I want to close my Yes Securities Demat account as soon as possible. How to close it? Is there a way to do it online?
- Asked By
- Updated On:17-Mar-2024
- Replies:6
Short Answer
You need to download the account closure form available at Demat Account Closure Form and submit it at your nearest YSL branch. For the detailed process, read further.
Detailed Answer
Yes Securities Demat Account
Yes Securities, shortly called YSL was established in 2013 and is a part of the well known Yes Bank Limited. The platform offers 3 in 1 accounts where you can have a bank account, Demat account and trading account under the same umbrella.
The organization has its branches in 29 states and 7 UTIs of India. The account offers educational tools, dedicated research, and relationship manager.
Although, there are various information about how to open a Demat account, the organizations fail to transparently publish how to close a Demat account.
In order to close the Yes Bank demat account you have to keep in mind the following things:
- You have to keep the address proof, ID, bank details and other documents handy.
- You can either get the closure form from the service desk or online from the website.
- If you are planning to fill the form online then sign digitally and edit using a pdf editor.
- If there are any pending dues then you have to clear them first before going through with the closure process.
- If you are filling the form offline then mention date and sign wherever required to prevent any cancellation.
Continue reading to find out the steps to be followed to close Yes Securities Demat Account.
How to close Yes Securities Demat Account?
The account closure form is available at: Demat Account Closure Form
You are required to download the form and submit it at the nearest branch. It will take around 7 to 10 working days to complete the account closure process. YSL does not offer any online options to close the account. YSL does not charge any fees for closing your Demat account with them.
Ensure that you do not have any outstanding fees or charges payable to YSL. Also, if you have a negative balance, you need to close the balance.
Yes Securities Demat Account Closure Form - Important details to fill
- Date
- Type of account you wish to close – trading account, Demat account, bank account or all three
- Reason for closing the account
- Customer ID
- Depository Participant ID
- Account Number
- Name of the account holder(s)
- Details of where the fund needs to be transferred – account number, bank name, branch name, IFSC, account type etc.,
- De-linking of Know your customer details such as Pan card, aadhar card
- Signature of all the account holders that matches the records of YSL
Closing Yes Securities Demat Account
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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Discussion (6)
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Yes
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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.