ICICI Direct’s demat account closure follows a stricter offline protocol than most other brokers — for accounts holding any securities, physical form submission at an ICICI Bank branch is mandatory, and online closure is only available for accounts with zero holdings and no pending dues. The ICICI Direct demat account is held with CDSL or NSDL through ICICI Securities as DP, and the closure process addresses both the demat account and the trading account simultaneously in most cases.
Pre-Closure Checklist
Complete the following before submitting any closure request: Sell all equity holdings through the ICICI Direct trading platform and wait for T+1 settlement. Alternatively, transfer all securities to another demat account via CDSL Easiest (for CDSL-to-CDSL) or DIS offline. Clear all outstanding dues — check the trading ledger for any negative balance, unpaid AMC, or brokerage payable. Cancel all active SIPs, recurring investment instructions, and NACH auto-debit mandates. Close any open futures and options positions.
Closure Route 1: Online Closure (Zero Holdings, No Dues)
ICICI Direct offers online demat account closure for accounts with zero holdings through its net banking portal. Log in to ICICI Bank Internet Banking at icicibank.com. Navigate to: Investments & Insurance → DEMAT → Service Request → Demat → Request for Closure of Demat Account. Submit the online closure request. No physical form is required for this route. Timeline: 7 to 10 business days after the online request.
Closure Route 2: Physical Form Submission (Holdings Present or Offline Preference)
Download the Demat Account Closure Form from icicidirect.com — search for “Demat Closure Form” in the downloads section. Also download the ICICI Direct Trading Account Closure Form separately — both forms are required for simultaneous closure.
Fill in the following details accurately: demat account number (DP ID + Client ID), trading account ID, full name and address as registered with ICICI Direct, PAN number, reason for closure, contact details. All registered account holders must sign both forms. A POA holder cannot sign the closure request.
If holdings remain, fill a Delivery Instruction Slip (DIS) specifying the target demat account and ISINs of securities to transfer. Submit the DIS alongside the closure forms.
Submit all documents at the nearest ICICI Bank branch that provides demat services. Not all ICICI Bank branches process demat closures — check icicibank.com for the nearest demat-service branch. On receiving the submission, the branch issues an acknowledgement. Timeline: 7 to 10 working days after form receipt and verification.
After Closure: ICICI Bank Savings Account
Closing the ICICI Direct demat and trading accounts does not close the ICICI Bank savings account. The savings account remains active until separately closed through ICICI Bank’s banking channels. If you want to retain the ICICI Bank savings account while switching to a different broker, close only the demat and trading accounts.
Overview Table: ICICI Demat Closure Routes
| Condition | Method | Portal / Location | Timeline |
| Zero holdings, no dues | Online via ICICI Net Banking | icicibank.com → DEMAT → Closure | 7–10 business days |
| Holdings present | Physical form at branch | Nearest ICICI Bank demat branch | 7–10 working days |
| Closure Charge | ₹0 | — | — |
| Savings account affected? | No | Separate closure required | — |
Frequently Asked Questions (FAQs)
Q1. Can I close my ICICI Direct demat account completely online?
A: Yes — for accounts with zero holdings and no pending dues, the online route via ICICI Bank Net Banking → DEMAT → Service Request → Demat → Request for Closure is available.
Q2. Is there any charge for closing an ICICI Direct demat account?
A: No — account closure is free of charge. All pending AMC dues must be settled before the request is processed.
Q3. How long does ICICI demat account closure take?
A: 7 to 10 working days from the date the branch receives and verifies the completed closure request.
Q4. Does closing my ICICI Direct demat account affect my ICICI Bank savings account?
A: No — the savings account remains active until separately closed. Only the demat and trading accounts are affected by this process.
Q5. Can I close my ICICI demat account if it has mutual fund units?
A: No — all securities including mutual fund units held in demat form must be transferred or redeemed before closure can proceed. Contact ICICI Direct for guidance on redeeming demat-held mutual fund units.