How to Close ICICI Demat Account?

If you’ve stopped trading or moved to another broker, there’s no point keeping your ICICI Demat account open and paying charges every year. Many people ask, How to close an ICICI Demat account? The process is simple, but you must follow a few steps properly.

Why Close an ICICI Demat Account?

Here are some solid reasons:

• High yearly charges: ICICI charges ₹700+GST every year, even if you're not using it.
• Shifted to a better broker: Like Zerodha, Groww, or Upstox, where charges are low or zero.
• Not using it anymore: Maybe you started during COVID and now lost interest.
• Inactive account issues: Unused accounts can get frozen or cause problems later.

Documents Needed to Close an ICICI Demat Account

Here’s what you need:

• Filled ICICI Demat Account Closure Form.
• Self-attested PAN card.
• Self-attested Aadhaar card.
• Client ID and DP ID.
• Latest Holding Statement (download from the ICICI app or site).
• Cancelled cheque copy (if refund is expected).

Steps to Close an ICICI Demat Account

If you’ve decided to close your ICICI Demat account, just follow these simple steps:

1. Get the Closure Form

• You can download the Demat account closure form from the ICICI Direct website.
• Visit the nearest ICICI Bank branch. They’ll provide a pre-filled sample form that you just need to sign.

2. Fill Out the Form

• Enter your Client ID, DP ID, and other required details.
• Mention the reason for closing the account (you can simply write "Not using" or "Switched broker").
• If it's a joint account, all holders must sign.

3. Attach Required Documents

• Self-attested PAN card and Aadhaar card.
• Ledger copy (optional, but helpful).
• Unused DP slips (if you have any).

4. Submit the Form

• Submit the filled form and documents at any ICICI branch, or
• Courier it to: ICICI Securities Ltd, Shree Sawan Knowledge Park, Plot No D-507 TTC Industrial Area, M.I.D.C, Turbhe, Navi Mumbai - 400705

5. Wait for Confirmation

• After submission, you’ll get an SMS on your registered mobile with a request number.
• The account is usually closed within 2 working days.
• Once it's done, you’ll receive a confirmation SMS.

Note:

• No charges are taken for account closure.
• Make sure your Demat balance is zero. If not, transfer the shares or funds to another account.
• Your ICICI Bank account must be active to process the closure smoothly.
• Ensure there are no pending trades, dues, or investments linked to the Demat account.

Important Things to Know Before Closing Your Demat Account

Before you rush to close your Demat account, understand that there are two types of closures, depending on your account status:

Basic Account Closure

This is the simplest and fastest method. You can use this if:

• There are no shares or securities in your account.
• There are no pending charges or payments.
• Your account is completely clean and empty.

In this case, you just need to submit the account closure form to ICICI (your depository participant). This can be done offline, or in some cases, you may also start it online. The process is quick and doesn’t involve extra steps.

Transfer and Closure

This applies when:

• You still hold shares, mutual funds, or ETFs.
• There are pending dues in the account.

Here’s what you need to do first:

• Transfer all your holdings to another active Demat account
  (For example, move your shares to your Zerodha or Groww account)
• Clear any outstanding charges or AMC fees

Only after this can you request that the account be closed. This process has a few extra steps, but it is still doable if followed correctly.

Things to Check Before Closing Your Demat Account

Before you delete or close your ICICI Demat account, you must double-check a few important things to avoid delays or rejection. Here is a checklist before closing:

No Debit Balance

• Make sure your Demat account doesn't have any pending dues or negative balance.
• If yes, clear or transfer the amount first.

No Active Investments Linked

If your account has:

• Ongoing SIPs
• Mutual funds
• Bonds

First, disconnect or transfer them to another Demat account. You can’t close the account if it’s still linked to active investments.

No Holdings Left

• Your account should have zero shares before closure.
• Sell them or transfer to another broker like Zerodha or Upstox.

Pay Any Pending Brokerage Charges

• If there’s any unsettled trade, check for broker fees or penalties.
• These must be paid before closure.

Dematerialize Inactive Shares (if any)
If you have shares that are no longer traded (inactive ISINs), get them dematerialized or removed.

Close All Open Positions
Make sure there are no:

• Open stock positions
• Futures & Options contracts
• Pending trades

If you want to keep them, transfer them to another active Demat account.

Note: Make sure all these points are ticked off. If you try to close the account without meeting these conditions, ICICI will reject your closure request, and you’ll have to do the whole process again.

Conclusion

In conclusion, closing your ICICI Demat account is easy if you follow the right steps. Don’t keep paying yearly charges for something you’re not using. Whether you’ve moved to another broker or just stopped trading, it’s smart to shut it properly. Just remember to check your holdings, clear dues, and fill the form carefully.