How to close Yes Securities Demat Account?

As per SEBI, a demat account is must to buy or sell shares. Demat account holds all your securities in dematerialized or electronic form. Since the demat account attracts annual maintenance fees, it is recommended to close the account to avoid paying unnecessary maintenance charges. In case a demat account holding any shares, it is advised to sell them or transfer them to some other account or remat them (get them back in physical form). Also, the account holder has to make sure that there will be no negative balance in the account.

To close the demat account; the account holder has to follow the below steps:

1. Download the 'account closure form' from Yes securities website or from the website of the depository participant (DP)
2. Fill the required information like DP ID and Client ID, details such as name and address and reason for closing the account
3. Submit it to your nearest branch

It takes around 7 to 10 days to close the account. The account holder is not charged any fees for account closure.