Before we explain ICICI Direct Account Opening Charges, let’s know who is ICICIdirect. One of India’s biggest retail stock dealers is ICICIdirect. It is a subsidiary of ICICI Group.
ICICI Bank Ltd. has over 5418 branches and over 97354 staff members. The website of ICICIdirect is www.icicidirect.com. This bank provides numerous services such as Credit Card, Saving Account, Home loan and Personal Loan.
Its retail brokerage division, ICICI Demat, provides a range of services, including futures and options trading, mutual fund investing, and stockbroking.
You can trade in Indian stocks and securities using an ICICI Direct Demat Account, which is a demat account with the ICICI Bank. The Securities and Exchange Board of India oversees the account, which is open to individual investors (SEBI).
The ICICI Direct Demat Account’s key characteristics are as follows:
- Full-featured trading platforms that support both buy and sell orders
- A demat account has no minimum balance requirement.
- Simple online account creation and an intuitive smartphone app
- Real-time order execution and regular market updates
- Language support in several languages
- No initiation fee
- Low AMC (Annual Maintenance Charges)
- Securities purchases incur no brokerage fees.
ICICI Demat Account Opening Charges
Here is a table of ICICI direct demat account charges
|Types of Charges||Charges|
|Demat account opening charges||Nil|
|Demat account annual maintenance charges||The annual maintenance charges are 700, but these charges waived on ICICIDirect account for 1st Year ICICIdirect Neo Plan – Rs 300 / Year|
|Demat account transaction charges||No Transaction charges on buying securities on ICICIDirect account.No charges on purchasing securities only 0.04% of the value of securities while selling (Minimum Amount Rs 30 and maximum Amount Rs. 25,000)|
|Rejecting the transmission of a transfer command that failed (TFID)||Rs. 30|
|Reconversion of mutual fund units||Rs. 25 per instruction|
|Dematerialization of share certificate||Rs. 50 for each request|
|Rematerialization of share certificate||100 securities at a rate of 25 rupees each, up to a maximum of 3 lakh rupees, or 25 rupees per certificate (whichever is higher)|
|Closure of Demat account||Nil|
ICICI Demat charges account holders nominal fees, including account opening charges, account maintenance fees, and trading fees.
Account maintenance charges vary depending on the account type, but generally range from Rs 300 to Rs 900 on other demat account platforms.
Charges for Opening Demat Account in ICICI
If you open a demat account with ICICIDirect, then there are no charges. But there are account opening fees charged a range of 700 to 900 with other brokerages. So there are no icici direct account opening charges.
ICICI Direct Annual Maintenance Charges
These charges are charged for maintaining your demat account by brokerage companies. ICICI bank also charges AMC fees of Rs. 700. But it can be waived if a customer opens an account with ICICIDirect brokerage.
ICICIDirect Demat Account- Minimum Balance.
ICICI bank claims that there is no minimum balance required in ICICIDirect Demat Account.
ICICIDirect Brokerage Charges
ICICIDirect claims that they don’t charge brokerage charges on buying securities. ICICIDirect charges an amount 0.04% of total value of securities on selling transactions. They charge a minimum amount of 30 rupees and maximum 25000 rupees.
ICICIDirect Demat Account Annual Charges
ICICIDirec charges annual charges on Demat account such as annual maintenance cost, transactions fees, custodian charges, stamp duty and GST etc.
ICICIdirect Neo Brokerage Plan Charges
|Equity Intraday||Rs 20 per executed order|
|Equity Future||Rs 0 (Free)|
|Equity Options||Rs 20 per executed order|
|Currency F&O||Rs 20 per executed order|
|Commodity F&O||Rs 20 per executed order|
|NCDs / Bonds||0.75%|
ICICIdirect Prime Plan Charges
ICICIdirect Prime Plan validity is for 365 days. There are three prime plans which are for amounts of Rs 299,Rs 999, Rs 1999 and Rs 2999.
Here is table for ICICIdirect Prime Plan Brokerage Charges
|Plan||Equity Cash||Equity Futures||Equity Options||Currency F&O||Commodity Futures|
|Rs 299||0.27%||0.027%||Rs 40/lot||Rs 20/order||Rs 20/order|
|Rs 999||0.22%||0.022%||Rs 35/lot||Rs 20/order||Rs 20/order|
|Rs 1,999||0.18%||0.018%||Rs 25/lot||Rs 20/order||Rs 20/order|
|Rs 2,999||0.15%||0.015%||Rs 20/lot||Rs 20/order||Rs 20/order|
ICICI NRI Demat Account Charges
Here is a table for NRI Demat Account Charges. NRI Brokerage Charges Table
|Prepaid Plan (Rs.)||10000||50000||100000||200000||300000|
|Eligible Cash Turnover (Rs.)||1333333||10000000||28571429||66666667||1.5E+08|
How to Open Demat Account with ICICIDirect
One of the top banks in India is ICICI Bank. It provides its clients with a range of banking products and services. If you live in India, you are eligible to open a demat account with ICICI Bank.
ICICI gives online and offline both account opening options. If you want to open your online demat account with ICICIdirect, make sure you have a mobile linkes Aadhar card. You will receive an OTP for authentication while opening a demat account with ICICI bank.
The first step in opening a demat account with ICICI Bank is to go to the bank’s website and fill out the online application.
Your name, address, and other personal data must be provided. You must include your PAN card number and bank account number after submitting the form.
ICICI Bank Brokerage Services and Plans
ICICIDirect has many plans for customers
ICICIdirect Neo Plan
ICICIdirect Prime Plan
ICICIdirect Prepaid Plan
One of the most complete and reputable brokerages on the market, ICICI Bank offers investors access to a wide range of brokerage services.
The brokerage division of ICICI Bank provides several different services, such as registered investment adviser (RIA) services, mutual fund distribution, portfolio management, and others.
The brokerage division of ICICI Bank also provides a range of products, including mutual funds, exchange-traded funds (ETFs), and real estate goods.
ICICIDirect Account disadvantages
- ICICI 1 in 3 accounts allow them full authority to withdraw money from your account in lieu of numerous unwarranted and hidden fees.
- ICICIDirect website or App is not so user friendly as other borkerages’s websites and Apps.
- Customers blames that they prohibit retail traders on specific days in order to influence markets
- Customers accuse businesses of taking advantage of their necessities, playing on their emotions, and giving them false hope.
- A few customers blames that ICICIDirect overcharge brokrage and their customer service do not respond