How to close IIFL Securities Demat Account?
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- Updated On:27-Sep-2022
- Replies:1
Short Answer
You can close an IIFL Securities demat account by submitting the demat account closure form to the head office or to the nearest branch. Your account will be closed within 7 to 10 working days after you submit the closure request.
Detailed Answer
IIFL Securities Limited is an investment management company. In addition to wealth management services, the company provides insurance, loans, mutual funds, and property solutions. It is renowned for its reliable technology and tailored services. In order to trade across various asset classes, IIFL provides a safe and secure trading platform.
But, if you are not satisfied with their services, or for some other reason, you want to close your demat account with IIFL Securities Limited, then here is the step-by-step process of how to close your IIFL Securities demat account.
Can I close my IIFL Securities demat account online?
No, IIFL Securities does not provide an online method for closing a demat account. Although you can open a demat account in both online and offline modes, for closing, only the offline method is available.
How to close IIFL Securities Demat Account?
Step 1. Download the IIFL Securities Demat Account Closure Form.
Step 2. Fill in all the details, including your login ID, DP ID, client ID, and the names of all the holders.
Step 3. Specify the reason for closing the account and dully sign the form.
Step 4. Submit the form to the nearest branch or courier to the address mentioned on the top of the closure form.
Submitting the Demat Account closure Request - Things to remember
- You must settle all debts before sending the closure form. Additionally, your IIFL securities account shouldn't have a negative balance.
- Close all the positions and holdings before submitting the closure request.
- If you want to rematerialize your securities, submit a Rematerialization Request Form (RRF).
- You need to provide your client ID and depository participant ID, along with the Delivery Instruction Slip (DIS), if you want to transfer your holdings to another demat account.
IIFL demat account closure charges
There are no fees associated with closing an account, but you cannot close your
demat account if there is a negative balance or pending maintenance fees that need to be paid.
Closing IIFL Securities Demat Account
IIFl Securities demat accounts can only be closed in offline mode, and there is no fee associated with doing so. However, before submitting the closure request, you must settle all outstanding dues and exit all positions.
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