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ICICIDirect Open Account | Account Opening Process Review

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ICICIDirect (ICICI Securities Ltd) is the largest stock broker in India offering retail trading and investment services. ICICI offers 3-in-1 account, the most convenient way to invest in share market in India. The 3-in-1 account is combination of saving bank account, trading account and demat account opened and linked together for seamless transactions between these accounts.

ICICIDirect Account Opening

To invest or trade in stock market with ICICI bank, you have to open a 3-in-1 account with them. If you already have demat or bank account with ICICI Bank, these can be linked to make it 3-in-1 account. Note that with ICICI its compulsory to open all 3 accounts with them. You cannot link other bank account or other demat account with ICICI trading account.

Once you open trading account with ICICIDirect, you could invest in Equity, IPO, Mutual Funds, Derivative Products (Equity F&O and Currency F&O), Systematic Investment Plans (SIP), Fixed Deposits, NCDs etc.

Note minimum balance of Rs 5000 (Monthly Average Balance) has to be maintained in ICICI Bank Saving Account linked with 3-in-1 account.

ICICIDirect Open Account - Easy Steps

To open account with ICICIDirect, you could follow one of the steps below:

Visit ICICI Bank branch in your city to fill in the application for opening an account. ICICI Bank has the widest network of branches all around India. Most of the branches of ICICI Bank offer ICICIDirect 3-in-1 account opening. This is the quickest way to open an account with ICICIDirect.
Fill an online registration form on ICICIDirect website. Simply choose 'Apply On Line - Resident Account', fill the online application form and submit it. Once submitted, an ICICI Bank representative will visit you within 2 working days to complete the other account opening formalities.

Note that while ICICI executives says that it usually take 2 to 3 working days for a 3-in-1 account to open once you submit all the forms and supporting documents, in most cases it may take up to 7 working days.

ICICIDirect Account Opening Status

Once you submit the account opening form in the ICICI Bank branch or filled the application online, you could check the status of account opening online by visiting the 'See Your Application Status Online' on the Customer Service page of icicidirect.com. You would need 'Application/Form Number' and 'Date of Birth' to check the application status online.

Note that it takes minimum 2 days to update the ICICI Bank account opening status.

If you have registered online and didn't get the executive visited your home, you can always visit the local ICICI Bank branch or call customer services helpline to prioritize the ICICIDirect account opening process.

ICICIDirect Account Opening Form

ICICIDirect Account Opening Forms are available in ICICI Bank branches. You could also call ICICI Bank sales helpline to arrange an executive visit to your home and he will bring the forms along with him.

ICICIDirect Account Closure

If customer do not do any trades for 6 month, the ICICIDirect trading account become "Inactive" or "Dormant" trading account. The account remain on the customer's name and the broker keep charging Annual Maintenance Charges (AMC) on this account. To reactivate the ICICIDIrect account, customer has to contact ICICI Bank.

If customer is not using the ICICIDirect trading and demat account, it is recommended to close the account to avoid almost Rs 1000 per year AMC.

ICICIDirect customer may close the accounts with ICICI Securities at any point of time. Easiest way to close ICICIDirect account is to visit the ICICI Bank branch and submit an application for Account Closure. Every branch has a sample application which they print and give it to the customer to sign.

Note that after the application is submitted for account closure, it may take up to 2 working days to close the account.

ICICIDirect customer can also delink the demat and bank account, if they want so. Once again an application is to be filled and submit in the branch to delink the accounts.

ICICI do not charge anything for account closure.

ICICIDirect Account Opening Charges

Customer pays account opening fee for trading account opening with ICICIDirect. The account opening fees are as below:

ICICIDirect Account Opening Charges (Trading Acct): ₹975
ICICIDirect AMC Charges (Trading Acct): ₹0
ICICIDirect Account Opening Charges (Demat Acct): ₹0
ICICIDirect AMC Charges (Demat Acct): ₹450

Frequently Asked Questions

1. How to close ICICIDirect Demat Account?
If the customer does not do any trades for 6 months, the ICICIDirect trading account becomes "Inactive" or "Dormant" trading account. The account remains on the customer's name and the broker keep charging Annual Maintenance Charges (AMC) on this account. To reactivate the ICICIDIrect account, the customer has to contact ICICI Bank.

If customers are not using the ICICIDirect's trading and demat account, it is recommended to close the account to avoid almost Rs 1000 per year AMC. ICICIDirect customer may close the accounts with ICICI Securities at any point of time.

Steps to close Demat Account with ICICIDirect
1. Download the 'Account closure form' or Visit the nearest ICICI Bank branch and submit an application for Account Closure. Every branch has a sample application which they print and give it to the customer to sign.
2. Fill the form by providing all the required details. You have to carry your id proof and bank account detail with you.
3. Attach all the required documents like copy of the ledger, unused DP slips
4. After the application is submitted for account closure, you will receive an SMS on your registered mobile number with an account closure request number.
5. It may take up to 2 working days to close the account. Once the account is closed you will get confirmation SMS.
Note:
1. ICICI do not charge anything for account closure.
2. Before closing the account customer should reduce the account balance to zero.
3. Customer should have no shares in demat account. Either they have to be transferred in other account or rematerialized them.
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