How to Close Groww Demat Account? | Closure form | Charges
Groww Demat Account
We have seen when we have to open an account with any brokerage firm we get numerous avenues. But when we want to close the same due to any issue we don’t get concrete information on the closure. Thereby, in this series, I will try to bring the information for Demat account closure for our Top Brokerage firm so that as a customer you don’t end up paying a huge maintenance fee otherwise it will dig a big hole in your pocket. So let’s cover “How to Close Groww Demat Account Online?“
How to Close Groww Demat Account Online?
Well, so far there is no option to close the Groww Account digitally. It’s still the old way of submitting an account closure form at the branch and then getting it closed. You can close this account by dropping a mail or calling the helpdesk number. Think twice before you open an account with Groww Firm. Gone are the days when you have to visit the branch in person and submit the hardcopies.
Download the Closure Form from the following link.
Groww Demat Account Closure Form
Once you download the form, fill in the required details and send it to the head office of Groww. The Demat account closure application takes 5-7 business days to deactivate.
Proms Complex, 1st Floor, 7th C Main Rd, Koramangala 1A Block, SBI Colony, Koramangala, Bengaluru, Karnataka 560034
Other than the above process there is another process through which you can delete your Groww Demat account permanently.
– You can drop an email from your registered mail address to firstname.lastname@example.org
– Mail should contain your DP ID and Client ID in the Subject Line.
– Attach the scanned copy of the duly filled enclosed form for account closure and a self-attested copy of the Pancard.
– All account holders should sign this form as per Groww Records.
– Ensure there is no holding in the Demat account if any transfer it to another account. In addition, there should not be any outstanding charges to avoid rejection of the request.
Before dropping the mail or courier the form, ensure your account holding is nil or you transfer it to other accounts of yours. Or else you provide additional documents like delivery instruction slip or RRF if balances are to be materialized.
In case you have any outstanding charges please ensure you add some funds so that while closing the account they can adjust outstanding dues and can transfer the remaining amount to your linked saving bank account.
How to Fill the Groww Demat Account Closure Form?
Time needed: 5 minutes.
Instructions for filling the closure form:
- Account Holders
The closure request needs to be signed by ALL the account holders. POA holder (if any) cannot sign the closure request.
Corrections (if any) have to be authenticated by ALL the holders. Please strike off as “NA” for details that are not applicable.
- Outstanding Charges
The closure request would be rejected in case of any outstanding charges.
- Trading account
In case of Trading a/c is linked to this Demat account, Kindly check on the trading account closure checkbox.
- Corporate account
Certified True Copy of Board resolution required in case of ‘Corporate account’ closure.
Submit a duly-filled RRF if the balances are to be materialized.
Submit a duly-filled Delivery Instruction Slip [DIS] (off-market instruction slip) if the balances are to be transferred to another Account. This requirement is not applicable in the case of “SHIFTING OF ACCOUNT”.
In case of transfer cum closure please ensure the following:
a. At least one of the account holders visits the branch.
b. He/she carries a valid original identity proof for verification.
c. Additionally, for obtaining a waiver of charges please note:
i. The target account should be in the same combination of names and of the same type/subtype as the source account
ii. Submit Client Master List (in crystal format) duly stamped and signed by an official of the target DP
iii. For CDSL closure, a Self-attested Demat account holding statement is required