How to close Edelweiss Demat Account?
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- Updated On:27-Sep-2022
- Replies:1
Short Answer
To close your Edelweiss demat account, you will have to follow a few steps and then download the account closure form, fill in all the details, and submit it . It takes 7 working days to process the closing request.
Detailed Answer
Edelweiss is a Mumbai-based stock broking firm. The firm provides trading services for stocks, currencies, and commodities. Additionally, it provides investment services for Fixed Income, Gold ETFs, and Mutual Funds. Edelweiss offers the option to open a linked demat account and trading account in order to facilitate smooth transactions and convenience in trading.
However, if you already have a demat account with Edelweiss and wish to close that account, then here are the procedures for closing an Edelweiss demat account. Checkout the demat account closing process and as well as things to consider before doing so.
Closing Edelweiss Demat Account - Things to Check
- There shouldn't be any holdings or positions in your demat or trading account.
- There shouldn't be any debit balance or pending dues.
- No mutual funds or other securities should be held in your demat account. If so, you must redeem them prior to closing the account.
- You must enter the same information you used to open the account.
How to close an Edelweiss Demat Account?
- Sign in to the Edelweiss website or app.
- Select the settings icon and go to the Profile section.
- Click on the "Service Requests" option and then select the "Commodities" .
- Select "Yes right away" and then "Ok, got it".
- Now click on the "Create Service Request"and then select the "Account Closure" option.
- After that, you will get an option to download the closure Demat Account Closure Form and download it.
- Print out the form and fill it out completely and accurately , then save it as a compact (1 MB or less) pdf file.
- Finish the e-signing process.
- Below that option, you have to click on "drag and drop " or "click here".
- Upload the completed form and then click "Submit".
- And your account will be closed in 7 days.
Can I close my trading account and keep the demat account active or vice versa in Edelweiss?
Yes, you are permitted to close your trading account while maintaining your demat account.
And if you want to close only your demat account, then your demat account needs to be marked as an addition to your trading account or should be a stand alone.
Close an Edelweiss Demat Account
There are no charges for closing an Edelweiss demat account , but Edelweiss charges a flat Rs.300 per annum as maintenance fees .
Therefore, if your Edelweiss demat account isn't being used, you must close it to avoid paying additional charges.
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