How to Close Zerodha Demat Account?
Before we proceed, you must ask yourself whether you want to close the account permanently or temporarily.
In case you wish to stop trading for a certain period, then the deactivation option is available. You can deactivate your demat account for some time and resume it later.
However, if you want to close your Zerodha demat account permanently, it will take a few days. We have explained the process later in this blog.
We will first start with the deactivation process.
How to De-Activate Your Demat Account
You must know that when you de-activate your trading account, it will apply a freeze on your demat. There won’t be any debits or credits of shares/mutual funds to the demat account.
You won’t have access to the trading platforms/Console/Q/back-office. However, the AMC and other charges will continue to be levied on the trading ledger, if applicable. Also, you will still be receiving periodic email such as holding statements, account statements, etc.
To de-activate your account, follow the process enlisted below:
Process of Zerodha Demat Account De-Activation Online
You can simply e-sign the account closure form that has been already filled up by you and submit it to the Zerodha’s website by raising a ticket. The process takes 5-7 working days.
Follow the steps for Zerodha Demat Account de-activation:
Step 1: Firstly, you need to fill up the account closure form using any text editor such as MS Word, etc.
Step 2: Login/Sign up to Digio.
Step 3: Click on the option ‘Add Document’ and upload the account closure form.
Step 4: Next you need to click on sign symbol.
Step 5: After entering your VID, you will receive an OTP.
Step 6: Last but not least, you need to enter the OTP you have received. After doing so, your DS (digital signature) will get affixed to account closure form.
Step 7: Download the form and submit it by raising a ticket on Zerodha’s official website.
How to Close Zerodha Demat Account Permanently
To close the Zerodha Demat account permanently, you need to submit the account closure form. Follow the steps as described below:
Step 1: Download the account closure form and get it printed.
Step 2: Select Close Account.
Step 3: Fill out the form and send it to Zerodha’s head office.
Step 4: You can also sign the filled account closure form digitally.
Step 5: Submit the form by raising a ticket.
Factors to Consider While Closing a Demat Account with Zerodha
Here are a few points that you must keep in mind before you opt to close your Demat account with Zerodha:
1) You can close the account only if you don’t hold a negative account balance. Therefore, we recommend you to submit your account closure form only after you are sure that there aren’t any pending dues.
2) You must ensure that your Demat account doesn’t have any securities. Either you need to sell them or withdraw your funds. You can also prefer transferring your shares to another Demat account by choosing for ‘transferred to another account’. Mutual funds, government securities, and locked-in shares can only be moved to a CDSL Demat account that is completely yours.
3) You can choose closure-cum-transfer only in the case, you have submitted a signed hardcopy of the closure form. You are supposed to send the Client Master Report (CMR) of the target Demat account.
4) You must keep the target account in the same order of the name(s) as your Demat Account with Zerodha.
5) The CMR must be submitted as a hardcopy that must be sealed and has the signature for NSDL accounts. You can present the signer CMR by the DP for CDSL accounts.
Are there Any Deactivation Charges?
No, there aren’t any deactivation charges with Zerodha.
If you liked reading this blog, please do share it with your friends and family so that they, too, can know the process of closing a demat account with Zerodha.
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