Looking for Low Brokerage, High Margin & Free Tips?
How to Close Sharekhan Demat Account?
| | Demat Account, FAQs | No Comments
Check All Frequently Asked Questions
Although Sharekhan is the leading full-service broker in India, having a good client base. But there are many who currently not using the account currently and looking for the answer for how to close Sharekhan Demat Account.
The broker apart from offering great services also provides a simple process for its customers to close the Demat account. Here it is essential to understand that closing and deactivating are two different things.
Deactivation will temporarily block your account but the maintenance fee will still be charged. On the other hand, account closure means permanently inactivating it.
In what follows, discussed is the closure procedure for the Sharekhan Demat account.
Most of the Sharekhan users often complain about Sharekhan not working and this is one of the major reasons why many traders decide to close their account with the broker.
If you too looking for a way to close the Sharekhan Demat account, then here is the complete process and requirements that need to be fulfilled for closing the account.
For those looking for the answer for how to close Sharekhan Demat Account, then the foremost requirement is to get the “account closure form”. This form is not available online and you must visit the local branch to avail of that form.
But before doing so, make sure that these conditions are fulfilled:
- Your Demat account should not have any security. In case you do, make sure to transfer them before submitting the closure request.
- Close all open positions before placing the request.
- Your closure request letter must be attested properly
- In case of a negative cash balance / non-payment / due maintenance, the request will not be processed. Clear all dues before doing so.
- It is mandatory to submit back all unused delivery instruction booklet/slips after requesting for a closure.
Sharekhan is known for its wide network of branches and franchises across various cities of India. You can find the Sharekhan branch office in your proximity by visiting the “Contact Us” on the broker’s website.
After finding out the nearest branch office, following these steps:
- Visit the branch and ask for an “account closure form”.
- Duly fill the form and attest it (in case of a joint account, all the account holders must sign the form).
- Do not forget to attach l the unused DIS
- Submit the duly filled form in the branch office. You can also courier it with supporting documents to the address mentioned in your form.
As already discussed, the account closure application takes about 7 days to be processed and you receive a confirmation letter within 15 days.
In case you have not received the confirmation letter after 15 days of submission, contact the customer support immediately and follow up on your closure request.
As mentioned before, the Sharekhan Demat account closure form is not available online. You need to submit a physical form.
You may visit the nearest Sharekhan branch office to get the account closure form. Alternatively, you can also contact your Sharekhan advisor to avail of the same.
After filling the form duly you must attach the unused DIS (Delivery Instruction Slip) to it. Finally, courier it with all supporting documents to the address that is mentioned in your form.
It usually takes 2 to 3 working days (from the date of submission) to process your closure request.
Also, if you have a trading account with Sharekhan and wants to close it. You can fill the Sharekhan Trading Account Closure Form offline, nearby your Sharekhan branch, and the procedure will take just 7 days in closing the account.
Sharekhan is already known for offering competitive brokerage charges and here comes the other Good News! Sharekhan does not charge any amount for closing your Demat account with the broker.
However, you must clear all dues and transfer all existing securities. If either of these is not fulfilled, your account closure request will be subject to cancellation.
Generally, it takes 2 to 3 working days to receive and process your request. Further, it may take up to 7 working days for your account to be closed officially.
Sharekhan sends a letter confirming your account closure within 15 days of placing the request. To check your application status, contact the Sharekhan customer support.
Conclusion
If you are not using your Sharekhan Demat account for some reason, do not keep it activated.
Demat accounts involve AMC (Annual Maintenance Charges) which are mandatory to be paid irrespective of whether you use it or not.
This can be an unnecessary expense for those who do not trade actively. Therefore closing the account is the best way out if you do not intend to use it in the future. Just make sure to settle all dues.
Unlike other brokers, the Sharekhan account closure request can not be placed online. The forms are available only in the Sharekhan branch offices. You may contact customer support to check the availability of the form in your location.
Hope the information help you learn how to close Sharekhan Demat Account.
In case you need any help, feel free to contact us
More on Sharekhan