ICICI Direct App Review 2024: Brokerage Charges, Demo, Guide

icici_direct_app_review
icici_direct_app_review

The ICICI Direct App Review makes it easy for customers to do everything they love on ICICIdirect.com, the main investment and trading platform of ICICI Securities Ltd.

With the ICICI Mobile Trading app, you can:

  • Buy and sell stocks online and invest in Mutual Funds.
  • Apply for IPO shares.
  • Check live stock prices, keep an eye on the market, see your stock and options holdings, view charts, and track your net worth.
  • Reach out for customer support.
  • Receive real-time alerts and research tips to help you make informed decisions.

ICICI Direct App Features

Discover the ICICI Direct Mobile App’s standout features:

  1. Dive into stock and options trading.
  2. Invest in IPOs.
  3. Seamlessly manage Mutual Funds.
  4. Stay updated with live stock quotes.
  5. Craft your own personalized watchlist.
  6. Visualize market trends with interactive charts.
  7. Access top-notch customer support.

ICICI Direct Charges

ICICI Direct Brokerage charges, trading taxes, AMC charges and Demat account charges has been listed below category wise:

ICICI Direct AMC [Account Maintenance Charges] Charges

ICICIdirect’s account charges for 2024:

Trading Account:

  • Opening Charges: Rs 0 (Free)
  • Annual Maintenance Charges (AMC): Rs 0 (Free, on a yearly basis)

Demat Account:

  • Opening Charges: Rs 0 (Free)
  • Annual Maintenance Charges (AMC): Rs 300 (from the 2nd year, on a yearly basis)

When you open an account with ICICIdirect, you won’t have to pay any account opening fees for both your trading and Demat accounts. Additionally, the annual maintenance charges for your trading and Demat accounts are also Rs 0 for the first year, making it cost-effective to get started.

However, starting from the second year, there will be an annual maintenance charge of Rs 300 for your Demat account. This is a brief and clear overview of the fees associated with ICICIdirect’s accounts.

ICICI Direct Demat Account Charges

ICICIdirect’s Demat account charges in 2024:

TransactionCharges
Demat Account Opening ChargesRs 0 (Free)
Transaction Charges (Buy)Varies
Transaction Charges (Sell)Varies
Annual Maintenance Charges (AMC)For Individual account: ₹700 p.a.
For Corporate account: ₹1500 p.a.
Demat + Courier charges₹50 Per Demat Request Form and ₹10 For Each Certificates
Remat₹25 + CDSL charges at actual
Pledge Creation0.02% or minimum of ₹35
Pledge Creation Confirmation0.02% or minimum of ₹35
Pledge Invocation0.02% or minimum of ₹35
Failed TransactionsVaries
Other Charges₹200 for restoring services if account is suspended for non-payment of charges.

In 2023, ICICIdirect offers a range of charges associated with its Demat account services. Opening your Demat account is free, and there are annual maintenance charges (AMC) depending on your account type.

Transaction charges for buying and selling can vary. Additional charges include fees for Demat and courier services, remat requests, pledge creation, and various other scenarios. It’s essential to be aware of these charges to manage your Demat account effectively and ensure a smooth trading experience.

ICICI Direct Brokerage Charges

ICICIdirect’s brokerage charges for 2024 under their two main plans –

  1. ICICI Neo Plan and
  2. ICICIdirect I-Secure Plan

ICICIdirect ICICI Neo Plan:

SegmentBrokerage Fee
Monthly Fee (Fixed)NA
Equity Delivery0.55%
Equity IntradayRs 20 per order
Equity FuturesRs 0 (Free)
Equity OptionsRs 20 per order
Currency FuturesRs 20 per order
Currency OptionsRs 20 per order
Commodity FuturesRs 20 per order
Commodity OptionsRs 20 per order

ICICIdirect I-Secure Plan:

SegmentBrokerage Fee
Monthly Fee (Fixed)NA
Equity Delivery0.55%
Equity Intraday0.275%
Equity Futures0.05%
Equity OptionsRs 95 per lot
Currency FuturesRs 20 per order
Currency OptionsRs 20 per order
Commodity FuturesRs 20 per order
Commodity OptionsRs 20 per order

When you trade with ICICIdirect, your brokerage charges depend on the plan you choose. The ICICI Neo Plan offers fixed fees for equity intraday, equity futures, and various options.

On the other hand, the ICICIdirect I-Secure Plan provides a percentage-based fee for equity delivery, equity intraday, equity futures, and options. Be sure to select the plan that aligns with your trading preferences and goals.

ICICI Direct Trading Taxes/Charges

ICICIdirect Trading Taxes 2024:

TaxRates
Securities Transaction Tax (STT)
– Equity Delivery0.1% on both Buy and Sell
– Equity Intraday0.025% on the Sell Side
– Equity Futures0.01% on the Sell Side
– Equity Options0.05% on the Sell Side (on Premium)
– Commodity Futures0.01% on the Sell Side (Non-Agri)
– Commodity Options0.05% on the Sell Side
– Currency F&ONo STT
– On Exercise transaction0.125%
– Right to entitlement0.05% on the Sell Side
Exchange Transaction Charges
Refer to the table above for details
GST18% on (Brokerage + Transaction Charge + SEBI Fee)
SEBI Charges0.0001% (₹10/Crore) of the turnover (except for Agri futures where it is Rs 1 per crore)
Stamp Duty(On buy side only) Delivery: 0.015%, Intraday: 0.003%, Equity Futures: 0.002%, Equity Options: 0.003%, and Currency F&O: 0.0001%. Commodity Futures: 0.002%, Commodity Options: 0.003% (MCX)

In the world of trading, ICICIdirect levies various government taxes and fees on top of the brokerage. These taxes are essential to understand as they impact your overall trading costs. Securities Transaction Tax (STT) varies depending on the type of trade, while GST is calculated at 18% of the total of brokerage, transaction charge, and SEBI fee.

SEBI charges are calculated at 0.0001% of the turnover, except for Agri futures where it’s a flat Rs 1 per crore. Stamp Duty is applicable on the buy side and varies by trade type. Being aware of these taxes is crucial for effective financial planning and trading strategy.

ICICI Direct Transaction Charges

ICICIdirect Transaction Charges 2024:

SegmentTransaction Fee
Equity DeliveryNSE: Rs 345 per Cr (0.00345%)
Equity IntradayNSE: Rs 345 per Cr (0.00345%)
Equity FuturesNSE: Rs 200 per Cr (0.002%)
Equity OptionsNSE: Rs 5300 per Cr (0.053%) (on premium)
Currency FuturesNSE: Rs 90 per Cr (0.0009%)
Currency OptionsNSE: Rs 3500 per Cr (0.035%)
CommodityGroup A – Rs 260 per Cr (0.0026%)

In 2024, ICICIdirect applies Transaction Charges, which are a combination of Exchange Turnover Charge and Trade Clearing Charge. These charges vary depending on the segment you are trading in.

For Equity Delivery and Intraday trading, charges are based on the turnover, both on the NSE and BSE. Equity Futures are charged at a fixed percentage of the turnover. Equity Options have charges based on the premium.

For currency and commodity trading, the charges differ between NSE and BSE. It’s essential to be aware of these charges, as they can impact your overall trading costs.

ICICI Direct Demat Account Opening Process

Opening an ICICIDirect account is easy and can be done through these steps:

  1. Online Application:
    Visit www.icicidirect.com, click on “open account,” and follow the simple online steps to open your ICICIDirect account from the comfort of your home. It’s a convenient and hassle-free option.
  2. Visit ICICI Bank Branch:
    Alternatively, you can visit any ICICI Bank branch in your city to fill out the application form for opening an account. ICICI Bank has an extensive network of branches across India, making it accessible for most people. Opting for this method often ensures a quicker account setup.

Please note that while ICICI representatives typically mention that it takes 2 to 3 working days to open a 3-in-1 account after you submit all the necessary forms and documents, in some cases, it might take up to 7 working days. It’s good to be aware of this timeframe for your planning.

How to Close ICICI Direct Demat/Trading Account?

Closing your ICICIDirect account is a straightforward process, and it’s advisable if you’re not actively using it to avoid incurring Annual Maintenance Charges (AMC) of around Rs 1000 per year.

Here’s how you can do it:

  1. Inactivity and Reactivation:
    If you haven’t traded for 6 months, your ICICIDirect account becomes ‘Inactive’ or ‘Dormant.’ The broker continues to charge AMC on this account. To reactivate it, you need to contact ICICI Bank.
  2. Closing the Account:
    It’s recommended to close your ICICIDirect account if you’re not using it. You can do this at any time. The easiest way is to visit an ICICI Bank branch and submit an application for Account Closure. They’ll provide you with a sample application to sign.
  3. Processing Time:
    After submitting the application for account closure, it may take up to 2 working days to complete the process.
  4. Delinking Accounts:
    If you want to separate your Demat and bank accounts, you can also do this by submitting an application at the branch.
  5. No Closure Charges:
    It’s important to note that ICICI does not charge anything for account closure. This process is hassle-free and ensures you don’t incur unnecessary fees when you’re not actively using the account.

ICICI Direct Customer Care Number

ICICI Direct Customer Care Number: 1860 123 1122

Conclusion: ICICI Direct App Review

The ICICI Direct App offers a comprehensive range of features and services for investors and traders in the Indian stock market. It’s important to consider both its advantages and disadvantages when evaluating its suitability for your investment needs.

Pros and Cons of ICICI Direct

Advantages of ICICIdirect:

  1. 3-in-1 Account Integration: ICICIdirect offers a seamless integration of your banking, broking, and demat accounts, all under one roof. This hassle-free integration is one of its standout features.
  2. Immediate Fund Availability: Unlike some other platforms, at ICICIdirect, the money from selling stocks is instantly available in your ICICI bank account, providing quick access to your funds.
  3. Diverse Investment Options: ICICIdirect enables you to invest online in IPOs, Mutual Funds, GOI Bonds, and Postal Savings Schemes, all from a single website. They also offer General Insurance through ICICI Lombard.
  4. Both BSE and NSE Trading: You have the flexibility to trade on both BSE and NSE, allowing you to access a wide range of stocks and securities.
  5. Low Bandwidth Website: ICICIdirect offers a low bandwidth website, ideal for traders with slower internet connections or those who prefer mobile trading.
  6. VTC Feature: With the Valid Till Cancelled (VTC) feature, you can place buy or sell limit orders that remain valid for 45 days, providing you with more control over your trades.

Disadvantages of ICICIdirect:

  1. High, Non-Negotiable Brokerage: ICICIdirect’s brokerage charges are relatively high, and they are not negotiable. However, you can explore subscription options like ICICIdirect Prime or prepaid brokerage plans to lower these costs.
  2. Minimum Brokerage Charge: The standard I-Secure Plan imposes a minimum brokerage charge of Rs 35 per trade, which may be high for traders engaged in small trades.
  3. Flat Brokerage on Low-Value Stocks: ICICIdirect charges a flat Rs 0.05 per share brokerage for stocks quoting up to Rs 10, making it less conducive for trading in penny stocks.
  4. Call & Trade Charges: After exhausting the first 20 free calls in a month, ICICIdirect charges Rs 25 per call for call & trade services, which might be a consideration for frequent traders.

Other Brokerage:

FAQs

Q. Is ICICIdirect market app safe?

Yes, the ICICIdirect market app is safe. It is a well-established financial services company with a good reputation. The app uses the latest security features to protect your data and transactions.

Q. What is ICICIdirect market app?

The ICICIdirect market app is a mobile trading app that allows you to trade and invest in stocks, futures and options (F&O), commodities, and currency. You can also use the app to invest in initial public offerings (IPOs).

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