Reliance Securities demat accounts can be closed in both offline and online modes, but the offline mode is more formal and authentic. You can download the closure form from their website and send it to the address mentioned on the closure form.
Reliance Securities, the broking and distribution division of Reliance Capital, is one of India's top retail brokerage firms, giving clients access to equities, derivatives, currency, initial public offerings, mutual funds, bonds, and corporate FDs. Customers can achieve their investment goals on a single platform.
Despite these benefits, there are a variety of reasons why people believe it is not appropriate for novice or small traders due to maintenance costs or other reasons.
So, here is the step-by-step procedure to follow if you want to close your Reliance Securities Demat account as well.
There are two ways through which one can close the Reliance Securities demat account. Both offline and online modes of closing are available.
However, the offline mode is preferred when there are multiple account holders or you want to transfer your shares to another account. This cannot be done in online mode.
Step1. Send an email to email@example.com**.
Step2. Mention the subject as' account closure request'.
Step3. Mention all the information, including your name, client ID, BO ID, registered phone number, and Demat account number.
Step4. Mention the reason for closing the account.
Step5. Send this email and wait for the Reliance Securities team to call you back; they will verify your information and close your account within seven days.
Step1. Download the Reliance Securities account closure Demat Account Closure Form.
Step2. Fill in all the details like DP ID, client ID, and name (s) of all the holders.
Step3. Now, if you want to transfer your share to another active demat account, then fill in the DP ID and Client ID of that account, otherwise check 'Not applicable'.
Step4. If you want to rematerialize your security, then you can fill out the 'online ARN to offline AR' application attached with the closure form.
Step 5. Verify all the information and then courier it to the address mentioned at the top of the closure form.
Every demat account will charge you an AMC. So, if you feel you are not using your demat account like you thought, it is better to close it. The annual charges vary from broker to broker.
Do keep in mind that if you have any shares in your Reliance demat account then either sell those shares or transfer them to another account.
Transferring might require entering some details in a delivery slip. You have to deposit this slip to any nearby branch. Once all the formalities are done, your demat will be closed in around 10 days, maybe before that.
If you are not operating your Reliance Securities demat account, then it's best to close it to avoid additional charges. Make sure to settle all the negative balances and other holdings before sending a closure request.
Thanks for sharing the information. But the process of closing demat account remains same like this or is it different on different platforms?