ICICI Direct Demat Account Opening, Charges and Procedure
ICICI Direct is a full-service broker that avails its customer various services for retail trading and investment service from ICICI securities. ICICI Securities are the most famous and largest stock broker in India. It was incorporated on 9 March, 1995 as ICICI Brokerage Services. The company offers a broad range of investment options to the retail and institutional customers.
The ICICI Securities is a part of ICICI Group, which is the India’s top financial service provider offers several banking and other financial services. It offers various online trading and investment services to customers on major level through the ICICI direct platform.
ICICI Direct faccilitates their customers by providing a complete set of investment products such as online equity trading, derivatives trading, Mutual Fund & IPO, Fixed Deposit, Bonds, NCDs, Wealth products, Home Loans, Loan Against Securities etc, all of it under one login. It is one of the most visited investment portals in India.
ICICI Account Opening
ICICI direct provides the facility of opening an integrated 3 in 1 account to trade in various segments. In case the customer holds a demat or bank account with ICICI Bank than it can be linked to make the integrated account. It is compulsory to open all the three accounts with them. The customers are not allowed to link other bank or demat account with the ICICI Trading Account.
Features of ICICI Demat Account
ICICI Direct offers various unique facilities to its demat account customers that includes:
1. Free ICICI Demat Account opening- ICICI Direct charges a zero demat account opening fees. The annual charges charged will the zero for the first year.
2. It helps in earning 3.5% Interest- ICICI Direct demat account users can earn up to 3.5% interest on the money lying idle in their trading accounts.
3. It provides free brokerage up to ₹20,000 i.e. the customers can trade up to ₹44 lakhs at zero brokerage costs. The limit of free brokerage depends on the value of the account opening cheque.
Account Opening Cheque
50k – 99.99k
1lakh – 4.99 lakhs
5 lakhs – 9.99 lakhs
10 lakhs – 24.99 lakhs
Less than or equal to 25 lakhs
4. Equity ATM or eATM – Normally, the cash proceeds on selling the shares that are credited to the customer’s trading account in T+2 days where T belongs to the day of trade. The customers can receive the money up to ₹50,000 per day within the 30 minutes of the execution of the order. This facility is available on the sale of more than 600 BSE Stocks free.
There are various other features of the ICICI Demat Account such as:
1. It offers a complete 100% online demat account.
2. It provides an electronic statement each month.
3. It provides dividend, interest and bonus deposited directly in the account.
4. It facilitates the customers by sending SMS alerts for each demat transactions.
5. It provides the best customer service that is available through the ICICI Bank branches.
6. It has a mobile application that helps in managing the account.
7. It provides various advisory services that cover more than 200 companies across various sectors.
ICICI Demat Account Opening Charges
Holding a demat account is a compulsion, if an individual is looking forward to trade in the Indian Share Market. A customer is required to pay the demat account opening charges. Some brokers also charge an Annual Maintenance charges (AMC) i.e. a yearly fee to maintain the demat account.
Demat Account Opening Fee
Demat AMC charges
₹700 (from 2nd year)
There are various other charges that are charged for the Resident Retail customers. The charges are explained in the detail below:
Account Opening Charges
Annual Service Charges (AMC)
₹700 (from 2nd year)
Buy Market and Off-Market
Sell - Market and Off-Market
(Maximum ₹500 for debt instruments / Nil for Trades done on www.icicidirect.com)
* Instruction submitted through Internet (E-inst / IVR)
0.04% (Minimum ₹30 and Maximum ₹25,000)
* Instruction submitted through Call Centre
0.04% (Minimum ₹35 and Maximum ₹25,000)
* Instruction submitted at Branches
0.04% (Minimum ₹40 and Maximum ₹25,000)
Extra charges for the processing of TIFDs submitted late (% of transaction value)
* Instruction submitted through Internet (Einst/IVR)
* Instruction submitted through Call Centre
* Instruction submitted at branches (accepted at Client's risk)
₹10 per ISIN (Nil for e-instructions)
* Each request form
* Extra for each certificate
Charge of ₹25 for every hundred securities or part thereof, subject to a maximum fee of ₹3,00,000 or a flat fee of ₹25 per certificate, whichever is more.
Yes, ICICI Prudential Mutual Fund is good. It is a reputed fund house offering the direct mutual fund services. By investing in direct schemes, you can save on commissions and charges. These commissions and charges add up to a significant amount in the long-term.
With this facility, If an order remains unexecuted on a specific trade but you are not required to log in again and place the same orders again. ICICI direct will keep submitting the remaining order to the exchange everyday morning.
The brokerage charged by ICICI Direct is very expensive. The brokerage charges will be reduced by subscribing to ICICI Direct prime or prepaid brokerage plans. The brokerage charged is very high for the novice traders.
A Limit Price is an order to buy or sell shares at the specified price or a better price. The better price for a buy order will be the lowest possible whereas, for a sell order it will be the highest possible. You need to specify a maximum price for a buy order and a minimum price for a sell order. The order will be executed at the specified price or a lower price for the buy orders or a higher price for sell orders.
The online account opening with the Aadhar based digital signature is not provided to the NRIs. The US based NRIs can open an account online. The paperless process takes just 2 days to open an account once the application is submitted.
The ICICI Direct account gets automatically deactivated if it remains unused for 6 months. The account will continue to attract charges. So, in case you are planning to deactivate your account for few days or couple of months then it does not make much difference whether it is active or deactivated.
ICICI Direct is an integrated account of trading, demat and bank accounts. In such accounts, all the accounts are linked together to facilitate the customers with the smooth and faster trading. All the accounts are opened altogether at once by filling a single application form.
“Convert to Delivery” (CTD) in ICICI Direct is an option where in the customers can convert your intraday positions (margin buy) into cash delivery. The customer can convert the entire order or a part of it. The customers is required to pay the entire trading value (100% margin) while converting the order.
The ICICI direct bullet brokerage allows the customers to trade in Intraday for free brokerage. They will square off within 5 minutes by the customer. ICICI does not charge any brokerage for the intraday position squared-off in less than 5 minutes. However, the other charges and taxes will be applicable as per their brokerage plan. This plan is offered on the Intraday Margin plus facility.
ICICI Direct Equity ATM (eATM) is the facility where the customers receive money from selling the shares in 30 minutes into their trading account. In a normal settlement cycle, the money is credited to their T+2 working day excluding holidays.
ICICI Direct Cloud Order facility designed for placing the quick orders. Instead of filling the order form while the market is on, you could prepare and save a number of orders well in advance. Such orders remain in the cloud order queue until you delete them. These orders are not sent to the exchange until they place the order.
ICICI Direct offers both the NSDL and CDSL depositories for the demat account. The customers can select any one of them at the time of opening an account. The ICICI Securities is the depository participant with both the NSDL and CDSL.
In order to convert an Intraday position to delivery (Cash Segment), you need to click on the “Convert to Delivery” (CTD) link on the “Margins Positions” page. You can convert a position in full or part. The CTD would require the full payment of the trading value.
IOC order in ICICI Direct is an abbreviation for “Immediate or Cancelled” order. It is a type of order validity that you have to select while placing a buy or sell order. The other options in order validity are ”Day” and “VTC” (Valid Till Cancelled).