picking up our belongings. Furthermore, this could end up being a very costly error.
Demat accounts come with their own set of costs, including fees and upkeep. consequently, all dormant or zero-balance accounts Stop using your Demat account immediately. If we don’t, we’ll end up with a financial loss. That’s why it’s so important to know the proper procedure for closing a demat account. With Motilal Oswal, closing a demat account is a breeze. The best part is that it costs you nothing.
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Before you close your demat account, there are a few things you should know.
Demat accounts cannot be closed by submitting a simple web form or sending an email request. To apply, you must bring a hard copy of the necessary paperwork with you when you visit the office. If you’d like to complete the closure form quickly, you may find a fillable PDF version of it here.
There are a few basic steps to do if you want to learn how to shut a Demat account online:
1. Check to see whether there are any shares in the account.
2. Check to see if their account has a negative balance.
3. Check your account information by checking in to your account or contacting your registered branch.
4. Account Closure Form can be downloaded from the Motilal Oswal website.
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What is the procedure for deactivating a Demat Account?
Fill out the Demat Account Closure Form if you want to close your demat account. If more than one person has access to the demat account, all of them must physically sign the closure form in the presence of a representative from the depository participant (DP). The DP can be any financial institution.
When submitting your closure form, be sure you include the following information:
1. Your ID and DP ID KYC information, such as name and address, are in sync with your records.
2. Explain why the Demat account is being closed.
3. The self-attested identity proof copy must be submitted and verified by a bank employee.
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What to do if you still have holdings in your Demat account?
1. Fill out the closing form after downloading it.
2. To transfer the remaining stocks in the account to another Demat account, fill out the delivery instruction slip (DIS). Demat account holders’ names and data must be the same on both new and old accounts.
3. Submit the client master report, as well as the required stamp, signature, and logo, from the central depository of the new account where the transfer is being suggested.
4. Submit the closure form, along with the DIS, CML, and other required documents, to the DP’s Head Office or the nearest branch.
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