HDFC Bank, a prominent financial institution in India, provides Demat accounts to its customers. However, there might be situations when you decide to close your HDFC Demat account. In this article, I have shared a step-by-step guide on how to close HDFC Demat account.
Key Takeaways:
- Online or Offline method: For zero-holding Demat accounts, you have the option to close them online, while the offline closure process is applicable for any Demat account.
- Processing Time: After submitting the application form, it typically takes 7 to 10 days to close the HDFC Demat account.
- Closure Charges: HDFC Bank does not impose any charges for closing a Demat account.
Before You Begin to close HDFC Demat Account
Before applying for the closure of your HDFC Demat account, the following conditions should be fulfilled:
Outstanding Dues: Ensure that there are no pending transactions or outstanding dues in your Demat account. This includes settling all securities and ensuring there are no pending trades.
Zero Negative Balance: Before closing the account, make sure it has a zero balance or no negative balance. If there’s a negative balance, settle it before proceeding with the closure.
Auto-Debits and Auto-Credits: If you have any automatic debit or credit instructions linked to your Demat account, be sure to stop them before closing your HDFC Demat account. How to Close HDFC Demat Account.
Consult with Relationship Manager: If you have any doubts or questions about closing your Demat account, it’s advisable to consult your HDFC Bank relationship manager or customer service representative. They can provide valuable guidance and address your queries on How to Close HDFC Demat Account.
If you are looking to open a new Demat account, you can check our reviews on Zerodha, I have shared my honest review on Zerodha: Is Zerodha Good For Beginners In India 2023? Honest Review
Also, you can compare other stock brokers: Zerodha, Upstox, and Groww Comparison 2023
How to Close HDFC Demat Account Online?
Closing your HDFC Demat account online is a convenient and straightforward process. Here are the steps to follow:
Send a mail to dematclosures@hdfcbank.com. In the email, provide all the necessary details related to your Demat account, such as your Demat account number, your full name, etc. You also need to mention the reason why you want to close your Demat account.
Upon receiving your email request, HDFC Bank will initiate the closure process of your Demat account. You will receive a confirmation email once the closure is successfully processed.
Alternate Option: If you prefer an offline approach, you also have the option to visit the nearest HDFC Bank branch to complete the HDFC Demat account closure process. How to Close HDFC Demat Account.
How to Close HDFC Demat Account Offline?
If you opt for the offline method, here are the steps to close your HDFC Demat account:
Fill the Closure Request Form: Visit the official HDFC Bank website and locate the Demat account closure request form. You can usually find this form in the ‘Forms’ section. Alternatively, you can directly access the HDFC Securities Demat account closure form here.
Complete the HDFC Closure Request Form: Fill out the form with precise and up-to-date information. Include your Demat account number, registered contact details, and any other requested information. Additionally, clearly specify the reason for closing the HDFC Demat account.
Sign and Submit the Form: Ensure you sign the closure request form. In cases of joint accounts, all account holders must sign the form. How to Close HDFC Demat Account with Ease 2023.
Submit the Form In-Person: Take the completed and signed closure request form to your nearest HDFC Bank branch. You will need to submit the form in person, so remember to carry your original Know Your Customer (KYC) documents for verification, such as your PAN card and Aadhar card.
Confirmation of Account Closure: After processing your request, HDFC Bank will send you a confirmation stating that your Demat account has been successfully closed.
Conclusion
Closing your HDFC Demat account is a straightforward process, whether you choose to do it online or offline. Before initiating the closure, ensure that all transactions are settled, and there are no outstanding dues. Follow the steps outlined in this guide, and don’t hesitate to consult your relationship manager if you have any concerns or questions. By adhering to these steps, you can successfully close your HDFC Demat account while ensuring a smooth and hassle-free process. How to Close HDFC Demat Account with Ease 2023.
Leave a Reply