| Anjaan Aadmi , Ajay Pai and 11 others posted in Asan Ideas for Wealth . Anjaan Aadmi March 14 at 5:27pm A short while ago, I opened an SBICAP Securities Demat Account from an agent at an SBI branch near my house. This was before I was better informed after reading blogs, reddit, twitter etc. The one good thing that happened due to that was that I was able to get KYC done without too much of a hassle, and hence was able to invest in Direct mode mutual funds from different AMCs later on. Now that I know better, I realise that I do not really need the SBICAP Securities Demat Account (it is also irritating to recieve daily spam emails/SMS from them which I cannot figure out how to stop). Even if I decide to trade stocks directly at some point, I think it would be better to go with a discount brokerage like Zerodha. However, at the very beginning, I invested a small sum of money in an ELSS-based SBI Mutual Fund using that demat account. Can I close my demat account immediately, without affecting the sum of money I invested in? Will I be able to redeem the entire amount after the mandatory lock-in period? What do I need to do, apart from filling up the form for account closure with SBICAP? Like Comment | | | | | | | | | | Anjaan Aadmi, Ajay Pai and 11 others posted in Asan Ideas for Wealth. | | |  | | | | | A short while ago, I opened an SBICAP Securities Demat Account from an agent at an SBI branch near my house. This was before I was better informed after reading blogs, reddit, twitter etc. The one good thing that happened due to that was that I was able to get KYC done without too much of a hassle, and hence was able to invest in Direct mode mutual funds from different AMCs later on.
Now that I know better, I realise that I do not really need the SBICAP Securities Demat Account (it is also irritating to recieve daily spam emails/SMS from them which I cannot figure out how to stop). Even if I decide to trade stocks directly at some point, I think it would be better to go with a discount brokerage like Zerodha.
However, at the very beginning, I invested a small sum of money in an ELSS-based SBI Mutual Fund using that demat account. Can I close my demat account immediately, without affecting the sum of money I invested in? Will I be able to redeem the entire amount after the mandatory lock-in period? What do I need to do, apart from filling up the form for account closure with SBICAP? |
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