By Saksham Arora Closing your Demat and trading account with IIFL Securities is more flexible than many traditional brokers. You can close it online, via email, or through a physical form, depending on your account type.
But here’s the truth—your account must be completely clean before anything moves forward. If even one thing is pending, your request will likely get rejected.
Let’s go step by step so you don’t face any issues.
Why People Close Their IIFL Demat Account
Common reasons include:
- You’re not trading anymore
- You want to shift to another broker
- You want to reduce AMC charges
- You have multiple Demat accounts
Pre-Closure Checklist (Most Important Step)
Before applying, your account must meet all conditions.
1. Zero Securities
- Sell all shares or
- Transfer them to another Demat account
2. Nil Ledger Balance
Ensure:
- No negative balance
- All AMC and charges are cleared
3. No Open Positions
Make sure:
- No F&O trades
- No SIPs
- No IPO applications
4. Redeem Mutual Funds
If you hold mutual funds in Demat form:
- Redeem or transfer them
Methods to Close IIFL Demat Account
You have three options depending on your situation.
Option 1: Online Closure (Paperless Method)
Best for:
- Single-holder accounts
- Zero holdings
- Aadhaar-linked accounts
Steps:
Step 1: Login to IIFL Account
- Use IIFL website or app
Step 2: Go to Profile Section
- Open Profile / My Account
Step 3: Select Account Closure
- Go to Support / Service Request
- Click Account Closure
Step 4: System Verification
The system will check:
- No holdings
- No dues
- No active positions
Step 5: Choose Reason
Select a reason like:
- Not using account
- Switching broker
Step 6: Aadhaar E-Sign
- Enter Aadhaar number
- Verify via OTP
Step 7: Submit Request
- Submit and receive request ID
- Closure takes 3–7 working days
Option 2: Email Closure (Only for Zero Holdings)
If your account is completely empty, you can use email.
Steps:
- Send email from your registered email ID
- Mail to: cs@iiflcapital.com
Mention:
- Trading Code
- DP Account Number
Important:
- You’ll receive a confirmation email
- Reply to confirm closure
Option 3: Offline Closure (Physical Method)
Required for:
- Joint accounts
- HUF accounts
- Share transfer cases
Step 1: Download Closure Form
- Visit IIFL website
- Download Account Closure Form
Step 2: Fill Account Details
Provide:
- DP ID (e.g., 12044700 for CDSL)
- Client ID
- UCC (Trading Code)
- Reason for closure
Step 3: Sign the Form
- Signature must match records
- Joint accounts → all holders must sign
Step 4: Transfer Shares (If Needed)
If you have holdings:
- Provide Target DP ID & Client ID
- Attach Client Master Report (CML)
Step 5: Submit the Form
You can:
- Visit nearest IIFL branch
- Or courier to:
IIFL Securities Limited
IIFL House, Sun Infotech Park
Road No. 16V, Plot No. B-23
MIDC, Thane Industrial Area
Wagle Estate, Thane, Maharashtra – 400604
Step 6: Processing
- Verification will be done
- Closure completed in 7–10 working days
Important Points to Remember
Separate Services
Closing your Demat account:
Does NOT close your bank account
Does NOT cancel insurance or loans
Save Your Data
Before closing:
- Download statements
- Save transaction reports
Common Mistakes to Avoid
These mistakes cause delays:
- Leaving small share balance
- Not clearing dues
- Not redeeming mutual funds
- Signature mismatch
- Incorrect DP ID
Avoid these for smooth closure.
Charges for Closing IIFL Account
- Account closure is FREE
- Share transfer may involve DP charges
What Happens After Closure?
Once closed:
- You cannot log in
- Your Demat becomes inactive
- No AMC charges will apply
- You’ll receive confirmation
Final Thoughts
Closing your IIFL Demat account is actually easier than most brokers because you have multiple options—online, email, or offline.
The key is simple:
- Clear everything first
- Choose the right method
- Submit correct details
If you handle the basics properly, the process is smooth and quick.