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ICICI Direct Demat Account 2024: Features, AMC, Charges, and More

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Table of Contents

ICICI Direct Demat Account Features

ICICI Direct Demat Account Opening Charges

ICICI Direct Demat Account Charges

How to Close Your ICICI Direct Demat account?

Conclusion

Are you thinking about opening up an ICICI Direct Demat account? ICICI Bank is the 2nd biggest private sector bank in India and the third largest bank in the country after State Bank of India and HDFC bank. It has a network of about 5000 branches located across the country and offers a wide variety of financial services to its customers.

Its 3-in-1 account is its most popular product on offer to retail customers, and it includes a demat account, a trading account and a bank account – all connected together for smooth transactions between them. If you are interested in opening up an ICICI Direct Demat account, read on and find out all about its features, charges etc.

Open an account with Angel One.

ICICI Direct Demat Account Features

ICICI Direct has a significant customer base for its Demat account, comprising of more than 25 lakh people. The ICICI Direct Demat account is made outstanding due to various distinctive features.

  • First and foremost, free of cost Demat account opening facility is available with this broker. You can also get annual service charges waived of for the first year.
  • People who hold ICICI direct account can get 3.5% interest on idle funds in their own trading accounts with the broker which is not provided by almost none other broker in India.
  • In the equity cash market, notably you can conduct brokerage-free trading for as much as Rs 20,000. The trading limit is determined by the account opening cheque value.
  • The cash proceeds credit from share sales is expedited by the Equity ATM or eATM feature. It allows you to get as much as Rs 50000 every day, in just 30 minutes of executing orders for more than 600 stocks in the BSE.

Read on: ICICI Direct  To Zerodha – How To Transfer Shares?

Apart from these important features, a wide variety of extra benefits are available with ICICI Direct Demat account.

  • The ICICI Direct Demat account opening process is fully web-based, ensuring your convenience.
  • You can use the dedicated mobile app to manage your accounts conveniently.
  • Customer services are available and easily accessible through branches of ICICI bank.
  • For Demat transactions, you can get SMS alerts.
  • Advisory services are also extended by ICICI Direct Demat account, which cover over 200 different companies across different sectors. This makes it a user friendly and comprehensive financial tool.

The broker offers CDSL (Central Depository Services India Ltd) as well as NSDL (National Securities Depository Ltd) depositories for Demat account. You can pick any of these while opening up an account with this broker. For both CDSL and NSDL, the depository participant is ICICI Securities.

CDSL and NSDL are two central securities depositories that the Indian government approves of. These are the only two companies which can hold your Demat account. ICICI Securities works as a depository participant or stock broker. It is in charge of your Demat account like an agent. Although both depositories happen to be similar in nature, the transaction charges for NSDL are more than that of CDSL.

ICICI Direct Demat Account Opening Charges

As a customer, you have to pay no charge for opening your ICICI Direct Demat account. There is no Demat account opening fee involved with this broker. However, annual maintenance charges are applicable – which is Rs 300 from the second year onwards. This is an annual fee that you have to pay to the broker for maintaining your demat account.

ICICI Direct Demat Account Charges

ICICI Direct offers demat and trading account with no opening charges. However, starting from the second year, an ICICI Direct Demat account Annual Maintenance Charge (AMC) of Rs 300 is applicable.

The demat debit transaction charges vary: for Normal Market & Off Market sell, it is 0.04% of the transaction value for each CID, subject to a minimum of ₹30. For Debt instruments Market & Off Market sell, the charge is also 0.04% of the transaction value for each CID, subject to a minimum of ₹30 and a maximum of ₹25,000 per debit transaction.

Transaction charges for buying and selling in the normal market and off-market sell are as specified. The AMC for individual accounts is ₹700 p.a., and for corporate accounts, it is ₹1500 p.a. Demat and courier charges are ₹50 per demat request form and ₹10 for each certificate. Remat charges are ₹25 plus CDSL charges at actual.

Pledge creation, confirmation, and invocation charges are 0.02% or a minimum of ₹35 each. There are additional charges for failed transactions, and a restoration fee of ₹200 is applicable if the account is suspended due to non-payment of charges.

Read on: ICICI Direct Brokerage Plans 2024: Neo Plan, Lifetime Prepaid Brokerage Plan, Prime Plan and I-Secure Plan.

How to Close Your ICICI Direct Demat account?

The account closure cannot be initiated through email, phone calls, or online applications. To close your ICICI Direct Demat account, you must follow a manual process:

  • Start by filling out the ‘Account Closure Form’. This can be downloaded from the ICICI website or obtained from a local branch.
  • This form should be printed, filled, signed, and submitted to the nearest ICICI branch or sent to the specified address.
  • Upon submitting the form, you will receive an SMS with an account closure request number, and the closure process may take up to 7 days.

It is important to note that just as in case of opening an account with this broker, there are no charges for closing the ICICI Direct Demat account.  You will receive a confirmation SMS once the closure is completed. Before submitting the form, make sure that all trading positions are closed, any dues are settled, and securities in the demat account are either transferred or sold. Also note that ICICI Direct Demat account in a suspended mode for any reason cannot be closed until reactivated.

Open an account with Upstox.

Conclusion

As you can understand, ICICI goes all the way to make it easy for its customers to open up and maintain a demat account. The charges are a bit on higher side as compared to other discount brokers. I always prefer upstox for trading and Angelone for investing. Though they have launched Neo Plan which is competitive with the discount brokers. you must read this article before taking any decision of opening account in ICICI direct. you can watch this video below to understand their Neo brokerage plan charges.


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