Do you have a Dematerialized Account or Demat Account with ICICI Bank? Is the account active? If the demat account is not active, you must decide to close it. Active unused Demat Account can get burdened on you!
The bank would charge you annual maintenance fees for the active demat account. If you are no longer using the account, you must close it. You can close the account though you have an active balance on the account.
You can also merge the demat account with another account. The demat accounts with Zero balance can get closed easily. You need not visit the branch to close the unused Demat account.
The latest advancements in banking services introduced an easy method to close accounts online! You can request to close the account from your home or office or any other place!
Steps to Close ICICI Direct Demat and trading Account online
Step 1: Open the official ICICI direct website of the DP-Depositor’s Participants on your web browser. Search the Account Closure Application Form on the website. Here is the direct link to download ICICI Demat account closure form https://www.icicibank.com/managed-assets/docs/personal/demat/Dematclosure.pdf.
Step 2: On the application form for closing the Demat Account, you need to enter the Client ID, DP ID, Name and Address of the account holder as available in the records. Don’t forget to select the reason for closing the account.
Important Note: If the closing Demat account has any available funds, you have to provide the bank account details where you agree to transfer the funds. Signature of account holder should be same as in available in the records.
Step 3: After successfully filling the form, submit it to nearest ICICI Direct Demat Servicing Branches. Your request for closing the account will take around 7-10 working days for processing. You will receive the confirmation mail about account closing on your registered email id.
Important Note: If the account has any negative balance, you have to clear it for closing it successfully. The bank will not charge you a single rupee for closing the account.