ICICI Direct Overview- ICICI Direct is the broking brand of ICICI Securities Limited and both, ICICI Direct & Securities, are a part of ICICI Bank Limited.
ICICI Direct is a full-service stockbroker. The full-service products and services offerings include;
- Investing/ trading in equities and derivatives
- Comprehensive research advisory & reports
- ETF, IPO, SIP, and mutual fund investment
- Insurance and wealth management services
- Financial planning & investment
- Portfolio management services
- Loans, FD, and bond products
However, the brokerages for trading high volumes are much higher at ICICI Direct. The charges are 0.275% for intraday trades.
This comes to Rs. 275 (1,00,000 x 0.275 / 100) for a single intraday trade of Rs. 1 Lakh which is very high when compared to discount brokers who charge a flat Rs. 20 brokerages.
About ICICI Bank
ICICIdirect is the largest full-service broker in India with more than 50 lakh customer base. ICICI Direct has 170+ branches across India.
ICICI Direct provides more than 50 services such as Stocks, IPOs, Mutual Funds, and Wealth Management. You can also apply for a loan with ICICI Direct for your funds requirements. ICICI Direct 13 types of loans like home loan, personal loan and gold loan.
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ICICI Direct Brokerage Charges
ICICI Direct offers three brokerage plans;
- i-Secure Plan
- Prepaid Brokerage Plan
- ICICI Direct Prime
Brokerage charges for i-Secure Plan;
A variable percentage of brokerage is charged on the basis of quarterly turnover. Higher the turnover, lesser will be the brokerage.
|Trading Type||Brokerage Charges|
|Equity Delivery||0.55% (including buy and sell)|
|Equity Intraday||0.275% ( the second leg is not charged)|
|Equity Futures||0.050% plus a flat brokerage of Rs. 50 on the second leg|
|Equity Options||Rs. 95 per lot plus a flat brokerage of Rs. 50 on the second leg|
|Currency Futures||0.050% plus a flat brokerage of Rs. 10 on the second leg|
|Currency Options||Rs. 25 per lot plus a flat brokerage of Rs. 10 on the second leg|
The brokerage for Margin and Margin Plus under the i-Secure Plan is 0.050%.
Brokerage charges under Prepaid Brokerage Plan;
|Prepaid Plan||Cash||Intraday Futures||Options (per lot)||Currency F&O||Commodity Futures|
|5,000.00||0.25%||0.025%||Rs. 35||Rs. 20 per order||Rs. 20 per order|
|12,500.00||0.22%||0.022%||Rs. 30||Rs. 20 per order||Rs. 20 per order|
|25,000.00||0.18%||0.018%||Rs. 25||Rs. 20 per order||Rs. 20 per order|
|50,000.00||0.15%||0.015%||Rs. 20||Rs. 20 per order||Rs. 20 per order|
|1,00,000.00||0.12%||0.012%||Rs. 15||Rs. 20 per order||Rs. 20 per order|
|1,50,000.00||0.09%||0.009%||Rs. 10||Rs. 20 per order||Rs. 20 per order|
Brokerage charges under ICICI Direct Prime Plan;
|Prime Plan||Scheme validity||Delivery brokerage||Intraday|
|Equity Options||Currency |
|Rs. 299||365 days||0.27%||0.027%||Rs. 40 per lot||Rs. 20 per order|
|Rs. 999||365 days||0.22%||0.022%||Rs. 35 per lot||Rs. 20 per order|
|Rs. 1,999||365 days||0.18%||0.018%||Rs. 25 per lot||Rs. 20 per order|
|Rs. 2,999||365 days||0.15%||0.015%||Rs. 20 per lot||Rs. 20 per order|
ICICI Direct Account Opening & Annual Charges
You can open a 3-in-1 (demat + trading + bank) account with ICICI Direct. You need to have an account with ICICI Bank.
The trading account will be with ICICI Securities Limited. Whereas, the bank and the demat account will be maintained with the ICICI Bank.
Charges for opening an account are as under;
|Trading and Demat account opening charges||Rs. 0|
|Trading account annual maintenance charges||Rs. 0|
|Demat account annual maintenance charges||Rs. 700|
ICICI Direct Available Margins
The information on margins for various trade types is not available on the ICICI Direct website.
The below information on the margins is collected from different websites. Please take due care for the while using the below information.
|Intraday Equity||Up to 25X depending on the stock|
ICICI Direct Demat & Trading Account Features
#1. High Brokerage Charges
ICICI Direct is a full-service broker with a lot of other value-added products and services such as research advisory and portfolio management.
All of which helps you in handholding, trading and investing smoothly. This involves a higher cost of services.
The brokerages on delivery trade are 0.55%. That means if you do trading of one lakhs of rupees (both buy & sell), your brokerage comes to 1,00,000 x 0.55 / 100 = Rs. 550.
This is far more than the Rs. 20 x 2 (for buy & sell) = Rs. 40 at discount brokers.
#2. Research Advisory
ICICI Direct offers research reports and services that include:
- Pre-market views on momentum pick and derivatives
- Intraday recommendations on derivatives strategies and trends
- Monthly outlook on technicals, derivatives, and mutual funds
- Long-term recommendations on companies, investments & model portfolio
The period of different reports is from daily to yearly.
#3. A Lot of Services & Products
ICICI Direct has a whole range of trading services. One can trade in Equity, Stock derivatives, Currency, Bonds, and ETFs.
Apart from that, you can invest in Mutual Funds, IPO/FPO/Buybacks, and Insurance products. ICICI Direct also helps you to get loans, tax assistance, eLocker and opening an NPS account.
ICICI Direct offers Financial Planning, Wealth Management, and Portfolio Management services. It has NRI & Corporate services too.
#4. Trading Platform
Traders have access to ICICI Direct’s “Trade Racer” trading platform. Trade Racer platform is available:
- In the webform
- Desktop application form
- Mobile App form
ICICI Direct Trading Platforms
#1. Trade Racer
You get a “Trade Racer” trading platform when you open an account with ICICI Direct. You have to download the software in your system (laptop or desktop).
Trade Racer has Trend Scanner to help you identify real-time trading opportunities. The scanner tools are based on pre-defined technical parameters that you can set according to your trading needs.
Trade Racer also offers “Heat m Maps” for spotting price movements.
Further, the Live Scanner tool on the Trade Racer helps you identify scrips nearing days, week, month, 3 month and year high or low prices.
However, the platform is bulky and loads slowly. ICICI Direct also sends too many trade calls and tips that can be overwhelming.
#2. Trade Racer Web
Trade Racer Web is a browser based trading platform that provides you the most of the features that Trade racer software offers such as Trend Scanner to analyse trading opportunities.
You can shortlist up to 100 stocks in 5 watchlists (20 scrips per watchlist) for quick analysis of your favourite stocks.
You can also check Current Limit, Best 5 bid/offer under a single window for quick order placement in Stocks and F&O.
#3. ICICI Direct Mobile
ICICI direct Mobile (earlier ICICI Trader) allows you to view latest quotes, track your portfolio and analyze market movements on the go.
You can also get live research calls and heat maps to spot price movements in your smartphone. ICICI direct Mobile can map your fingerprint for login that enhances the app security.
App is lightweight and fast but you may face automatic log outs at times.
ICICI Direct Customer Care
#1. Customer Service
|Indian Customer Helpline||NRI Customer Helpline|
|1860 123 1122||+91- 22-3914 0422|
Enter your trading account number in IVR to connect with the representative.
You can contact the helpline between 8.30AM to 6.00 PM from Monday to Friday.
#2. WhatsApp Service
You can message “Hi” on 9833330151 to avail Whatsapp service if you have subscribed to the WhatsApp service. If not, you can use this link to subscribe.
ICICI Direct has introduced WhatsApp 24 x7 service that allows you to resolve your investment related queries through chat.
You can chat about different services information such as your holdings summary across different segments, live stock prices, and many more.
#3. Grievance Redressal
- Level-1 Grievance – for first-time complaint
- Level-2 Grievance – If Level-1 couldn’t resolve your issue
- Level-3 Grievance – If Level-2 couldn’t resolve your issue
Benefits of ICICI Direct Demat and Trading Account
- 3-in-1 trading account
- Instant payout of the stock sold through eATM
- Research advisory & reports
- Other value-added services
Cons of ICICI Direct Demat & Trading Account
- High brokerages
- Need to have ICICI Bank account
- Rs. 700 annual AMC charges
ICICI Direct Account Opening
The account opening can be completed online. Existing ICICI Bank account holders need to link their existing accounts while opening a 3-in-1 account.
For a person new to ICICI the process is a bit lengthy, requiring you to open a new bank account, register for a Digi locker and then open the broking account.
The S steps for opening a new trading account is as follows:
First, you need to create an account at ICICI Direct website for an application and. Provide details of PAN, date of birth, and name to create an account. The account so created can be used to make an application for a 3-in-1 trading account.
The benefit of the application account is that – if you are not able to complete the application then you can log-in the next time and resume the application for from the point you left.
Next, you will be prompted for ICICI Bank account details. Existing ICICI b Bank account holders can provide the details, link their existing bank account a proceed ahead with the opening of the trading account.
Persons new to ICICI Bank need to select the option “Don’t have ICICI Bank Account” and click continue.
ICICI uses DigiLocker to retrieve your KYC documents for verification.
So, before you proceed any further you need to either provide your DigiLocker information if you have one or create a DigiLocker account and upload your KYC documents.
DigiLocker is a government cloud service that digitally stores all your documents safely that can be accessed anywhere anytime.
After that you have to You have to proceed with Aadhaar eKYC for online Aadhaar Verification
Enter your mobile number linked with Aadhaar card, you’ll get OTP on your registered mobile number.
Once submitting the OTP, a XML file will be downloaded to your laptop or desktop from where you are filling the form.
Upload the file as shown below.
Now upload your documents such as PAN Card, blank cheque and signatures. You can do signatures on a blank paper and then scan the image.
Now scroll down to enter your personal details and click on “Submit””.
Capture your Live Photo using webcam if you are applying from your system (laptop or desktop) or you can use your smartphone front camera if you are applying from mobile phone.
After capturing your image, click on “submit”.
Now you’ll have to enter your email address for verification, you’ll get an OTP on your given email address.
Final step is to eSign your application as shown below. Click on “I Accept & eSign”.
By this time the bank account gets created simultaneously and you can proceed ahead with the trading & Demat account opening.
Next, you need to link your bank account, open a new or link an existing d Demat account, fill in the personal details and be ready for in-person verification on the webcam.
After which you will be required to digitally sign documents using Aadhaar OTP.
Comparison Between ICICI Direct and Zerodha
In 2020, Zerodha overtook ICICI Direct to become the largest stockbroker in India with more than 50 lakh client base. Let’s have a quick comparison between Zerodha vs ICICI Direct.
|Broker Type||Discount Broker||Full-Service Broker|
|Brokerage offer||Low Brokerage||High Brokerage varises with plans|
|Account opening charges||Equity – Rs. 200 |
Commodity – Rs. 100
|No account opening charges|
|Maintenance charges||Rs. 300 per year||Rs. 700 per year|
|Services available||Stocks, Mutual funds, IPOs||Stocks, Mutual Funds, IPOs, Loans & NCDs|
|Trading plans||No||Yes. Multiple plans|
|Branch offices||No||175 branches in India.|
|Margin on Equity Delivery||No||Yes|
Conclusion (Final Review)
You should consider ICICI Direct broking only if you are an existing account holder with ICICI Bank. That way you have all the three accounts (demat, trading, and bank) at a single entity.
New traders who require hand holding, research services and do not mind paying a higher brokerage fee, also can opt for an ICICI Direct trading account.
#1. Can I open an ICICI Direct account online?
Yes, you can open an ICICI Direct account completely online. I have explained the process under account opening head above in the article.
#2. How to close an ICICI demat account online?
ICICI hasn’t provided any direct online process to close the demat account. You can read our complete article on “how to close ICICI demat account online and offline” for better understanding the process.