Managing multiple Demat accounts or dealing with excessive maintenance charges can often lead investors to consider closing one of their accounts. If you’re using Sharekhan and looking to close your Demat account online, this guide will walk you through the entire process step by step. Sharekhan, a trusted and popular stockbroker in India, provides various investment services, including Demat and trading accounts. However, closing a Demat account might be necessary for various reasons such as shifting to another broker or simplifying your financial management.
In this article, we’ll provide a comprehensive guide on how to close your Sharekhan Demat Account online.
Why Close Your Sharekhan Demat Account?
Before we dive into the process, it’s important to understand why you may want to close your Demat account. Common reasons include:
- High maintenance fees: Sharekhan’s account maintenance fees might feel excessive if you’re not trading frequently.
- Multiple Demat accounts: Managing several accounts can be confusing. Simplifying to one account can help streamline investments.
- Shifting to another broker: You may have found a better broker with lower fees or better services.
- Inactive account: You may not be using your Sharekhan Demat account actively and want to avoid unnecessary charges.
Check out our detailed review of Sharekhan’s features.
HDFC SKY vs Sharekhan: Key Differences
| Features | Sharekhan Demat Account | HDFC SKY |
|---|---|---|
| Account Maintenance Fees | Medium | Low |
| Trading Platform | Robust | User-Friendly & Intuitive |
| Market Insights | Average | Excellent |
| Customer Service | Good | Excellent |
| Mobile App Experience | Average | Excellent |
How to Close Your Sharekhan Demat Account Online: Step-by-Step
Step 1: Ensure Zero Holdings in the Account
Before initiating the account closure, you must ensure that there are no stocks or securities left in your Sharekhan Demat account. You can do this by:
- Selling the securities: Trade your shares or transfer them to another Demat account.
- Transferring securities: If you hold another Demat account, you can transfer the shares there using the Delivery Instruction Slip (DIS) provided by Sharekhan.
Step 2: Clear Dues and Penalties
Make sure there are no outstanding dues, penalties, or fees before closing your account. Any pending dues may prevent the closure of the account. You can clear the dues through:
- Online payment via the Sharekhan portal
- Visiting a Sharekhan branch for a quick resolution
Step 3: Download the Account Closure Form
Sharekhan does not yet allow for a full online account closure process. However, you can download the Sharekhan Demat Account Closure Form from their official website.
- Visit the Sharekhan website: Go to Sharekhan’s official website.
- Download the closure form: Look for the account closure form under the customer service or Demat account section.
Note: Currently, the process is semi-digital, which means you’ll need to print the form and submit it physically or via courier.
Step 4: Fill Out the Closure Form
Fill out the downloaded account closure form carefully. Key details required include:
- Client ID
- Account holder’s name
- DP ID
- Reason for closure: Common reasons include “Not actively trading” or “Switching to another broker.”
Step 5: Submit the Closure Form
Once the form is filled out, submit it to the nearest Sharekhan branch or send it to the address mentioned in the form through courier.
For faster processing, you can visit your nearest Sharekhan branch with the necessary documents. Find the nearest Sharekhan branch here.
Key Points to Remember Before Closing Your Sharekhan Demat Account
- Ensure zero balance: Make sure all your shares are either sold or transferred to another account.
- Clear any dues: Pay any outstanding maintenance charges or fees before proceeding.
- Submit all required documents: The closure form, a copy of your PAN Card, and other supporting documents must be submitted.
Step 6: Confirmation of Closure
Once you’ve submitted your request for account closure, Sharekhan will review your application and confirm the closure via email or SMS. It generally takes 7 to 10 working days to process the closure.
FAQs on Closing Sharekhan Demat Account
1. Can I Close My Sharekhan Demat Account Online?
At present, Sharekhan requires customers to download the closure form, fill it out, and submit it physically. Full online account closure is not available.
2. How Long Does It Take to Close the Account?
It typically takes 7 to 10 working days for the closure to be processed once all documents are submitted.
3. What Happens If I Don’t Use My Sharekhan Demat Account?
Inactive accounts may incur charges for account maintenance, so it’s better to close them if they are no longer in use.
Pros and Cons of Closing a Sharekhan Demat Account
| Pros | Cons |
|---|---|
| Avoid Maintenance Fees: No need to pay for inactive accounts. | No Reversal: Once closed, you can’t access the account. |
| Simplified Portfolio: Easier to manage fewer accounts. | Lengthy Process: Requires physical form submission. |
| Lower Charges with Other Brokers: Move to a broker with lower charges. | Delay in Confirmation: May take 7-10 days for closure. |
Conclusion
Closing a Sharekhan Demat Account online is not entirely digital yet, but the process is straightforward if you follow the steps mentioned. It’s crucial to ensure that your account has no shares, dues, or unresolved issues before proceeding with the closure. By following this guide, you can successfully close your account without any hassles.
If you’re looking for alternative brokers with better fees and services, consider exploring HDFC SKY or other options available in the market. For more reviews on the best stock apps in 2024, visit TaazaStocks.
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By following the steps outlined above, you can make the transition away from Sharekhan smooth and efficient. For more information on stock app reviews and guides, check out our other articles on TaazaStocks