Lately, I have received a lot of queries on how to close an ICICIDirect Demat account online. Hence, I thought writing a post on this topic could help many ICICI users. In this post, I will explain how to close ICICI Demat account.
One reason why many people want to close their ICICI Direct Demat account is the fact that ICICI Direct charges comparatively higher Annual Maintenance charges than other platforms. For example, while Zerodha charges an Annual Maintenance charge of ₹300, ICICI Direct charges ₹700. Nowadays, Demat account platforms charge very minimal AMC. One good example would be Upstox.
There are certainly a lot of Demat account platforms to choose from nowadays. Regarding your existing ICICI Demat account, you can stop using it and switch to a better Demat account platform. However, even if you don't use your ICICI Direct account, you will still have to pay the Annual Maintenance charges. Hence, it will be wise on your part to close it first and then switch to another Demat account platform.
As far as closing your ICICI Demat account goes, unfortunately, there is no way to do it online. The entire process will be offline, wherein you will need to submit the Account closure form at your nearest branch office. Once you do it, it may take up to 7 days for them to close your account.
Steps you need to follow to close the ICICI account
Here are the steps you need to follow to close your ICICI Direct account offline:
- First, you need to download the Account closure form from the ICICI Website
- You can get the same Account Closure form from your nearest ICICI Bank branch too
- Once you have the form with you, you can fill in the account closure form and attach all the required documents
- You will need to attach all your KYC documents, plus a copy of your ledger, and unused DP slips
- However, you must ensure that your account doesn't have any shares or have any negative balance
- Next, you can submit the form at the branch office
- Once you submit the form, an SMS will be sent to your mobile number with the account closure request number
- The account closure can take two to seven days at the max, and once it's done, you should receive an SMS to your registered mobile number
ICICI Direct charges being too high, many ICICI Direct users are wanting to close their ICICI Direct accounts. I have explained how to close your ICICI demat account; as you have seen, the process is entirely offline. However, it's pretty easy and requires you to follow just a few steps. However, before proceeding with the Account closure, you must ensure that your Demat account has no shares or negative balance. Besides, you will require your KYC documents. Hence, don't forget to carry them when you are heading off to the nearest ICICI branch office for account closure.
Can I close my ICICI demat account online?
Unfortunately, there is no way to close an ICICI demat account online. However, it's absolutely possible to close it, but the process is entirely offline. You must download or get the account closure form from your nearest branch office. After that, you must fill in the form and all required documents and submit them at the branch office. Once you submit the form, you can expect the account closure in two to seven days.
How much does ICICI charge to close a demat account?
ICICI doesn't charge anything for account closure. You can fill in the account closure form and submit it along with the required documents at your nearest ICICI Bank branch office to close your ICICI demat account for free. However, you must ensure that you don't have any shares or negative balances in your demat account.
How do I close my ICICI demat account?
To close your ICICI direct account, you'll need to submit a closure request with the trading platform. Ensure you have your account details, including your DP ID and client ID.
What documents do I need to close my ICICI demat account?
You'll need to provide your DP ID, client ID, and account holder details. Make sure you also have identification documents like a PAN card.
Can I transfer my securities to another demat account before closing my ICICI account?
Yes, you can transfer your securities to another demat account. This process requires providing your DP ID and other relevant details.
How can I ensure a smooth closure of my ICICI demat account if I have multiple holdings like stocks and mutual funds?
To ensure a smooth closure, make sure you've settled all pending transactions and transferred your securities to another account if necessary. Follow ICICI's guidelines for a hassle-free closure.
What's the role of a depository participant (DP) in closing my ICICI demat account?
A depository participant (DP) facilitates the dematerialization of your securities. You'll need to provide your DP ID and other details when closing the account.