How to Close the 5Paisa Account?

Closing a 5paisa Demat account is as simple as opening the process. You just have to follow certain steps, and it’s done. Let’s understand what steps are required to close a 5paisa account.

Steps to Close the 5paisa Account Through the App

The following is the breakdown of steps to close a 5paisa Demat account:

How do I Close the 5paisa Account through the App?

Before proceeding with account closure, we suggest you contact the 5paisa customer care team to address any concerns. Once you’ve done so, and if you’re still interested in closing the account, you can follow the steps given below.

Step 1: Open the 5paisa mobile app.

Step 2: Then, you have to go to the ‘User Menu’. 

Step 3: Tap on the ‘Your name’ option; you’ll find this at the top left of the app.

Step 4: After this, at the top right corner, you will find the ‘Manage’ option; click on that.

Step 5: Then, you have to select an option called ‘Demat Account Details.’

Step 6: Once you do this, you have to click on the ‘Close my trading account & Demat account’ option. This starts the closure process. 

Step 7: Next, select your reason for closing the account and click on ‘Continue.’

Step 8: If a ledger balance is showing, click on the ‘Funds payout’ option, then click on the ‘e-sign now’ option and submit. 

Step 9: Tick the box saying- ‘I authorize’ and then click on Send OTP. Enter the OTP received on your registered phone number and ‘Verify OTP.’

Steps to Close the 5paisa Account Through the Website

The following is how one can close a 5paisa account through the website:

How do I Close the 5paisa Account through the Website?

Let’s understand closing the 5paisa account through the website in detail:

Step 1: Log in to 5paisa.com using your web browser.

Step 2: On the top right, you will find a ‘Profile’ icon. Tap on that. 

Step 3: Select ‘Profile’ from the drop-down menu. 

Step 4: Then, on the settings page, you will get to see an option called ‘My Profile’. 

Step 5: Find and click on ‘Demat Account Details’. 

Step 6: Click ‘Close my trading account & Demat account’. The account closure process then will be initiated.

Things to Remember Before Closing the 5paisa Account

The following are some important things to remember before submitting an account closure request: 

• If your ledger shows a debit or credit balance, make sure to reduce it to 0.0 INR.

• If you have any securities or stocks in your demat account linked to the 5 Paisa trading account, you must sell them or transfer them to another demat account.

• If you already have mutual fund assets in your account, you must redeem them.

• You have to close or square off any open trading accounts before filing the closure request.

Keep in mind: Before completing your account termination request, please check that you have satisfied all of the criteria mentioned above. Processing the account closure request can take 7 business days to process.