How to close ICICIDirect Demat Account?

If the customer does not do any trades for 6 months, the ICICIDirect trading account becomes 'Inactive' or 'Dormant' trading account. The account remains on the customer's name and the broker keep charging Annual Maintenance Charges (AMC) on this account. To reactivate the ICICIDIrect account, the customer has to contact ICICI Bank.

If customers are not using the ICICIDirect's trading and demat account, it is recommended to close the account to avoid almost Rs 1000 per year AMC. ICICIDirect customer may close the accounts with ICICI Securities at any point of time.

Steps to close Demat Account with ICICIDirect

1. Download the 'Account closure form' or Visit the nearest ICICI Bank branch and submit an application for Account Closure. Every branch has a sample application which they print and give it to the customer to sign.
2. Fill the form by providing all the required details. You have to carry your id proof and bank account detail with you.
3. Attach all the required documents like copy of the ledger, unused DP slips
4. After the application is submitted for account closure, you will receive an SMS on your registered mobile number with an account closure request number.
5. It may take up to 2 working days to close the account. Once the account is closed you will get confirmation SMS.

Note:

1. ICICI do not charge anything for account closure.
2. Before closing the account customer should reduce the account balance to zero.
3. Customer should have no shares in demat account. Either they have to be transferred in other account or rematerialized them.