How to Close SBI Demat Account? | Closure form | Charges
SBI Demat Account
Hello friends!! 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 SBI Demat Account Online?“
How to Close SBI Demat Account Online?
Well, so far there is no option to close the SBI Securities Demat 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 SBI Securities Firm. Gone are the days when you have to visit the branch in person and submit the hardcopies.
But still, if you hold the account with SBI Securities and are not satisfied with their services please follow the below Offline process to avoid losing your money:
- Fill out the enclosed account closure form and get it duly signed by all the account holders in the presence of the depository participant official.
- Provide the reason for account closure in the application request.
- Provide a copy of KYC documents for Identity & Address Proof.
- Fill out the delivery instruction slip in case of transfer to securities to another account of yours.
- If DIS is submitted then fill client master report from the central depository to transfer the proposed holding along with the relevant stamp, signature, and logo.
- Now submit all the documents stated above to your Relationship Manager or Equity Advisor or to a branch of SBI securities to get your account closed.
Following pre-check to be done before sending the requests for Closure of [Trading and DP accounts (CDSL/NSDL)] to enable us to process the requests expeditiously and to avoid possible rejections.
- Signatures of all the holders should match with SSL records.
- Ledger Balance in your account (should have Nil/ Credit balance), It should not have Debit Balance.
- Existing details i.e. Name and Address should be matched with SSL records.
- No stock of yours is held in our Pool account.
- You are requested to unmark the lien on funds and securities created in favor
of SBICAP Securities ltd before applying for closure of the Account.
- In case the request is received for closure cum transfer request, DP client master
of target DP CML copy required along with seal and stamp of DP.
- All holders are required to sign the closure request form.
It takes 7-10 working days for us to process the closure from receipt of the account closure form at our Head Office, you can get the status of the account closure from your Relationship Manager/ Equity Advisor or your nearest branch. You can also acquire the status by calling on Toll-free no 1800 2099 080 [from 8am to 6pm] or by writing to email@example.com
How to Fill the SBI 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
You do not have to pay any charges for closing your Demat account.