How to Close ICICI Direct 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.

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.

Step 1 – Get ICICI Direct Trading Account Closure Form

Download and print ICICI Direct trading account close form using this link and download a separate form to close demat account using this link.

Step 2 – Fill the ICICI Demat Account Closure Form 

Carefully fill out the ICICI direct trading account closure form. Fill in 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 – Attach Supporting Documents

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. Attach a copy of your PAN and Aadhaar card with the application form.

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 in the Branch or by Email

You can now submit your account closure application form to the ICICI Direct branch office in your city.

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.

You can also send the scanned copy by email at [email protected]

Circumstances under which you can’t close ICICI account

  • 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.

#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.

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. 

#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 don’t have it at present.

ICICI Direct Level 3 complaint

#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 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 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.

About Rajan Dhawan

Rajan has covered personal finance and investing for over 5 years. Previously, he was in the IT field for 8 years after completing his MCA but his deep interest in personal finance led him to become an investing expert. He is passionate about investing, stocks, startups, and cryptos.

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