How to Close IIFL Demat Account

Online trading in shares requires either a trading or a Demat account. India Infoline Finance Limited abbreviated as IIFL offers both these account types to its users. If you do not use your IIFL Demat account for some reason, consider closing it. In this article, we shall discuss how to close the IIFL Demat account.

The closure of the IIFL Demat account is undoubtedly a trader’s call but its usage density plays an important role too. For instance, if you use your demat account with IIFL only once or twice in six months, it is anyway not as profitable as it turns out for active investors.

In such scenarios, the major reason why you must close your IIFL Demat account is to avoid the maintenance charges levied on it. An active Demat account in IIFL or any broker, for that matter, attracts certain annual and maintenance fees.

Therefore, irrespective of how much you use your Demat account, the AMC (Annual Maintenance Charges) will apply as long as your account is active/not deleted.

IIFL Demat Account Closure Procedure

Before we discuss the procedure for closing an IIFL Demat account, you must understand that closing or deleting is different from deactivating.

If you deactivate your IIFL account, it will freeze temporarily which, in turn, will restrict/block the credit and debit of shares from your account. The IIFL AMC charges, however, will still apply and has to be paid annually along with the other IIFL Demat account charges.

Closing, on the other hand, means deleting your account permanently. This means that you will not be able to access your account anymore and if at all you wish to get into IIFL Trading again, you will have to do the IIFL Demat Account Opening process again.

Now, if you wondering how to close Demat account in IIFL,  there’s only one way to do so. It is the typical offline method that applies to almost all Indian stockbrokers. In this method, you need to get a physical copy of the account closure form printed, fill it duly and send it to the broker.

Alternatively, you may also visit your nearest IIFL branch to understand the process in detail. 

Here’s how to close IIFL Demat account:

• First, open any web browser and type tt.web.indiainfoline
• Click on the website link and you will be directed to IIFL’s official website
• Then, click on “Download Forms Formats” from the top dashboard
• A list of forms for CDSL and NSDL will appear
• Choose CDSL if your Demat account is with CDSL and NSDL if your Demat account is with NSDL. (If you are not sure about your DP, call IIFL to know the same)
• From the list, click on “account closure request form”
• A pdf format of the account closure form will appear
• Download this form and get it printed
• Fill all the information correctly and attest it with your signature
• If it has multiple holders, the form should be signed by all account holders
• Finally, courier the duly filled form to IIFL’s head office/the address mentioned on the form

Note that the closure of IIFL Demat account is possible only if the following conditions are fulfilled:

• All the credit and debit balance in the IIFL Demat account should be settled before applying for closure
• Clear all dues as a negative balance is not allowed
• If your account has any shares, it must be transferred before submitting the closure application
• All unused DIS (delivery instruction slips) must be sent along with the form

If any of the above-mentioned condition is not fulfilled, your IIFL demat account closure request can be rejected.

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How To Close IIFL Demat Account Online?

As already mentioned, IIFL only offers the offline method to close the Demat account. So if you were thinking of a paperless online method, unfortunately, that’s not possible.

Despite the account opening procedure being available via the online and offline method, the account closure only has the offline one. Yes, closing an account with a stockbroker is not as easy as opening an account.

If you are unsure of the procedure, you can call IIFL’s customer support or even visit the nearest local branch.

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IIFL Demat Account Closure Form

The IIFL demat closure form is available on the broker’s official website and can be downloaded from there. The process to do so has already been discussed in the “account closure steps”.

Alternatively, you can also visit the nearest IIFL branches in India situated in major cities such as Hyderabad, Delhi, Mumbai etc.or request a callback to get the account closure form.

To download the India Infoline Demat account closure form now, Click Here.

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IIFL Demat Account Closure Charges

IIFL does not charge any fees for closing a Demat account with the firm. All you need to do is fill and submit the duly filled form to its head office.

However, certain things like a negative balance, outstanding dues, and shares must be cleared before submitting the closure form.

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Conclusion

We hope that this helped and you now know how to delete the IIFL demat account. It is important that you analyze your financial needs and expectations well before making any decision.

Happy trading!

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