Demat Account Closing: Demat Account is required to deposit money in the bank. Without a bank account, you cannot deposit money in the bank. In the same way, you need a Demat account to invest in the Share Market. This is the account (Demat Account Closing) where you keep the shares which you have bought. Nowadays the number of people investing money in the stock market has increased rapidly. According to statistics, the total number of demat accounts in the country has crossed 11 crores. In such a situation, there has been an increase of 31 per cent in the number of demat accounts on an annual basis. But it is also worth noting that many of these accounts are very old and have not been used for years. Such accounts are not active. In such a situation, this type of account should be closed.
Why should the demat account be closed without use?
It is worth noting that if you are not using the Demat account, then it is a good option to close it because you have to pay an annual charge every year on the Demat account. If you are not using this account then it is beneficial for you to close it. Let us know the process of closing the demat account-
How to close a demat account
The process of closing the demat account is offline only. For this, you have to go to the DP (Depository Participants) office of NSDL. After this, here you will have to submit some important documents and forms related to the account. You can get the demat account closing form from there. Apart from this, you can also download it from the website of the Depository Participant. After this, you can fill it out and submit it in his office. You will have to provide your DP ID and Client ID while closing the account. Along with this, your name, address etc. details will have to be filled in. Along with this, you will also have to tell why you are closing the account. Along with this, it is also mandatory to sign the closure request form of the demat account. After this, after transferring the money deposited in the account to another account, its information will have to be filed here.
In how many days the account will be closed
Your account will be closed within a total of 10 days after your request for closure of the demat account. The thing to note is that you will not have to pay any kind of charge for closing this account. On the other hand, if some money is outstanding in your account, then only after paying that fee, you can close the account. Without this, the process of closing the account cannot be completed.
