How to switch demat account from IL&FS to Zerodha?
- The Annual Maintenance Charge (AMC) should be cleared with IL&FS for the demat account to be closed. See How to pay the AMC for IL&FS? AMC, which has already been paid at the beginning of the year, will be reversed on a pro-rata basis for the year.
- Any AMC due for the IL&FS demat account is posted on the Zerodha ledger when the IL&FS demat account is switched to Zerodha. To pay the AMC due at IL&FS and to avoid it being posted to the Zerodha ledger, visit ilfsdp.com/eko-pay.asp.
To switch, the IL&FS demat account must first be closed, and a new Zerodha demat account must be opened. To close the IL&FS demat account, courier the IL&FS closure letter (PDF) and Zerodha demat application form (PDF) to Zerodha. To learn how to fill out the IL&FS closure form, see How to fill up the IL&FS closure form? Courier the documents to:
Zerodha,
153/154, 4th Cross, J.P Nagar 4th Phase,
Opp. Clarence Public School,
Bengaluru - 560078
Once the forms are received, the Zerodha demat account will be opened within 72 working hours & the IL&FS demat account will be closed within 15 working days. If the KYC is not registered, submit the KYC form (PDF), PAN and address proof of the account holder. To learn how to check the KYC status, see What is Know Your Customer(KYC), and how can the KYC status be checked?
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- This transfer would be considered as a closure cum transfer, i.e., closure of the account with IL&FS and transfer out the shares. All account holders must sign the IL&FS closure form and the Zerodha demat form for a joint account.
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If the IL&FS demat account is linked to the Zerodha trading account, holdings cannot be seen or sold on Console and Kite. Stocks must first be transferred to Zerodha's demat account.
To learn how NRIs and Non-individual account holders can close IL&FS accounts and open a Zerodha account, see:
- For an NRI account, see How to switch from an NRI IL&FS demat account to Zerodha demat account? .
- For a HUF account, see How to switch from a HUF IL&FS demat account to Zerodha demat account?
- For a corporate account, see How to switch from a corporate IL&FS demat account to Zerodha demat account?
- For a Limited Liability Partnership (LLP) account, see How to switch from a Limited Liability Partnership (LLP) IL&FS demat account to Zerodha demat account?
- For a partnership account, see How to switch from a partnership IL&FS demat account to Zerodha demat account?
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