A Demat account is a dematerialized account in which all of the country’s shares and securities are held digitally. This account is set up in such a way that no investor can withdraw physical control of the certificates. If you have a Demat account and you don’t use it, then it is better to close the Demat account. You can close an HDFC Demat Account both offline and online.
Steps To Close HDFC Demat Account
You can close your Demat account primarily through two steps. These steps are discussed in detail below:-
Closing HDFC Demat Account By Submitting Application To HDFC Local Branch
- You have to download the application form for closing the Demat account. You will find that on the HDFC bank’s website: click here or as mentioned below.
- You have to enter some important data in the form like Client ID, DP ID, name, and address.
- In the form, you also have to mention the reason for closing the Demat account.
- If you possess a joint account then the form must be signed by all the account holders.
- Now you need to send the form to the nearest HDFC branch.
- After submitting the form, the account will be closed in 7 to 10 days.
Closing Your HDFC Demat Account Online By Sending An Email
- Firstly, you need to use your registered email address.
- You can quickly close your HDFC bank Demat account by sending an email to [email protected]. It is an official email id by HDFC for only closing the Demat account.
- In the email, you must include all of the details about the Demat account. Along with a valid reason for closing the account.
- Once the email is sent, they will close the account within 7-10 business days. And you will receive notification via email as well.
Also Read: Difference Between Demat Account and Trading Account
HDFC Demat Account Closure Form
FORM FOR OFFLINE MODE
- The form will be available online by clicking the below link-
- You have to take a printout and fill it up.
- You need to fill in the Client ID and DP ID along with your name and address.
- Another important point that you need to fill in is the reason for closing the Demat account.
- Now you need to put your signature. In the case of a joint account, every account holder needs to sign.
- Lastly, you have to submit the form to the local HDFC branch and the account will be closed within 7-10 days.
Also Read: What is Trade to Trade Segment?
HDFC Demat Account Closing Charges
Customers are not charged any fee to close their accounts. You may either close it in online or offline mode but you don’t have to pay anything.
Moreover, If the account has a negative cash balance, it must be settled even before the proposal for closure is submitted.
Things To Do Before Closing HDFC Demat Account
Before requesting the closure of your HDFC Demat Account, you should have the following items fully prepared:-
- You must have to sell or transfer all your available balance on your HDFC Demat account before closing.
- If the account has a negative cash balance, it must be solved before the request for closure is submitted.
- Unused delivery guidance booklet slips must be returned to the DP.
- While entering the details in the form, you must be careful. Because any wrong entry can lead your account to rejection for closure.
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Frequently Asked Questions
Can Anyone Else Use My Authorization To Operate My HDFC Demat Account On My Behalf?
If you execute a power of attorney and authorize another person to operate your account, that person can do so on your behalf. However, you must provide your DP with a Notarized copy of the POA.
How Do I Change The Bank Details Of My HDFC Demat Account?
To update the dividend/ECS mandate on your Demat account, you need to submit the sealed form duly signed by all account holders. Along with a copy of the deleted cheque/bank passbook/bank letter noting customer name, bank account number, and MICR code, to any of our DP servicing branches. Related documentation is not required if the new bank details are from HDFC Bank.
