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ICICI Direct NRI Account Opening, Charges, Services Review
ICICI Direct NRI Account Opening, Charges, Services Review
ICICI Direct is a full-service broker that avails its customer the service of retail trading and investment service from ICICI securities. ICICI Securities is the 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 part of ICICI Group, 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 avails 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 and all of it under one login. It is among the most visited investment portals in India.
NRI Account in ICICI Direct
ICICI Direct offers the number of opportunities in Indian Stock Market to the NRIs through the ICICI NRI three in one account. This account is the combination of NRI Saving back account, an NRI demat , and an NRI trading account. It enables the customers to trade online in the BSE and NSE without worrying about the monitoring of the settlement cycles, transfer the funds from the bank and trading account, etc. It provides all of its services in various sectors such as Equity, Derivatives (F&O), Mutual Fund, NCD, FD, IPO and ETF.
ICICI Bank offers the various trading and investment services to NRI customers through the ICICI Securities.
ICICI NRI Three in One Account
Holding this account is beneficial for the customers as it allows the customers to make investments in the Indian stock market or mutual funds in India.
Features of NRI three in one account
1. This account provides benefits for the seamless trading experience.
2. It provides an online trading facility with the various advanced trading platforms and tools.
3. It provides the customer’s the access to make a choice of the investments that includes the stocks, derivatives, mutual funds, and IPOs.
4. This account holds the flexibility to make investments through the repatriable and non-repatriable funds.
5. It allows to customers to open a PIS or a Non-PIS trading account.
Let us know more about these accounts individually.
NRI Bank Account
ICICI Bank avails its customers with the two types of NRI Account:
1. NRE Bank Account (to carry transactions on the repatriable basis).
2. NRO Bank Account (to carry transactions on the non-repatriable basis).
NRI Trading Account
This account allows the customers to buy or sell the stocks, bonds, NCD, ETF, etc. from a stock exchange such as BSE and NSE. Holding a trading account is necessary to plan the investment or trading in the Indian Stock Market.
NRI Demat Account
This account holds the membership directly with the NSDL and CDSL. This account is compulsory to invest or trade in the Indian Stock Market. This account is hold and work completely in the electronic format. It is a secure way to keep the stocks, Mutual Funds, ETF, Bonds and much more.
Documents Necessary to Open a NRI account with ICICI Direct
A customer needs the certain set of documents to open an NRI Account with ICICI:
• Copy of passport.
• Copy of a valid Visa.
• An address proofs.
• A colour photographs.
• Copy of a PAN Card.
All the required documents are needed to be self-attested and to be attested by the Indian Embassy or by any other competent authority like Consulate General or Notary Public or any court or Judge or Magistrate or the local banker of the country where the customer is currently residing.
NRI Trading Account Charges
The NRI Brokerage charges for trading in Equity and Equity derivatives are:
NRI Account Opening Charges
NRI Account AMC
Equity Delivery Brokerage
0.50% to 1.25%
Equity Future Brokerage
0.03% to 0.05%
Equity Options Brokerage
₹70 to ₹95
Procedure to open a NRI three in one account
The customers can open the NRI 3 in 1 account either through the online process or the offline process.
Online Account Opening
Only the US-based NRIs can open an account with ICICI bank to trade in Indian Stock Market. Steps to open an NRI Account with ICICI are:
1. Fill in the online application form and then select the US in the country of residence.
2. Fill in all the required fields and accept all the terms and conditions by clicking on the checkbox.
3. The customers are required to upload the scanned images of photograph and the signature in the pre-defined format and all other required documents in the designated slots.
In case of any clarification required, an email will be sent to the customer and then a ICICI representative will contact you.
Offline Account Opening
In offline process, the customer can choose any one of them option to open a NRI account:
1. Take the print PDF forms from the company’s website, fill it and then submit it.
2. The customers can also visit the ICICI Branch in India or outside India.
1. The customer can map only one account either NRE or NRO with their ICICI NRI Trading Account.
2. By linking all the accounts, the customers can trade in all the equity segments whereas, with a NRO account you can trade in both the Equity and Derivative segment. An individual needs to open a trading account to map both the accounts.
3. The NRIs can trade only in the stocks and equity futures and options.
4. ICICI Direct does not provide the NRI trading in Intraday, Currency and Commodities.
ICICI Direct is the most recommended trading account for the NRIs that are willing to make in the stock market and the mutual funds in India. It provides the most convenient way to invest with the competitive brokerage charges. The broker facilitates its customers with a broad range of investment options with the dedicated RM, NRI support desk, free research and tips.
Frequently Asked Questions
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.
While an IPO is open for bidding, the customer can place the order for IPO share anytime (24*7) simply by visiting the ICICI Direct website.
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 Post IPO is closed the allotment process gets completed within the next 5th working days and on the 6th working day the shares are listed on the exchange.
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.
Only one IPO application is allowed per savings bank account with the ICICI Bank.
The ICICI Direct customers can open a demat account for free of cost. The customers planning to open a ICICI trading account along with the demat account will be charged ₹975 for opening the account.
No, ICICI Direct does not provide trading services in the commodity segment.
Yes, you can withdraw an IPO application while the IPO is still open. Simply visit ICICI direct website, visit the IPO order book for placing a withdrawal request.
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).