Dear forum members,
My father aged 70 yrs is having a Demat account with ICICI. He has sold all his share holdings currently and wants to close the account. However he has a 4 IDFC Infrastructure Bonds that will mature in Nov 1025 in his Demat account. When he went to the ICICI branch to close the account, he was told that he has to first sell his IDFC bonds. Only after that the account can be closed. Could you please advice if this is true.
Is it possible to sell the IDFC bonds before Nov 2015.
Is there no way to close his Demat account before Nov 2015. He will be unnecessarily incurring maintenance charges on the account if he keeps it open.
Please advice.
Thanks,
Srinivasan