How can I close my account and transfer my shares from HDFC SKY demat to other demat accounts?

How can I close my account and transfer my shares from HDFC SKY demat to other demat accounts?

Closing HDFC SKY Account

Once you log into the app, you have an option to close your HDFC SKY account.


Once, you click 


You need to make sure your account has no Holdings, fund balance or any outstanding dues for a successful closure request.

Transferring shares from HDFC SKY Demat account to others


You have the option to transfer your holdings from your HDFC SKY demat account to any other demat account via the "CDSL Easiest" method.

OR

You can transfer the same by submitting physical "Demat closure cum transfer form” through which your HDFC SKY demat account will be closed and shares will be transferred.


Transferring Securities to HDFC SKY Demat Account via "CDSL Easiest"

To transfer securities from your HDFC Securities account to your HDFC SKY demat account using "CDSL Easiest," follow these steps:

  1. Register on the CDSL platform.

How to register for CDSL Easiest using the HDFC SKY demat account?

Visit web.cdslindia.com/myeasitoken/home/login.

  • Demat details: Enter the 8-digit DP ID followed by the 8-digit demat client ID or BO ID and click on Continue.
  • OTP: Enter OTP received on the registered mobile number and click on Continue.
  • Account details: In the account details section, enter the preferred username, answer the security question, select the Trusted Account checkbox and click on Continue. There are two Account type:
  • Trusted Details: Enter the trusted account details, i.e., a 16-digit demat ID of the CDSL account where stocks need to be transferred and click on Continue.
  • Grouping: This is an optional step. If existing CDSL demat accounts are held with other brokers, they can be grouped using this option, since the BO IDs will be pre-approved. If the existing CDSL demat account needs to be added as a trusted account, select the BO ID and click on Continue, or skip the step by clicking on Continue without selecting the BO ID.
  1. Log in to web.cdslindia.com/myeasitoken/home/login and click on "Setup" under "Transactions."
  2. Click on "Bulk Setup."
  3. Select "Transaction" and specify the execution date. Enter the Beneficiary Owner ID (BOID) of the person to whom the securities will be transferred. Make sure to add a trusted beneficiary account if needed
  4. Click on "Account ISINs" and select the ISINs (securities) in your holdings. Enter the quantity and specify the reason for the trade.
  5. If the off-market transfer involves a consideration (money), you may need to pay stamp duty to CDSL online before making the transfer.
  6. Submit the request.
  7. Verify the request. Certain details like Exchange ID, Counter Party Exchange ID, Market Type, Counter Party Market Type, Settlement ID, and Counter Settlement ID may not need to be filled for off-market transactions.
  8. Commit the request and enter the OTP received on your registered mobile number and email.
  9. Enter the 8-digit alphanumeric CDSL Easiest PIN received on your registered email ID. Note that this is not the 6-digit CDSL TPIN. If you're a first-time user, you may need to change the default PIN.

After completing these steps, the request will be sent to the Depository Participant (DP) for confirmation. Once approved, the transfer will be executed.


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