Having a Demat and not using it for such a long time can cause a matter of loss to you. If you have your Sharekhan Demat Account and you do not use that account or cannot afford its maintenance then it is better to apply for closure of the account. Because the account always takes the maintenance charges which is ₹400 per annum.
Steps To Close Sharekhan Demat Account
Different brokers have different methods of closing the Demat account. There is only one option in the Sharekhan Demat account for a closing account which is the offline method.
- For downloading the account closure form directly click sharekhan account closure form.
- Take a printout of the Account closure form.
- Fill in the details of the form in block letters.
- Submit the form to the Sharekhan branch by signing the document as a declaration that you want to close the account.
- Within 7 business days, your account will be closed.
Sharekhan Demat Account Closure Form
Some information and guidelines about how to fill up the form are as follows-
- Download Sharekhan Demat account closure form.
- Take a printout of the form by downloading it as a pdf.
- Now carefully fill out all of the fields in the form.
- The entire form must be filled out in block letters.
- If you have a single account, have your name written in block letters in the first box.
- If it’s a joint account, you may do the same thing with the names of the persons.
- Fill out the form with your information.
- Mention the cause for the closure of your angel Demat account before filling out the form.
- If you need to transfer your stocks to another Demat account, including the account holder’s name and account number, as well as your signature.
- In the case of a joint account, both people must sign the document.
- The last section will be filled by the branch members and you will receive that as a receipt as a confirmation letter that you have applied for your Sharekhan Demat account closure.
Also Read: Is Sharekhan Safe for Trading & Investing?
Sharekhan Demat Account Closing Charges
There is no charge asked for closing your Sharekhan Demat account. It is completely free of cost.
Sometimes, people ask for some charges pretending to help the client closing the Account sooner, but this is unacceptable.
You can directly complain to the Sharekhan Demat account head office to avoid such fraud.
Things To Do Before Closing Sharekhan Demat Account
Here are few things that need to be prepared before requesting your Sharekhan Demat Account closure:
- You need to fill all the details in the closure form carefully otherwise it will be rejected.
- You must be aware of your DP id and client id.
- Sell or transfer your previous stocks before applying for the closer.
- Be sure that your account doesn’t have any negative balance.
Frequently Asked Questions
What Is The Time Frame For Closing A Sharekhan Trading And Demat Account?
The account termination form takes 7 business days to process. Within 15 days, the company will give you a confirmation letter of account closure. You can verify the status of your application by contacting customer service.
How Can I Transfer Shares From A Sharekhan Demat Account To Another?
You must first complete the DIS slip. Check that all of the fields, including the target client ID, are correct. You can send your completed DIS to your current broker. You must ensure that the present Broker acknowledges your request before proceeding with the process.
Can I Close A Sharekhan Demat Account With A Negative Balance?
No, You can’t close a Sharekhan Demat account having negative charges. You need to settle the charges before closing the account. If you do delay in paying your negative balance then you might need to pay additional interests.