If you know about IIFL account so today we will discuss about how to close iifl demat account online by simple process. If you want to know more about it get connected with us. First of all you need to know about demat account. Before you see how to close your Demat accounts ,it is mandatory to know about the Demat account itself. ‘Demat’ refers to dematerialization, a process by which physical securities are converted into electronic format. Therefore, a trader can use a Demat app to hold, transfer, and transact securities without the hassles of dealing with physical securities.
What is Demat Account
These accounts are meant to convert share certificates from physical into electronic format, thereby providing greater accessibility for account holders. Dormant Demat accounts are the ones that are inactive and do not see any transactions for various months. However, the DP or the stockbroker is legally liable to manage the Demat account for investor safety and to keep track, if any transaction take place by investors.
Therefore, the stockbroker charges the investors for the services provided to maintain the Demat account even if it is dormant. The charge incurred for these maintenance services is called the Annual Maintenance Charges, and the investor is liable to pay even when their is no trading. dormant Demat accounts are the heaven for scammers who engage in a process known as front running. They illegally gain access to dormant Demat accounts and buy and sell securities based on insider trading to ensure their Demat account is not at the centre of the scam.
Know here how to close your account
They may alter the KYC information for the Demat account without you knowing such activity as dormant accounts are rarely monitored. Hence, you must know how to close your Demat account online to ensure you incur no unnecessary charges and avoid being a part of a front-running scam. If you want to know more about this stay connected with us.
There are two types to close IIFL Account
If we tell about the process of the closure of demat account. There are two types by which you can close your demat account. Let us discuss about these ways in detail so you get all the information regard this and don’t face any problem to close your demat account. These two types are Full Account Closure and Transfer and Account Closure. Now we will discuss them in detail.
How to close iifl demat account online
To close a Demat account online, you must understand the process of how to close a Demat account. you have to all information about this. Most of the broking firms have an online process on their website to close a Demat account. On tje other hand some may even ask you to submit a letter in person requesting closure. Therefore, carefully read the whole closure process and after this take any step towards this.
By this process you can close your account
In 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 the closing of your Demat account.
Read Also:- How to Open Your Demat Account and become a partner in 2025.
Steps For Full Demat Account Closure
- First of all Download the Demat Account Closure Form from the website of your depository participants, such as a bank or stockbroking firm.
- Now Fill in the Demat Account Closure form with all the required details and submit the form along with all the releted documents. You can submit the form physically by visiting the nearest branch of your DP or mail them and the documents to their registered head office.
- Sign the Demat Account Closure Form in the presence of an official from the DP. If more than one person holds the Demat account, you have to take care that the DP will need the signature of both individuals.
- You have to check There must be no shares or negative balances in the Demat account before you submit the closure.
How to close your account by 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 your Demat account.
Steps For Transfer and Account Closure
- If you are transferring shares between the two depositories (NSDL and CDSL), you need an Intra DIS slip and choose the ‘Off-Market transfer option’ in the current Demat account.
- You must acquire the original Client Master List (CML) from the Demat account with the stamp, signatures and logo.
- After this you must mention the names of the shares you wish to transfer along with their ISINs and other relevant details. After this you must state the target client with their 16-character code ID.
- If Once you complete the form, submit the documents to your DP’s office physically or by sending the form and documents through mail to their registered head office.
- Now You must self-attest the Demat Closure form from a verified bank official. Once the form is successfully submitted, the DP will close or delete your Demat account.