ICICI Direct Overview
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ICICI Securities is the largest retail stock broking firm, which is part of the ICICI bank. ICICI bank is the third largest bank in India in terms of assets and market capitalization. It was founded in 1994 and today not only has a PAN India presence but also a world-wide presence. The firm has a presence across 87 locations in India with more than 200 offices in different forms and sizes for its clients.
The bank offers 3-in-1 accounts which includes ICICI bank account, ICICI trading account, and ICICI demat account. This is an efficient way of helping the clients to have a smooth trading experience. ICICI securities offers a wide range of financial services such as online equity trading, derivatives trading, mutual fund & IPO, fixed deposit, bonds, Non-Convertible Debentures (NCD), currency trading, Insurance, wealth products, home loans, loan against securities, etc.
ICICI Direct is the first broker to introduce the digitally signed contract note. Since then, the process of generating contract notes went up to automation which made the availability of contract notes to the customer in a safe and secure procedure through the website.
ICICI Direct Brokerage Charges
ICICI direct have 2 brokerage plans.I-secure plan which is a flat brokerage plan and I-saver plan is a variable brokerage plan.
ICICIDIRECT I-SECURE PLAN
In this plan, brokerage percentage remains constant regardless of the turnover. This is an ideal plan for those investors who wish to have a fixed brokerage plan. If you wish to opt for the I-secure plan here are some points to consider.
- The minimum brokerage will be Rs.5 per trade or 2.5% of the trade value whichever is lower for transactions up to Rs. 6364 for stocks quoting more than Rs.10.
- Brokerage on stocks quoting below Rs.10 will be levied Rs.0.05% brokerage/ share. The total brokerage in this case will be Rs.0.05% or Rs. 35 whichever is lower. Statutory charges are levied over the brokerage.
|Equity Intraday||0.03% - 0.05%|
|Equity Future||0.03% - 0.05%|
|Equity Options||Rs 35 – Rs 95 per lot|
|Currency Futures||0.03% - 0.05%|
|Currency Options||Rs 10 – Rs 35 per lot|
ICICIDIRECT I-SAVER PLAN
This plan is based on the volume of the trade. Which means, high volume trades will have less brokerage and low volume trades will have a high brokerage.
If you are opting for I-secure plan here are the few things you need to know
- The minimum brokerage will be Rs.5 per trade or 2.5% of the trade value whichever is lower for transactions up to Rs. 4667 for stocks quoting more than Rs.10.
- Brokerage on stocks quoting below Rs.10 will be levied Rs.0.05% brokerage/ share. The total brokerage in the case will be Rs.0.05% or Rs.35 subject to a maximum of Rs.0.25/share whichever is lower. The statutory charges will be levied over the brokerage.
|Total Eligible Turnover (Per calendar Quarter)||Intraday Brokerage %||Delivery Brokerage %|
|Above Rs 5 Crores||0.25||0.125%|
|Rs 2 Crores to 5 Crores||0.30||0.150%|
|Rs 1 Crores to 2 Crores||0.35||0.175%|
|Rs 50 Lakhs to 1 Crores||0.45||0.225%|
|Rs 25 Lakhs to 50 Lakhs||0.55||0.275%|
|Rs 10 Lakhs to 25 Lakhs||0.70||0.350%|
|Less than Rs 10 Lakhs||0.75||0.375%|
Equity Future, Equity Options, Currency Future & Currency Options rates are same in bothI-Secure and I-Saver plan
ICICIDirect Future & Future Plus Brokerage
|For Equity/Currency Futures||Equity Future and Future Plus||Currency Futures|
|Total Eligible Turnover per month||Brokerage (%)||Brokerage on Second leg of Intraday square off (per lot)||Brokerage on Second leg of Intraday square off (per lot)|
|Above Rs 20 Crores||0.030||0.030||Rs 15|
|Rs 10 Crores to 20 Crores||0.035||0.035||Rs 15|
|Rs 5 Crores to 10 Crores||0.040||0.040||Rs 15|
|Less than Rs 5 Crores||0.035||0.050||Rs 15|
ICICIMargin & Margin Plus Trading Brokerage
|Total Eligible Turnover per month||Brokerage (%)|
|Above Rs 20 Crores||0.030|
|Rs 10 Crores to 20 Crores||0.035|
|Rs 5 Crores to 10 Crores||0.040|
|Less than Rs 5 Crores||0.050|
ICICIDirect Options Brokerage
|Brokerage in Options Total Eligible Lots per month||Flat brokerage per contract lot (Rs)||Brokerage on Second leg of Intraday square off (per lot)|
|Above 600||65||Rs 15|
ICICIDIRECT PRE-PAID BROKERAGE PLAN
ICICIdirect prepaid brokerage plan comes with lifetime validity or till the card exhausts. At the end of 15 years, any un-utilized brokerage would be refunded back to the trading account.
|Prepaid Plan (Rs)||Total Amount with GST (Rs)||Cash %||Margin/Futures %||Options (lot)||Currency Futures %||Currency options (lot)|
ICICI Direct Other Charges
Alike every other traditional broker and Bank ICICI direct is also termed as an expensive broker in terms of account opening charges and Demat maintenance charges.
The account opening charges for a trading account will be Rs 975 but the trading account maintenance charges will be zero.
In the case of Demat account, the account opening charges will be zero but the account maintenance charges will be around Rs.600.
|1||Account Opening Charges||Nil|
|2||Annual Service Charges (AMC)||Rs 600 (Rs 500 for customers receiving email statements)|
|3||Buy - Market and Off-Market||Nil|
|4||Sell - Market and Off-Market||(Maximum Rs 500 for debt instruments / Nil for Trades done on www.icicidirect.com)|
|* Instruction submitted through Internet (E-inst / IVR)||0.04% (Minimum Rs 25 and Maximum Rs 25,000)|
|* Instruction submitted through Call Centre||0.04% (Minimum Rs 30 and Maximum Rs 25,000)|
|* Instruction submitted at Branches||0.04% (Minimum Rs 35 and Maximum Rs 25,000)|
|6||Extra charges for processing of TIFDs submitted late (% of transaction value)|
|* Instruction submitted through Internet (Einst/IVR)||Nil|
|* Instruction submitted through Call Centre||Nil|
|* Instruction submitted at branches (accepted at Client's risk)||Rs 10 per ISIN
(Nil for e-instructions)
|* For each request form||Rs 50|
|* Extra for each certificate||Rs 3|
|8||Rematerialisation||A fee of Rs 25 for every hundred securities or part thereof, subject to maximum fee of Rs 3,00,000 or a flat fee of Rs 25 per certificate, whichever is higher.|
|9||Reconversion of MF units||Rs 25 per instruction|
|10||Closure of Account||Nil|
|11||Pledge Creation/Closure/Confirmation/ Invocation|
|* If, ICICI Bank is counter party||0.02% (Minimum Rs 25 and Maximum Rs 25,000)|
|* If, ICICI Bank is not counter party||0.04% (Minimum Rs 35 and Maximum Rs 25,000)|
|12||Additional Account Statements||Rs 20|
ICICI Direct Platforms & Tools
ICICI Securities offers all three types of trading platforms like Web-based trading platform, desktop-based trading platform, and mobile trading platform.
- Web based trading platform : Trade Racer web
- Desktop based trading platform : Trade Racer
- Mobile trading platform: ICICI Direct mobile
Trade Racer Web
Trade Racer is a web-based trading platform that helps the trader to access multiple data in order window. The platform has customized widgets, multiple widgets in single screen drag and drop facility, and different themes. It all works with no installation or download.
Trade Racer web window's prototype :
Following are the features of the platform:
- Offers life-time streaming quotes.
- Trades in equity derivatives currency derivatives.
- Customizable watch list with predefined indices and charts
- Customizable user interface
- Advanced search options for scrips/contract
- Continuous updates to your portfolio
- Real-time charting facility
Trade racer is the desktop-based trading platform of ICICI securities made for heavy trading. With all the available features, trader is empowered to identify potential market opportunities with a new look and feel. Following are the features of this platform:
- Customizable grid layout
- Predefined desktops
- Use multiple functions with symbol bar
- Market scanners, trend scanners, and live scanners for the easy view of trending scrips in a single window
- Complete control over the trades with market tracker, heat maps, global indices moving averages, gross delivery data, snap view, and bulk and block deals
ICICI Direct Mobile
ICICI Direct Mobile Application is one-of-its-kind that empowers the users with great flexibility. It allows the users to Trade efficiently, Track the portfolio, View latest market quotes,Get live research calls and recommendations.
Main features of ICICI Direct mobile app:
- Offers great user interface with portfolio tracking live stream market updates and stock quotes
- Create customizable watch list
- Offers multilevel security
- Transfer funds instantly
- Check margin availability
- Live streaming stock market data is available
- Track your portfolio in real time
- SMS Alerts
ICICI Direct Education & Research
ICICI Direct recognizes the need for financial literacy & education and has been using many platforms to increase awareness in empowering its customers to make informed investment decisions.ICICI Direct is the first brokers in India to introduce a training institute where they train on different financial subjects.
- iCommunity is an online forum where users can ask questions, get answers to their queries, follow others with an expert point of views.
- Online Tutorials around basics of Equities, Mutual Funds, Options, Futures and technical analysis.
- Virtual Classroom learning.
ICICIdirect provides above average stock recommendations for the daily pick, weekly picks, short term, long term and also for futures and options trading for free.
- Offers 3-in-1 account opening facility and these accounts are well integrated. This makes online trading easier.
- ICICI Securities help you manage your own demat and bank accounts effectively. Money from selling stocks is available in ICICI bank account
- Offers investment in various financial services
- Trading is available in both BSE and NSE
- Low bandwidth website is available for users having slow internet connection
- User can buy and sell limit orders in equity scrips of your choice.
- High brokerage which is non-negotiable. Minimum brokerage is Rs 35 per trade which is high for some traders
- Does not offer commodity trading
- Trading at MCX and NCDEX is not possible
- In 3-in-1 accounts, both demat and trading account must be opened only in ICICI bank
- ICICI Securities charges Rs 75 per month as the trading terminal fee
- ICICI Securities charges flat Rs. 0.05 per share brokerage on stocks quoting upto Rs 10
- ICICI Securities charges Rs 25 per call for call & trade facility
ICICI Direct Customer Service
Customer service is rated high in the case of ICICI Securities. Being a bank, it has a large customer base and offers customer support service through facilities like email, phone, offline branches, and online help. They are extensively known for banking services in the first place. So the customer can be easily guided through the hassle involved by the customer care.
- Email: firstname.lastname@example.org
- Toll free number: 1800 102 4242
ICICI Bank has about 1500 branches all over the country and evolving day by day. Customers can conveniently walk into any of the branches for queries and support.
ICICI Direct Closing Thoughts
ICICI Securities provides the best investment solutions in the market but for high price and brokerage. The market research tips and recommendations are accurate to the core. The customer service is not satisfactory; however, with a client base of 20 lakhs these complaints are said to be negligible.
Customers are fond of their trading platforms that are efficient, and user-friendly giving the trader a hassle proof experience. People nowadays are moving to discount brokers just to make their trades profitable with less brokerage.
Hence, it is better to opt for ICICI Securities if you have a strong financial backing and don't care how much about the profit and loss.