Closing a demat account can be daunting, but it doesn’t have to be. If you have an ICICI demat account that you no longer need, it’s important to know how to close it properly. In this post, we’ll be discussing the step-by-step process of how to close your ICICI demat account, including the necessary documents, fees, and timelines.
We’ll also cover some common mistakes to avoid during the closure process. By the end of this post, you’ll have a clear understanding of how to close your ICICI demat account and be able to do so with ease.
ICICI Demat Account Closure Process
Closing an ICICI Demat account is a straightforward process that can be done online or offline. Here are the steps to follow:
Steps to Close ICICI Demat Account
- Download the Demat account closure form from the ICICI Bank website or ICICI Direct website.
- Fill in the form with all the required information, including your client ID and user ID.
- If you have any joint account holders or power of attorney (POA) holders, they also need to sign the form.
- Make sure to sell or transfer all your existing holdings to another Demat account before submitting the closure request.
- Print the form and sign it.
Submitting the Account Closure Form
Once you have completed the Demat account closure form, you can submit it to your nearest ICICI Bank Demat branch. Alternatively, you can also submit the form online through the ICICI Direct website. Here are the steps to submit the form online:
- Log in to your ICICI Direct account.
- Go to the “Customer Service” tab and select “Service Requests”.
- Click on “Demat Account Closure Request” and fill in the required details.
- Upload the scanned copy of the signed Demat account closure form.
- Click on “Submit”.
ICICI Bank will take 3-4 working days to process your request and close your Demat account.
Transferring Existing Securities
Before submitting the Demat account closure form, make sure to sell or transfer all your existing holdings to another Demat account. If you have any shares that are not transferred, you will not be able to close your Demat account. To transfer your shares, follow these steps:
- Log in to your ICICI Direct account.
- Go to the “Portfolio” tab and select “Demat Holdings”.
- Click on “Transfer” and fill in the required details.
- Enter the target Demat account information and click on “Submit”.
ICICI Direct will take 24-48 hours to transfer your shares to the target Demat account.
In conclusion, closing an ICICI Demat account is a simple process that can be done either online or offline. Make sure to sell or transfer all your existing holdings before submitting the account closure form.
Before closing an ICICI demat account, there are a few important considerations to keep in mind. This section will cover some of the key factors to consider before proceeding with the closure.
Clearing Debit Balances
If the demat account has any outstanding debit balances, it is important to clear them before initiating the closure process. This can be done by transferring funds from the linked bank account to the demat account to cover the outstanding balance. It is important to note that closing the demat account does not automatically clear any outstanding balances, and the account holder remains liable for any unpaid amounts.
Closing Active SIPs
If the demat account has any active Systematic Investment Plans (SIPs), it is important to cancel them before closing the account. This can be done by submitting a request to the respective mutual fund company to cancel the SIP. It is important to note that any pending payments towards the SIP will still be deducted, and the account holder remains liable for any unpaid amounts.
Transferring Stock Holdings
Before closing the demat account, it is important to transfer any stock holdings to another demat account or sell them. This can be done by submitting a request to ICICI Direct to transfer the shares to another demat account or sell them and credit the proceeds to the linked bank account. It is important to note that any open positions in the demat account will be closed, and the account holder remains liable for any unpaid amounts.
In conclusion, closing an ICICI demat account requires careful consideration of various factors such as debit balances, active SIPs, and stock holdings. It is important to clear any outstanding balances, cancel any active SIPs, and transfer or sell any stock holdings before initiating the closure process. By following these steps, the account holder can ensure a smooth and hassle-free closure process.
After successfully closing an ICICI Demat account, there are a few post-closure processes that account holders should be aware of. These processes include understanding the ledger, confirming closure status, and re-opening a Demat account.
Understanding the Ledger
ICICI Bank provides a Demat account ledger that shows all the transactions that have taken place in the account. Account holders can access this ledger through Internet banking or by visiting a branch office. It is important to review the ledger to ensure that all holdings have been transferred or sold and that all pending payments and charges have been settled.
Confirming Closure Status
After submitting the closure request form, ICICI Bank will process the request and update the account status to “closed” within a few days. Account holders can confirm the closure status by checking their account status online or by visiting a branch office. It is important to ensure that the account status has been updated to avoid any future charges or penalties.
Re-Opening a Demat Account
If an account holder wishes to re-open a Demat account with ICICI Bank, they can do so by submitting a new account opening form at any ICICI Bank branch. The account opening process is similar to the first time account opening process. Account holders must provide all the necessary Documents and complete the KYC process again.
In conclusion, after closing an ICICI Demat account, account holders should review the ledger, confirm the closure status, and if needed, follow the process to re-open a Demat account. It is important to ensure that all processes are completed to avoid any future charges or penalties.
Alternatives to ICICI Demat Account
If you are looking for alternatives to ICICI Demat Account, there are several options available in the market. Here are some of the popular alternatives that you can consider.
Zerodha is one of the most popular stockbrokers in India that offers a Demat account. The company has a user-friendly platform and provides low brokerage fees. With Zerodha, you can open a Demat account for free and enjoy a seamless trading experience. The company is also known for its innovative tools and features that help traders make informed decisions.
NSDL and CDSL
National Securities Depositories Ltd (NSDL) and Central Depositories Services (India) Ltd (CDSL) are two of the most popular depositories in India. They offer Demat accounts and provide services such as account opening, maintenance, and settlement of trades. Both NSDL and CDSL are regulated by SEBI and are considered safe and secure.
Other Popular Stock Brokers
Apart from Zerodha, there are several other popular stockbrokers in India that offer Demat accounts. Some of the popular ones include:
These stockbrokers offer a range of services and features to their customers, including low brokerage fees, research reports, and trading tools.
In conclusion, if you are looking for an alternative to ICICI Demat Account, you have several options available. You can choose a stockbroker that suits your trading needs and preferences.
Understanding Fees and Charges
Before closing an ICICI demat account, it is important to understand the fees and charges associated with it. ICICI charges an annual maintenance fee of Rs. 500 for the demat account. In addition, there may be charges for transactions such as buying or selling stocks, mutual funds, ETFs, government securities, corporate bonds, and exchange-traded funds (ETF).
It is important to note that the charges for intraday trading are different from those for delivery-based trading. Intraday trading refers to buying and selling stocks on the same day, while delivery-based trading refers to buying and holding stocks for a longer period of time.
Exploring Online Trading
ICICI Direct provides an online trading platform that allows investors to buy and sell stocks, mutual funds, ETFs, and other securities. The platform is user-friendly and provides real-time market data, research reports, and other tools to help investors make informed decisions.
To access the online trading platform, investors need to open a trading account with ICICI Direct. The process is simple and can be completed online. Once the account is opened, investors can start trading immediately.
Investing in Mutual Funds and ETFs
ICICI Direct also offers a wide range of mutual funds and ETFs for investors to choose from. Mutual funds are professionally managed investment portfolios that pool money from multiple investors to invest in stocks, bonds, and other securities. ETFs are similar to mutual funds but trade like stocks on an exchange.
Investors can choose from a variety of mutual fund categories such as equity, debt, hybrid, and tax-saving funds. Similarly, ETFs are available for different asset classes such as equity, debt, gold, and international markets.
In conclusion, closing an ICICI Demat Account can be a straightforward process if you follow the right steps. Whether you choose to close your account online or offline, it is important to ensure that you have settled all outstanding dues and have no holdings in your account. If you have holdings, you will need to transfer or sell them before initiating the account closure process.
Additionally, you should be aware of the charges and fees associated with the account closure process, such as the account closure fee and the courier charges for returning the unused DIS booklets. By carefully reviewing the account closure process and understanding the charges and fees, you can ensure a smooth and hassle-free closure of your ICICI Demat Account.
FAQ How to Close Your ICICI Demat Account
What is the process to close an ICICI demat account?
To close an ICICI demat account, one needs to fill out the account closure form and submit it to the nearest ICICI branch. The account holder must ensure that there are no pending payments or charges before initiating the closure process.
How do I fill out the ICICI demat account closure form?
The account closure form can be downloaded from the ICICI Direct website or obtained from any ICICI branch. The form must be filled out with accurate and up-to-date information, including the account holder’s name, account number, and signature. The form must be submitted to the nearest ICICI branch along with the necessary documents.
What are the charges for closing an ICICI direct account?
The charges for closing an ICICI demat account depend on the type of account and the duration for which it has been operational. The account holder must contact ICICI customer care or visit the nearest ICICI branch to get information about the charges.
Can I close my ICICI demat account online?
Yes, an ICICI demat account can be closed online. The account holder must log in to the ICICI Direct website, go to the ‘Support’ section, and select ‘Account Closure.’ The online account closure process is simple and easy to follow.
How do I contact ICICI customer care to close my demat account?
The account holder can contact ICICI customer care by calling the toll-free number or visiting the nearest ICICI branch. The customer care executive will guide the account holder through the account closure process and answer any queries related to the closure.
Is it possible to delete my demat account permanently?
Yes, it is possible to delete an ICICI demat account permanently. The account holder must submit a written request to ICICI customer care, stating the reason for the closure. The account holder must ensure that there are no pending payments or charges before initiating the closure process.