ICICI Direct Review 2023
ICICI Direct Trading App: A Comprehensive Review and Comparison with Other Brokerage Apps
ICICI Direct, part of ICICI Group, is one of India’s premier retail stockbrokers, serving more than 50 lakhs customers online trading and investment services via BSE, NSE and MCX for stocks, commodities and currencies trading; Mutual Fund IPO’s, Fixed deposits Bond NCD wealth products Home Loans as well as Loans against Securities etc are offered here as part of these offerings.
ICICI Direct’s most sought-after offering is their 3-in-1 Account, consisting of Bank, Trading and Demat accounts for seamless trading experiences.
ICICI Direct provides four brokerage plans; these are I-Secure Plan, ICICI Direct Prime Plan, Lifetime Prepaid Brokerage Plan (LPBP) and Neo Plan.
ICICI Neo Plan is a flat rate brokerage plan, offering commission-free equity futures trading. A flat Rs 20 order execution brokerage fee applies when trading intra-day and options, while delivery transactions incur an 0.55% brokerage charge. Furthermore, this plan offers access to trading tips and research as well as 5-minute payout when selling shares along with low-interest margin funding plans.
ICICI Direct offers an exclusive and diverse array of Products and Features such as One Click Equity, Margin Trading Funding (MTF), Smart Trading Features and Systematic Equity Plans that makes investing easy.
ICICI Direct USP
What makes ICICI Direct different from the competition?
- Offer 3-in-1 Account.
- Support in local ICICI Bank branches.
- Trusted brand.
Account Types
ICICI Direct offer two types of accounts:
- 3-in-1 Account
A 3-in-1 account combines bank, trading, and demat accounts into one convenient entity to facilitate seamless transactions among them. - 2-in-1 Account
2-in-1 accounts provide customers with both trading and demat accounts in one convenient account, connecting via their existing non-ICICI bank accounts instead of opening new ones with ICICIbank specifically in order to trade or invest with ICICI Direct. This makes their banking much simpler!
ICICI Direct Charges 2023
ICICI Direct Account Opening Charges and AMC
| Transaction | Charges |
|---|---|
| Account Opening Charges | Rs 0 (Free) |
| Demat Account Annual Maintenance Charges AMC | Rs 300 per year |
| Demat Debit Transaction Charges (Sell Orders) | Rs 20 per transaction |
| Call & Trade Charges | Rs 50 per order |
ICICI offers 4 types of brokerage plans to its customer:
ICICI Direct NEO Plan
ICICI Neo Plan offers brokerage-free equity Futures trading at just Rs 20 per trade for intraday/F&O trading; equity delivery transactions incur an extra 0.555% fee.
ICICI Neo Plan Brokerage Charges
Equity Delivery
0.55%
Equity Intraday
Rs 20 per executed order
Equity Future
Rs 0 (Free)
Equity Options
Rs 20 per executed order
Currency F&O
Rs 20 per executed order
Commodity F&O
Rs 20 per executed order
NCDs / Bonds
0.75%
ICICI Direct Prime Plan
ICICI Direct Prime Plan offers customers an effective solution for both reducing brokerage charges and immediately depositing money when selling shares, as well as offering exclusive research. Customers may choose between four prime plans – Rs 299, Rs 1,999 or 2,999 which provide upfront reduction in brokerage across equity and derivative products and are valid for one full year each plan offers an upfront reduction. Read more about ICICI Direct’s Prime Brokerage Plan here.
ICICI Direct Prime Plan Brokerage Charges
| Plan | Equity Cash | Equity Futures | Equity Options | Currency F&O | Commodity Futures |
|---|---|---|---|---|---|
| Rs 299 | 0.27% | 0.027% | Rs 40/lot | Rs 20/order | Rs 20/order |
| Rs 999 | 0.22% | 0.022% | Rs 35/lot | Rs 20/order | Rs 20/order |
| Rs 1,999 | 0.18% | 0.018% | Rs 25/lot | Rs 20/order | Rs 20/order |
| Rs 2,999 | 0.15% | 0.015% | Rs 20/lot | Rs 20/order | Rs 20/order |
3. I-Secure Plan (Flat brokerage Plan)
ICICI Direct I-Secure Plan offers Fixed Brokerage Fee (in %) regardless of turnover value, making this ideal for traders/investors looking for secure and fixed brokerage rates. Click here for more info about this plan from ICICI Direct.
ICICI Direct ISecure Plan Brokerage Charges
| Segment | Brokerage |
|---|---|
| Equity Delivery | 0.55% |
| Equity Intraday | 0.275% |
| Equity Future | 0.05% |
| Equity Options | Rs 95 per order |
| Currency F&O | Rs 20 per executed order |
| Commodity F&O | Rs 20 per executed order |
| NCDs / Bonds | 0.75% |
4. ICICI Direct Prepaid Brokerage Plan
ICICI Direct Prepaid plans provide discounted brokerage rates when paying one time fixed fees up front, with 6 options that each have 15 year validity periods. Learn more about ICICI Direct’s Prepaid Brokerage Plans by reading up here!
ICICI Direct Prepaid Brokerage Plan
| Prepaid Plan | Equity Cash | Equity Futures | Equity Options | Currency F&O | Commodity Futures |
|---|---|---|---|---|---|
| Rs 5,000 | 0.25% | 0.025% | Rs 35/lot | Rs 20/order | Rs 20/order |
| Rs 12,500 | 0.22% | 0.022% | Rs 30/lot | Rs 20/order | Rs 20/order |
| Rs 25,000 | 0.18% | 0.018% | Rs 25/lot | Rs 20/order | Rs 20/order |
| Rs 50,000 | 0.15% | 0.015% | Rs 20/lot | Rs 20/order | Rs 20/order |
| Rs 100,000 | 0.12% | 0.012% | Rs 15/lot | Rs 20/order | Rs 20/order |
| Rs 150,000 | 0.09% | 0.009% | Rs 10/lot | Rs 20/order | Rs 20/order |
ICICI Minimum Brokerage Charges
1. ICICI Direct Minimum Brokerage
- Minimum brokerage for delivery segment trades under I-Secure plan is Rs 35 or 2.5% of trade value whichever is lesser.
- Prime Plan and Prepaid Delivery Plans each have a minimum brokerage of Rs 25 or 2.5% of trade value whichever is lower for delivery transactions.
2. ICICI charges flat 5 paisa per share (Rs 0.05) brokerage on stocks priced less then Rs 10 per share.
ICICI Direct Online Account Opening
ICICI Direct now provides instant account opening for customers whose Aadhar card has been linked with their current phone number for OTP verification.
If your Aadhar card hasn’t been linked with your current phone number for OTP verification, visit an ICICI Bank branch near you to open a trading account.
ICICI Direct Trading Apps
ICICI Direct offers 3 trading platforms to its customers:
Features of ICICI Direct Trading App
ICICI Direct Website
Since 1996, ICICI Direct.com is India's go-to online investment and trading website for many investors and traders alike. Offering trading accounts, demat accounts, mutual funds, insurance products and research and recommendations; their site remains highly popular!
Trade Racer (Trading Terminal)
Trade Racer, the installable trading terminal designed specifically for frequent traders. Packed full with tools for high-volume trading, Trade Racer offers itself freely to its clients.
ICICI Direct Mobile App
ICICI Direct app for both Android and iOS smartphones and tablets, traders and investors can trade and invest on-the-go with ease. Access all products and services available on ICICI Direct as well as special features like real-time price alerts, research notifications and customised alerts on Portfolio stocks from any location!
ICICI Direct Pros and Cons
Below are the advantages and benefits of ICICI Direct. To fully assess whether it meets your investment needs, be sure to review ICICI Direct’s benefits and drawbacks before opening an account with them. The pros and cons list provided will help guide your decision process.
Pros
- Three in one accounts from ICICI Bank seamlessly combine your banking, broking and demat accounts - no manual intervention necessary here - making ICICI a highly engaging player in online trading facilities. This feature makes the online trading environment possible at last!
- At ICICI Direct, unlike most online trading companies in India that require funds be transferred directly into broker pools or deposits, you have complete control of both demat and bank accounts via our platform. Immediately when money from selling stock has been received by us it lands directly in an ICICI Direct bank account for you!
- Investment opportunities such as Initial Public Offerings (IPO), Mutual Funds, Government Of India Bonds (GOI Bonds), Postal Saving Schemes and General Insurance with ICICI Lombard are easily available online from one source.
- Trading can take place both on BSE and NSE markets.
- Low bandwidth websites are ideal for slow internet connections or trading from mobile devices.
- Through VTC (Valid Till Cancelled), customers are able to place limit orders that will remain active for 45 days after placing them.
Cons
- ICICI Direct brokerage charges are higher and unnegotiable; however, you can reduce them by subscribing to either its Prime plan or prepaid brokerage plans.
- I-Secure Plan from ICICI offers a minimum brokerage charge of Rs 35 per trade for small traders who transact frequently.
- ICICI Bank charges flat brokerage of Rs 0.05 per share quoting upto Rs 10, which makes penny stocks difficult to trade successfully.
- After making 20 calls free in any one month, ICICI Direct charges Rs 25 for call & trade calls made thereafter.
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