How to Close ICICI Direct Demat Account in 2022

ICICI Direct account closure process is just opposite the seamless account opening process. 

You can’t close your ICICI demat account and trading account online by directly visiting their website and providing details. 

However, you can reach out to their helpdesk via email for account closure. The Helpdesk team will reply to you within 2-3 working days. 

If you get the reply, then you may proceed with further steps that I am going to discuss with you in the next section.

In case you don’t get any positive response from email or customer service, ICICI mentioned separate offline process to close your trading account and demat account, 

If you want to close your ICICI trading account but want to continue the demat account, then you have to reach out to the ICICI Direct branch office to proceed with the account closure process. ICICI Direct is not located at all the locations. You need to be lucky to have the branch in your own city. 

On the other hand, if you want to close your ICICI demat account as well, you have to reach out to the ICICI bank to complete the process.

You can open Upstox account to keep doing your stock investment.

Let’s discuss all the procedures in a step-by-step manner.

How to Close ICICI Direct Demat & Trading Account (Online)

If you want to close both ICICI demat and trading accounts online, the only way is through email communication. 

Step 1 – Email the HelpDesk

(The whole process takes approximately 10 to 15 days approximately.)

Email to ICICI Direct help desk –  [email protected] and ask them to close your ICICI trading and demat account. 

Do mention your trading account number in the email.

ICICI direct account close I

Step 2 –  Follow the Instructions

You will receive another email from ICICI helpdesk within the next 2-3 days containing the instructions that you need to follow to close the demat & trading accounts.

ICICI direct account close email

You can also send them an email instructing to close the trading account with account number separately. 

ICICI direct account close email II

Step 3 – Send the Scanned Copy

Send the scanned copy of your account closure form along with the self attested copy of your PAN Card to ICICI helpdesk.

ICICI direct account close email III

Step 4 – Check the Confirmation Email

You’ll receive a confirmation email about your demat account closure in 3-4 working days. If you don’t get any reply, please send a reminder.

The confirmation email would look like as shown below.

ICICI direct account close email IV

Step 5 – Separate Email for Trading Account Closure

You must send a separate email to close the trading account by providing them your trading account number. 

You may also get an email from ICICI help desk seeking your consent to close the trading account.

ICICI direct trading account close email new

Please wait for 3-4 working days to let  them close the account.

Step 6 – Confirm the Account Closure

You can check out if you are still able to log in to your ICICI direct account or not. If your ICICI Demat and Trading account are closed. You’ll get “not able to login” message.

Otherwise, you can still email to icici helpdesk to confirm if they have closed both demat and trading accounts or not.

Circumstances under Which You Can’t Close ICICI Account Online

  • If you have opened ICICI demat account offline
  • If you have shares in your ICICI demat account but you have lost DIS (Delivery Instruction Slip) Booklet, you have to approach ICICI direct office for DIS booklet and transfer of shares, only then you can close the account.

Also read – Axis Direct Review

How to Close ICICI Direct Trading Account (Offline)

Step 1 – Get ICICI Direct Trading Account Closure Form

In ICICI you have to separately close the trading account and this section of this article is to guide you about how to close ICICI Direct trading account offline.

You can click on this link to get the ICICI Direct account closure form. You can download and print the form. The form looks like as below –

ICICI Direct Trading Account Closure Form

Step 2 – Fill the Account Closure Form 

Carefully fill the ICICI direct trading account closure form. Fill all the required details such as your PAN number, Date of birth and Trading account number. 

If you are having an NRI trading account, then  you have to mention the NRE/NRO PINS and Non PINS details in the account closure form.

Step 3 – Follow the Checklist

Once you have filled in your details and signed the form. Check the various points mentioned in the checklist on the 2nd page of account closure form so that ICICI Direct staff won’t put any objection or rejection on the account closure application.

The checklist for ICICI Direct Trading Account Closure Form is as below –

ICICI Direct Trading Account Closure Checklist

You can fill the details as mentioned below if you have any confusion 

  • SR No. – enter your trading account number in the SR No. column
  • Match ID/User Id – mention your user id provided by ICICI Direct
  • Customer Name – Write down your name as per the ICICI records
  • PAN no. of Applicant – Write your PAN card number correctly
  • Date of Birth – Mention your official date of birth in DD-MM-YYYY format
  • Date – Write the date on which you are applying for account closure

Step 4 – Submit the Form

You can now submit your account closure application form to the ICICI Direct branch office in your city. The ICICI bank won’t help you out in this regard.

You have to duly fill the form and submit it to the ICICI Direct branch office in your nearest city. You can also submit the form to your ICICI direct broker if you have opened the account directly from the broker.

You can find the ICICI Direct branch to your nearest city by clicking on this link. You’ll find a list of all the ICICI Direct branch offices throughout India.

Check out – Best trading apps in India

How to Close ICICI Direct Demat Account (Offline)

You need to submit a separate form to ICICI Direct branch if you want to close the ICICI Direct demat account. Let’s understand the process.

Step 1 – Get the Demat Closure Form

You can get the ICICI Demat closure form this link. Or you can visit your nearest ICICI bank and ask for a demat closure form.

Your Demat closure form would look like this –

ICICI Demat account closure form

Step 2 – Fill the Account Closure Form 

Fill the details in the demat account closure form with due care, otherwise your request can be rejected.

You can fill in the required details such as your Client ID, DP ID, PAN number, and other important details. 

Make sure your signatures are similar to what you have provided at the time of account opening process.

Step 3 – Submit the Form

You have to visit the ICICI Direct branch office in your nearest city (if you don’t live in a metro city) to submit your demat account closure application.

You must follow up the important steps that I am going to share with you in the next section to avoid any rejection on your account closure form.

Checklist to Avoid Rejection of ICICI Demat/Trading Account Closing Application

#1. Make a Checklist

Before filling any account closure form, make a checklist of important details and recheck after you have filled the form. 

That will help you not to miss any mandatory details. 

The ICICI has provided a checklist in the trading account closure form that which is as below –

ICICI Direct Trading Account Closure Checklist

But still you can follow the factors mentioned below in your checklist.

  • Check if your Name is same as on your demat/trading account
  • Check that your date of birth should be correct as per your demat/trading account
  • Check the Client ID, account number and similar details is correctly filled.
  • Your signatures should be similar to what you have provided at the time of account opening.
  • Check if you have attached supporting documents such as death certificate of account holder
  • Check if any document requires notary attestation and that is done or not
  • If you are NRI, your NRE/NRO account details are correctly filled
  • Your PAN number is correctly filled

#2. Sell or Transfer the Holdings

If you are having any shares or mutual funds in your trading or demat account, you can either sell them before closing the accounts or you have to transfer them to another demat account.

Otherwise, ICICI will reject your account closure application.

To transfer shares to another account, you need a DIS (Delivery Instruction Slip) that you have received at the time of account opening.

ICICI DIS format

You have to fill the DIS slip and submit it to your ICICI Direct office before closing your account.

In case you have misplaced your ICICI DIS booklet, you can request for a new booklet by filling the reissue form. 

You can find the reissue form using this link.

The reissue form would look like this –

ICICI DIS reissue form

You can also request your nearest ICICI direct branch to provide the DIS booklet. You have to visit your nearest ICICI Direct brand and submit the Re-issue form. 

Then ICICI Direct will issue you a fresh DIS booklet, that you will use for share transfer to another demat account.

#3. Transfer the Funds

If you have some money deposited in your ICICI trading account, you should transfer the money to your savings account attached before submitting the account closure application.

#4. Settle Your Outstanding

If you have any outstanding payments such as maintenance charges due, you should first clear all the outstanding payments and then proceed for the account closure.

#5. Attach Supporting Documents

You should attach the self attested copies of your PAN Card and Aadhaar Card along with the account closure form. 

If you are scanning the documents to send over email, scan the self-attested copies of PAN card and Aadhar Card.

In case you are closing the account due to the death of the account holder, then you must get the copy of the death certificate notary attested.

Final Thoughts 

Just like other full service brokers, ICICI Direct has no standard online process to close the account.

Secondly, if you approach ICICI bank, they will only help you in closing the savings but will not guide you about how to close the demat or trading account. 

They will ask you to go to ICICI Direct office to close the account which is only available in metro cities. 

So, I recommend you to email them multiple times if they don’t reply initially. In case, you get a quick revert, then you can expect to get easy closure of your accounts.

FAQs

#1. What to do if My Account Closure application has not been processed after a long time?

You can complain to ICICI Direct Grievance Department at various levels.

#1. Level-1 Grievance 

You can complain at Level 1 using this link.

Fill the details as below –

ICICI Direct Level 1 complaint

Provide additional details and click on “Submit”

ICICI Direct Level 1 complaint II

#2. Level-2 Grievance

You can complain at Level-2 if you don’t get your issue resolved at Level-1. Use this link to reach out Level-2 Grievance.

ICICI Direct Level 2 complaint

#3. Level-3 Grievance

You can also register a complaint to the Public Nodal Officer if you are not satisfied with Level 2 assistance. 

Here’s the link to Level-3 Grievance.

#2. How to transfer shares to another demat account?

You need to submit a DIS (Distributed Information Slip) containing details of your shares that you want to transfer to another demat account.

Along with details of your destination (target) demat account.

You can approach your broker or official website to reissue the DIS in case you dont’ have it at present.

DIS looks like this –

ICICI Direct Level 3 complaint

You can reach out the link below to get the reissue form to get a new DIS booklet.

#3. What is the better alternative of ICICI Direct?

Since ICICI Direct is a full service broker, if you are not satisfied with ICICI,  you can go with the Angel Broking which is also a full service broker but they offer flat brokerage of Rs. 20 per trade in their iTrade Prime plan. 

They also have better customer service as compared to the ICICI Direct and they also offer you a relationship manager to handle all your queries. 

If you want to move to a discount broker, then Zerodha is the best discount broker in India because they offer you less brokerage which is 0.03% or Rs. 20 per order whichever is the lower one. 

Their web trading platforms as well as mobile apps are minimalistic and fast.

They also have better customer service with a ticket closure time of 48 hours. They are also very responsive to tweets in case your issue is not resolved with ticket escalation.

#4. Where to get various ICICI demat account related forms?

You can download various ICICI demat account services such as Dematerialization of shares, freezing or closing any account using this link.

About Raghav

Raghav is an investment analyst with a commerce education background who loves to write & share his investment ideas.

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