If you invest time in the stock market, you must now have a Demat account. You can open many Demat accounts at a time. All the accounts run through maintenance costs and annual fees. As a result, it is preferable to close inactive or zero-balance Demat accounts.
Steps to Close Kotak Demat Account
- Firstly, You have to download the closing form. Either from the website of the depository participant (DP) or by click the link
- Now, Take a print out and Fill the form. Along with the form you need to carry your KYC documentation. Such as name, id proof, address, etc.
- Further, you have to send the form as well as documents to the nearest DP’s branch.
- You can also submit the form and documents to the DP’s administrative headquarters.
- After submitting the form, your account will be closed within 7-10 business days.
Kotak Demat Account Closure Form
- You can download the Account closing form from the Kotak Depository Participant’s website. Also you can get it by downloading as above
- You have to print out the form and fill it up with all the necessary details.
- Fill your KYC details in the form correctly such as an address, name, identity proof, etc.
- You have to enter the DP Id and Client Id.
- Along with other information, you also have to mention the reason behind closing your Kotak Demat Account.
- Now, you will have to sign the form.
- When the account is a joint account, i.e. if it is owned by many. In such a case, all of the holders must sign the closing form.
- The kotak Demat account will be closed within 7-10 business days.
Kotak Demat Account Closing Charges
For closing your Kotak Demat Account, you won’t be asked for any money. Even if someone asks for money, you should refuse to pay. You need to complain about it to the Kotak office.
On the other hand, Before closing, you have to make sure that your account doesn’t hold any negative balance. Otherwise, you have to pay charges accordingly.
Things keep in Mind before Closing Kotak Demat Account
- There should be no money in the account. If the account possesses any stock, you’ll need to move them to a different Demat account. Otherwise, You could also consider selling your stock.
- You must settle the account if it has a negative balance before closing it.
- If your Demat account has deceased ISINs, you must request their dematerialization from your depository.
Frequently Asked Questions
Is it possible to close my account if it has a negative balance?
To close your account, you must first clear your account balance. It involves paying off all of your debts before shutting your bank account, resulting in a Zero account balance.
Is it possible to close my Kotak bank account online?
Online closure of a Kotak Mahindra account is not permitted. You must fill out a form and submit it to the firm in order to close your account. There are no charges for canceling your account. However, it may take up to seven days for the account to terminate.
Is Kotak Securities a member of the NSDL or CDSL?
Kotak Securities Ltd. is a broking firm that is a member of the BSE, NSE, MSE, MCX, and NCDEX, as well as being a CDSL and NSDL depository participant.
What happens if you don’t maintain a minimum amount of Securities in Kotak Demat Account?
Kotak Demat Account asks for any minimum securities. You can have a zero balance Demat account also.