Table of Contents
Introduction:
ICICI Direct is one of the largest retail brokers and distributors of financial products in India, with over 50 million customers and 170 offices around the country. ICICI Direct has altered the landscape of internet investment forever.
This online stock trading platform provides users with a trading account that enables them to conduct electronic trading in a seamless and hassle-free manner.
ICICIdirect provides over 50 products and services under one roof, including equity, mutual funds, derivatives, futures and options, currency, commodities, ETFs, insurance, IPOs, corporate fixed deposits, loans, NPS, wealth management, corporate services, NRI services, portfolio management services, global investment, financial education, and tax services.
The most popular service offered by ICICI Direct is their 3-in-1 account, which combines an ICICI bank account, an ICICI trading account, and an ICICI Demat account. The three-in-one account provides a streamlined trading experience.
ICICI Direct offers a variety of brokerage plans, including the I-Secure Plan, Prime Plan, Prepaid Brokerage Plan, and Neo Plan, all offered by ICICI.
The ICICI Neo Plan is a commission-free brokerage plan. It provides commission-free equity futures trading. It charges a flat fee of Rs 20 per completed order for intraday and options trading and a commission of 0.55 percent for stock delivery. This package includes access to trading ideas and research, a 30-minute payoff when selling shares, and low-interest margin funding.
Ratings and review:
| Sl.No | Particulars | Customer ratings (Out of 10) |
|---|---|---|
| 1 | Brokerage Charges & Fees | 9.0 / 10 |
| 2 | Platform UI | 9.3 / 10 |
| 3 | Products & Services | 9.5 / 10 |
| 4 | Trading Experience | 9.0 / 10 |
| 5 | Customer Service | 8.7 / 10 |
| 6 | Overall Experience | 9.1 / 10 |
Types of Accounts:
ICICI Direct offers two distinct account types:
- Three-in-One Account – A three-in-one account combines bank, trading, and demat accounts. These accounts are linked so that transactions between them are seamless.
- Two-in-One Account – A two-in-one account combines trading and demat capabilities. The customer can connect their trading and demat accounts using their non-ICICI bank account. This eliminates the need for users to open a new bank account with ICICI Bank in order to trade and invest with ICICI Direct.
ICICI Direct Brokerage Plans:
ICICI Direct offers five distinct brokerage plans, the greatest of which has been previously discussed, namely the NEO Plan.
1. Prime Brokerage Plan of ICICI Direct
Brokerage is calculated on the basis of trading volume, with a higher commission for low-volume trades and a lower commission for high-volume traders. Those traders/investors who conduct substantial trading can benefit from the reduced brokerage.
The ICICI Direct Prime Brokerage Plan offers numerous benefits that help lower brokerage fees. It offers an eATM, which is an equity ATM with a limit range of Rs. 2.5 lakh to 1 crore.
Additionally, the ICIC Prime Brokerage Plan offers discounted MTF interest rates on LPCs ranging from 0.04 percent to 0.024 percent every day.
2. I-Secure Plan from ICICI Direct
Prepaid plans are utilized by traders with a high number of transactions who are certain of their trading volumes.
The ICICI Direct I-Secure Plan charges a set brokerage cost regardless of the value of the transaction. This strategy is ideal for traders who trade in large volumes and are volume-sensitive. Both currency futures and options trading and commodities futures trading are charged a fixed rate of Rs 20 per order.
3. ICICI Direct Brokerage Premium Plan
The ICICI Direct Prepaid Brokerage Plan offers discounted brokerage rates and significantly reduces transaction costs. Unlike the Prime Brokerage Plan, however, the Direct Prepaid Plan does not include an e-ATM, but it does include six different plans ranging from Rs 5,000 to Rs 1,50,000. Each of the six sub-plans has a flat fee of Rs 20 per order.
4. ICICI Direct Brokerage for Non-Resident Indians
Unlike the NRI Prepaid Brokerage Plan, the ICICI Direct Brokerage Plan offers flat brokerage charges ranging from 0.50 percent to 1.25 percent for the various ranges listed in the table. Monthly eligibility turnover is limited to a maximum of Rs 5 lacs, as specified in the table
5. ICICI Direct Prepaid Brokerage Plan for Non-Resident Individuals
NRIs benefit from cheaper brokerage rates and lower transaction expenses with the ICICI Direct NRI Prepaid Brokerage Plan. It is good for a period of 15 years. The acceptable cash turnover ranges from Rs 10,000 to Rs 30,00,00 for qualifying.
| Particulars | Plan I | Plan II | Plan III | Plan IV |
|---|---|---|---|---|
| Prime Plan (In Rs.) | 299 | 999 | 1,999.00 | 2,999.00 |
| Total amount with GST (In Rs.) | 352.82 | 1,178.82 | 2,358.82 | 3,538.82 |
| Scheme Validity (In days) | 365 | 365 | 365 | 365 |
| Cash (In %) | 0.27 | 0.22 | 0.18 | 0.15 |
| Margin / Futures (In %) | 0.027 | 0.022 | 0.018 | 0.015 |
| Options (Per Lot) (In Rs.) | 40 | 35 | 25 | 20 |
| Currency Futures | 20 per order | 20 per order | 20 per order | 20 per order |
| Currency Options | 20 per order | 20 per order | 20 per order | 20 per order |
| Commodity Futures | 20 per order | 20 per order | 20 per order | 20 per order |
| eATM Limit (In Rs.) | 2.5 lakhs | 10 lakhs | 25 lakhs | 1 Cr |
| Special MTF Interest rates/LPC (In % per Day) | 0.04 | 0.0035 | 0.031 | 0.024 |
Benefits of ICICI Direct Prime Plan:
- All Prime cards provide unique access to ‘Research content’ and ICICI Direct ‘Website.’
- Complimentary ‘Bullet Plan,’ i.e. no brokerage on intraday Stop Loss products for trades closed within five minutes.
- In the Equity Margin Product, there is a decreased ‘Interest’ rate on delayed payments/MTF carry forward situations.
- NCD/Bonds transactions, as well as penny stocks, are subject to a lower brokerage fee than cash transactions.
- In the Currency and Commodity segment, call and trade line and system square off charges of Rs. 50 per order would be applicable.
How do I open a Demat Account in ICICI Direct?
To invest and trade in the Indian stock market, you must first open an ICICI Direct 3-in-1 account. If you already have an ICICI Bank Demat or bank account, the same account can be merged to create a 3-in-1 account. Please keep in mind that opening all three accounts with ICICI is required. You can not link your ICICI trading account to another bank account or Demat account.
After opening a trading account with ICICIDirect, you can invest in equity, Initial Public Offerings, Mutual Funds, Derivative Products (Equity F & O and Currency F & O), Systematic Investment Plans (SIP), Fixed Deposits, and Non-Convertible Debt Securities (NCDs), among others.
A minimum monthly balance of INR 5000 in an ICICI Bank Savings Account connected to the 3-in-1 account is required.
How to open ICICI Direct Demat account?
To open your Demat account, please follow the procedures below.
- Visit any ICICI Bank branch in your city and complete the account opening application form. ICICI Bank has the largest branch network in India. ICICI Bank’s majority of branches offer ICICIDirect 3-in-1 account opening. This is the quickest way to open an ICICI Direct account.
- Complete the online registration form available on the ICICI Direct website. Simply select ‘Apply Online-Resident Account’, complete and submit the online application form. After submitting your application, an ICICI Bank representative will contact you within two business days to complete the remaining account opening requirements.
Status of ICICI Direct Account Opening;
After submitting the account opening form at an ICICI Bank branch or online, you can quickly check the progress of the account opening online by accessing the ‘See Your Application Status Online’ section of their website’s Customer Service page. To check the progress of an application online, you will need the ‘Application/Form Number’ and the ‘Date of Birth’.
Please keep in mind that it takes at least two days for the ICICI Bank account opening status to be updated.
If you registered online and no executive visited your home, you can expedite the ICICIDirect account opening procedure by visiting a nearby ICICI Bank office or calling the customer service helpline.
Form for Opening an ICICI Direct Account:
ICICI Bank branches have ICICI Direct Account Opening Forms readily available. You can also call the ICICI Bank sales helpline to arrange for an executive to visit your home and hand over the documents.
Charges for Opening an ICICI Direct Account:
- Charges for Opening an ICICI Direct Trading Account (Trading Account): Rs.975
- Charges levied by ICICI Direct AMC (Trading Account): Rs.0
- Charges for opening an ICICI Direct account (Demat Account): Rs.0
- Charges for ICICI Direct AMC (Demat Account): Rs.450
Important document to open Demat Account:
The following are the documents necessary to open an account with ICICI Direct:
- Affidavit of Identity (AoI) (Driving license)
- Affidavit of Address (POA) (Passport)
- Proof of Income (For derivatives trading, such as F&O) (Copy of ITR Acknowledgement)
- Bank Account Documentation (Cancelled cheque)
- The PAN Card
- 1 to 3 pictures the size of a passport
How to Open ICICI Direct Demat Account?
Disclaimer: All the information on this website is published in good faith and for general information purpose only.
