How to Close My Appreciate Demat Account

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Hey friends! Welcome to this guide. Hey there, if you are an existing customer and eager to look for an option to shut your Appreciate Demat account then you are at the right place. Don’t worry let me do it for you! let’s take the plunge and determine how you can actually close your account, all from the safety of your own home. Ready? Let’s go!

Why Would You Want to Close Your Account?

So, here’s the thing. Most people create trading accounts such as this one with Appreciate with the hopes that they will go into trading in stocks, options, or other products. But then, they might change their mind and they won’t want to do it anymore for whatever reason they choose – maybe they got bored or maybe it isn’t for them after all. That’s totally fine! The only tricky part? Determining the way and means on how the account could be closed. But don’t worry, I’ll make it easy for you.

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The First Step: Understand the Account Setup

When you open an Appreciate Demat account, it comes with two parts:

  • The Demat and Trading Account: This is your primary trading account where you conduct all or most of your stock purchase and sale.
  • A Linked Savings Account with Yes Bank: This is generated immediately you sign into your Appreciate account. As in a normal bank account, you can save your money, get a debit card and, of course, use Unified Payments Interface.

Indeed, if you really want to close all the tabs and their interactions stop, you will have to work with each of the accounts. The first one is called the Appreciate account and here is what it does.

How to Close Your Appreciate Demat Account

Go to the Appreciate Website: Go to the web browser application and type www.appreciatewealth.com.

Find the Contact Us Section: The next and usually the last tab will be the “Contact Us” option, so go to the bottom of the page. Click on it.

Get the Helpline Details: Here you will have two critical things:

  • A helpline number At times, it can be availed only from 9 AM to 9 PM.
  • An email address for support.

Call Customer Support: Call them and tell them that “I want to close the Appreciate Demat account.” It also informs them they will be given an indication of what they have to do next.

Send an Email Request:

    • Open your email account.
    • Contact the support team via email. Visit the company’s website and use the email address listed on that page.
    • In the subject line, write: “Application for Closure of My Demat Account.”
    • In the email body, write something like this:

Subject: I want to request to close my Appreciate Demat Account

Body:

“Hi Team,

I would like to cancel my Appreciate Demat account for ever because I no longer have any interest to use it again. Kindly, I request you to kindly process my request as soon as likely possible.

Name:

Registered Mobile Number:

Thank you!

Regards,[Your Name]”

  • Send the Email: Reread all content and press the button. That’s it!

Wait for Confirmation: The Confirmation email will be immediately forwarded to you by the Appreciate team within 7 working days. Every once in a while, they may request that you type “yes” or “confirm” in the conversation to make sure you are still there. Do that, and you’re done!

But What About the Yes Bank Account?

Alright, now comes the second part. If you want to close your linked Yes Bank account too, here’s what you need to do:

Visit a Yes Bank Branch:

You cannot freeze or close a Yes Bank account via the internet. If you wish to open, close or transfer an account, you have to go to the Yes Bank branch.

Ask for an Account Closure Form:

When you get to the branch, inform the staff on the branch that you want to close your savings account. They will provide you with an account closure form where you complete and submit the letter.

Submit the Required Documents:

In addition to the form, they will ask for these documents:

    • Your identity proof such as Aadhar card/ PAN card etc.
    • Copy of your Bank passbook or account statement.
    • Any outstanding check books or debit cards.

Submit the Form:

Hand over them the filled form and documents to the bank staff. They’ll process your request.

Wait for Confirmation:

Similar to the Appreciate account, it will therefore take about 7 working days. After that it is finished, your Yes Bank account will be closed.

Can You Just Leave the Account Unused?

So why not this? Another option exists if closing the account appears to be too much effort. All the basic operating bank accounts, dematerialized trading accounts, and most other accounts will become inactive if they are not actively used for 2-3 years at the least. But this is not such a great idea because you may still be required to pay other charges such as maintenance fees.

A Few Extra Tips

Check for Pending Dues: Be certain that no money is due in your Appreciate or Yes Bank account before you shut them.

Transfer Any Remaining Money: In case you still have money in these accounts, move the money to another bank account.

Ask for Help: If you are stuck at any point or have questions just call the customer support service or go to the branch.

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Conclusion

And that’s it, friends! Closing your Appreciate Demat account may appear to be a difficult task, but it is really as simple as following these steps. Whether you’re done trading or just want to simplify your finances, you know what to do. So, go ahead and take the initial step; your accounts will be cancelled in no time.

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