Apr 02, 2024 Value Broking 2 Mins 1.9K
close nirmal bang account

Demat account is subject to annual fees and maintenance charges. If you have not used your Demat account for a long time and still pay an annual fee, closing inactive or zero balance Demat accounts would be a good idea., 

The entire process of opening a Demat account is now done online. However, closing your Demat account isn’t a simple task. It includes going to the broker’s office and submitting forms and documents.

Steps to Close Nirmal Bang Account

StepsDescription
1Find the Depository
2Download Account Closure Form
3Verify the Shares
4Verify No Negative cash balance
5Submit the Application

How Do I Close

To close a Demat account, follow the steps below:

Step 1. Find out who your depository is

NSDL, National Depository Securities Limited, and CDSL, Central Depository Services Limited, are the only two depositories in India. 

Step 2. Download the account closure form 

Please visit the website of your depository or broker to download this form.

nirmal bang account closure form

Step 3. Verify that no share is in the account 

Before closing the account, it is essential to ascertain if there are any shares in this account. You must transfer these to a different account if they exist. Before you make any decisions about closing this account, it is important to verify that your Demat account is empty.

Step 4. No negative cash balance 

The cash balance may increase when annual maintenance fees or other charges are not paid. If you close your account without paying the balance, your application will be rejected.

Step 5. Submit the application 

You should provide the details of your new depository account if there are any additional details. When the request is successfully submitted, it will take approximately four to six working days for the depository to complete the process.

By following the above-mentioned steps, you will be able to close your account with Nirmal Bang. 

Things to remember to Close the Demat Account

While submitting the closure form, provide the following details:

  1. DP and client ID 
  2. KYC details like name and address. These details are supposed to be in line with the records. 
  3. The reason for closing the Demat account. 
  4. In cases where more than one holder of a Demat account is involved, the closure form shall be signed by all holders.