The expense of creating and managing a Demat account is one of the biggest drawbacks. Account opening fees, transaction fees, custodian fees, and annual maintenance fees are all included in the cost of having a Demat account.
The same goes for ICICI Demat account. But if you don’t use an account after having it then it is better to close the account. Otherwise, you have to bear maintenance costs.
Steps to Close ICICI Demat account
It is not possible to close your ICICI Direct Demat account online. To terminate your Demat account, you’ll need to complete a form. And you have to send it to the depository participant’s office.
- Download the Account Closure form from the depository participant website or mentioned below and print it out. Alternatively, go to your local ICICI Bank branch and ask for an Account Closure form.
- Fill up the form with necessary details like client ID, DP ID, name and address, reason for closing, and signature.
- You have to attach any supporting documents, such as a copy of the ledger or any unused DP slips.
- Submit the form to the nearest ICICI depository participant’s office.
- An account closure request number will be sent to your cell phone via SMS.
- The account closing process may take up to 7-10 working days to terminate. When the account will be closed, you will receive a SMS confirmation.
Also Read: How To Close ICICI Bank Account?
ICICI Demat Account Closing Form
The following are some details and instructions on how to complete the form:
- You can download the ‘ICICI Demat account closure form from this link or from above by clicking on download link.
- The website will include a pdf of the account closing form. You should tap the pdf.
- Download the form as a pdf and print it out.
- Now carefully fill in all of the form’s fields.
- The form must be filled out entirely in block letters.
- If you only have one account, fill in the first box with your name in block letters.
- You may do the same thing with the names of the people on a joint account.
- Fill in the blanks on the form with your information like Client ID, DP ID, name and address.
- You have to mention the reason for the closure of your ICICI Demat account.
- If you need to transfer your stocks to another Demat account, be sure to provide the account holder’s name, account number, and signature.
- Both persons must sign the paperwork in the case of a joint account.
- The branch members will fill out the last part. You will receive a receipt as well as a confirmation letter. It confirms that you have applied to close your ICICI Demat account.
- Within 7-10 business days, you will receive the confirmation of your account closing.
Also Read: Demat Account: Benefits, Aims And Objectives
ICICI Demat Account Closing Charges
The ICICI Demat account can be closed at any time without incurring any fees. You don’t need to pay either at the time of submitting the closing form or after closing the account. The account might be closed in up to seven days.
If you are asked by anyone for money while closing the account, don’t ever pay. You can take action by complaining about it.
Things to do before Closing ICICI Demat Account
Before closing your ICICI Demat Account, there are a few items you need to have ready:
- To avoid rejection, make sure that all of the information on the Account Closure Form is correct.
- Your DP and client ids must be available.
- Existing information, such as names and other facts, should be consistent with previous records.
- There can’t be any shares in your account. If you have any securities, you can transfer or sell them entirely from your account.
- Make sure your account isn’t in the red.
Frequently Asked Questions
Is ICICI Demat account free?
The opening fee for a Demat Account with ICICI is zero. The annual service fee for the first year is waived. You can also keep track of your investments using the ICICI Demat account’s secure online method. By updating your cellphone number with your Depository Participant, you can avoid unauthorized transactions in your Demat account (ICICI). This will also enable you to receive alerts on your registered mobile phone for all debit and other essential Demat account operations.
What is the ICICI Demat account minimum balance?
Each quarter, a minimum amount of Rs. 5000 must be maintained. Otherwise a fee of Rs. 750 would be assessed/deducted from the customer’s bank account.
What is the procedure for checking my ICICI Demat account?
On ICICIBank.com, you may see the status of your ICICI Bank Demat Account. Simply link your Demat account to your current Internet banking User ID. You may access the Demat area by clicking the Demat Account link. You will get it on the My Accounts page or the Demat button in the top menu.