ICICI Direct is a full service stock broker with an active client base of 23,33,088 as of March 2023.
ICICI Direct offers a 3-in-1 account which combines the demat, trading and bank account. You can also open an ICICI 2-in-1 account comprising a trading and demat account with zero account opening charges.
However, you need to pay the monthly subscription fees of up to Rs. 4,999 depending upon the brokerage plan.
Eligibility to Open ICICI Direct Demat Account
- Any Indian resident who has a PAN card. You may like to read how to apply PAN card online.
- Minor is also eligible. The guardian or parent will be the primary account holder, and the minor will be listed as the beneficiary.
- Hindu Undivided Family (HUF).
- Non-Indian Residents (NRI) can participate in the Indian financial markets by informing the DP about their NRI status.
- Domestic companies are also eligible to open an account.
Documents Required to Open ICICI Direct Demat Account
- Identity proof – PAN Card, Aadhar card, passport or voter ID card.
- Address proof – Aadhar card, ration card, utility bills or passport.
- PAN card
- Income proof – Copy of latest ITR, bank account statement for the last six months, salary slip, Form 16, or net worth certificate.
- Bank account proof – canceled cheque
- Signature Image – Sign on a black white paper. The signature must be the same as on your PAN Card.
ICICI Direct Demat Account Charges & AMC
ICICI Direct charges zero for Demat & trading account opening. However, you need to pay annual maintenance charges (AMC) of Rs. 700 for the Demat account, which can be waived for ICICI direct customers in the first year.
ICICI also offers different subscription based brokerage plans. You need to pay a subscription from Rs 299 to Rs 4999 depending upon the selected plan.
|Segments||Account opening & AMC Charges|
|Trading Account Opening Charges||Zero (Free)|
|Demat Account Opening Charges||Zero (Free)|
|Trading AMC Charges||Zero (Free)|
|Demat AMC Charges||Rs. 700 (waived for ICICIdirect customers for the first year)|
|Additional Brokerage Plan Fee||Up to Rs 4999, depending upon the plan|
How to Open ICICI Direct Demat Account
You can open an ICICI Direct demat account online or offline.
#1. Steps to Open ICICI Direct Demat Account Online
Step #1. Visit the ICICI Direct official website
You need to visit the ICICI Direct official website – www.icicidirect.com and click on “Open an Account.”
Step #2. Enter the mobile number
Enter your “mobile number” which is registered with Aadhar and then enter the “OTP” which is sent to your registered mobile number.
Step #3. Verify your email address
Now enter the email ID and validate with OTP which is sent to your email ID.
Step #4. Enter your PAN details
Enter your PAN details and date of birth and click on proceed.
Step #5. Verify your KYC details.
Step #6. Link your bank account
Enter the details of your bank account which you want to link. Click continue to proceed. You can also link other bank account by searching IFSC code or bank name.
Step #7. Digilocker Verification
You need to verify your Aadhar number to continue login with Digilocker. Click “Next” to continue.
Now enter the “OTP” which is sent on your registered mobile number. Press “continue” to proceed.
Click the allow button to permit ICICI bank to access your digilocker account.
If the digilocker process fails, you can choose the Aadhar e-KYC option. Similarly, you need to verify your Aadhar details by entering the OTP which is sent to your registered mobile number.
Step #8. Upload Documents
You need to upload the scanned documents such as canceled cheque/bank statement/bank passbook, signature, and PAN card.
Step #9. Open your Demat Account
Select the button to open a new demat account.
Step #10. Add nominee details
Register your nominee details including name, address, and mobile number.
Step #11. Select the brokerage plan
You can choose the ICICI brokerage plan for demat account. ICICI offers four types of brokerage plan –
- i-Secure Plan
- ICICI Direct Prime Plan
- ICICI Direct Neo Plan
- Prepaid Brokerage Plan
You can also check the detailed review of these ICICI direct brokerage plans.
Step #12. Capture your live photo for identity verification.
Step #13. Proceed to e-sign documents with Aadhar based OTP verification.
Once you complete the verification process, your demat and trading account will be activated within 1-2 business days.
#2. Steps to Open ICICI Direct Demat Account Offline
Step #1. You need to visit the nearest ICICI branch to open a demat account offline.
Step #2. You can also contact RM (Relationship Manager) and collect the account opening form.
Step #3. Fill the required details and attach all the necessary documents including Aadhar card, PAN, income proof, or a canceled cheque.
Step #4. Submit the account opening form along with self attested required documents.
Step #5. After the verification process, the RM will initiate the process of Demat account opening.
Step #6. Once the verification process is completed, the trading & demat account will be activated within 3-4 business days.
If you have a Zerodha demat account, you may like to read how to transfer shares from ICICI direct to Zerodha.
Pros of ICICI Direct Demat Account
- 3 in 1 Account opening facility
- Multiple brokerage plans
- Invest in mutual funds for free with ICICIdirect Money App
- Expert research calls and recommendations
- e-ATM facility to sell stocks and get cash instantly
- Loans on securities
- Dedicated customer services
Cons of ICICI Direct Demat Account
- High brokerage fees across different plans.
- NEO flat discount brokerage plan of Rs. 20 charges a one-time subscription fee of Rs. 299.
- Mutual fund investment with ICICI Direct is not free, you need to pay a lower of Rs. 30 or 1.5% on SIP transaction and Rs. 100 fees on lumpsum investment.
ICICI Direct charges a flat fee of Rs 50 per segment for auto-square-off trades.
ICICI Direct does not levy any charges for fund transfers through NEFT, IMPS, or RTGS.
ICICI Direct charges a flat fee of Rs 25 per ISIN for debit transactions and Rs 5.5 per ISIN for credit transactions.
Yes, NRIs can participate in the Indian financial markets by opening a Demat Account. They need to inform the depository participant (DP) that it is an NRI account.
Any resident Indian with a PAN card, Hindu Undivided Family (HUF), Non-Resident Indians (NRI), and domestic companies are eligible to open an account.
Yes, a minor can open an ICICI Direct Demat Account, but it requires a guardian or parent to be the joint holder and operate the account on behalf of the minor.
Yes. You can open an ICICI direct account online by visiting the ICICI direct official website.