How To Close Demat Account Online

Demat account is mandatory for investing or trading purposes. We sometimes open multiple demat accounts with different DPs (Depository participant or Broker), leaving some of them unused.

Demat accounts attract annual maintenance fees and an unused demat account incurs unnecessary expenses. So it’s wise to close the demat account which is unused.

But before understanding how to close the Demat account, check the following prerequisites carefully.

Necessary points to check before starting the demat account closure process.

  • Make sure there’s no negative fund balance in your account (pay the amount if any)
  • No open positions in your trading account (square them off)
  • No holdings in your Demat account (either sell or transfer to another demat account)
  • SIPs, Mutual Funds, Bonds, or other instruments shouldn’t be linked to your Demat account
  • Either sell those assets or stop/close the SIPs linked to that demat account
  • You can also link them to your other operational demat trading account
  • If more than one person holds the account then both need to sign the requisite form
  • Keep your KYC documents like Aadhar card, pan card, and bank account details handy.

Demat account closures are of two types –

#1. Account closure

When you have no holdings or payments pending in your demat account, you can raise the request with your DP to close your demat account.

#2. Transfer and account closure

If you have holdings that you have to shift to another demat account, then you have to go for a slightly different method that you’ll learn in the next section.

Let’s discuss the process in step by step manner.

How To Close Demat Account Online

#1.  Demat Account Closure Process

Step 1 – Visit your depository participant’s (bank or broker) portal and download the Demat account closure form.

Step 2 – Fill in the form carefully. Attach your KYC documents like Pan and Aadhar card copies. 

Step 3 – You can submit your demat account closing application in further 3 ways –

  • Physically submitting the forms and documents to the closest DP’s office if available
  • Posting them to the concerned head office
  • Emailing the documents to the concerned email id.

You can check the list of free demat account with zero AMC fees.

#2. How To Delete A Demat Account (With Transferring Pending Holdings To Other Account)

Step 1 – Fill in the DIS (Delivery Instruction Slip) and submits it to your present stock broker. You can get DIS from your current stock broker.

Step 2 – Your broker would forward the DIS form or request to the depository (NSDL or CDSL).

Step 3 – The Depository will transfer your existing shares to your other demat account.

Step 4 – Now submit your account closure application in any of the 3 ways mentioned below.

  • Physically submitting it to the closest DP’s office
  • Courier them to the concerned head office
  • Email the form & documents to your DP’s email id.

The account closure process takes 7 to 10 days to get the demat account closed.

Till now we have discussed a generalized process to follow with any broker while closing the demat account. 

But now we’ll discuss the demat account closing process with a specific DP or stock broker in India.

How to Close Angel Broking Account (Angel One)

How to Close ICICI Demat Account

You can also go through our step-by-step guide process to close your ICICI Direct demat account.

How to Close HDFC Demat Account

How to Close 5paisa Account 

How to Close Groww Account

There’s no direct way to delete the Groww demat account. You have to raise a ticket & then send the form to their head office.

  • Raise a ticket in the “Help & Support” section of your Groww mobile trading app
  • Download the “Groww account closure form” (Click here if you don’t get the form in the app)
  • Fill in the closure application and attach your KYC documents
  • Post the docs at the address below –

Groww

NextBillion Technology Pvt Ltd 

No 11, 80 feet Road, ST Bed, Koramangala 4th Block, Bangalore – 560034 

How to Delete Dhani Account (Indiabulls)

You can also deactivate the Dhani account if you want to pause your trading for time being.

How to Close SBI Demat Account

SBICAP Securities Ltd.

Marathon Futurex, Unit No. 1201, B-Wing, 12th Floor, 

N M Joshi Marg, Mafatlal Mill Compound, 

Lower Parel East, Mumbai – 400013

I would suggest sending a copy over email as well for a faster process. Email the scanned copies at [email protected]

If you want to do option trading you can check the list of best broker for option trading that offers lower brokerage charges on trading.

How to Close Canara Bank Securities Account 

  • Get the Canara Bank Securities account closure request form 
  • Fill in the form accurately and attach your KYC docs
  • Courier the application to the address below –

Canara Bank Securities Ltd. Central DP Cell, 1st Floor, No. 51, Stock Exchange Towers,

1st cross, JC Road, Bengaluru, Karnataka, 560027. 

If you want to close your Canara account online, email the scanned docs at [email protected]

How to Close Demat Account in Upstox

You can close your Upstox account in 2 ways –

I. Through Upstox App

  • Open your App and go to the “Account” section 
  • Open the “Profile” section and click on “Account Closure”
  • Fill out the form and click on the “Close Account” button.

II. Through Email

Check out – Zerodha vs Upstox comparison

How to Close IIFL Demat Account

How to Close PNB Demat Account

How to Close Axis Direct Account 

How to Close Alice Blue Account

You can delete your Alice blue account through the platform only.

  • Open the “Account Profile” section in your Alice Blue trading app
  • Select Account closure from the drop-down menu
  • Download it from here if you couldn’t find it online
  • Fill in the closure application and upload the account closure form for further processing.

You can also deactivate the Alice Blue account using the same account closure form.

You may like to read – best forex trading apps in India

How to Close Zerodha Account

You can delete the Zerodha account in 2 ways –

I. Through Zerodha Console (Deactivation)

  • Visit Zerodha Console and go to the Segment section
  • Click on the “Close account” button at the bottom

II. Through Raising Ticket (Permanent Closure)

About Rajan Dhawan

Rajan has covered personal finance and investing for over 5 years. Previously, he was in the IT field for 8 years after completing his MCA but his deep interest in personal finance led him to become an investing expert. He is passionate about investing, stocks, startups, and cryptos.

Leave a Comment

Open FREE Demat Account
Guide to Million Dollar Success
My Website
Limited Time Offer
  • Zero Account Opening Fee
  • Zero Maintenance Charges
  • Upto 90% Savings on Brokerage
Save Upto 90% on BrokerageOpen Free Account Now