Inactive negative balance account

[raghav.95]

have a dormant account in a popular broker ( who also operates a private bank ).

( not naming the broker because i don’t want them to see this post )

Had withdrawn all my stocks from it in 2023. But they still imposed some AMC / plan charges after that causing it to run into negative balance. I think 500 Rupees minus.

Is it a cause of concern. I don’t intend to trade with them again but i’m concerned if it can create problems in future to my other demat accounts with other brokers or to my bank account.

Does the outstanding accumulate interest / penalties ?

How can i know the situation without logging into my broker app. Because if i login again , it might give them excuse to re-activate the account , etc. Any easy way to close the account. Is it a risk to keep it open.

I had opened the acc online. Can the broker refuse my online closure request legally , making me go through hassle of offline.

If the outstanding is less than Rupees 1000, what is the wiser decision , paying it even if the charges were unfair or filing complaint in SCORES , or doing nothing and leaving things as it is.

[Finopoly]

@raghav.95

( not naming the broker because i don’t want them to see this post )

its ok you can name it is “ICICI”. My friend also face the exact issue where he was not using for a long time & he was not aware of the negative balance.

@raghav.95

How can i know the situation without logging into my broker app. Because if i login again , it might give them excuse to re-activate the account , etc. Any easy way to close the account. Is it a risk to keep it open.

But i think nse sends sms need to check that.

@raghav.95

I had opened the acc online. Can the broker refuse my online closure request legally , making me go through hassle of offline.

Better to negotiate with there team to sttle at a less amount as u were not aware of that negative balance. & yes they can reject your closure if u have negative balance.