How to close Sharekhan Demat Account?

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Short Answer

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.

Detailed Answer

About Sharekhan Demat Account

Sharekhan, powered by BNP Paribas, has been in the business for 22 years now. It is the third biggest stock broker in India following ICICI Direct and HDFC securities. You can open a Sharekhan demat account and hold equities, bonds, insurance, mutual funds, initial public offering, non-convertible debentures etc.

It offers two types of accounts:

  1. A Classic Account and
  1. A Trade Tiger Account

If for some reason, you decide to close your demat account held with Sharekhan, here are the steps to follow:

Sharekhan Demat Account -Things to do before proceeding for Closure:

  • Close open positions in trading account
  • Sell or transfer all the assets held within the demat account
  • Clear any pending dues such as account keeping fee, product fee etc.,
  • Check if the account has a negative balance.

How to close a Sharekhan Demat Account?

The account closing procedure and form for both the types offered by Sharekhan are the same. They are as follows:

Download the Demat Account Closure Form from the Sharekhan Official Website. You can also obtain it from your relationship officer.

You are required to fill up details such as your account number, depository participant ID, name of the account holders, reason for closing the account, how to treat the funds held – sell or transfer, account details of the target where funds need to be transferred, and signature of all the account holders.

You cannot close your demat account in online mode with Sharekhan. You are required to visit the nearest branch and submit your application. Sharekhan has branches in more than 550 cities of India and has over 1800 branches.

It will take upto 7 business days to complete the account closing process and once the account is closed Sharekhan will send you a letter of confirmation in 15 days.

Closing of Sharekhan Demat Account

Sharekhan Demat Account does not charge any account closure fee. However, it charges an account keeping fee between Rs.100 to Rs.750. Hence, it is prudent to close any inactive demat and trading accounts to avoid unnecessary fees.

So, you have thought of closing your Sharekhan Demat Account. You might think of opening a new demat account with Zerodha, the no.1 stock broker in India.

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