How to close ICICI Direct Demat Account?

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:

  1. Direct Debit
  1. Cheque
  1. Cash
  1. UPI transfer
  1. 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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