ICICI Direct Overview
ICICI group is a well-known name in the Banking sector. ICICI Bank is a foreign company shook hands with the Indian market in the year 1994 in Mumbai and it has a wide reach all over the world. It has been so popular since its first footstep to India. This one of the third largest bank in India in terms of assets and market capitalisation.
The bank has subsidiaries in the United Kingdom, Canada United States, Singapore, Bahrain, Hong Kong, Sri Lanka Qatar Oman, Dubai International Finance Centre, China and South Africa.
ICICI bank offers 3 in 1 accounts which helps the clients to make their banking and trading experience hassle-free.
It has a wide range of financial products like Fixed Deposits, Loans, Tax Services, New Pension Systems, and Insurance.
ICICIDirect is the first broker to introduce digitally signed contract note.
Since then the process has been adapted 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 Bank has about 1500 branches all over the country and evolving to be bigger day by day. Customers can Walkthrough into any of the branches for queries and support.
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 With this plan, the brokerage percentage will be irrespective of the turnover. This is suitable for regular traders who need a fixed brokerage plan.
- 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 the case will be Rs.0.05% or Rs.35 whichever is lower.statutory charges will be levied over the brokerage
ICICIDIRECT I-SAVER PLAN
It is a variable brokerage plan depends upon the volume of the trade.High volume trades will have less brokerage and low volume trades will have a high brokerage.
|Total Eligible Turnover (Per calendar Quarter)||Brokerage (%)||Effective Brokerage on Intraday Squareoff|
|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%|
- 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 od Rs.0.25/share whichever is lower.statutory charges will be levied over the brokerage.
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||Rs 15||Rs 10|
|Rs 10 Crores to 20 Crores||0.035||Rs 15||Rs 10|
|Rs 5 Crores to 10 Crores||0.040||Rs 15||Rs 10|
|Less than Rs 5 Crores||0.050||Rs 15||Rs 10|
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 direct benefits its customers with 3 in 1 accounts which will be linking your banking and trading accounts for easy access.
It 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 web is a web based trading platform helps the trader to access multiple data in order window, customized widgets,multiple widgets in single screen drag and drop facility different themes it all works with no installation or download
Trade Racer web window's prototype :
Features of the application to consider:
- You live time streaming quotes.
- Single trading platform to trade in equity derivatives ¤cy derivatives.
- Customizable watch list with predefined indices and charts
- Customizable user interface.
- Advanced search option for scripts/contract.
- Continuous updates to your portfolio.
- lightning fast trading experience.
- Real-time charting facility.
- Market research, real-time news, great security along with research tips and recommendations after the login.
?Desktop based trading platform : Trade racer
Trade racer is the ICICI direct desktop based trading platform engraved for heavy traders taking heavy volatile market into consideration. It is all possible features it gives the power to the trader to identify market opportunities with a new look feel without compromising in enabling the next generation features
- customisable grid layout
- predefined desktops
- use multiple functions with symbol bar
- personalized colour combination
- 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,bulk and block deals.
ICICI DIRECT MOBILE
ICICIdirect Mobile Application is a Top class and one of its kind application Engraved by ICICI direct.It allows the users to tradeon the go, track your portfolio,view latest quotes, market movement and get live research calls and recommendations .It is one of the Technologically rich mobile trading platforms in India.
The ICICIdirect Mobile application prototype:
Main features of ICICIdirect mobile app:
- It is integrated with a great user interface with portfolio tracking live stream market updates and stock quotes.
- Create customizable watch list.
- Enjoy multilevel security.
- Transfer funds instantly.
- You can 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.
ICICI Direct Customer Service
Customer service is rated high in the case of ICICI direct. Being a bank primarily it has a huge reach for customers whether through branches, phone banking services, email and an exclusive toll free number.
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.
Shree Sawan Knowledge Park,
Plot No. D – 507, T.T.C. Industrial Area,
Navi Mumbai – 400705
Tel (91 22) 4070 1000
Fax (91 22) 4070 1022
Call and trade number will be different for every location.
Email them at email@example.com
Toll free number:1800 102 4242
ICICI Direct Closing Thoughts
ICICI direct have a special place for their customer delight. They give best investment solutions in the market but for high price and brokerage. The tips and Recommendation are accurate to the core. But there are complaints all over the www about the customer service. With a client base of 20 lakhs these complaint are said to be negligible.
But you can't find the way out with your profit as there will be hidden charges every time you make a trade.
You will fall in love with their trading platforms hang proof and Hassle proof.
People nowadays are moving to discount brokers just to make their trades profitable with less brokerage.
So it is better to opt for ICICI direct when you are super rich and don't care how much you earn and how much you lose(In the name of hidden charges and heavy brokerage).