You can easily close demat account and transfer shares to other demat account.

22 Jun

Merging 2 demat accounts is easy.

If for some reason you have more than one demat account you can merge them by doing following steps.

  • Choose the one you want to close by charges/service quality/locational proximity.
  • Go to the office of the demat account which you want to close with the following documents,
  1. Photo copy of Pan card.
  2. Holding statement of demat account you want to close and transfer.
  3. Client master of demat account you want to *retain* with nsdl logo(by default you get without nsdl logo…ask for the one with nsdl logo from your preferred depositary participant(one you want to tranfer *to*).
  4. Fill transfer/closure form and give above documents to your depositary participant where you want to close demat account from.

It takes 4 business days to close and transfer.

More importantly it is *FREE*.

If you have more than one demat account with no specific reason it is better to merge them for the following reasons,

  • easy maintainability
  • easy inheritance(our successors can not understand our account complications and one of our demat account may become useless with underlying assets.)
  • savings in annual maintenance fees.
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