diff --git a/drivers/serial/pty.c b/drivers/serial/pty.c
index 4b04b2fd7b6..bcefb1672fe 100644
--- a/drivers/serial/pty.c
+++ b/drivers/serial/pty.c
@@ -340,7 +340,8 @@ static int pty_close(FAR struct file *filep)
 
   /* Check if the decremented inode reference count would go to zero */
 
-  if (atomic_read(&inode->i_crefs) == 1)
+  if ((!dev->pd_master && atomic_load(&inode->i_crefs) == 2) ||
+       (dev->pd_master && atomic_load(&inode->i_crefs) == 1))
     {
       /* Did the (single) master just close its reference? */