One of the most significant disadvantages is the cost of opening and maintaining a Demat account. The cost of owning a Demat account includes account opening costs, transaction fees, custodian fees, and annual maintenance expenses.
The same is true for ICICI Demat. However, if you do not use an account after you have it, it is best to close it. Otherwise, you’ll have to pay for maintenance.
Steps to Close ICICI Demat account
- Steps to Close ICICI Demat account
- ICICI Demat Account Closing Form
- ICICI Demat Account Closing Charges
- Things to do before Closing ICICI Demat Account
- Frequently Asked Questions
Online closure of your ICICI Direct Demat account is not available. You’ll need to fill out a form to close your Demat account. You must also transmit it to the office of the depository participants.
- 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 required information, such as customer ID, DP ID, name and address, cause for closing, and signature.
- Any supporting papers, such as a copy of the ledger or any unused DP slips, must be attached.
- Send the form to the ICICI depository participants office closest to you.
- Your cell phone will receive an SMS with an account closure request number.
- It may take up to 7-10 working days to complete the account closure process. You will receive an SMS confirmation when the account is closed.
Also Read: How Can I Cancel My ICICI Bank Account?
ICICI Demat Account Closing Form
Here are some instructions and details on how to fill out the form:
- You can download the ‘ICICI Demat account closure form from this link or from above by clicking on download link.
- A pdf of the account closing form will be available on the website. The pdf should be tapped.
- Print the form after downloading it as a pdf.
- Fill in all of the form fields carefully now.
- The form must be completely filled out in block letters.
- If you only have one account, type your name in block letters in the first box.
- The names of the people on a joint account can be changed in the same way.
- Fill in the blanks with your information, such as your Client ID, DP ID, name, and address.
- The cause for the closure of your ICICI Demat account must be stated.
- Provide the account holder’s name, account number, and signature if you need to transfer your stocks to another Demat account.
- In the case of a joint account, both parties must sign the paperwork.
- The final section will be completed by branch members. A receipt as well as a confirmation letter will be sent to you. It verifies that you have submitted an application to close your ICICI Demat account.
- You will get confirmation of your account closure within 7-10 business days.
ICICI Demat Account Closing Charges
Without incurring any expenses, the ICICI Demat account can be closed at any time. You are not required to pay either while completing the closing form or after the account has been closed. The account could be canceled in seven days or less.
If you are requested for money while closing an account, never provide it. You can take action by filing a complaint.
Things to do before Closing ICICI Demat Account
There are a few things you should have ready before closing your ICICI Demat Account:
- Make sure that all of the information on the Account Closing Form is correct to avoid rejection.
- Your client ids and DP must be available.
- Existing data, such as names and other facts, should correspond to previous records.
- Your account cannot include any shares. You can transfer or sell all of your securities directly from your account.
- Check to see if your account is in the black.
Frequently Asked Questions
Is ICICI Demat account free?
There is no charge to open a Demat Account with ICICI. The first year’s annual service cost is waived. You can also use the ICICI Demat accounts secure online method to keep track of your investments. You can prevent unauthorized transactions in your Demat account (ICICI) by updating your cellphone number with your Depository Participant. This would also enable you to receive alerts for every debit and other important Demat account operations on your registered mobile phone.
What is the ICICI Demat account minimum balance?
A minimum of Rs. 5000 must be maintained each quarter. Otherwise, the customer’s bank account would be assessed/deducted Rs. 750.
What is the procedure for checking my ICICI Demat account?
You can check the status of your ICICI Bank Demat Account on ICICIBank.com. Connect your Demat account to your existing Internet banking User ID. By clicking the Demat Account link, you can get to the Demat area. You can find it on the My Accounts page or by selecting the Demat option from the top menu.