Closing DMAT account.

C

Comp_Users

New Member
#1
#1
I had almost an year back, applied and got an ABN Amro D-Mat account.

As I have an corporate ABN Amro Account, they linked the DMAT account to my ABN AMRO saving account(salary account).

Recentrly I got RMoney DMAT account and I have been using RMoney ever since. Hence I taught I will close the ABN Amro DMAT account which Im any how not using.
I dont have any stocks in this ABN AMRO dmat account.

Yeaterday I got an letter from ABN AMRO stating that an annual A/C Maintanance Charges of 551 Rs(500RS + 10% tax) has to be paid failng which the bank will close the Depository Service.

1. Could anybody tell me as to what a "Depository Service" is? Please note I am relatively new to Trading and still not familiar with most of the terms used.

2. If i want to close the ABN Amro DMAT account, can I do so by not paying the Annual Maintanance fee(as a result of which they them selves will close the DMAT account).
If I do so, what are the consiquence if any. Will that affect my ABN Amro Savings bank account in any way?

I tried calling the Customer Support of ABN Amro asking for this info, but found that most of them in the DMAT section hardly know anything about DMAT account.


Please help.
 
J

jdm

Well-Known Member
#3
#3
Comp_Users said:
I had almost an year back, applied and got an ABN Amro D-Mat account.

As I have an corporate ABN Amro Account, they linked the DMAT account to my ABN AMRO saving account(salary account).

Recentrly I got RMoney DMAT account and I have been using RMoney ever since. Hence I taught I will close the ABN Amro DMAT account which Im any how not using.
I dont have any stocks in this ABN AMRO dmat account.

Yeaterday I got an letter from ABN AMRO stating that an annual A/C Maintanance Charges of 551 Rs(500RS + 10% tax) has to be paid failng which the bank will close the Depository Service.

1. Could anybody tell me as to what a "Depository Service" is? Please note I am relatively new to Trading and still not familiar with most of the terms used.

2. If i want to close the ABN Amro DMAT account, can I do so by not paying the Annual Maintanance fee(as a result of which they them selves will close the DMAT account).
If I do so, what are the consiquence if any. Will that affect my ABN Amro Savings bank account in any way?

I tried calling the Customer Support of ABN Amro asking for this info, but found that most of them in the DMAT section hardly know anything about DMAT account.


Please help.
Click to expand...
its better you clear your dues and then close the demat a/c. if you dont clear the dues they will debit your saving a/c since the same is linked with your demat a/c.

closing the demat a/c wont affect your savings bank a/c any way.

depositary service is nothing but anybody providing the demat services.
 
C

Comp_Users

New Member
#4
#4
Code: 
Hi,

I think they have the rights to debit the required amount from your savings account.

Regards,
Nava,
As I understand, this annual maintanance fee is the fee that is collected in advance for the entire year(2009 - 2010).

So now that I am not going to use the DMAT account and close the same, does it make sense to pay the maintanance fee?
 
You must log in or register to reply here.
Thread starter Similar threads Forum Replies Date
S To get AFL code for %change of closing price at 9:18 am Algo & Automated Trading 1
B closing upstox upstox demat and transferring shares Brokers & Trading Platforms 5
pannet1 Closing of Trading and DEMAT account Brokers & Trading Platforms 9
S Upstox -- Fraud & Cheating company -- Closing dream plan adhoc without customers consent Brokers & Trading Platforms 1
B closing of cdsl dmat & transfer to nsdl Introductions 0

Similar threads