How to Close ICICI Demat Account?

How to Close ICICI Demat Account?

If you have ever done trading, then you know about the Demat account.  But if you want to know how to close an ICIC Demat account. Well, it’s possible or not to close online the ICICI direct Demat account. So you would like to fill out a form and submit it to the company to get it closed. Let’s know it in detail.

Quick Introduction

A Demat account provides the facility of holding the share and the security electronically. Well, you can buy and store, online trading shares and other securities in a Demat account. 

And you know the Demat account holds all the investments that you have in shares, government securities, Exchange-Traded Funds (ETF), corporate bonds, and mutual funds in one place.

Important Things to Know Before Closing Your Demat Account

If you have already decided to close your Demat account. First, you have to know that there are two different sorts of Demat account clouser that you should be aware of before closing the Demat account.

The first one is Basic Account Closure, this account holder can close their demat account when there are no pending payments, charges, or holdings. So all you have to do is submit a request to the depository participant. It may be done online and also frequently met with prompt answers and it also makes the total procedure hassle-free.

Transfer and Account Closure, in this if you still have securities, or charges payable in your Demat account. Well, before the account in question may be efficiently closed this calls for the transferring of the information to another demat account. So it frequently entails several additional processes.

Notes all Information Before Closing the Demat Account

Before deleting your account, you must review and examine your account. Make sure it confirms with given below criteria, before the closing process.

  • First,  you have to verify that your account does not have any debit balance. And if there are any debit balances then before delta your account must withdraw or transfer that balance.
  • Well, any SIPs, Mutual funds, or Bond investments should not be connected from the aforementioned Demat account. If there is any transfer and closure request rather than a straightforward one-step closure request would be appropriate for this.
  • You also have to verify that there is no balance. Because before the account can be terminated, any negative balance that results from the settlement must be paid a broker fee.
  • Well, you also have to ensure that any inactive International Securities Identification Numbers (ISINs) for the share of the firm are no longer traded and dematerialized.
  • All the positions should be closed at the scheduled closing time which includes option positions, stock holding, and future contracts. So if you want to keep them then move or transfer to another Demat account.

For notes, if you have contained more than this share, then you must have told or informed the relevant depositary partner right once by this they can be dematerialized before the account is closed.

Steps to Close ICICI Demat Account

If you have already decided to close the ICICI Demat account or you want to delete it, then you can close your account by following these steps which are given below:-

  1. First, you have to download the account closure form. Or you can visit the nearest ICICI best bank branch and apply for Account closure. Well, you have to know that every branch has a sample application that they print and they give to the customer to sign it.
  2. Now you have to fill out the form by providing all the details. And you have to carry your ID proof and bank account details with you.
  3. After that, you have to attach all the required documents like a copy of the ledger, and unused DP slips.
  4. When the application is submitted for closure of the account. After that, you will receive an SMS on your registered number with the account closure details and with the request number.
  5. After all, it may take up to 2 working days to close the account. Once the account is closed, you will get a confirmation SMS. That it. 

Note: They do not charge anything for account closure. Before closing the account, you should check whether the balance that is is zero or not if not then transfer it to another account. They have also noticed that we should have no share in the demat account.

Final Words

Thus, a Demant account application can help you achieve your financial goal, as you can invest in the stock market through the Demant account.  

Well, if you are not investing or trading and you don’t even use the Demat account then it’s best to close your Demat account. It also becomes necessary when have multiple accounts so what if you want to stick in one account? 

So for this, we have discussed every single detail on this blog. We hope your query on how to close the ICIC Demat account, is now cleared. We hope our information is helpful to you. 

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