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.
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:
Continue reading to find out the steps to be followed 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.
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.
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