What if I don't use my demat account for years?

79°
Deal Newbie
expresss

I opened my demat account with HDFC Securities three years ago and initially conducted one or two transactions. Since then, it has been inactive for the last 2.5 years as I have been using Zerodha as my primary account. Now, I want to close the HDFC demat account, but they have charged an annual fee and are requesting payment before the account can be closed. Should I pay the charges for the inactive account? If I leave the account as is, I understand that charges will continue to accumulate over time. However, I am concerned about whether this will impact my credit score or if they can recover these charges at some point.

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Deal Cadet Deal Cadet
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no credit impact afaik

Deal Lieutenant Deal Lieutenant
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Ya nothing wont happen hahahaha
Deal Lieutenant Deal Lieutenant
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leave that alone, and forget about it.

Deal Lieutenant Deal Lieutenant
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they will keep charging annual fees again and again better close it AND COUPOUNDING INTEREST ON FEE's not paid


better close it quickly if you dont need it


expresss

Deal Cadet Deal Cadet
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How DEMAT will impact CIBIL? it will become dormant later after few years HDFC will send notification and close if they want. How much is the charge btw.

Deal Newbie Deal Newbie
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The cost comes to about 1800 rupees. Maintaining a single Demat account across all brokers has the benefit that Zerodha doesn't levy any charges up to 4 lakhs. 

https://support.zerodha.com/category/account-op...

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Finance Mentor Finance Mentor
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Ask hdfc to lower charges. Rbi has some rules about not charging accounts that are inactive, starting this year I think.

Find out about it and ask hdfc to waive charges or atleast lower them.
Deal Lieutenant Deal Lieutenant
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hmm thats only for bank accounts:) not for demat accounts:) demat accounts must come under SEBI i guess and there is no such rule under SEBI


so sadly not possible (as far as I know)

have to pay annual fee to close no other way in my opinion

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Deal Cadet Deal Cadet
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it will go dormant / not active .. no impact on cibil

Deal Lieutenant Deal Lieutenant
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cibil has nothing to do with demat smile this is not credit lol:) its investment xDD



only they keep charging interest over interest in compounding way, better close it by paying for once this time AND QUICKLY CLOSE IT IF NOT NEEDED

Commentator Commentator
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Just ignore it. It will be closed after few years. Won't impact CIBIL.

replyuser
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