How To Close India Infoline Account?

However, since investors can open multiple Demat accounts, it’s possible for one of these accounts with a specific stockbroker to remain inactive or dormant. Therefore, if investors decide to discontinue their Demat account, it’s essential to understand how to close it online. 

Steps to close India Infoline Account

How do I Close India Infoline Account

There are two types of demat account closures. The process of how to close the India Infoline Account can be done in the following steps:

Transfer And Account Closure

If your Demat account still contains some investments or you haven’t paid all the outstanding fees, you need to begin by moving the investments and settling the unpaid charges to another Demat account. Once you’ve successfully transferred the investments and cleared the charges, you can then request the depository participant to proceed with the closure of your Demat account.

Here are the steps for transferring shares and closing your Demat account:

Step 1: If you’re moving shares between two depositories like NSDL and CDSL, you’ll need an Intra DIS slip. Select the ‘Off-Market transfer option’ in your current Demat account.

Step 2: Obtain the original Client Master List (CML) from your Demat account, which should have the necessary stamps, signatures, and logo.

Step 3: List the names of the shares you want to transfer, including their ISINs and other relevant information. Additionally, specify the target client with their 16-character code ID.

Step 4: After completing the required forms, either physically submit the documents to your DP’s office or send them by mail to their main office.

Step 5: Self-attest the Demat Closure form with the help of a recognized bank official. Once the form is successfully submitted, the depository participant will proceed to close or delete your Demat account.

Full Account Closure

If you have no investments left in your Demat account and you’ve paid all the fees you owe to your Depository Participant (DP), you can completely close your Demat account online. Once you’ve confirmed that your Demat account is completely empty, you can request to close it by contacting your DP.

Here are the steps to fully close your India Infoline Account:

Step 1: Download the form from the website of the Depository Participant, in this case, IIFL.

Step 2: The form can be submitted physically at your nearest DP branch or mailed to their registered head office together with all supporting documentation.

Step 3: Sign the Demat Account Closure Form. If there are multiple owners of the Demat account, both individuals need to provide their signatures.

Step 4: It’s important to make sure that there are no shares or negative balances in the Demat account before you send in the closure form.

Conclusion

Closing India Infoline account is a straightforward process. It requires only a few simple steps, and there are no extra fees associated with account closure. Closing an inactive account promptly can help you save money because it stops the annual maintenance charge from accumulating.