How to Close ICICI Direct Demat Account

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.

At that time, I had no idea about the ICICI Direct brokerage charges. Later, I realized ICICI bank charges huge brokerage charges as compared to any other stockbroker. Then I opened an account with Zerodha and closed my ICICI Direct account.

In this article, I share the complete process I followed to close my ICICI Direct Demat account.

If you want to close your ICICI trading account but continue the Demat account, you must contact 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, you must contact the ICICI bank to complete the process.

Step 1 – Get the ICICI Direct Trading Account Closure Form

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

Step 2 – Fill out the ICICI Demat Account Closure Form 

Please carefully complete the ICICI direct trading account closure form. Include all the required details, such as your PAN number, Date of birth, and Trading account number. 

If you have 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 the account closure form so that ICICI Direct staff won’t put any objections or rejections 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 also check the list of zero brokerage trading account in India that offer zero brokerage charges on all trading segments.

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 your city’s ICICI Direct branch office.

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

You can check our research report on the top 20 stock broking companies in India to find an alternative to ICICI direct.

#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 do you transfer shares to another Demat account?

You must submit a DIS (Distributed Information Slip) containing details of the shares you want to transfer to another Demat account.

You can contact your broker or the official website to reissue the DIS if 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. Angel Broking offers a flat brokerage of Rs. 20 per trade in their iTrade Prime plan. 

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

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

Their web trading platforms and 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 with ticket escalation is not resolved.

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.

2 thoughts on “How to Close ICICI Direct Demat Account”

Leave a Comment