How to Close Your Fyers Account: A Step-by-Step Guide

How to Close Your Fyers Demat and Trading Account: A Complete Guide

Closing a Demat and trading account is a decision that requires careful consideration. If you've decided to close your Fyers account, this guide provides a comprehensive, step-by-step process to help you do so efficiently. Whether you want to close both your trading and Demat accounts or just the trading account, this article outlines all the necessary steps and requirements. Let's explore how you can close your Fyers account smoothly.

Understanding Account Closure Options with Fyers

Fyers offers different options for closing your accounts based on your needs. You can choose to close both your trading and Demat accounts, or you can close only your trading account while keeping your Demat account active. Understanding these options is the first step in the process. Before initiating the closure, it's important to consider the long-term implications of your decision. Fyers generally suggests keeping your account dormant, since having a trading account can be advantageous when you decide to trade again in the future.

Closing Both Trading and Demat Account

Closing both your trading and Demat accounts means terminating all services with Fyers. This option is suitable for those who no longer wish to trade or use the Fyers platform. This process is primarily done online, making it relatively convenient for users. However, it is important to ensure that you complete all the required steps in order to avoid delays in processing your closure.

Closing Only Trading Account

If you wish to close only your trading account but keep your Demat account active, Fyers provides a separate process for this. This option is beneficial if you plan to manage your holdings with another broker but still want your Fyers Demat account for safekeeping. In this case, you will still be able to view your holdings but you will not be able to trade through the Fyers platform. This process is done offline and will involve couriering the form to the Fyers office.

Step-by-Step Guide to Closing Your Fyers Account

Now let’s delve into the details on how to close your Fyers account depending on your chosen option.

How to Close Both Fyers Trading and Demat Accounts (Online)

If you want to close both your trading and Demat accounts, follow these steps:

1. Login to My Account Portal: Begin by logging into the Fyers ‘My Account’ portal using your credentials.
2. Navigate to Profile: Click on the top left corner where your Name and Client ID appear. A dropdown menu will appear. From the dropdown, select 'Account details'. This will take you to your profile.
3. Initiate Account Closure: In your profile section, click on 'Close Account'.
4. Confirmation: A confirmation prompt will appear, asking if you are sure you want to close your account. If you are sure, select 'No, Thanks' to proceed with the closure.
5. Verification: You will be prompted to upload your signature and enter the OTP you receive on your registered mobile number for verification purposes.
6. Completion: Once you have completed the above steps, your account closure request will be submitted. Your account will be closed within 7 working days. Fyers will send you an acknowledgement to your registered email ID.

It’s important to note that before you close your account:

• Ensure your account balance is ₹0.
• A signature image is needed for verification.
• If you have any holdings, you need to either close all positions or provide a Target DP ID for holdings transfer along with a digitally signed CMR copy.
• Aadhaar authentication is needed to e-sign the closure form.

How to Close Only Your Fyers Trading Account (Offline)

If you wish to close only your trading account but retain your Demat account, follow these steps:

1. Download and Fill the Closure Form: Obtain the Account Closure Form from the Fyers website or customer support. Complete all the details in block letters using the English language.

2. Courier the Form: Once the form is filled out correctly, courier it to the following address:

   FYERS Securities Private Limited, 225, 14th Cross Rd, Rahmath Nagar, RT Nagar, Bengaluru, Karnataka 560032.

The offline method ensures your request is processed properly and you are able to retain your Demat account as needed.

Important Prerequisites for Account Closure

Before initiating the closure of your Fyers account, here are some crucial prerequisites you need to be aware of:

• Zero Balance: Ensure that your account balance is ₹0. All your trading positions must be closed or settled, and no funds should be due to or from you.
• No Holdings: If you have any holdings, you must either close all your positions or provide a Target DP ID to transfer your holdings to another Demat account.
• Target DP ID and CMR Copy: If you opt to transfer holdings, provide a digitally signed Client Master Report (CMR) copy along with the Target DP ID.
• Signature Image: You will need to upload a clear image of your signature for verification.
• Aadhaar Authentication: Aadhaar e-sign is necessary to verify the closure form for the online process.

Meeting these conditions ensures a smooth closure process without any delays or issues.

Closing IL&FS Demat Account (Offline)

If your Demat account is with IL&FS, the closure process is different and requires an offline method:

1. Download the IL&FS Demat Closure Form: Download the form from the provided link: IL&FS Account closure form.
2. Fill Out the Form: Complete the IL&FS Demat Closure Form accurately with all required details.

3. Send the Form to Fyers Office: Once filled out, send the physical form to the following address:

   No. 225, 14th Cross Rd, 1st Block, Rahmath Nagar, RT Nagar, Bengaluru, Karnataka 560032

The IL&FS Demat account closure process is entirely offline, making it essential to follow these steps precisely to avoid any processing delays.

Important Considerations Before Closing Your Account

Before you finalize the decision to close your Fyers account, here are some important considerations:

• Future Trading Needs: Consider if you might need to trade in the future. Keeping your account dormant can be a good option for potential future use without the need to open a new account again.
• Holdings Transfer: If you have holdings, plan carefully how you will transfer or liquidate them.
• Required Documentation: Make sure you have all the necessary documentation, including your signature and a CMR copy if needed.
• Offline vs Online Process: Choose the correct process based on whether you are closing just your trading account or both your Demat and trading accounts.
• Processing Time: Be aware of the processing timelines; the online method takes around 7 working days for closure.

Thinking through these points will help you make an informed decision and prepare accordingly.

FAQs on Closing Your Fyers Account

Here are some frequently asked questions about closing your Fyers trading and Demat accounts:

Q: Can I close my Fyers account online?

A: Yes, you can close both your trading and Demat accounts online through the ‘My Account’ portal. However, closing just the trading account requires an offline process.

Q: How do I close only my trading account with Fyers?

A: To close only your trading account, download and fill out the Account Closure Form and courier it to the provided Fyers address.

Q: How long does it take to close my Fyers account?

A: For online closure, your account will be closed within 7 working days. The offline process may take a bit longer.

Q: What should I do if I have holdings in my account?

A: You need to either close all your positions or provide a Target DP ID for holdings transfer along with a digitally signed CMR copy.

Q: What do I need for online account closure?

A: You need a ₹0 account balance, a signature image, and Aadhaar authentication to e-sign the closure form.

Q: How do I close my IL&FS Demat account?

A: You need to download and fill the IL&FS Demat Closure Form and send it to the provided Fyers address. This process is entirely offline.

Q: What is a CMR copy?

A: A Client Master Report (CMR) is a document that contains the details of your Demat account. You will need a digitally signed copy if you transfer your holdings.

Q: Can I keep my Demat account active if I close my trading account?

A: Yes, you can close your trading account and keep your Demat account active.

Q: Do I need to have a zero balance before closing my account?

A: Yes, your account balance should be ₹0 before you initiate the closure process.

Q: Will I receive confirmation once my account is closed?

A: Yes, an acknowledgement will be sent to your registered email ID once your account closure is processed.

By addressing these FAQs, you can clear any doubts you have about closing your account and ensure you follow the process correctly.

Conclusion

Closing your Fyers trading and Demat account is a straightforward process if you follow the correct steps and meet all requirements. Whether you choose to close both accounts online or just your trading account offline, this guide provides all the information you need to do it efficiently. By understanding the different options, prerequisites, and timelines, you can ensure a smooth closure without any complications.