They are still charging me AMC. Should I pay the pending charges &close it, or it will get automatically closed. What if i don’t pay AMC because I am not using it
I have Demat Account with Sherkhan. I don't use it from past 4 years because I have opened Zerodha Demat Account
Yes. Legally you are liable to pay and clear your outstanding balance.
The service providers do not close the account automatically for your benefit, instead they will let it run and charge you as much as possible.
The wise thing to do is, clear your outstanding balance and send a request of closure immediately.
On your new demat account with Zerodha, if you do not use it declare it as BSDA to avoid paying charges.
I had Demat account with Bank of India ( tied up with Asit C Mehta). They also charged me AMC charges Rs 450/- even when I didnot have any holdings with them…I sent them Demat Closure Request Form and closed my Demat account. Now legally they cannot charge any AMC charges…