How to close Karvy Demat account?

After the traditional system replaced by electronic trading platforms holding share certificates in physical form became a past. After the introduction of dematerialization, most investors transferred their physical shares in electronic form in demat account.

It's very common that many people open a demat account because of zero account opening charges but often don't actively use it later. When a demat account is not operated for a long time it is named as inactive by the DP. Your account won't be classified as inactive account or dormant if the account holder has paid their annual maintenance fees on time. Many times account holder is not aware of those maintenance charges. To avoid those charges close your account if it's idle for a long time.

Note that:

1. If all the payments are settled and the demat account has no holdings, the account holder can easily close the demat account
2. If the demat account holds securities, first they have to be transferred in other account or customer can dematerialize it in physical form.
3. If there is any negative balance in the account, it has to be clear before submitting closure request.

After completing the above formalities, the customer has to follow the below steps:

1. Print the form. Account closure form can be downloaded from the DP website or from the broker website.
2. Submit duly filled and signed form to the nearest branch
3. Or Send duly filled and signed form to the given address on the form

Once all the required documents are submitted, it normally takes 5 to 7 working days to process the request.