Multiple demats

General
1

I have Multiple demat accounts but I only use one. Can anyone guide me on whether I should keep the inactive accounts open or close them?

  1. One of my brokers has requested a payment of about 1k before closing my account.
    What are the consequences if I choose not to pay and just leave the account as is?
    Alternatively, is it better to pay and close the account?
  2. If I become a non-resident Indian (NRI), can I continue using my local demat account or
    do I need to convert it to an NRI account? What are the associated charges for
    converting, brokerage, maintanence to an NRI account?

I would appreciate any insights or experiences regarding these matters. Thank you!

1 Like
2

@Elton_Caldeira If you’re not using the account, it’s best to close it since a debit balance may incur delayed payment charges, as determined by the broker. You can clear the balance and close the account.

If you become an NRI, you can either Convert your account to an NRO account or close it and open a new NRI account. Here’s a helpful link for more details.