Every broker imposes an AMC or account maintenance charge on your Demat account. The prices vary from one broker to another. Many times, if the user doesn’t use the account, the AMC will be charged irrespective of any transactions being carried out or not. At such times, it’s a better deed to close the account. But, keep in mind that once you close it, there’s no going back.

Users will have to create a new Demat account and pay a one-time account opening fee if they wish to have a new account associated with 5paisa.

If you have a 5paisa Demat account and are looking to close the account, then a detailed step-by-step procedure is given below. The steps might vary based on your account status and the penalties involved. If everything is clear, then a couple days are enough to close the account.

Closing 5paisa Demat Account

1. Users looking to close their accounts should call the customer care service or send an email to support@5paisa stating the closure of your Demat account from 5paisa.

2. Once sent, you will then have to download the closure of the Demat account form. It can be found on multiple financial review websites and 5paisa’s official site as well.

3. Fill in all the details as mentioned and get the attested copy of the documents as mentioned on the application.

4. Place all the documents in the folder and mail it to the designated address mentioned in the application form or on 5paisa’s official website.

5paisa Demat Account Closure - Things to Remember

1. Do transfer out all the funds that you have in your Demat account. Don’t forget to clear all the dues before closing the account. It might attract penalties if you don’t do so.

2. A confirmation mail will be sent if the account is closed. If it isn’t, you can contact the customer care service after a week to know the status.

3. If it’s a single account, then your signatures will only be required. If there is more than one person involved, such as a partnership of trust, then the signatures of all of the people associated with the Demat account will be required—even the attested copy of the PAN cards.

4. For transferring your shares from the 5paisa Demat account to another account, a separate form will be required for the transaction to be carried out.

5. There is no reversal process in the closure of the account. Once closed, you cannot reopen the account. A new one should be created.

6. There are no fees associated with the 5paisa Demat account's closure unless you have some dues or fines pending.

7. You have to mail the form because 5paisa doesn’t allow for online closure of the Demat account.

NOTE – The AMC is around 540 rupees (one time). To avoid such payments, it’s the best option to shut down the account, if you are not actively using it.