If you are investing or trading on the online stock market, you need a secure account to settle and hold your securities and other documents in electronic format. The ICICI company invites you to use the Demat account. This overview covers everything you need to know about the ICICI Demat account.
What is the ICICI Bank Demat account?
Many Indians invest and keep their savings in banks such as SBI and ICICI. However, there is a difference between them. If we compare SBI and ICICI, then the first bank wins in many indicators such as interest rate on deposits, limits on daily amounts of international transfers, etc. Also, it is much older and more established than the ICICI Bank.
But even though ICICI Bank is private and has been on the market for only 25 years, it provides favorable conditions and first-class products for investors. If you are interested in making your share investments, you should open a Demat account with ICICI Securities Ltd. But you can’t buy or sell shares through it.
How to operate it? The ICICI Bank Demat account helps deliver the shares against a sell transaction or receive the shares for a buy transaction. If you want to enjoy hassle-free trading and settlement, you can open an account with www.icicidirect.com. You can access the ICICI Direct Demat account and Trading account on the platform.
There are no age restrictions for opening an ICICI Demat account. Also, ICICI Bank offers 3-in-1 account services. These include Demat, Trading, and Savings accounts. Customers can easily manage their transactions as the bank creates and maintains all three accounts. ICICI makes every transaction real-time, so it’s easy to keep track of your investments.
What is Dematerialisation?
Dematerialization is the process by which physical share certificates become digital shares. It is how investors can convert paper shares into Demat forms. Investors can do this by submitting a Demat Request Form to their depository.
Once the Depository Participant (DP) updates the client’s Demat account, the shares are allocated to the investor’s Demat holding. So, what are the benefits of dematerialization? Let’s take a look at each of them:
- One of the significant advantages of dematerialization is the reduction of paperwork. Paperwork is unnecessary when shares are dematerialized.
- In addition to being convenient, dematerialization is also environmentally friendly.
- Physical security transfers are subject to stamp duty charges; dematerialized shares do not. It eliminates these risks.
You can keep your securities both in physical form and in Demat. But remember that the Select List of Securities announced by SEBI can only be listed in Demat form on stock exchanges connected to the NSDL/CDSL.
How to open the ICICI Demat account?
There are two ways to open a Demat account: online and offline. Just follow this guide on how to open a Demat account in ICICI Bank:
- Follow the link and fill out the form to open an account online.
- Download the Demat account opening form from the website and submit it to the ICICI branch offering this service.
- Visit one of their branches offering the Demat service to open it.
There is no fee for opening a Demat account. However, the bank charges a service fee. You can get acquainted with the ICICI Bank Demat account service charges at the link.
Note! If you are ready not only to invest but also to trade, then ICICI offers a reliable platform for this, ICICI Direct. You can open a Trading account and ICICI Demat to hold your securities.
Required documents
To open a Demat account with ICICI Bank, you need to fill out the appropriate form. On the site, you can choose and download the form that suits you. The bank’s policy also provides for the provision of the following documents:
- Permanent Account Number (PAN) card or Aadhar card.
- Address proof.
- 2 passport-sized colour photographs.
Once you’ve signed up, ICICI will send you an OTP. You’ll need to enter this OTP to confirm your identity. You’ll also need to provide a scanned image of your signature.
Then, you’ll need to enter some basic information about yourself, such as your name, date of birth, contact number, and SSN. You’ll also need to provide the country, source of income, and Aadhaar card to receive your OTP.
Note! It usually takes 2 to 5 business days to open the ICICI Demat account.
Benefits
An ICICI Demat account can be a great way to store shares and other securities. Some of the benefits:
- It is a storage facility
An ICICI Demat account is a great way to store your stock portfolio. The account can hold various assets, including stocks, bonds, ETFs, and non-convertible debt. It can also keep IPO securities. Public issues, such as the IPO, are automatically credited to your account. In addition to storing shares, an ICICI Demat account is a great way to manage multiple accounts. It allows you to track your stocks and bonds and give you exclusive research.
- It eliminates the risk of theft, forgery, loss, and damage of physical certificates
A Demat account allows users to invest in securities online and avoid the risks associated with storing physical certificates. It means you no longer need to worry about the theft, forgery, or loss of physical certificates. You can access your account from any computer with an internet connection and a password, which you choose yourself. Once you have a password, you can initiate purchases and transfers.
- It facilitates the dematerialization of shares
A Demat account allows you to hold digital copies of your shares and securities. Dematerialization makes the process of holding shares and securities more convenient and secure.
- E-Instructions
You can transfer securities around the clock via the Internet, as well as transmit instructions through the ICICI Bank customer service officer.
- It offers a safe, online mode to keep track of your investments
ICICI Demat provides an online, safe mode for keeping your investments. ICICI Demat also offers a Settlement Calendar that informs the investor of all securities pay-in and pay-out dates. The calendar helps you keep track of the delivery cycle of the securities and the corresponding settlement price. Besides, you can even receive your consolidated account statement online.
Features
The features of this account are so valuable that you want to open it. Some of these features are:
- You can log in to your Demat account from a computer, laptop or other smart devices online. Login to the Demat account is possible through User ID or Registered Mobile Number.
- You can convert physical certificates into electronic forms whenever needed. Re-materialization is also possible.
- The Demat account may be temporarily suspended to avoid unexpected debits or credits if necessary. You can also freeze it for a certain number of securities in the account.
But its main advantage is that the ICICI Demat account facilitates the online purchase and sale of shares. Previously, physically transferring shares may take anything from a fortnight to a month. A Demat account ensures a streamlined and cost-effective process.
How to close the ICICI Demat account?
If you wonder how to close ICICI Demat and Trading accounts online, you can’t do that. But this is not the time to surrender to circumstances. Use the following steps when closing accounts with ICICI:
- Ensure that you do not have any funds in your account or have requested their transfer in the closing account form.
- Make a request using the prescribed form. You can download the forms from the website or get them from the ICICI Bank branch: Demat account closure form, Trading account closure form.
- Send the completed form to the nearest branch of ICICI Bank.
Please check that you have paid all fees before submitting the form.
Conclusion
ICICI Bank offers to open a Demat account free of charge for safe investment in the stock market. This safe online storage option eliminates the risks associated with theft, forgery, and loss of physical certificates. Moreover, it offers a secure mode for managing your investments and keeping track of them.
