How to Close HDFC Demat Account?

A Demat account is a digitally stored account that holds all of the country’s shares and securities. This account is set up so that no investor can physically take possession of the certificates. If you have a Demat account but don’t utilize it, you should close it. An HDFC Demat Account can be closed both offline and online.

Steps to Close HDFC Demat account

You can close your Demat account primarily through two steps. These steps are discussed in detail below:- 

Closing HDFC Demat Account By Submitting Application to HDFC local Branch

  • You have to download the application form for closing the Demat account. You will find that on the HDFC bank’s website: click here or as mentioned below.
  • You must fill out the form with crucial information such as the Client ID, DP ID, name, and address.
  • You must also state the reason for terminating the Demat account on the form.
  • If you have a joint account, all of the account holders must sign the form.
  • You must now submit the paperwork to your nearest HDFC branch.
  • The account will be canceled in 7 to 10 days after you submit the form.

Closing your HDFC Demat account online by sending an email

  • You must first use your registered email address.
  • You can quickly close your HDFC bank Demat account by sending an email to dematclosures@hdfcbank.com. It is an official email id by HDFC for only closing the Demat account. 
  • You must include all of the facts regarding the Demat account in the email. Coupled with a valid cause for the account closure.
  • They will close the account within 7-10 business days after the email is sent. Additionally, you will be notified via email.

Also Read: What’s the Different Between a Demat and a Trading Account?

HDFC Demat Account Closure Form

 OFFLINE APPLICATION FORM

  • The form will be available online at the following address:
  • You must grab a printout and complete it.
  • Along with your name and address, you must fill in the Client ID and DP ID.
  • The reason for closing the Demat account is also an important detail to fill in.
  • You must now sign the document. Every account holder must sign in the case of a joint account.
  • Finally, you must submit the form to your local HDFC bank, after which the account will be terminated in 7-10 days.

Also Read: What does the Trade to Trade Sector entail?

HDFC Demat Account Closing Charges

Clients are not charged a fee when their accounts are closed. You have the option of closing it online or offline, but you will not be charged.

Furthermore, if the account has a negative cash balance, it must be settled prior to submitting the proposal for closure.

Things to do before closing HDFC Demat Account

You should have the following items ready before requesting the termination of your HDFC Demat Account:-

  • Before closing your HDFC Demat account, you must sell or transfer all of your available balance.
  • If there is a negative cash balance on the account, it must be resolved before the closure request is made.
  • Return any unused delivery instruction booklet slips to the DP.
  • You must be cautious when filling out the form’s details. Because any incorrect entry can result in your account being closed.

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Frequently Asked Questions

Can anyone else use my Authorization to operate my HDFC Demat account on my behalf?

If you sign a power of attorney authorizing another person to manage your account on your behalf, that person can do so. But, you must send a notarized copy of the POA to your DP.

How do I change the Bank Details of my HDFC Demat Account?

To update your Demat account’s dividend/ECS mandate, you must submit a sealed form signed by all account holders. To any of our DP servicing branches, along with a copy of the deleted cheque/bank passbook/bank letter that includes the customer’s name, bank account number, and MICR code. If the new bank details are from HDFC Bank, no additional documentation is required.

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