Taking Down Your Groww Account
Launched in 2020, Groww is a relatively new player in the stock brokerage industry. Many people sign up for Groww because of the broker's zero-cost account opening and other fee reductions, but the broker's still-evolving interface means it often falls short of customers' expectations, prompting them to search for information on how to cancel their Groww account.
If you, too, are dissatisfied with Groww's offerings, read on for instructions on how to shut down your Demat account for good.
Here's the Lowdown on Shutting Down Your Groww Demat Account
In contrast to opening a Demat account, closing one is a cumbersome process that can only be accomplished through the offline method of downloading the form. The PDF application is only available online because Groww is an online-only discount broker.
Please read the following carefully to learn how to cancel your Groww subscription.
Form for Closing Your GROW Demat Account
Fill out this form to officially close your Groww Demat account. Here are the simple instructions you need to obtain the form:
- Sign in to your account
- A person's "You" page can be accessed by clicking here.
- Find the "Help and Support" section further down.
- Simply type "I want to close my Demat account" into the search bar.
- Once you reach the new page, select the "Download closure form" button to access the account cancellation paperwork.
After printing and filling out the form, it should be returned to Groww's main office. To completely deactivate a demat account, it takes between 5 and 7 business days after the application has been submitted.
In addition to the aforementioned method, there is another way to permanently delete your Groww Demat account.
Just stick to the easy instructions below:
- Use the "Contact us" link.
- Select the envelope to send an email
- Write an email explaining why you want to terminate your Demat account.
- After contacting customer service, you will receive an SMS or email with a link.
- For the Account Closure Form, please click here to download a PDF.
Once you've filled out the form, your Demat account will be deactivated in Groww.
*Here, be sure to either sell or transfer all of your Groww Demat shares and holdings to your new Demat account.
Growing Demat Account Closure Form Instructions
Now that you know how to get the form, you may be wondering what to do next. Well The application to close is straightforward and requires only a few standard pieces of information, such as:
- Before anything else, you'll need to enter the Application number and date you submitted it. Then mark the "BO"-initiated closure as complete.
- Then, in the "closure for" field, specify whether you want to terminate your trading account, Demat account, or both.
- When you fill out the client ID field, your DP ID will already be entered.
- Continue by providing your full name, address, email, etc., where applicable. including your rationale for doing so
- Indicate the quantity of shares or other investments held.
- If you wish to move your holdings to a new account, enter its Demat number here.
Once you've completed the form in its entirety, please mail it to the following location:
No 1180 FT Road, 2nd Floor,
S 4th Block Koramangla, T Bed
Finally, closing the Groww Demat account online will take about 5-7 business days.
While it's true that Groww's fees are among the lowest in the industry, the broker falls short in a number of key areas where investors put the most emphasis. The Groww app is an example of this. The application requires numerous upgrades to its many features.
If you are no longer interested in using the services, for whatever reason, then please let me know. In order to avoid fees, dormant or empty Demat accounts should be closed.
The accounts can be merged into one another if there are any remaining balances, and the others can be closed if they are no longer needed. Remember, though, that your account can't have a negative balance if you want to send in your account closure form to corporate.
If you no longer want to use Groww Demat, you can easily close your account by following a few steps. Trading can be more enjoyable if you open a demt account with a reputable broker. Analyzing and contrasting Groww with other brokers can help you make a more informed decision.
Here is a comprehensive comparison of Groww and Upstox to assist you in making your decision.
I'm crossing my fingers that this helps.
If you're thinking about changing stock brokers in the near future, we've got the best suggestion for you. Start a brand new demat account without spending a dime.
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