How To Close HDFC Securities Account? – A dematerialized account, or “Demat account,” is where all of the nation’s shares and equities are held electronically. This account is set up to prevent any investor from taking physical possession of the certificates.
You will require a principal investor to open the Demat account, and the account must be registered with an investment broker. The National Securities Depository Limited and the Central Depository Services Limited are the depositories where the Demat account’s shares are stored.
The critical thing to remember right now is that, instead of buying shares from investors directly, all depositors can obtain their shares from the depository’s participants.
They are also known as DP, these participants. The Securities Exchange Board of India, or SEBI, has registered them as agents for depositors. One such DP holds the shares from your Demat account, in this instance, HDFC bank.
How To Close HDFC Securities Account?
1. An application form to close a Demat account is readily available on the HDFC bank website.
2. The next step is to fill out the client ID, DP ID, name, address, and justification for shutting the Demat account. The holders must all sign this closure form, so keep that in mind.
3. Any POA holder cannot sign this document.
4. If any funds are left in the account, they can easily be moved to another account. The money will be sent if you give the HDFC bank the account information.
5. Additionally, you can receive the remaining funds by completing the delivery instruction form.
6. Seven to ten more days will pass after the application has been submitted before the account can be closed.
7. For cancelling your Demat account with HDFC Bank, you won’t be charged anything.
8. You must remember that there cannot be any negative balance in the account when it is closed. If there is a negative amount, you must settle it before cancelling the account.
How To Close HDFC Securities Account By Email?
Online email closure for HDFC Demat Accounts
- Sending an email to the HDFC Bank’s Demat closure mail address, dematclosures@hdfcBank.com, will allow you to terminate your Demat account quickly. This email needs to come from the registered email address.
- You must include all of the Demat account’s information in the letter and a reasonable justification for your decision to cancel the account.
- You can get all the information listed above via the Demat website via net banking or your local HDFC bank.
- Once the email has been sent, they will close the account and send you an email confirming the closure.
Also, read – How To Cancel H&M Order?