ICICI Direct Demat Account Review – Account Opening, Features, Charges, Offers & more

When striving to join hands with a retail trading business, ICICI Direct Demat Account is the leading choice for investment and trading services.

The brainchild of ICICI Bank, ICICI Direct is a technology-driven brokerage house proudly serving lakhs of customers since 1994.

Among many financial services, the full-service broker is famous nationwide for offering 3-in-1 account service, linking your Demat, savings, and trading accounts.

Your trading journey with the firm can commence only after completing the ICICI Direct Account Opening process.

This ICICI Direct Demat Account Review is the right place to learn more about the broker’s demat account services, from its features to opening and closing procedures.

ICICI Direct Demat Account – Top Features

Knowing what ICICI Direct Demat Account has to offer the users beforehand will motivate you to squeeze some time out of your busy schedule and proceed to the account opening process.

So, here are some exciting features of the ICICI Direct account.

• Setting up a Demat account with the firm will render you a safe and convenient way to view, track, and manage your varied financial investments.
• Another beautiful thing about the broker’s demat account service is that it facilitates enhanced liquidity with instant share transfers and seamless trading.
• Moreover, the depositary participant waivers the account opening charges to attract more clients.
• By choosing the prime subscription, you can access an instant credit facility after creating a demat account.
• The DP has developed a flexible brokerage model with brokerage rates as low as 0.15%.
• The broker auto-credits the dividends, interest, bonus shares, public issues, stock splits, or refunds a user receives.

You will be pleased to know that ICICI Direct Demat Account Charges are minimal compared to the market. So, let’s see what demat charges the company levies on the users in detail.

The Banking broker is one of the few Indian brokerage houses that waive the account opening fees. You don’t have to prepare a specific amount to create a Demat account with the brokerage house.

In addition, it provides financial relief in terms of ICICI Direct AMC, at least during the first year after opening the account.

Although the firm charges INR 300 annually to maintain the demat and trading account, you must pay the fees from the second year onwards.

Aside from account opening and maintenance fees, demat account charges usually include many other fees.

These fees include demat account transactions, dematerialization, rematerialization, and DP charges.

Next, we will talk about depositary participant fees. Clients must pay INR 13.5 per scrip each time they sell their shares.

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ICICI Direct Demat Account Opening Process – Step-by-Step

Once you have decided to set up a demat account, you might wonder about the ICICI Direct Demat Account Opening process.

All thanks to the technological advancement and simplification of SEBI rules, creating a Demat account with any DP has become a breeze.

This broking house facilitates more straightforward and elegant online and offline approaches to opening a Demat account. You can learn what these two approaches entail in the sections below!

How to Open a Demat Account in ICICI Direct? – Online Process

Before considering How to Open a Demat Account in ICICI Direct, select a reliable broker cup depositary participant based on factors like reputation, services facilitated, platform interface, etc.

The broker surpasses many Indian brokers cum DPs in terms of discussed factors. After choosing the firm, start with the account opening process:

1. The first step is to go to the company’s official site and then the ‘Open a Demat Account’ homepage to sign up by entering your basic details.
2. Before going to the next step, you must verify the given details by inputting the OTP sent by the representative to your mobile number or email.
3. Next, you should keep the self-attested digital copies of your PAN card, canceled cheque, Aadhaar card, etc., handy. Uploading all these documents to complete the KYC process is a must.
4. In addition to submitting mandatory documents, you must complete the in-person verification process. Use your webcam to show yourself and e-sign to the firm’s representative.
5. Once you finish all the above-discussed steps, your demat account will be live within a few minutes.

How to Open ICICI Direct Demat Account? – Offline Process

Many prefer following the traditional method concerning How to Open ICICI Direct Demat Account.

If you are one of these people, you can follow the below-given instructions to set up your demat account offline.

1. You can visit the website to download the account opening form or ask the representative for the form.
2. The next step is to manually fill out the application form and attach all pre-specified documents to set up a Demat account. You can attach copies of these documents. However, you must carry original documents for in-person verification.
3. After couriering the form and documents to the company’s office, you must execute the client agreement with the DP. This agreement will state all your rights and responsibilities as a trader.
4. Once the in-person verification is done, the broker will allocate you the BOID and the UCC required to access your demat account.

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It will always help to keep the softcopies of the following listed documents in handy to Open ICICI Direct Account.

• Proof of Identity (PoI) – Your voter ID, driving license, or unique identification number (UIN).
• Proof of Income- A copy of recent income tax returns
• Passport-Size Photograph
• Proof of Address (PoA)- Your voter ID, ration card, aadhaar card, or proof of residence.
• Proof of Bank Account- A cancelled cheque
• Your Signature

How to Close ICICI Direct Demat Account?

Are you considering discontinuing your trading journey or closing your demat account? If so, you must know how to close ICICI Direct Demat Account.

• Visit your DP’s website and find the option to download the Demat account closure form.
• Once you find the option, click on it to download the form and then take a printout.
• Next, you should accurately fill in the form and courier it to the firm’s office. Remember to submit mandatory documents as well.
• If you share your demat account with any other party, all the parties must sign the account closure form.
• Visit the brokerage house to complete the in-person verification process.
• Once it’s ensured your demat account doesn’t hold any shares or have no outstanding charges, your account will be closed.

ICICI Direct Demat Account Review – Conclusion

Stock market trading via a demat account can help you achieve your financial goals safely and seamlessly.

Opening the ICICI Direct Demat Account can significantly streamline your investment or trading process.

Some of the brokerage house’s demat account charges are a treat to the traders’ eyes. It’s because they don’t have to bear fees to set up a demat account and maintain it for at least the first year.

Moreover, the company facilitates cutting-edge features through its demat and trading account services.

FAQs on ICICI Direct Demat Account Review

Here are various FAQs related to the ICICI Direct Demat Account.

How to Create a Demat Account in ICICI Direct?

You can choose the online or offline process to set up a Demat account only if you meet pre-determined eligibility requirements.

Once you submit the accurate form and documents, the broker will allocate you the BOID and the UCC to access your demat account.

How to Delete the ICICI Direct Account?

This demat account deletion process requires you to complete and submit the form. In addition, you must submit the necessary documents.

Once the representative verifies the form and documents, he will accept your account deletion request.

What is AMC in ICICI?

A Demat account user must pay INR 300 annually to maintain his account. On the bright side, AMC is charged from the second year after opening the account.

What is ICICI Direct Account Opening Fees?

The banking broker relieves active clients from paying account opening fees.

How to find a demat account number in ICICI Direct?

You can find your unique BO ID + DP ID by logging into your demat account on the website. Once logged in, tap ‘My Profile’ and then the ‘Demat’ option.

How to get a Statement of Demat Holdings in ICICI Direct?

These instructions will guide you on how to view or download your demat holding statement.

1. As usual, you must log into your demat account using your BOID, UCC ID, and password.
2. Visit your profile and tap the ‘Reports’ tab, followed by ‘Statement of Demat Holding.’
3. The website will redirect you to the statement of demat holding page, where you can view or download the statement.

What are the documents required to open a demat account?

The documents you must upload or courier to open your demat account are your Proof of Identity (PoI), Proof of Income, Proof of Address (PoA), Proof of Bank Account, Passport-Size Photograph, and Signature.

How much time does it take to open a Demat Account in ICICI Direct?

Opening a Demat account online can take less than two days. On the other hand, following the offline account opening approach can take around five to seven days.

How to change your bank account in ICICI Direct?

Here is the procedure to change your bank account.

1. Head to the ICICI Direct site and enter your demat account.
2. Once signed in, click the ‘Profile’ tab to see the option- ‘Add Bank Account.’
3. Click on the ‘Add Bank Account’ tab followed by the edit option.
4. Now you are ready to enter new bank account details.
5. Once you are done, choose any document and upload it.
6. Next, hit the ‘Submit’ and then the ‘Continue’ button.
7. The page will ask you to give the OTP sent to your mobile number.
8. After entering the OTP, you will be redirected to the confirmation page.

How to Transfer Shares from any demat Account to ICICI Direct Demat?

Here is the concise way to transfer one demat account to another, particularly ICICI Direct.

1. Your old broker will guide you on completing and submitting the DIS.
2. He will then send this DIS form to your new DP.
3. Once your new DP verifies the DIS form, he will transfer the share from the previous demat account to the new one.
4. Lastly, your new demat account with ICICI Direct will auto-update all your transferred shares.