How to close an ICICI Direct Demat account? Is the account closed online or offline?
- Asked By
- Updated On:22-Apr-2024
- Replies:3
Short Answer
In order to close your Demat account with ICICI direct, you are required to download its closure form available online: https://www.icicibank.com/managed-assets/docs/personal/demat/Dematclosure.pdf and submit it in an ICICI bank branch that has a Demat services desk.
Detailed Answer
ICICI Direct Demat Accout
ICICI, one of the prominent banks in India that has its presence in the Indian trading market as ICICI Direct. The platform’s key selling point is its swift and free account opening process, vast customer base, instant pay outs and varied financial products.
How to close your ICICI Direct Demat Account?
In order to close your Demat account with ICICI direct, you are required to download its closure form available online: ICICI Direct Demat Account Closure Form
ICICI Direct Demat Account Closure
Fill up the following details in the demat account closure form:
- Date of application
- Depository participant ID
- Client ID
- Name of all the account holders
- Account details where your funds are to be transferred
Mode of transfers available:
- Direct Debit
- Cheque
- Cash
- UPI transfer
- Bank transfer
The form must be duly signed accepting the declarations made in the form. You form is to be submitted at the nearest ICICI bank branch that has a Demat service desk and it should not be directed to the address mentioned on top of the form.
How to track my ICICI demat account closure application?
You will receive an ‘account closure request number’ as a message in your registered contact number and once the closure has been processed you will get a confirmation message. The closure is expected to be processed in 2 to 4 working days. You will not be charged any fees for closing your Demat account with ICICI.
Why does a closure form get rejected?
Your closure form might get rejected for one of the reasons:
- If the form hasn’t been signed by all the account holders.
- In case of any outstanding fees to be paid to ICICI
- Form is unclear and overwriting or corrections are made
- If form is signed by your Power of Attorney
- In case of a signature mismatch
Closing your ICICI Direct Demat Account
It is prudent that you close your Demat account, if you have not been holdings any shares in the account for a very long time or if you don’t have any plans to buy one in the near future. Your Demat account charges an annual maintenance cost, irrespective of your account’s in-activeness.
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Discussion (2)
ICICI Demat account can be closed offline as well. You just have to fill some forms, get signature of holders and then submit it to the bank demat branch that is nearby to you.
For closing the Sharekhan Demat account, the process is quite simple as with other stock brokers in India. Download the application closure form, fill up the details & submit it in the nearest branch.
The Axis Direct Demat Account Closure Process is quite simple. You need to fill up the account closure available online and submit it at the nearest branch or post it to the address mentioned in the form.
To close an Axis Direct Account one has to download and Print the Axis Direct Account Closure Form, Fill it with the correct details and go to their nearest Axis Bank branch with the necessary documents such as An Identity Proof & Address Proof and an Axis Bank official will verify all the mentioned details and start the process on completion of successful verification.
There are three ways in which users can log in to their ICICI direct account. One is through mobile; another one is through the web, and the last is through the desktop application. The procedure is standard for all the different platforms unless you forget your email address or password to login into your account.
You need to download the account closure form available at Demat Account Closure Form and submit it at your nearest YSL branch. For the detailed process, read further.
You can download the account closure form the given link - Demat Account Closure Form and post it to the address mentioned in the form.
Trade Smart demat account cannot be closed online. To close Trade Smart demat account, fill out the Trade Smart demat closure form and then courier it to the office address of Trade Smart.
When talking about the best stock broker in India, we cannot rule out Zerodha. It is the market leader in bargain stockbroking, is premised in Bengaluru, and accounts for more than 15% of total retail trading activity in the country. Mr. Nitin Kamath formed the leading brokerage firm in 2010 Kamath, and it now has a customer base of over 6 million.
You can close an IIFL Securities demat account by submitting the demat account closure form to the head office or to the nearest branch. Your account will be closed within 7 to 10 working days after you submit the closure request.
What happened, so you are looking to close your Upstox Demat and Trading Account? The reasons could be many and any. You are here means, you are searching how to close Upstox account. So, let's dig into the demat account closure process.
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Many other companies offere demat and trading accounts in India other than ICICI. Make sure to choose a reputed brokerage firm which offers better features than ICICI Direct as their app does not provide user frienly experience.