How to Close ICICI Demat Account – A Complete 2025 Guide

Vikram had always been a disciplined investor, but over the years, he ended up opening multiple Demat accounts with different brokers. One day, while reviewing his finances, he noticed he was paying unnecessary maintenance fees for accounts he no longer used. He discovered that each of his 5 Demat accounts had an annual maintenance fee of ₹350, meaning he was paying ₹1,750 per year for accounts he didn’t actively use. Realising it was time to declutter his portfolio and save on unnecessary expenses, he decided to close his 3 inactive Demat accounts.

Before proceeding with the closure, Vikram made sure there were no outstanding balances or stocks in these accounts. He found that one account still held 200 shares of a stock, valued at ₹500 each, totaling ₹1,00,000. After transferring these 200 shares to his active Demat account, he paid up dues of ₹350 for the three inactive accounts, bringing his total payment to ₹1,050. He then downloaded the accountclosure forms from his individual Depository Participants (DPs), filled them out, and attached self-attested copies of his Aadhar card and PAN card.

To submit the forms, Vikram had to physically visit two brokers, while the third accepted couriered documents. He spent ₹100 on transportation and ₹200 on courier charges, totaling ₹300 for the submission process. After following the procedures carefully, within a week, he received confirmation that the accounts had been successfully closed.

By closing the 3 unused accounts, Vikram saved a total of ₹2,500 annually: ₹1,050 in maintenance fees, ₹350 in submission costs. Additionally, by consolidating his shares into one active account, he simplified his financial management. Relieved to have fewer accounts to handle and no extra costs, Vikram realised that sometimes, less really is more when it comes to managing his investments.

Key Points to Consider Before Closing Your ICICI Demat Account

To guarantee a smooth and trouble-free process, it is crucial to take into mind the following important factors prior to closing your ICICI Demat account:

• Settle All Dues: Make sure your Demat account has no negative balances or unpaid charges. Before starting the closure process, any outstanding debts must be paid.

• Transfer or Liquidate Holdings: You must either sell any securities that are in your account or transfer them to another Demat account; in the case of a transfer, you will need a Delivery Instruction Slip (DIS) to shift your holdings to a different account.
  
  
• Terminate Active Instructions: To stop further transactions, cancel any existing instructions, such as systematic investment plans (SIPs) or other auto-debit mandates connected to your Demat account.
  
  
• Obtain and Complete the Closure Form: The Demat account closure form can be downloaded on the ICICI Direct website or picked services. Make sure that every detail on the form corresponds to the information that ICICI has on file.

• Submit Necessary Documents: Attach copies of your PAN card and proof of address, as well as other necessary identification documents, self-attested, to the closure form signed by each account holder if the account is joint.

• Submission of Closure Request: Submit the duly closure form and supporting documents at an ICICI Bank branch that provides Demat Services. It’s advisable to carry original documents for verification purposes.
  
  

• Confirmation of Account Closure: After submission, the closure process typically takes 7 to 10 business days. You will receive a confirmation letter or email from ICICI Bank once your Demat account has been successfully closed.

   

Documents Required to Close ICICI Demat Account

To close your ICICI Demat account, you'll need to provide the following documents:

• Duly Filled Account Closure Form: Obtain the account closure form from your nearest ICICI Bank Demat branch. Ensure all required fields are accurately completed.
• Identification Proof: Submit a self-attested copy of your PAN card.
• Address Proof: Provide a self-attested copy of a valid address proof, such as your Aadhaar card, valid driving license, voter ID card, or passport.
• Proof of Identity Verification: It's advisable to carry the original identification documents when submitting the closure form for verification purposes.

• Unused Delivery Instruction Slips (DIS): If you have any unused DIS booklets, return them along with your closure request.

   

ICICI Demat Account Closing Charges

ICICI Bank does not levy any charges for closing a Demat account.

How to Close ICICI Demat Account Online (Is It Possible?)

ICICI Bank does not yet provide the option to terminate a Demat account online. Please take the following actions to close your ICICI Demat account. 

You can visit the ICICI Bank Service Request Forms Page to download the “Demat Closure RI” form.

How to Close ICICI Demat Account Offline (Step-by-Step Guide)

You can collect the form from the nearest ICICI Bank branch that offers Demat services.

Prepare Necessary Documentation:

• You can ensure your Demat account has no holdings. If there are any, transfer them to another Demat account or sell them.
• Clear any outstanding dues associated with your Demat account.

• Attach self-attested copies of required identification documents, such as your PAN card and address proof.

   

Submit the Closure Form:

• You can submit the duly filled-out account closure form along with the necessary documents at the nearest ICICI Bank branch offering Demat services.

For further assistance or enquiries you can contact ICICI Bank’s customer service or visit the Demat Account Maintenance Related page for more information.

Important Note: The account closure process may take up to 30 days to complete.

How to Check the Status of Your  Demat Account Closure Request?

To check the status of your ICICI Demat account closure request, you can follow these steps:

Online via Internet Banking:

• Log in to your ICICI Bank Internet Banking account.
• Go to the ‘Investment and Insurance’ section.
• Select ‘DEMAT’ and then ‘Service Request’.

• Choose ‘Demat’ followed by ‘Request for Status of Application’.

   

Here, you can check the status of your demat account closure application.

Contact Customer Support:

• If you prefer assistance, you can call ICICI Bank’s customer care.

• Provide your Demat account details and request the status of your closure application.

   

Visit a Branch:

• Alternatively, visit the nearest ICICI Bank branch that offers Demat services.

• Speak with a representative who can provide you with the current status of your account closure request.

   

Please note that the processing time for closing a Demat account is typically around 7 to 10 business days. If you haven’t received confirmation within this period, it’s advisable to follow up using one of the methods mentioned above.

Common Issues Faced During Account Closure & How to Resolve Them

Though there are a few typical problems that investors may run into, closing a Demat account is usually a simple procedure. To help you navigate the closing process with ease, below are a few of these issues and possible fixes: 

Pending Transactions:

• Issue: If there are any pending transactions, such as open buy or sell orders, the closure request may be delayed.

• Solution: Before initiating the closure, ensure that all transactions are settled. You can do this by checking your trading platform for any outstanding orders and resolving them before submitting your closure request.

   

Unresolved Holdings:

• Issue: Having securities in your Demat account can prevent closure.

• Solution: Transfer any remaining stocks to another Demat account or sell them off. You must ensure that your account is empty of holdings before initiating closure.

   

Documentation Errors:

• Issue: Incomplete or incorrect forms can lead to delays in processing the closure request.

• Solution: Carefully fill out the account closure form and double-check all attached documents, including identification proof and any required signatures. Ensure that everything is accurate and complete before submission.

   

Outstanding Dues:

• Issue: If there are any outstanding fees or dues associated with your account, the closure may be denied until these are cleared.

• Solution: Before closing your account, check for any pending fees or charges. Clear all dues to avoid any issues during the closure process.

   

Customer Service Delays:

• Issue: Sometimes, there may be delays in customer service response times, making it difficult to get answers to queries about the closure.

• Solution: If you face long wait times, consider using multiple contact methods, such as phone, email, or visiting a branch in person. Be patient and persistent in seeking assistance.

   

Loss of Access to Account Information:

• Issue: After requesting closure, you may lose access to account statements or historical data, which can be concerning if you need this information for tax purposes.

• Solution: Before closing your account, download or print any important statements or records you might need in the future. This ensures you have all the necessary documentation on hand.

   

Delay in Closure Confirmation:

• Issue: After submitting a closure request, you may not receive immediate confirmation, leading to uncertainty about the status of your account.

• Solution: Monitor your account status through online banking or by contacting customer service to get updates on your closure request. Keeping a record of your submission date can help track the processing time.

   

You can help your ICICI Demat account close more smoothly by being aware of these typical problems and knowing how to fix them. To prevent needless delays, always make sure that all requirements are fulfilled and follow up as necessary.

Conclusion

The procedure of closing your ICICI Demat account is methodical and demands close attention to detail. A seamless account closure can be facilitated by making sure all holdings are sold or transferred, paying any outstanding balances, and submitting the required paperwork via the right channels. Please visit ICICI Bank's official resources for thorough instructions and access to necessary forms. 

Frequently Asked Questions

Q. What is ICICI direct?

One of ICICI Securities' retail trading and investment services is ICICI Direct. It provides services both online and through its extensive branch network throughout India.

The company's main website, ICICIDirect.com, provides wealth products, insurance, loans, mutual funds, fixed deposits, bonds, NCDs, IPOs, and online equity and derivatives trading, among other services. All of these services are available to ICICI Direct customers with a single, easy-to-use account.

A 3-in-1 account, which combines a Demat account, stock trading account, and savings bank account, is available from ICICI Direct. With the automatic debit/credit of securities from the demat account and the real-time movement of funds from the bank to the trading account, the ICICI 3-in-1 account makes trading easier.

Q. How to Check the Status of Your  Demat Account Closure Request?

To check the status of your ICICI Demat account closure request, you can follow a few simple methods. First, you can log in to your ICICI Bank Internet Banking account. Navigate to the 'Investment and Insurance' section, select 'DEMAT,' and then go to 'Service Request.' From there, choose 'Demat' followed by 'Request for Status of Application' to check the status of your closure request. 

Alternatively, if you prefer assistance, you can call ICICI Bank’s customer care, provide your Demat account details, and request the status of your closure application. Another option is to visit the nearest ICICI Bank branch that offers Demat services, where a representative can assist you in checking the current status. Please note that the processing time for closing a Demat account is typically around 7 to 10 business days. If you haven’t received confirmation within this period, it's advisable to follow up using one of the mentioned methods.

Q. What are the charges for opening an ICICI demat account?

There are no costs associated with opening a demat account with ICICI Bank. Customers who open an account on behalf of ICICI Bank may be required to pay a one-time account opening fee to the depository participant (DP).

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