Considering closing your Groww Demat account? You’re not alone. While Groww offers zero account opening fees and competitive brokerage charges, it might not cater to all investor needs. This guide will walk you through the steps required to permanently delete your Groww Demat account.
Important Note: Unlike some brokers, Groww doesn’t allow online Demat account closure. You’ll need to follow the offline process.
Before We Begin: Important Considerations
- No Online Closure: Unlike some brokers, Groww doesn’t allow online Demat account closure. You’ll need to fill out a physical form.
- Clear Your Holdings: Ensure you have no active holdings or positions in your Groww Demat and trading account before proceeding. Transfer or sell off your shares to another Demat account if necessary.
- No Negative Balances: Your Groww account must have a zero balance before closure is possible. Settle any outstanding dues.
Steps to Delete Your Groww Demat Account
Step 1: Obtaining the Closure Form
There are two ways to get the Demat account closure form:
A. Through the Groww App:
- Login to the Groww app.
- Navigate to your profile section (“You”).
- Scroll down and find “Customer Support 24×7.“
- Utilize the search bar and type “I want to close my Demat account.“
- You’ll be redirected to a page with a “Download closure form” button.
- Click on it to download the form.
B. Contact Groww Customer Support:
- Go to the “Contact Us” section of the Groww app/website.
- Click on the email icon and compose a message expressing your desire to close your Demat account.
- Groww customer support will respond with an email or SMS containing a link to download the account closure form.
Step 2: Filling Out the Closure Form
The closure form is straightforward. Here’s what you’ll need to fill in:
- Application number and date
- Whether you’re closing your trading account, Demat account, or both (clearly marked as “closure for”)
- Your DP ID (already mentioned on the form) and client ID
- Basic details like your name, address, and reason for closure
- Number of shares or holdings (if any)
- New Demat account number (optional, for transferring holdings)
Step 3: Submitting the Form:
Once you’ve filled out the form, send it via registered post to the Groww head office address mentioned on the form.
Step 4: Wait for Processing and Confirmation
Allow 5-7 business days for Groww to process your closure request. You’ll likely receive confirmation via email or phone call once your account is deactivated.
Conclusion
While Groww offers competitive fees, it might not always be the perfect fit. Following these steps will help you delete your Groww Demat account efficiently. Remember, closing inactive accounts helps avoid unnecessary charges. Make an informed decision and explore other brokers if needed. Good luck!