How to close SBICap Securities demat account? What is the easiest way to close a demat account that I can follow?
- Asked By
- Updated On:02-Apr-2024
- Replies:5
Short Answer
Are you looking to close your Demat account with SBICap. You are required to download the demat account closure form available online from the SBI official website.
Detailed Answer
SBI Cap Securities Demat Account
State Bank of India is the world’s 43rd largest bank and is the biggest bank in India. SBI securities is fully under SBI Capital Markets Limited and it is a part of the State Bank of India. An appealing aspect of this account is that you can have a three in one account with SBI – savings bank, Demat account and online trading account under one umbrella.
Not using a demat account is a sign that it has to be closed. Otherwise maintenance charges and other DP price is levied. Some of the pre-checks required before closing SBI capital demat account are:
- The Debit balance in your account should be NIL.
- Signatures should match with those done in SSL records.
- Your name and address should also match with SSL.
- SBI pool account should also be NIL.
- Unmark all the lien on funds on SBICAP you did before closing the account.
- Every holder has to sign on the closure form.
- In case you are requesting for closure cum transfer then seal plus stamp of DP is needed.
How to close SBICap Securities Demat Account?
- You will be able to find the SBI account closure form online: SBI Securities Account Closure Form
- Fill up the form and duly sign the document validating your request for closure.
- Post it to the SBICap Securities Ltd address provided in the form.
Details required to close SBICap Securities Demat Account
- Who initiated the closure?
- Your name
- Address
- Date of application
- If your depository is NDSL or CDSL
- If a trading account is to be closed or if your Demat account is to be closed or if both the accounts are to be closed?
- Trading code
- Name of the account holder(s)
- Reason for closing your account
- How the balance amount is to be treated
- Delivery Instruction slips
Submitting SBI Demat Account Closure Form: Things to take into account
- Any outstanding dues to be paid to SBI
- To check if there are any debit balances
- It is compulsory that all the account holders sign the form, in case of a joint account
- If you would like to transfer your funds, the depository participant’s client master of the target depository participant’s CML copy is required. It must be sealed and stamped.
- If you have marked any lien on funds and securities towards SBICap securities Ltd, you must unmark it before the closure of accounts.
Closure request turnaround time and contact information
Your closure will get effected in 7 to 10 working days from the date of submission. In case of queries, you can contact:
- Helpline number: (022) 6854 5555
- Helpdesk: helpdesk@sbicapsec.com
- Email: complaints@sbisec.com
- Contact number: 022 42273301
Closing your SBICap Securities Demat Account
In case you are no longer interested to invest in the market, if you are planning to shift abroad or if you would like to change your Depository participant, it is wise to close your Demat account than to open annual maintenance charges on an inactive account. SBI does not charge any fees on closure of its Demat account.
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Discussion (4)
In order to close your demat account you need to fill some details like: Who initiated the closure, Your name, Address, Date of application, If your depository is NDSL or CDSL. The form will be validated and then only your demat account will close.
In order to close your demat account you need to fill some details like: Who initiated the closure, Your name, Address, Date of application, If your depository is NDSL or CDSL. The form will be validated and then only your demat account will close.
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.
You can close your Motilal Oswal Demat account by mailing a duly filled account closure form to "query@motilaloswal.com". Let's grab details on the full process of closing your demat and trading account with Motilal Oswal.
What happened, so you are looking to close your Upstox Demat and Trading Account? The reasons could be many and any. You are here means, you are searching how to close Upstox account. So, let's dig into the demat account closure process.
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.
Closing a Ventura Securities demat account is a little tedious as there is no online facility for the same, but it can be closed by sending a closure form to the nearest Ventura Securities office. The whole process will take 7-8 working days to complete your request.
To close an Alice Blue account, one can download the Account Closure form, fill it with the necessary details and documents such as Client ID, reason of closing, DIS, etc, and sent it to the head branch of Alice Blue, or visit the nearest branch and submit the same to start the account closure process.
For closing the Sharekhan Demat account, the process is quite simple as with other stock brokers in India. Download the application closure form, fill up the details & submit it in the nearest branch.
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.
A very basic but an important query. You can transfer share manually. You also have a procedure to transfer shares online. CDSL has the facility for transferring shares online.
IPO or Initial Public Offering is the process through which a private company goes public by offering its shares to the public for the first time.
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Many different stock brokerages are available in the Indian markets. SBI, being the largest bank in the country, lacks technology and innovation. Thus, it is preffered to look out for better demat accounts providing a better experience.