SBI Securities offers services for opening and managing Demat and Trading accounts, which let you hold and trade stocks and other securities easily. They also provide options for investing in IPOs, mutual funds, and futures & options trading. Customers might get billed for brokerage charges, which are fees for buying or selling stocks, as well as other possible transaction or account maintenance fees. Essentially, if you see charges, it's usually for the trades you make or the account upkeep, helping you invest smoothly.
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The process to cancel a Demat and Trading account subscription with sbicapsec.com involves an online account closure process with OTP authentication, selecting a reason, and confirming closure via their interface. The steps are relatively straightforward but require some authentication and verification checks, making it somewhat easy but not instantaneous.
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minutes to cancel a Demat & Trading Account subscription.
How to Cancel Demat & Trading Account: Step by Step
If you purchased through SBI Securities:
- Log in to your account on sbicapsec.com.
- Go to the 'Settings' or 'Account Settings' section.
- Select 'Close Account' option.
- Follow the prompts to initiate the closure.
- Confirm your decision; you may need to verify via an OTP sent to your registered mobile number.
- Submit any required documents if needed.
- Check your email for confirmation of the account closure.
Tips & Tricks for Canceling Demat & Trading Account
- Visit the branch in person: Many users found that closing a Demat account usually requires physically visiting the branch, as online closure options are limited or unavailable.
- Persist with follow-ups: Multiple users reported needing several visits and continuous follow-ups over months or even more than a year to get the account closed.
- Submit physical forms: Download, fill, and personally submit closure forms rather than relying on online requests; courier or physical submission is often required.
- Clear all dues first: Ensure all AMC (Annual Maintenance Charges) and other dues are paid, as outstanding charges can lead to rejection of closure requests.
- Transfer or sell holdings before closing: You cannot close the account if securities are still held; transfer them using Delivery Instruction Slips (DIS) or sell them off beforehand.
- Link Demat to a minimal balance bank account: Some users linked the Demat account to a new bank account with very low balance and then closed that bank account, which sometimes triggers the closure of the Demat account.
- Use escalation paths: Escalate issues by written complaints or approach the broking head if customer care or branch staff are unhelpful.
- Timing matters: Try closing when there are no holdings and no pending transactions for smoother processing.
- Be aware of legal and company restrictions: If shares cannot be sold or transferred (bankrupt companies), the account must be maintained, and closure might not be possible.
- Power of Attorney workaround: If authorized, someone else can operate or initiate closure, which might expedite processes.
Demat & Trading Account Customer Service Info
If you need assistance, here's how you can get in touch with Demat & Trading Account's support team.
Cancel Demat & Trading Account Script
Script
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Dear SBI Capital Securities Team,
I am writing to request the cancellation of my Demat and Trading Account subscription. Due to changes in my financial situation, I am currently unable to justify the costs associated with this service. I appreciate the features and assistance provided, but at this moment, I need to prioritize my spending.
Please confirm the cancellation at your earliest convenience, and let me know if there are any further steps I need to take.
Thank you for your understanding.
Best regards,
Frequently Asked Questions
The Demat & Trading Account cancellation policy for SBI Cap Securities requires submitting a closure request form. Customers are advised to unmark any lien on funds and securities before applying for account closure. The process may require physical submission of the request form and authentication via OTP for online closure.
To cancel your subscription for the Demat & Trading Account on sbicapsec.com, you typically need to fill out and submit the account closure form rather than canceling directly online or via phone/chat. Access to your password may be required to log in and download the necessary forms or verify your identity. If you need to reset your password, you can do so here: https://mobu.sbicapsec.com/help/ForgotPassword.jsp. For termination assistance, you can also contact their customer care at helpdesk@sbicapsec.com or call 022 6854 5555.
- High maintenance fees: Annual charges for account maintenance can lead people to cancel if they find the fees burdensome.
- Inactive account: Lack of usage or trading activity, making the account unnecessary.
- Transfer of holdings: Users wanting to consolidate or shift investments to another demat or trading account provider.
- No sufficient balance: Account closure due to zero debit or credit balance in trading accounts.
- Dissatisfaction with service: Complaints about customer service or platform usability.
- Change in investment strategy: Users may close accounts if they change their trading plans or investment approaches.
- Relocation or shifting abroad: Physical or jurisdictional reasons for no longer maintaining the account.
- Account opened mistakenly: Instances where accounts are opened without explicit consent and users want to cancel.
- Financial reasons: Lack of funds or unwillingness to continue investing.
- Requirement of joint holders’ signatures: For joint accounts, complexities involved may lead to account closure.
When closing a Demat and Trading Account with SBICap Securities, be aware that you must clear all pending dues and ensure no shares remain in the account before initiating closure. The closure requires submitting a physical Account Closure Request Form, either by mail or in person at an SBI branch. There are no charges or early-cancellation fees, and no lock-in periods or contracts preventing you from canceling at any time, but you must follow the procedural requirements and provide all necessary documentation.
Before cancelling your Demat and Trading Account with SBI Capital, it is important to know that you will lose access to all holdings and trading capabilities associated with the account. You should ensure your ledger balance is nil or credit and that no stocks remain in the SBI Capital Pool account. All lien markings on funds and securities in favor of SBICAP Securities must be unmarked before applying for closure. The closure process requires submitting a signed account closure request form, and all account holders' signatures must match SSL records. Additionally, any active balances can be consolidated into another account before closing. Cancelling your account also means you will no longer have access to the services and features that come with account maintenance, including annual fee benefits and active trade settlements.
- Account login credentials (for online cancellation via sbicapsec.com)
- Client Number
- PAN number
- Registered mobile number and email (to receive OTP for authentication)
- Completed and signed Account Closure Request Form
- Remit Request Form (RRF) (if transferring holdings to another account)
- Reason for account closure (selected from dropdown or mentioned on form)
- No balance or credits in the trading or demat account (zero balance confirmation)
- No securities/shares left in demat account (or have already transferred them)
- Signatures of all account holders (for joint accounts, signatures of all holders required)
We've actually written a step by step guide on how to get a refund from Demat & Trading Account. Check it out!
The Easiest Way to Cancel Demat & Trading Account
If you’re frustrated trying to cancel your subscription, membership, or bill from Demat & Trading Account—or if you didn’t even realize you were being charged—Chargeback can help. Chargeback is a personal subscription manager that automatically detects hidden, recurring charges like Netflix, Hulu, and hundreds of others. With one click, we can cancel unwanted subscriptions, flag suspicious billing, and even initiate refund requests on your behalf. No more waiting on hold or navigating confusing help pages. Just connect your bank or email account, and we’ll take care of the rest.
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What Are Some Alternatives to Demat & Trading Account?
Demat Account Opening Charges, Annual Maintenance Charges (AMC), Demat debit transaction fee, Demat + Courier charges, Remat charges, Pledge Creation, Confirmation, Invocation charges, Failed Transactions charges, Trading Account Opening Charges, Trading Annual Maintenance Charges (AMC), Brokerage Charges for Equity Delivery, Equity Intraday, Equity Futures, Equity Options, Currency Futures, Currency Options, Commodity Futures, Commodity Options, Transaction Charges, Securities Transaction Tax (STT), GST, SEBI Charges, Stamp Duty
Editorial Note: These articles reflect the opinions of Chargeback's writers. Everyone's situation is unique; therefore, it is important to conduct your own research and note that our self-help tools are not guaranteed to help with any specific problem.
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