ICICI Direct: Review, Brokerage Charges, Features

(Last Updated On: April 22, 2017)

ICICI direct is a full-service online trading and investment management platform owned by ICICI securities. This post covers ICICI Direct Review, brokerage charges, features and other useful analysis. ICICI direct offers wide range of services offered including:

  1. Online Trading in equities
  2. Online derivatives trading
  3. Mutual fund investments
  4. Investing in IPO’s
  5. Investing in corporate bonds,
  6. Fixed deposits
  7. Investing in Exchange Traded Funds (ETFs)
  8. Insurance Products
  9. Subscription to NPS (National Pension scheme)

ICICI securities started as a retail stock broker and is the largest stock broker in India with a user base of more than 25 lacs across India. It has 200+ branches across India.

ICICI Direct Key Features

  1. ICICI direct offers 3 in 1 account which includes an ICICI saving account, a Demat account and an ICICI direct account to manage various investments. 3 in 1 account helps all your investments at one place and hence manage everything efficiently.
  2.  Unified Investment dashboard, with ICICI you can invest in stocks, mutual funds, select insurance products, fixed deposits etc so it provides you a unified dashboard for investments.
  3.  Share Trading Account: ICICI direct provides a web based share trading account which you can use for buying and selling of stocks on BSE or NSE. Through your share trading account. With your ICICI direct trading account you can do cash trading, margin trading, spot trading, margin plus trades, invest in IPOs, invest in mutual funds etc.
  4.  Trade Racer( Trading terminal): For active traders, ICICI provides a trading platform called Trade racer. Trade racer provides tool likes scanners, live streaming quotes, a stream of key happening in the market like bulk deals etc. Trade racer provides advanced tools
    • Snapview: Shows 360 degree view of the scrips including advanced charts, peer comparison, bulk deals,
    • Market insights: Structured pre-defined insights on stocks like high momentum stocks, bargain stocks, distressed stocks, top performing stocks etc
    • Heat Maps, Bulk deals, advance/decline ratios and moving averages to help you make trading decisions
  5. Offline support through relationship managers, also a large offline presence through 80 + offices across the country

ICICI Direct Brokerage Charges

ICICI direct offers two kinds of brokerage plans to its customers a flat brokerage plan called which is called I-Secure plan and a variable brokerage plan called I-Saver plan. I will be discussing in details both these plans but before that summary of other charges on ICICI direct

  1. Trading Account opening charges: Rs 975
  2.  Demat account opening charges: Rs 100
  3. Demat account  Maintenance charges: Rs 0
  4. Trading account maintenance charges: Rs 500 annually.

I-Secure Plan

I-Secure plan is a flat brokerage plan. This means trader gets charged a fixed percent of his trade value irrespective of how much he trades.

Equity Charges under I-secure Plan

  • Delivery (equity) : 0.55 % Flat
  • Intraday ( equity): 0.275% Flat

I-Saver Plan

I-saver plan is a variable brokerage plan. The plan offers brokerage based on your trading volume your brokerage cost reduces as your trading volume increases. So if you are a high volume trader I-saver plan can help you reduce brokerage costs on your trades

Equity Delivery- 0.25 % to 0.75 %

  • Less than Rs 10 Lakhs – 0.75%
  • Between Rs 10 lakhs to 25 Lakhs – 0.70%
  • Between Rs 25 lakhs to 50 Lakhs – 0.55%
  • Between Rs 50 lakhs to 1 Crore – 0.45%
  • Between Rs 1 Crore to 2 Crores – 0.35%
  • Between Rs 1 Crores to 5 Crores – 0.30%
  • Above Rs 5 Crores – 0.25%
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Equity Intraday – .0.125% to 0.375% *

  • Less than Rs 10 Lakhs – 0.375%
  • Between Rs 10 lakhs to 25 Lakhs – 0.350%
  • Between Rs 25 lakhs to 50 Lakhs – 0.275%
  • Between Rs 50 lakhs to 1 Crore – 0.225%
  • Between Rs 1 Crore to 2 Crores – 0.175%
  • Between Rs 1 Crores to 5 Crores – 0.150%
  • Above Rs 5 Crores – 0.125%

*turnover based on trading quarter

ICICI Direct Equity Future, options, currency future and options rates

Future and options brokerage rates are same for both I secure and I-saver plan. below are the rates offered by ICICI direct for different options

Equity Future & Currency Future :0.05% to .03%  on monthly turnover

  • Less than Rs 5 Crores – 0.05%
  • Between Rs 5 Crores to 10 Lakhs – 0.040%
  • Between Rs 10 Crores to 20 Lakhs – 0.035%
  • Above Rs 20 Crores – 0.03%

Equity Options: Flat Rs 35 to 95 per contract lot, Brokerage on the second leg of Intraday square off- Rs 15

The below chart explains the tiers of brokerage charges for equity options

ICICI Direct Options Brokerage

Total eligible lots per monthBrokerage per contract (in Rs)Brokerage on second leg of intra day square off ( in Rs)

0-60

95

15

61-150

85

15

151-300

75

15

301-600

70

15

Above 600

65

15

Currency options: Flat Rs 10 to 25 per lot, Brokerage on the second leg of Intraday square off Rs 10.

ICICI Direct Demat service charges ( Depository service charges)

Description of chargeRegular AccountBasic Service Demat account
Account Opening NIL NIL
Annual Maintenance charges
Rs 700
Holding Value
Upto Rs 50000 - NIL
From Rs 50001-Rs 200001-Rs 100
Buy( Market and off Market)NIL ( for trades on ICICIdirect)Nil ( For trades at ICICI direct.com
Re-conversion of MF units Rs 25 per instructionRs 25 per instruction
Dematerialisation for each request form Rs 50Rs 50
Dematerialisation for each extra certificateRs 3Rs 3
Closure of account NILNIL
Rejection / failure of transfer instruction Rs 30 Rs 30
Additional account statements Rs 20 Rs 20
DIS Booklet chargesRs 50 Rs 50
TIFD instruction submitted though (e-inst/IVR/Call centre)NIL NIl
TIFD instruction submitted at branch) Rs 10 Ra 10

ICICI Direct Review

Pros

  1.  First and foremost ICICI direct offers a 3 in one account so provides an integrated saving, trading and Demat account resulting in seamless experience and money movement. You do not need to transfer money in and out of your Demat account everything is integrated seamlessly
  2. You can invest in Mutual funds, IPOs, NPS , post office schemes and even in select insurance schemes from ICICI Lombard and hence get one unified view of your investments
  3.   You can trade on both BSE and NSE  through ICICI direct
  4. One of the best support service in the market

Cons

  1.  High brokerage charges. With the advent of discount brokers, the high brokerage charge ICICI direct has started pinching.
  2. Commodity trading not available
  3. The 3 in 1 system also introduces a lock in into ICICI system, you have to compulsorily open up an ICICI savings account.
  4.  Rs 35 per trade is high for a trader who does small trades
  5.  With ICICI direct brokerage structure buying penny stocks is touch as they charge Rs 0.05 brokerage for stocks
  6. Trade racer the trading terminal is charged extra Rs 75 per month if your brokerage is less than a threshold of 750
  7.  They only offer regular mutual funds schemes and do not offer direct mutual fund schemes.
  8. You can put GTC ( good till canceled ) orders  not available with many brokers in India
  9. You need to maintain minimum balance in your connected savings account
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How to Invest in Stocks from ICICI Direct

Follow these steps to buy stocks on ICICI direct

  1. Login to ICICI direct using your username and password
  2.  Click on Equity on trade and invest page
  3.  Click on allocate funds to allocate funds for trading
  4. Go to place order option on the left-hand panel
  5. Select cash buy or Flexi cash
  6. Select NSE or BSE
  7. Enter stock name/symbol
  8. Enter the quantity you want to buy
  9. Select order validity
  10. Select Market order or Limit order ( specify your price)
  11. Place your order
  12. Verify your order, click on proceed
  13. Check your order book

How to invest in Mutual funds using ICICI Direct

  1. Login to ICICI direct using your username and password
  2. Click on Mutual fund tab on left panel
  3. Click on purchase under-invest now
  4. Select the fund you want to invest on by typing the name of the fund
  5.  Choose SIP or Lumpsum
  6. Use Fund categories to shortlist the right fund
  7. Review the fund details
  8. Click on continue to invest
  9.  Add a joint holder
  10. Add investment amount
  11.  Pay through allocated fund/net banking for lump sum investments
  12.  Review your investment
  13. Click on Pay

 

How to start trading in Futures on ICICIdirect.com

Comparison of ICICI Direct with other brokers

Features ICICI DirectZerodhaAngel brokingShare KhanProstocks
Service TypeFull serviceDiscount BrokerFull serviceFull serviceDiscount broker
Brokerage0.05 to 0.55 %Rs 200.03 to 0.3 %0.1 to 0.5%Rs 15
Account opening costRs 975 for 3 in 1 AccountRs 200 if couriered & Rs 100 if form is printedRs 600Rs 500 Rs 300
Subscription PlansNoNoNoNoYes
Margins (Equity)Intraday upto 25 times & Delivery upto 5 times for interest Upto 20 times intraday, 0 for DeliveryUpto 10 times for Intraday, Upto 3 times for Delivery with interestUpto 10 Times for Intraday & 5 Times for Delivery(Interest cis chargedFlat Fee Plan: Rs. 15/executed order, Fix Monthly Plan: Rs. 899/monthly, Rs. 8,999 Unlimited Trading Per Year -
Exchanges EnabledNSE & BSENSE, BSE, MCX-SX & MCXNSE, BSE, MCX, & NCDEXNSE, BSE, MCX-SX, MCX & NCDEXNSE and BSE

How to open an account in ICICI direct

Offline account opening

You can visit nearest ICICI direct centre or ICICI bank branch to open up your ICICI direct account. ICICI direct account opening is done in most branches of ICICI bank. You should request for a 3 in 1 ICICI direct account.If you have an existing ICICI bank account you can convert it into a 3 in 1 account.

Online account opening

You can also open up an account online on the icicidirect website. here are the steps you need to follow

  1. Go to icicidirect.com
  2. From the top navigation bar click on open an account section
  3. Fill in the registration form and select the account option you are looking to open and click submit
  4.  You would get a system generated ARN number, keep it handy you would need to put it on physical form
  5. ICICI direct executive will visit you within 2 days to get documents, your signatures and other account opening formalities
  6. You would need following documents for ICICI direct 3 in 1 account opening ( 2 photographs, valid adress proof, valid identity proof)
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List of account opening documents for ICICI direct account

  1. 2 Photographs for self
  2. One photograph for the nominee
  3. Xerox self-attested copy of PAN card
  4. Xerox self-attested copy of address proof ( Passport, Aadhar card, driving license, lease agreement etc)

ICICI Direct account opening charges

Here are the current charges for opening up an ICICI direct account

  •  ICICI direct trading account ( which is your trading account): Rs 975
  •  ICICI Savings account: Zero
  •  ICICI direct demat account : NIL
  • Annual maintenance charges for your demat account : Rs 600

None of these charges are negotiable.

In Conclusion

ICICI direct is a reputed and safe trading platform and with ICICI bank account integration it is seemless experience. It provides multiple investment options like mutual funds, FDs, NPS and hence helps you build a personalized investment dashboard.

One aspect where ICICI is direct lag is providing advanced analytics and insights for trading, there is lot of improvement that can be done in that area.

Cost wise ICICI direct is one of the costliest platforms and it is hard to justify the extra cost you pay for the value you get out of the platform.

Frequently Asked question on ICICI Direct

  1. Are the brokerage rates negotiable for ICICI direct

No brokerage rates are non-negotiable for ICICI direct , you have to pay the list price.

2. Can i use ICICI direct with another bank account

No, you will have to open up a savings account with ICICI.

3.   Is the savings account a zero balance account

It is advertised as a zero balance account but you must check with your relationship manager

4.  Can I trade in commodities with ICICI direct account

No, you cannot trade in commodities with ICICI direct account

5.   What all insurance products I can buy through my ICICI direct account

You can buy select insurance products offered by ICICI Lombard insurance through this account.

6.   Are full-service accounts better than discount brokerages

You get better service with full-service account you need to see is the extra cost commensurate to the value

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