If you are using the Mero Share application quite a few times then you must be familiar with the Mero Share interface. But you might have come across the one message that says “BO Level Frozen for Debit”. So, in this article, I am going to show you how to solve this problem in Mero Share.
What is BO Level Frozen for Debit?
“BO Level Frozen for Debit” message occurs when your DEMAT account is expired. In this case, you can only buy shares but you can not sell them. The message simply says the beneficiary owners are only allowed to credit the shares but are not allowed to credit.
If your DEMAT account is expired, then all of your shares will be in the “Freeze Balance” as shown in the pic above. In order to freely sell and buy the shares, your account should be in “Account Status = ACTIVE”.
Another reason the account to be freez is is if account is minor and account holder completes 18 years. In this case the bank account should be converted into major and DEMAT also should be updated.
How to Solve BO Level Frozen for Debit?
So, to solve the “BO Level Frozen for Debit” error, you just need to renew your DEMAT account. There are two ways you can renew your DEMAT Account. Either by paying the renewal amount directly in the respective bank capital or online. I recommend using the online payment for renewal through eSewa, Khalti, or connect-IPS.
Steps
- Login to Mero Share
- Go to your name on the right top side
- Click in the “Renew” button as shown in the pic above
- Select the payment method
- You can renew Mero Share and Demat at once. Or you can renew it separately.
What is the DEMAT Fee in Nepal?
Depository Participants (DP) charge Rs. 50 for opening a new DEMAT account. Beneficiary Owners have to pay Rs. 100 every year as a DEMAT renewal fee. You can check the fee taken by DP for different purposes as follows.
NOTE: You can also renew your DEMAT automatically from the bank. For this, you have to fill the automatic DEMAT renewal form in the respective bank so that every year, your renewal fee will be automatically deducted from the bank account. You should not do any renewal hassles.
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Frequently Asked Questions
How do I unfreeze my Demat account?
You can pay the Demat renewal fee to your DP and unfreeze your Demat account. Renewal of Demat account is simple, you can pay the fee via wallets like eSewa, Khalti, IME Pay, or Connect IPS. You can also renew your account by paying in the bank physically. If the account is minor and account holder completes 18 years then you need to convert your account to major by going to bank and respective capitals.
What is the freeze balance in Mero Share?
Freeze balance in Mero Share is those shares that can not be debited from the account. If your Demat account is expired, then all of your shares will be in freeze balance.
How do I use a Mero share account?
You can use the Mero Share account via the official website https://meroshare.cdsc.com.np/ and also the mobile app.
How can I get my Mero Share login and password?
You can get Mero Share ID and Password from depository Participant. You have to fill up a form and submit it in the respective DP. DP can be either a brokerage office or the capital of the bank.
What happens if the trading or Demat account is not closed?
If you do not close your trading account or Demat account, it remains unused. You can not open another account without closing it. One person can use only one Demat account and trading account.
Can Demat accounts be closed automatically?
No, a beneficiary owner (BO) can manually close the Demat account.
Can a Demat account be renewed automatically?
No, only if you have activated the automatic Demat renewal service from the respective banks. But you can pay the renewal fee for many years at once. You can do it from eSewa, Khalti, IMEPay, ConnectIPS, etc.
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