You cannot close a Yes Securities Demat account fully online. To close it, download and fill the closure form, clear all holdings, attach PAN & address proof, and submit it to the nearest branch or head office with all account holders signatures. Closure usually takes 7–10 working days.
If you’re no longer using your Yes Securities Demat account and want to close it as soon as possible, here’s the step-by-step process, documents required, and whether it can be done online.
Currently, Yes Securities does not provide a fully online closure option. You need to submit a physical closure form to your nearest Yes Securities branch or dispatch it to their head office. So while you may download forms online, the closure itself requires offline submission.
Here's a detailed Step-by-Step Process to Close Your Yes Securities Demat Account in an easy way.
1. No Online Closure Yet: Even if you download forms online, physical submission is mandatory.
2. Holdings Must Be Zero: You can’t close the account with active securities or negative balance.
3. All Holders Must Sign: In joint accounts, missing a signature will delay closure.
4. Outstanding Dues Block Closure: Ensure no AMC or pending charges are left.
To summarize, you cannot close a Yes Securities Demat account fully online. To close it, download and fill the closure form, clear all holdings, attach PAN & address proof, and submit it to the nearest branch or head office with all account holders’ signatures. Closure usually takes 7–10 working days.
The main disadvantages of Yes Securities Demat account are comparatively heavier brokerage, inability to trade in commodities, no trading platform available for desktop users.
Given that India is filled with numerous competitive Demat platforms, one of the above-mentioned reasons could be the reasons for closing Yes Securities Demat Account.
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So, basically we have to download the account closure form and fill in the relevant details. Then submit it as per the methods mentioned. And if we have any balance shares or pending money then settlement/transfer should be the first step.