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Groww is new in the stockbroking industry and is offering brokerage services since 2020. Due to the zero account opening fees and other relaxation in charges, it attracts many customers but since the broker is in the developing face, it fails to meet the client’s demand, and hence many look for the process of how to delete Groww account.
If you too are unsatisfied with the Groww services then here is the complete detail of how you can deactivate your Demat account permanently.
How to Close Groww Demat Account?
Closing a Demat account is quite difficult as compared to opening as one can only deactivate the account via the offline method by downloading the form. Since Groww is the discount broker having no offline process hence you need to download the PDF form from the website.
To understand the process to delete the Groww account read the complete details given below.
Groww Demat Account Closure Form
As discussed, to close the Groww Demat account, you have to fill the form. To get the form just follow the steps given below:
- Log in to your application.
- Go to your profile “You”
- Scroll down till you find “Help and Support”
- Click on “Search bar”
- Go to the search bar and type “I want to close my Demat account”
- You’ll be redirected to a new page, click on the button “Download closure form” to download the account closure form.
Once you download the form, fill in the required details and send it to the head office of the Groww. The demat account closure application takes 5-7 business days to deactivate.
Other than the above process there is another process through which you can delete your Groww Demat account permanently.
Just follow the few steps given below:
- Go to “Contact us”
- Click on the mail icon
- Compose a mail mentioning your desire to close the Demat account
- You’ll get an SMS or mail from customer support including a link.
- Click on the link to download a pdf of the Account Closure Form
Fill the form and you are all done with the deactivation of the Demat account in Groww.
*Here make sure you transfer or sell off all your shares and holdings from the Groww Demat account to the new Demat account.
How to Fill Groww Demat Account Closure Form?
Now after understanding the process of downloading the form here comes the question of how to fill in the details. Well! the closure form application is quite simple and you just need to enter few basic details like:
- First, enter your Application number and the date. Then put a tick on the closure initiated by “BO”.
- Then mention which account you desire to close (trading account or Demat account or both) in the “closure for” section.
- Your DP ID will be mentioned already you need to fill the client ID.
- Further fill in all the asked details such as name, address, etc. along with the reason to close your account.
- Mention the number of shares or holdings in the form.
- Enter the new Demat account number, in case you want to transfer your holdings.
After thoroughly filling the form, you need to send it to the address mentioned below:
Groww Headquarter,
No. 11, Second Floor, 80 FT Road,
4th Block, S.T Bed, Koramangla,
Bengaluru-560034
Finally, it’ll take about 5-7 working days to close the Groww Demat account online.
Conclusion
There is no doubt the Groww brokerage charges are highly competitive but there are still many areas where the broker still unable to meet the investor’s need and demand. One such is the Groww app. There are many features that need to be upgraded in the application.
Whatsoever is the reason is, if you are no more interested in using the services then it is always a good idea to close inactive or zero-balance Demat accounts to eliminate any extra charges.
If there are active balances, they can be consolidated into one and the remaining superfluous accounts can be closed.But you need to remember before you submit or send your account closure form to the head office your account mustn’t have any negative balances.
So, follow few simple steps and delete your Groww Demat account within few days. Also, get a better experience of trading by opening a demt account with the top broker. For better choice, it is good to do an analysis and comparison of Groww with other brokers.
To help you with this, here is the complete comparative information on Groww vs Upstox.
Hope it helps!
In case you are looking ahead to switch your stock broker, then here we are with the best recommendation. Open the new demat account for FREE!
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