how to close icici demat account ?

 

If you're an ICICI demat account holder and you're looking to close your account, there are a few things you need to know. In this article, we'll walk you through the process of closing your ICICI demat account. We'll also provide some tips on what to do with your shares after you've closed your account.

So, if you're ready to close your ICICI demat account, let's get started.

What is a Demat account?

A Demat account is an account that is used to hold shares and securities in an electronic format. It is similar to a bank account where you can deposit and withdraw money. However, unlike a bank account, a Demat account does not earn interest.

A Demat account is opened with a Depository Participant (DP) who could be a bank, broker or any other financial institution. It is important to choose a DP that you are comfortable with and that offers good services.

To close your ICICI Demat account, you will need to fill out the necessary paperwork and submit it to your DP. Once the paperwork is processed, your account will be closed and any remaining securities will be transferred to your new DP.

Why do people close their Demat accounts?

There can be many reasons why people might want to close their Demat account. Perhaps they are no longer trading in the stock market, or they are unhappy with the services offered by their current Demat account provider. Whatever the reason, closing a Demat account is relatively simple and can be done online.

If you're thinking about closing your ICICI Demat account, here's what you need to do:

1. Login to your ICICI account and go to the 'My Accounts' section.

2. Under the 'Demat' tab, click on the 'Close Account' option.

3. Enter your account details and reason for closure.

4. Once you have confirmed all the details, your account will be closed within 10 working days.

How to close an ICICI Demat account?

It is very simple to close an ICICI Demat account. All you need to do is visit the ICICI bank website and login to your account. Then, go to the 'Closing an account' page and fill in the required details. Once you have submitted the form, your account will be closed within a few days.

Points to keep in mind before closing a Demat account

It is always a difficult decision to close a Demat account which has been active for a long time. There are various points which need to be considered before taking such a drastic step. Some of these points are listed below:

-The account holder should check if there are any outstanding transactions in the account. If there are, then these need to be settled before closing the account.

-All the shares and securities present in the Demat account should be transferred to another account before closing.

-The account holder should also check with the Depository Participant (DP) about any charges which may be levied for closing the account.

-Once all the formalities have been completed, the account holder needs to submit a request in writing to the DP for closing the account.

Conclusion

If you're looking to close your ICICI demat account, there are a few things you need to keep in mind. First, you'll need to contact your broker and request the closure of your account. Once that's been done, you'll need to send a written request to ICICI Bank, along with any supporting documents that may be required. Finally, once your account has been closed, you'll need to surrender your demat certificate to ICICI Bank.