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How to Close IIFL Demat Account Online? | Closure form | Charges

How to Close IIFL Demat Account Online?

IIFL Demat-Account Online

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 IIFL Demat-Account Online?

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How to Close IIFL Demat-Account Online?

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To close the IIFL Demat Account digitally the process is quite simple but not published on their official website. During pandemic times, it’s not safe to visit the branch in person and do the formalities. Hence, I’m sharing the procedure for how you can close the account from the comfort of your home.

To get the Demat account closed online you need to fulfill a few conditions:

  1. Your email address should be registered with the IIFL Demat Account so accept your mail as your personal confirmation.
  2. You should be the Sole Holder of your Demat Account.
  3. Your Demat account should not have any holding nor any outstanding depository participant charges pending.
  4. Ensure that there are zero holdings in your account. Sell any remaining shares before closing your account.
  5. Ensure that your Demat account does not have any negative balance. You can check these details by logging into your account online by contacting a registered branch of your brokerage.

The process of how to close a Demat account includes two types through which you can close a Demat account online. These are:

  • Full Account Closure: You can close the Demat account online fully if there are no holdings in your Demat account and you have made all the pending payments to the DP.
    Once you have ensured that your Demat account is fully dormant, you can raise a request to your DP for closing the Demat account.
  • Transfer and Account Closure: If your Demat account still has some holdings or you haven’t made full payment for the pending charges, you have to first transfer the holdings and the pending payments to a different Demat account.
    Once the holdings and charges are transferred, you can raise a request to the DP to close the Demat account.

Procedure

Time needed: 2 minutes.

Here are the steps to close IIFL Demat-account online.

  1. Help

    You can log in to your IIFL Markets App or website using any of one of the following methods:
    Registered Mobile Number or Registered Email ID or Client ID.

    After the successful login, You can choose the help option from the left navigation.
     

  2. Write to us

    Your Mail should contain all this information so that the operation team can process the closure of the account in one go:
    Demat Account Number ( i.e. Client ID ) & DP ID
    Reason for Demat Account Closure

  3. Ticket Created

    Once you drop mail you can check your mailbox for notification of ticket generation. In case you’re satisfying all the pre-requisite then your request will be processed in one week’s time.

  4. Retention Mail

    Post your mail receipt, their customer service will contact you over mail to persuade you to change your decision and be with their company for further services. But in case you still want to close the account there will be a hyperlink in the mail so you may click on the same.

  5. Click on Closure Form


    After clicking on the click, a form similar to below will get open you can enter your details for final confirmation for closing the account. Once you submit the complete details your account will be processed for closure.

Offline Procedure

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In the offline method, you can close your trading account by submitting the account closure form. This form is below, which you can download and print and submit at the IIFL branch or courier at the below address.

IIFL Center
Kamala City,
Senapati Bapat Marg,
Lower Parel (West),
Mumbai – 400013

The process of Demat account closure normally takes about a week.

How to Fill the IIFL Demat-Account Closure Form?

Account Holders

The closure request needs to be signed by ALL the account holders. POA holders (if any) cannot sign the closure request.

Authenticated

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.

RRF

Submit a duly-filled RRF if the balances are to be materialized.

DIS

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”.

Transfer

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

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