Not specific to Zerodha.
Most of the brokers offer online account opening with timeline varying from 15 mins to one day. But none of the brokers offer account closing online and there is no defined timeline on when the account will get closed.
There should be regulatory guideline on this. Any thoughts ?
Of course no broker will like someone closing the account. Said that there is no time bound as such as I know. Also there are many checks to do before closing account and I don’t think it is online yet, we are working to make this a online process if possible.
In Upstox, if there is no negative balance and demat holdings, they will provide you a link for account closure. The account is closed within 4 working days.
Yeah same with most other brokers also but main problem is that only, most will have either negative balance, holdings or fractional liquid bees units.
What about annual charges for holding the demat. If the broker doesn’t close on time, he can continue to charge quarterly, is that right?