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ICICI Direct Review
ICICI Direct is the retail trading brand of ICICI Securities, now a full ICICI Bank subsidiary again after a contested 2024 delisting vote.
Min Deposit
N/A
Spreads From
Not applicable, ICICI Direct charges brokerage fees instead of a forex style spread
Max Leverage
Margin varies by product and exchange rules rather than one fixed forex style ratio
Platforms
ICICIdirect website, ICICIdirect Mobile app
Pros
- Backed by ICICI Bank, one of India's largest banks, as its direct parent
- Free account opening and a waived first year demat maintenance charge
- A Rs 299 add on plan gives zero brokerage on equity delivery trades
- Wide research coverage and a 3 in 1 bank, trading, and demat account
Cons
- Multiple overlapping brokerage plans make real costs hard to compare
- Default MoneySaver rates are far higher than discount broker rivals
- 2024 delisting vote drew objections from minority shareholders and funds
- Options trades still cost per lot instead of a flat low fee everywhere
ICICI Direct is the trading and demat brand of ICICI Securities Ltd, registered in Mumbai since 1995, which launched online trading in 2000. It holds SEBI stock broker registration INZ000183631. In 2024, minority shareholders voted to delist ICICI Securities and merge it into parent ICICI Bank at a swap of 67 bank shares per 100 held, a deal some funds objected to.
Account opening is free, and the first year demat charge is waived. Fees depend on the plan. The default MoneySaver plan charges about 0.29 percent on delivery trades, while a Rs 299 iValue add on gives zero delivery brokerage and a flat 20 rupees on intraday and F&O trades. Prime plans, from 999 to 9999 rupees, cut rates further.
This layered plan structure can confuse new users compared with simple flat fee rivals. ICICI Direct currently offers up to 25,000 rupees of free brokerage, valid six months, if you fund a large margin or transfer a big share holding soon after opening an account.
Max Leverage
Margin varies by product and exchange rules rather than one fixed forex style ratio
Spreads From
Not applicable, ICICI Direct charges brokerage fees instead of a forex style spread
Platforms
Regulation, fund safety, track record
Spreads, execution, leverage
Platform quality, charting, features
Analysis, webinars, learning materials
Support quality, responsiveness
Mobile app quality, features
