ICICI Direct is among the most popular platforms in India to invest and trade online. Under the management of ICICI Securities, it offers a combined 3-in-1 account (Demat, Trading, and Savings) to allow hassle-free trading in the stock market. But due to certain reasons maybe a shift in investment approach, changing brokers, or because it has remained idle—you may be thinking about shutting down your ICICI Direct account.
In this detailed tutorial, we will guide you through closing an ICICI Direct account online and offline, and also examine related questions such as opening and operating an account, trading, SIP, gold investment, and withdrawal of funds.
What is ICICI Direct?
ICICI Direct is an online trading and investment platform offering a wide array of financial products like equities, mutual funds, IPOs, bonds, and insurance. The platform is known for its user-friendly interface, research tools, and seamless ICICI Bank integration.
How to Close ICICI Direct Account
Offline Method (Recommended)
- Download the ICICI Direct Account Closure Form from the website.
- Fill in the details accurately:
- Client ID
- DP ID
- Reason for closure
- Attach self-attested copies of your PAN card and ID proof.
- Submit the form at the nearest ICICI Direct branch or courier it to their head office.
Note: Ensure that there are no outstanding dues, open positions, or holdings in the account. All balances should be zero.
Online Method (Limited Availability)
ICICI Direct currently does not offer complete account closure online. However, you can initiate the closure by calling customer care or writing an email and they’ll guide you through the steps.
How to Open ICICI Direct Demat Account Online
If you’re just getting started, here’s a quick guide:
- Visit the official ICICI Direct website.
- Click on ‘Open Demat Account’.
- Fill in the KYC details: PAN, Aadhaar, and personal information.
- Upload identity and address proof documents.
- Complete in-person verification (IPV) via video call or selfie.
- Your account is usually active within 24-48 hours after verification.
How to Create ICICI Direct Account
Creating an account is the same as opening a Demat + Trading account:
- You’ll need a PAN card, Aadhaar card, mobile number linked to Aadhaar, and a bank account (preferably ICICI Bank for seamless 3-in-1 integration).
How to Open a Trading Account in ICICI Direct
The Trading account gets activated along with the Demat account during onboarding. The ICICI 3-in-1 account structure includes:
- Savings Account (ICICI Bank)
- Trading Account (ICICI Direct)
- Demat Account (ICICI Bank/NSDL)
How to Activate ICICI Direct Account
If your account was inactive or dormant:
- Log in to icicidirect.com.
- Submit reactivation request or call customer support.
- Update KYC (if needed).
- You may need to submit a reactivation form physically in some cases.
FAQs About ICICI Direct Account Closure and More
Can I close my ICICI Direct account online?
As of now, full closure can only be completed offline, although the process can be initiated online via email or phone.
What happens if I don’t use my ICICI Direct account?
The account may become dormant and attract AMC (Annual Maintenance Charges).
Can I transfer my holdings before closing the account?
Yes, you can transfer your holdings to another Demat account using a Delivery Instruction Slip (DIS).
Is there a fee for closing ICICI Direct account?
No, ICICI Direct does not charge for account closure.
How long does it take to close the account?
If all documents are in order, the account gets closed within 7-10 working days.
Can I reopen a closed ICICI Direct account?
No. You must open a new account with fresh KYC documents.
What are the alternatives to ICICI Direct?
Can I keep my ICICI Bank savings account and close only the Trading/Demat?
Yes. You can retain your savings account while closing the Demat/Trading account.
Can I close the account from a different city?
Yes, just courier the account closure form to ICICI Direct’s registered office.
