How to close Paytm Money Demat Account?
Short Answer
You can download the account closure form the given link - Demat Account Closure Form and post it to the address mentioned in the form.
Detailed Answer
Paytm Money Demat Account
Paytm money is an online brokerage platform that offers Demat account and trading account. Trading account is where you buy and sell your assets, whereas a Demat account is where you hold the bought assets in a dematerialised form.
Within Paytm Money you can trade in shares, ETFs and mutual funds. The Demat account opening and maintenance fee is free of cost with Demat Account.
How to close Paytm Money Demat Account?
You are not required to pay any account closure fee to cease using your Paytm Money Demat Account. Although Paytm is completely online, you cannot close its account in just a click.
You will be able to find the account closure request form in the Download Center of Paytm Money website. The link to the download Center is - Demat Account Closure Form
You are required to fill up the following important details:
- Depository participant ID
- 16 digit customer ID
- Date
- Name of the account holder(s)
- Address
- Reason for closing your Demat Account
- How to transfer your funds?
- Where to transfer your funds?
- If you wish to re-materialise the funds you need to fill and submit the Rematerialisation Request Form (RRF).
- If you wish to transfer the funds, you need to mention the account details where it needs to be transferred.
- Signature of the account holder(s)
You are required to fill up the relevant details and send the form to the Sarjapur, Bengaluru address mentioned in the form. If you have any queries, you can raise a complaint in the Customer support section of the Paytm app. Alternatively you can email them at: exg.support@paytmmoney.com
Closing Paytm Money Demat Account
Most people close their Demat account due to inactivity and to avoid paying maintenance fees.
However, it is noteworthy that Paytm Money Demat Account does not charge any inactivity fees or annual account keeping fees. One may close the account for need of funds or for better features, educational tools, research tools or wider range of investment options.
Now, that you have decided to close your Paytm Demat Account, you might be thinking to open a new account with another stock broker.
You can Open an Instant account with Zerodha, the No.1 discount broker in India. Get Started and Enjoy FREE Equity delivery and FREE Mutual Fund Investment.
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Discussion (2)
To prevent any inactivity fee or maintenance fee, closing your Demat account is not the only option. The Paytm Money Demat Account does not levy any such fee for its users. If you feel that there are not great features or you want something more, then you can go ahead with closing the account on Paytm.
To open a Paytm Demat Account you do not need to make a lot of efforts. You can simply do it online which spares you from standing in a long waiting queue in the branch of the broker house. These days online and offline account opening has become all the more easy.
The Indiabulls or Dhani demat account can be closed by submitting the closure form. You just download the form from the broker's website, fill it out, and mail it to the broker's office address.
Trade Smart demat account cannot be closed online. To close Trade Smart demat account, fill out the Trade Smart demat closure form and then courier it to the office address of Trade Smart.
You wish to know if Paytm Money is better that Zerodha or it's the other way round. Zerodha being a leading discount broker in India has been there for overe a decade now. While Paytm Money already established in mutual fund investment arena, but a fairly new entrant in stock broking industry. So, let's compare the features and discuss few details on each of them.
Paytm has added its name to the stockbroking industry all through its new platforms “Paytm Money.” The platform was rolled out to customers earlier in September 2020 and had since then exploded amongst traders/investors to see the offerings set up by the company.
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workforvansh9
Closing a particular demat account is a hectic process. The documents required are complicated for a beginner and can easily confuse one! The document required list is extremely helpful and simplifies the online process to a great extent!