How to close Geojit demat account?

Securities are kept in depositories in electronic form. There are two depositories in India registered with SEBI namely NSDL (National Securities Depository Limited) and CDSL (Central Depository Services Limited).

If you want to close your demat account with Geojit for any reason that could be anything from you are quitting the share market or you are choosing another depository participant, you can close it by submitting the account closure form. Account opening is much easier than closing but if you follow the process you can close it easily without a lot of Hassel.

To close a Demat Account, the application has to be submitted in the prescribed format by the account holder, which can be downloaded from the DP. Most of the broker has their own rules for the account closing process and have specific forms for doing it.

Key points to be noted before closing account with Geojit:

1. The account which you need to close should not have any shares. If it contains any share you have to transfer them in another active demat account, sell them or convert (rematerialize) them in physical form.
2. The account should not have any negative balance. If there is any then they have to settle before account closure request.
3. Any unused delivery instruction slips have to be returned with closure form.

Process of closing account with Geojit:

1. Download the form
2. Fill the form, sign it and submit to the nearest branch. Attach some documents like ID proof and address proof
3. If the account has multiple holders, all of them have to sign the form
4. After completing all the formalities, it will take around 7 to 10 business days to close the account. There are no extra charges for closing the account