How to close Demat account in SBI? Is it online process?
Anmol last edited by Anmol
Hi, my friend has a demat account in SBI. But, researching of other better platforms offering demat and trading account in India, he wants to close his SBI demat account.
Can anyone suggest the procedure to close demat account in SBI? Do we need to go and submit SBI account closure form manually? Cnan we send the account closure form through post? Or is there an easy online process to deactivate it?
It would be great if you can brief about the simplest possible way to close SBI demat account. Thanks in advance!
Ishu last edited by Ishu
@Anmol I don't think there's any option to close the SBI demat account online. But, if you don't use your demat account, it is better to deactivate it to avoid paying any account maintenance charges.
Following is the simplest answer to how to close demat account in SBI:
Visit the official SBI website of Depository Participants https://sbismart.com Download the Account Closure form.
Fill the form and complete all necessary details. Just check for any balance in your account. Give bank details where you wish to transfer balance, if any.
Courier the completed and signed account closure form to the address given on the form itself.
You can also get the Demat account closure form from your nearest SBI branch. Fill the details, sign it and send it.
Further, you can also go and manually submit the completed form, only if you have a branch near you. Otherwise, sending through courier seems best. Hope this clarifies your friend's query!