How To Close Religare Demat Account?

Religare Securities is one of India’s oldest stockbrokers and boasts more than 1 lakh clients. But still, many inactive users look ahead to know how to close Religare Demat Account. 

Incorporated in 1986, the broker is a Delhi-based financial group that offers retail broking, research insights, investment as well as depository services.

If you already have a Religare Demat Account that you do not use frequently, consider closing it. Know the complete process and other useful details. 

Keep calm, in this article, discussed is the procedure and pre-requisites for closing/deleting your Demat Account in Religare. Stay tuned!

When opening a Demat Account with Religare, you can either opt for an online or offline method. However, having a Religare Free Demat account can only be beneficial if you use it.

By using, we mean a great frequency of usage. If you happen to use your Demat account once or twice in six months, it’s better to close it.

The major reason here is the AMC i.e. the “Annual Maintenance Charges” levied on Demat accounts. An active Demat account, irrespective of its usage density is subject to AMC.

These maintenance charges are levied on your accounts annually and are usually charged on a quarterly basis.

If you tend to use your Religare account hardly once or twice a year, there’s no point paying the AMC. Therefore, to avoid unnecessary Religare AMC charges, you must consider closing your Demat account.

At Religare, you annually pay an amount of ₹400 from the second year as Demat AMC.

Here, it is important to understand that closing/deleting is different from deactivating an account. If you deactivate your Demat account, the crediting of shares gets temporarily blocked.

However, you still have to pay the maintenance charges. 

On the other hand, if you close your Religare account, it is deleted permanently. If at all you wish to resume trading with Religare, a new Demat account will be required.

This means that you will have to do the account opening procedure again.

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How To Close Demat Account In Religare?

Opening a Demat account with Religare is relatively easier than closing it. This is because you can do so only by the offline method.

If you were wondering how to close the Religare Demat account online, that’s unfortunately not possible. The broker has only the offline provision to do so.

But before discussing the steps to close the Religare Demat Account, you must keep some things in mind:

• There should be no shares or holdings in your Demat account at the time of closure
• In case you still have any, sell them before going ahead with the account closure process
• Your Demat account should not have any negative or outstanding balance. Clear all dues before moving on
• If any of these conditions are not met, your account closure request will be subject to cancellation

To close Religare Demat account, follow these steps:

• Locate and visit the nearest Religare branch
• Clear all outstanding dues 
• Get the account closure form from the branch 
• Once you fill and sign it duly, submit the account closure request form at the branch
• If there are joint holders (in a joint account), the signature of all the holders is mandatory
• You also need to submit all unutilized Instruction Slips
• Once everything is done, you will get an acknowledgment slip. Keep the receipt as a proof
• Follow-up with the branch after a week to ensure your Religare Demat account closure completely

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Religare Demat Account Closing Form

The Religare Demat account closing form can be availed from the firm’s local branch that is in your proximity. Alternatively, you may also request a visit to understand the entire procedure by calling up the local branch.

The other alternative here is that you can download the “account closure form” from Religare’s website, get it printed, fill it duly and then submit it at the nearest branch office.

This is how the Religare Demat closure form looks like

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Conclusion

We hope that this article helped and you are now clear about the Religare Demat account closing procedure. Just make sure that all the pre-requisites are fulfilled or else your request may be canceled and you will have to repeat the entire procedure unnecessarily.

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