ICICI Direct was my first Demat account. It was easy for me to open an ICICI Direct account because I already had an ICICI savings account.
I had no idea about the ICICI Direct brokerage charges. Later, I realized ICICI charges huge brokerage charges as compared to any other stockbroker. Then I opened an account with Zerodha for trading purposes. Last year, I closed my ICICI Direct account and move my portfolio to Zerodha.
In this article, I am sharing all the 3 methods to transfer shares from ICICI Direct to Zerodha.
- Closure cum transfer
- Online method
- Offline method
ICICI Direct Account Close And Share Transfer To Zerodha
If you want to close your ICICI Direct account along with transferring your shares to your Zerodha account, then you have to follow the steps mentioned below.
Step 1 – Get Zerodha CMR Copy
You need a Client master report or CMR copy from Zerodha (where you want to transfer the shares). CMR Copy is a document that contains your personal details along with your demat account with that broker.
You can find your Zerodha CMR (Client Master Report) copy in the Console portal in the Documents section under the Account tab.
You have to submit this CMR copy to the ICICI Direct team along with the Demat Account Closure form to transfer shares and close the account simultaneously. Let’s discuss that.
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Step 2 – Submitting Demat Account Closure Form
You need to fill out two separate forms to close ICICI Direct demat and trading accounts. Download both forms from here –
ICICI demat account closure form would look like this –
Take a printout of this form, fill it out precisely, along with Zerodha CMR Copy and submit it to your nearest ICICI Direct office or email at [email protected].
ICICI Direct will verify all the required information, transfer your shares to the Zerodha account and will close the Demat account within 7-10 days.
You can go through our detailed guide on how to close ICICI Direct demat account for better understanding.
Only Share Transfer From ICICI Direct to Zerodha
#1. Online Share Transfer To Zerodha
You can transfer shares from your ICICI Direct account to your Zerodha account online through the CDSL portal. You need to open a Zerodha Demat account in case you don’t have the account yet. You can also check the Zerodha charges including account opening, AMC, & brokerage fees.
We have divided the online share transfer process into 2 parts to make the process easy to understand –
- CDSL registration
- Share transfer
I. CDSL ‘Easiest’ registration
You have to register on the CDSL Easiest website before transferring your online shares.
Step #1 – Go to the “CDSLMyEasy” portal. Click on “To Register for Easiest”. The depository has launched this portal to help demat account owners manage their securities and their holdings from anywhere, at any time.
Step #2 – Fill in the ICICI DP ID and Client ID. Click on “Next” and enter OTP that you’ll get on your registered mobile number.
Note – Your first 8-digits of the demat account number are the DP ID and the last 8 digits of the demat account number are the client ID.
You can log in to your ICICI Direct trading account and visit the “Demat Allocation” Section or click on your name at top of the portal to know your Demat account number.
Step #3 – Fill in personal information like username, and security question.
Step #4 – Enter Zerodha BO ID (Demat account number) in the “Trusted Details” section and click on “Submit”. Now click on Continue.
The next tab is “Grouping” which allows you to access multiple demat accounts with different brokers from one CDSL ID. Now you don’t have to make multiple CDSL IDs to register each demat account.
Follow the process mentioned below to add different demat accounts with this CDSL ID.
- Click on Add button
- Enter the BOID of the demat account you want to attach with the CDSL ID
- Click on ADD BOID.
(You can skip this step if you are not going to add multiple demat accounts.)
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Step #5 – Click on Finish and your registration process is complete.
After completing the easiest registration process, you get two emails from CDSL.
- First e-mail concerning registration approval
- And another email would provide login credentials
II. Share transfer online through the CDSL portal
Step #1 – Login to the CDSL Myeasinew portal.
Step #2 – Click on the transaction menu and then click on the Setup option.
Step #3 – Click on the Bulk Setup button on the left side.
Step #3 – Fill in the required details. The execution date would be the present-day date on which you are executing the share transfer.
Select the Zerodha BO-ID from the “Counter BOID” menu.
No need to fill in other fields like counter settlement id, and market type.
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Step #4 – Fill in ISIN details as shown below. If you don’t know ISIN details click on the orange button “Account ISINs” and select all the shares from there.
Fill quantity of shares you want to transfer in the “Quantity” field. Consideration amount is not a mandatory field so you can skip it.
Select “Transfer to own account” in the “Reason for Trade” option and Click OK. You’ll see all shares’ ISIN details below. Check the details and now you can click on “Submit”.
You’ll get a temporary transaction number.
Step 5 – Click on the “Verify” button as mentioned below. You’ll be able to check all your transactions. You can select the transaction entry and click on “Commit”.
Now enter OTP delivered to your registered mobile number and then enter “TPIN”.
That’s it. Once you complete the above-shown process. ICICI Direct would verify the transactions and after verification, the shares would be reflected in your Zerodha dashboard within 4-5 working days.
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#3. Offline Share Transfer
You can also opt for the offline share transfer method if you are not comfortable with the online process. In the offline method, you have to fill Delivery Instruction Slip (DIS) booklet and submit it to your nearest ICICI Direct branch.
How to get the DIS booklet from ICICI Direct
Since ICICI Direct does not provide a DIS booklet online, you have to fill out an application form first.
Make sure you have selected the right option as shown below –
- If you have a CDSL ICICI Direct account, then go with DIS I
- f you have an NSDL ICICI Direct account, then go with Inter depository slip
Print the form, fill in the required details and submit it to your nearest ICICI Direct branch. The branch will issue you a DIS booklet having 10 leaves.
How to transfer share from ICICI Direct to Zerodha offline
You have to fill in the DIS received from the above-mentioned step. You need to fill out the instruction slip with the below-mentioned details.
- Depository (DP) name –Target Depository Name (fill in the broker’s name where you want your shares to get transferred). In your case, fill in Zerodha Broking Ltd. or just Zerodha.
- Target DP ID – Zerodha’s DP ID (first 8 letters of your Zerodha’s demat account number)
- Target Client ID – Your Zerodha’s client ID where you are transferring the shares (Last 8 digits of your Zerodha’s demat account number).
- Other security details – Scrip (stock) name, ISIN, and quantity.
After filing the DIS you have to submit it to your nearest ICICI Direct branch.
ICICI team will verify your details and transfer the shares to your Zerodha demat account within 5 to 7 business days.
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You have to pay Depository Charges (DP charges) every time you transfer shares from one account to another.
ICICI Direct charges heavily on share transfer which is 0.04% of the value of demat holdings (Minimum Rs. 30 and maximum Rs. 25,000).
So only transfer the shares when really necessary to avoid DP charges.
- Clear the outstanding amount, if any. Your account can only be terminated if you do not have a negative account balance.
- Keep no securities like stocks, mutual funds or other holdings in your Demat account. You can either sell or transfer your holdings if any using any of the above-discussed methods.
- Withdraw your funds before closing the account.
- Close all the F&O open positions
- Go to the CDSL MyEasi Reset Password link
- Select the user type as BO.
- Enter the required details like BO ID, CDSL Login Name, PAN or mobile number or email ID.
- Click on Submit. That’s it, the new password will be sent to your registered email ID.
You can call Zerodha Customer Care number which is 080-40402020 or raise a ticket at Support.zerodha.com.
You can contact ICICI Direct customer support either via email id is [email protected] or you can call at 022 6807 7100.
You can find your BOID or demat account number in the Console portal.
Login to Console > Account > Demat