ICICI Direct Broker Review
In-depth Analysis of ICICI Direct: Platforms, Brokerage, and Services.
Open Account with ICICI Direct1. Broker Overview
Full Name: ICICI Securities Limited
Parent Company: ICICI Bank Ltd.
Year of Establishment (ICICIdirect.com): 2000
Type: Full-Service Broker (Bank-based)
Headquarters: Mumbai, Maharashtra
SEBI Stock Broker Reg. No: INZ000183631
SEBI Portfolio Manager Reg. No: INP000004060
SEBI Research Analyst Reg. No: INH000000990
SEBI Investment Adviser Reg. No: INA000000094
SEBI Merchant Banker Reg. No: MB/INM000011179
Website: icicidirect.com
2. Investment Products Offered
Core Investment Products:
- Equity (Stocks – Delivery, Intraday on NSE, BSE, MCX)
- Equity Derivatives (Futures & Options)
- Currency Derivatives (Futures & Options)
- Commodity Derivatives (Futures & Options – MCX)
- Mutual Funds (Variety of schemes, SIPs)
- Initial Public Offerings (IPOs) & OFS
- Exchange-Traded Funds (ETFs)
- Fixed Deposits (FDs) & Bonds (Govt. Securities, Corporate Bonds)
- Sovereign Gold Bonds (SGBs)
- National Pension System (NPS)
- Insurance Products (Life, General)
- Loans (various products)
International Investing (Global Markets):
ICICI Direct enables investment in global markets, including:
- United States
- United Kingdom
- Germany
- Japan
- Singapore
- Hong Kong
Investors can open a global investment account to trade in these markets.
Portfolio Management Services (PMS):
ICICI Direct offers Portfolio Management Services for high-net-worth individuals:
- Customized investment portfolios based on individual risk profiles and financial goals.
- Professional management by dedicated portfolio managers.
- Diversification across equities, fixed income, and structured products.
- Commitment to transparent fee structures and regular performance reporting.
Suitable for investors seeking a hands-off approach with professional oversight.
3. Overall Ratings & Breakdown
4. Account Opening & AMC
Account Opening Charges:₹0 (Free)
Annual Maintenance Charges (AMC)
Regular Demat Account:
₹700 per annum
iValue Plan Subscribers:
₹300 per annum
Basic Services Demat Account (BSDA):
- Holdings up to ₹50,000: ₹0 (Nil)
- Holdings between ₹50,001 and ₹2,00,000: ₹100 per annum
- Holdings above ₹2,00,000: ₹700 per annum (Treated as Regular Demat)
Account Opening Process:Online (seamless with ICICI Bank account for 3-in-1) & Offline options available, supported by branch network.
Required Documents:PAN Card, Aadhaar Card, Bank Proof (ICICI Bank account preferred for 3-in-1), Signature, Income Proof (for F&O).
AMC for Regular Demat Account is often waived for the first year or for ICICI Bank Privilege Banking customers. Verify current offers.
5. Brokerage Charges
ICICI Direct offers multiple brokerage plans. Below are details for the iValue Plan and Prime Plans. **It is crucial to verify the exact rates for your chosen plan and any specific conditions with ICICI Direct.**
iValue Plan (₹299 One-Time Fee)
| Segment | Brokerage Charge |
|---|---|
| Equity Delivery | 0.25% per transaction |
| Equity Intraday | ₹20 per order |
| Equity Futures | ₹20 per order |
| Equity Options | ₹20 per order |
| Commodity Futures & Options | ₹20 per order |
Prime Plans (Annual Subscription)
| Plan & Annual Fee | Equity Delivery | Equity Futures | Equity Options |
|---|---|---|---|
| Plan 1 (₹1,999) | 0.50% per transaction | 0.035% per transaction | ₹50 per lot |
| Plan 2 (₹3,999) | 0.35% per transaction | 0.030% per transaction | ₹40 per lot |
| Plan 3 (₹7,999) | 0.30% per transaction | 0.025% per transaction | ₹30 per lot |
| Plan 4 (₹11,999) | 0.20% per transaction | 0.020% per transaction | ₹25 per lot |
F&O Physical Delivery: A brokerage of 0.15% is applicable on the physical delivery of F&O contracts, irrespective of the plan chosen.
Other Plans: ICICI Direct also has a “Neo Plan” with flat ₹20/order for most segments, similar to discount brokers. Always confirm the most suitable plan. Statutory charges apply to all trades.
Other Plans: ICICI Direct also has a “Neo Plan” with flat ₹20/order for most segments, similar to discount brokers. Always confirm the most suitable plan. Statutory charges apply to all trades.
6. Other Charges & Taxes
Demat Transaction Charges
| Service | Charge |
|---|---|
| Debit Transaction Charges (Sell from Demat) | ₹20 per instruction |
| Pledge Creation/Closure/Invocation | ₹20 per transaction |
| Dematerialization Charges | ₹5 per certificate + ₹35 courier charges |
| Rematerialization Charges | ₹30 per request + NSDL/CDSL actuals |
| Margin Pledge/Unpledge Charges | ₹20 per transaction |
Regulatory & Government Charges
Securities Transaction Tax (STT)
| Segment | STT Rate |
|---|---|
| Equity Delivery | 0.1% on buy & sell |
| Equity Intraday | 0.025% on sell side |
| Equity Futures | 0.01% on sell side |
| Equity Options | 0.05% on sell side (on premium) |
Exchange Transaction Charges (NSE Example)
| Segment (NSE) | Transaction Charge Rate |
|---|---|
| Equity Delivery & Intraday | 0.00307% on turnover |
| Equity Futures | 0.00173% on turnover |
| Equity Options | 0.053% on premium turnover |
SEBI Turnover Fees
₹10 per crore (0.0001%) of turnover for all segments.
Stamp Duty (Gujarat Specific Rates – Varies by State)
| Segment | Stamp Duty Rate (Buy Side) |
|---|---|
| Equity Delivery | 0.015% |
| Equity Intraday | 0.003% |
| Equity Futures | 0.002% |
| Equity Options | 0.003% |
Note: Stamp duty rates vary by state. The above are indicative.
Goods and Services Tax (GST)
18% on brokerage, transaction charges, SEBI fees, and other applicable charges.
Additional Charges
| Service | Charge |
|---|---|
| Call & Trade Charges | ₹50 per order + GST |
| Auto Square-Off Charges | ₹50 per order + GST |
| Interest on Margin Trading Facility (MTF) |
|
Disclaimer on Charges: All charges are exclusive of GST and other statutory levies. The charges are indicative and may vary based on specific plans or promotional offers. For the most accurate and up-to-date information, please refer to ICICI Direct’s official Brokerage Fees and Charges page.
7. Margin & Leverage
Intraday (Equity):Up to 5x (Stock & SEBI specific).
F&O (All Segments):As per Exchange (SPAN + Exposure).
Delivery (Equity – MTF/eATM):Margin Trading Funding (MTF) / eATM facility available with interest charges (varies by plan).
Against Pledged Shares:Yes, available post haircut.
8. Trading Platforms
Web:ICICIdirect.com (Main Portal), Markets (Trading View charts)
Mobile:ICICIdirect Markets App (Android & iOS)
Desktop:Trade Racer (Downloadable Terminal)
Notable Features:
- Seamless 3-in-1 account with ICICI Bank for easy fund transfers.
- Integrated research reports, trading calls, and investment ideas.
- Advanced charting (TradingView on Markets platform).
- Portfolio tracking, Heatmaps, Screeners, and other analytical tools.
- One Click Equity, Smart Orders (VTC, Basket Orders).
- Breeze API for algo trading (charges may apply).
9. Tools, Features & Advisory
Charting:Advanced charting with TradingView on Markets platform; standard charting on main site.
Option Chain:Available with Greeks and analytics.
Strategy Builder:Tools for options strategies (e.g., iLens).
API Access:Breeze API available (charges may apply for certain usage tiers or plans).
Order Types:Market, Limit, SL, VTC (Valid Till Cancelled), AMO (After Market Orders), Basket Orders, etc.
Research & Advisory:
A key strength of ICICI Direct:
- Comprehensive research reports (Fundamental, Technical, Derivatives, Mutual Funds, Economic).
- Actionable stock recommendations, model portfolios, investment ideas (e.g., “Gladiators”, “Momentum Picks”).
- Dedicated Relationship Manager support (often plan/AUM dependent).
- Financial planning and wealth management services.
10. Extra Features & Value Adds
3-in-1 Account:Seamless integration of ICICI Bank Savings Account, Demat, and Trading account.
Strong Research Desk:Access to award-winning research and market insights.
Relationship Manager (RM) Support:Personalized assistance for eligible clients (often linked to Prime or higher plans).
Extensive Branch Network:Wide physical presence through ICICI Bank and ICICI Securities branches.
iLearn Platform:Comprehensive investor education platform with courses, webinars, and articles.
Global Investing:Facility to invest in US and other global markets through partner platforms.
One Click Investment:Pre-packaged investment solutions like “One Click Equity” or “One Click MF”.
11. Pledge Facility
Pledging Allowed?Yes
Pledge/Unpledge Charges:₹20 per transaction + GST. Refer to Section 6 for details.
Margin Availability Time:Usually T+1 day (varies). [Verify specific timings].
12. Fund Transfer & Withdrawal
Supported Fund Transfer Methods:Net Banking (ICICI Bank for seamless transfer), UPI, NEFT/RTGS/IMPS.
Withdrawal Process & Time:
Online process. Standard withdrawal typically processed within 24 working hours to linked ICICI Bank account.
Fund Transfer/Withdrawal Charges:Generally free for transfers from/to linked ICICI bank account. [Verify for other methods/banks].
13. Customer Support
Support Channels:
- Email: [helpdesk@icicidirect.com or other specific emails]
- Phone Support: [Enter Toll-Free / Support Numbers, e.g., 1860 123 1122]
- Live Chat on Website/App
- Extensive Branch Support (Through ICICI Bank & ICICI Sec network)
- Dedicated Relationship Manager (for eligible clients)
- Ask “IRA” (Virtual Assistant)
- Comprehensive FAQ & Help Section, iCommunity forum
Support Timings:Standard business hours, branch timings. Some online support may have extended hours. [Verify].
Turnaround Time (TAT):Varies; RM and branch support can be quicker. Online queries usually addressed within 24-48 hrs.
14. ICICI DIRECT BROKER COMPLAINT DATA (FY 2024–25)
NSE (National Stock Exchange)
Active Clients: 1,946,882
Total Complaints: 1,067
Resolved: Data not specified
Non-Actionable: Data not specified
Pending: Data not specified
BSE (Bombay Stock Exchange)
Active Clients: 683,676
Total Complaints: 27
Resolved: Data not specified
Non-Actionable: Data not specified
Pending: Data not specified
Source: Chittorgarh – ICICI Direct Complaint Monitor.
Complaint data is dynamic. Always cross-verify with official exchange reports for the latest figures and consider the complaints-to-active-clients ratio for a better perspective. A higher number of total complaints should be viewed in context of a large active client base.
Complaint data is dynamic. Always cross-verify with official exchange reports for the latest figures and consider the complaints-to-active-clients ratio for a better perspective. A higher number of total complaints should be viewed in context of a large active client base.
15. Why Choose ICICI Direct? (And Why It Might Not Be For You)
Reasons to Use ICICI Direct (Pros)
- Brand Trust & Reliability: Backed by ICICI Group, a major financial institution in India.
- Convenient 3-in-1 Account: Seamless integration with ICICI Bank for easy fund management.
- Award-Winning Research: Access to high-quality research reports, stock ideas, and model portfolios.
- Wide Range of Products: Offers almost all investment products under one roof including global investing.
- Extensive Branch Network: Strong physical presence for in-person support and services.
- iLearn Platform: Excellent resource for investor education and learning.
- Multiple Brokerage Plans: Offers Neo Plan for flat fees, and Prime/iValue plans with other benefits.
- Breeze API for algo trading.
- Offers Portfolio Management Services (PMS).
Reasons to Reconsider ICICI Direct (Cons)
- Higher Brokerage on traditional plans (e.g., Prime if not high volume) compared to pure discount brokers.
- AMC and other fees can be higher if not on specific plans or special offers.
- User Interface of the main website (ICICIdirect.com) can feel cluttered to some users (Markets App is generally better).
- Full benefits of RM support and premium research often linked to higher AUM or premium plans.
- Charges for some value-added services or tools might be applicable.
- Call and Trade charges can be high.
16. Current Offers & Referral Program
Account Opening Offers:Often runs promotions like waiver of account opening fees (currently ₹0), free AMC for the first year (especially with Neo or iValue plan), or brokerage credits. [Check ICICI Direct official website for current promotions].
Refer & Earn:Yes, ICICI Direct typically has a referral program. [Verify details and current benefits on their website].
Promo Code:May be available during specific campaigns or through partners.
Important: Offers and promotions are dynamic and subject to change. Always verify the latest details on ICICI Direct’s official website before making any decisions.