The Axis Direct Demat Account Closure Process is quite simple. You need to fill up the account closure available online and submit it at the nearest branch or post it to the address mentioned in the form.
What is Axis Direct Demat Account?
Axis boasts of it all in one account that integrates bank savings, demat and trading accounts. Axis Bank is one of India’s premier banks and the bank guarantees security of funds that re held in its demat account.
A demat account is one where you can hold shares, bonds, exchange traded funds or mutual funds etc., in a dematerialised form, whereas a trading account is one where you can buy and sell these financial instruments. One can easily open a demat account with Axis bank online.
But, if you wish to close the Axis demat account, you must be aware of the closure process. Let’s find out what are the steps to close Axis bank’s demat account.
How to close Axis Direct Demat Account?
Axis bank offers two types of demat accounts:
- A Regular Demat Account and
- Basic Services Demat Account
The demat account closure procedure for both these accounts are one and the same.
The Axis Demat Account Closure form is easily available online at Axis Official website.
You are required to fill in your client ID, depository participant ID, transfer of holdings, how to transfer your holdings, reason for deciding to close the account, status of delivery instruction slips, if you have any outstanding dues – the mode of repayment, and signature of all the account holders.
After filling up the above-mentioned details, you may post it to the address mentioned on top of the form or you can submit it in the nearest bank branch.
What does Axis Direct check while closing Demat Account?
• If the name of the account holder matches their system
• If the signature of the account holder matches their system
• If there are any pending dues
• Holdings within the demat account
Closing of Axis Direct Demat Account
Once the form is submitted, the completion process takes around 7 to 10 days. You are not required to paying any account closing fees. It is wise to close ones demat account, if the account has been stale and unused for a very long time, since Axis Direct charges upto Rs750 as an account keeping fee.
So, you have thought of closing your Axis Direct Account. You might think of opening a new demat account with Zerodha, the no.1 stock broker in India.