How to close my Paytm Money Demat Account online? I want to discontinue it immediately. Where can I get the Account closure form?
- Asked By
- Updated On:18-Mar-2024
- Replies:3
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.
Here is how you can find the option to close the account:
- You have to open the Paytm Money site or app.
- Then click on “product market” and select the option “Stock market”.
- At the bottom of the page you will find the option “download center”, click on it.
- On this page you will find lots of forms and request options. Select the “account closure form”.
- Open the form and fill in the details.
- After filling the details, check the recipient address and send it to the said address.
Do check that your demat account has no shares or cash balance. If so, transfer it first and then initiate closure.
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.
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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.
The process to close a demat and trading account with Angel Broking stock broker is quite simple. Follow few easy steps, submit the account closure form and you will be done with the requirements.
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.
Yes bank account cannot be closed online. To close the Yes Bank account, visit the nearest Yes bank branch and submit a duly-filled Yes Bank account closure form . Your bank account will be closed within 10 working days.
Kotak Securities demat account can be closed by sending a dully-filled demat account closure form to the nearest branch. Following the submission of the form, your account will be closed within 7 working days.
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.
Kotak bank account cannot be closed in online mode . The account can only be closed in offline mode by submitting the Kotak bank account closure form to the nearest Kotak Bank branch .
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.
To close a PPF account, there are three ways in which it can be executed. They are by withdrawing the entire PPF account balance, extension fo PPF account without any clarification, and extension fo PPF account with a further contribution.
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.
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.
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!