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 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.

#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 broker. You can get DIS from your current 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 broker.

How to Close Angel Broking Account (Angel One)

• Get Angel Broking account closure form 
• Fill in the form accurately
• Attach your KYC documents
• Email the form at [email protected]

How to Close ICICI Demat Account

• Download ICICI Direct demat account closure form
• Fill in the form and attach supporting documents
• Submit the form to your nearest ICICI Direct branch or email at [email protected]

How to Close HDFC Demat Account

• Download HDFC Securities demat account closing application 
• Fill in the application carefully, then attach the required documents
• Submit the form to your nearest HDFC Bank or HDFC Securities branch
• If you want to close the HDFC bank account without visiting the branch, then email the scanned docs at [email protected]

How to Close 5paisa Account 

• Get the 5paisa account closure request form 
• Fill in the form accurately
• Attach your KYC docs
• Email the form at [email protected] or create a ticket at Forum.5paisa.com

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 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 –

How to Delete Dhani Account (Indiabulls)

• Download Dhani Stocks account closure form
• Fill in the form and attach supporting documents
• Email at [email protected]

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

• Download Dhani Stocks Freeze/Unfreeze Request form
• Enter details like Client ID 
• Provide the reason for Freeze and the date from which you want to deactivate the Dhani account.
• Email the form at [email protected]

How to Close SBI Demat Account

• Download SBI Securities demat account closing application 
• Fill in the form carefully, then attach the required documents
• Submit the form to your nearest SBI Securities branch
• If you want to close SBI account without visiting the branch, then post the docs to the address below –

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

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 –

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 delete 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

• Get the Upstox account closure form 
• Fill in the form accurately
• Attach your KYC documents
• Email the request form at [email protected]

How to Close IIFL Demat Account

• Download IIFL demat account closure form
• Fill in the form and attach supporting documents
• Submit the form to your nearest IIFL branch.

How to Close PNB Demat Account

• Download PNB demat account closing application 
• Fill in the application carefully, then attach the required documents
• Submit the form to your nearest PNB bank branch.

How to Close Axis Direct Account 

• Get Axis Direct account closure request form 
• Fill in the form and append your KYC docs
• Visit your nearest Axis bank branch to submit your application

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.

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)

• Download Zerodha account closure/deactivate form
• Fill in the form and scan the form along with supporting documents
• Create the ticket at support.zerodha.com
• Search “account closure” in the search bar and select the topic from the list
• Mention the details and upload the form + documents
• Submit the ticket.