Is ICICI Direct Prime Plan Good? Is it the same concern that is revolving around your head? If yes, then why not let’s shed some light on the few chunks of the ICICI Direct Prime Plan. So here, why not let’s dive into the following segments.
In this informative piece, let’s discuss the following:
- What is Prime Default Plan in ICICI Direct?
- Is there a Minimum Brokerage Applicable to ICICI Prime Brokerage Plan?
- How to Subscribe to ICICI Direct Prime Plan?
To get the answers to the questions mentioned above, without wasting a minute, let’s dive in!!
ICICI Direct Prime Plan Review
ICICI Direct Prime Plan provides a 50% plus reduction in the brokerage, and along with that, the traders can enjoy the facility of buying the stocks today and pay the value afterwards at 8.9% per annum.
Moreover, the plan offers exclusive research under the ICICI Direct Prime Plan. Get the opportunity to enjoy low per-share pricing, research, advanced trading platforms, and the facility of buy today and pay later.
Apart from this, the plan ranges from the subscription fee of ₹299 to ₹2999, which is to be paid every year.
To gather information on the charges, let’s check the following segments.
ICICI Direct Prime Plan Charges
If you are looking for the different types of charges under the ICICI Direct Prime Plan, then it is essential to shedding light on the different upfront fees that can be paid to activate the particular plan.
Therefore, to check the same, let’s dive into the following table.
For example, if you are an active trader then it is good to opt for the plan worth ₹2999/- in order to reduce the brokerage cost. The brokerage charges vary according to the upfront fees charged by the broker. Choose the one depending upon the type of trader you are.
Check out the brokerage fees in the segment below:
ICICI Direct Prime Plan Brokerage Charges
The main charges that every trader and investor look for are the brokerage charges.
Before connecting to ICICI Direct, if you too want to gather the knowledge on the same, then here is a table created below, covering the segments and brokerage charges that are charged as per the plan selected.
In this scenario, the Prime Plan will be beneficial for the traders who trade on a regular basis as the plan will charge less brokerage as compared to others. How? Just look at the simple calculation to derive the reason.
Note: 18% of GST will be applicable on all the segments along with the brokerage charges.
Remo is an intraday trader who has made the trade with a total turnover of ₹4 lakh. Therefore:
- With Prime Plan 299, he will be paying 0.027% of the total turnover of ₹4 lakh, i.e. ₹108.
- With Prime Plan 999, he will be paying 0.022% of total turnover, which will be ₹88.
- With Prime Plan 1999, he will be paying 0.018% of the total turnover, which is ₹72.
- And with Prime Plan 2999, he will end up paying 0.015% of the total turnover, which will be around ₹60.
Thus, we can see how the higher upfront fees reduce the brokerage charges accordingly.
How to Activate ICICI Direct Prime Plan?
The next call into question will be how to subscribe or activate the ICICI Direct Prime Plan. isn’t it? Of Course, it is a most important concern that is to be answered.
So, therefore, here are quick steps through which the ICICI Direct Plan will be activated easily and can be used for efficient trading in the desired or preferred segment.
- Login to the website.
- Go to the ‘Setting’ section.
- Select the option of ‘My Brokerage Plan.’
- Select ICICI Direct Prime Plan along with the preferred Upfront Fee.
- And at last, click on the ‘Submit button.
If the ICICI Direct Prime Plan is activated on any trading day before 3:30 pm, in that scenario, the plan will get activated on the same day.
Whereas, if the plan is activated after 3:30 pm, in that case, the plan will be activated on the next trading day.
Moreover, the broker offers a free look period of at least seven days where customers can opt-out of the ICICI Direct Prime Plan.
ICICI Direct Prime Plan Benefits
But why select ICICI Direct Prime Plan? The most important and emotive question connected to the customers of ICICI Direct.
To check the answer of the same, it is important to take the roller coaster ride of the different benefits of the ICICI Direct Prime Plan.
To gather more information on the ICICI Direct Prime Plan, check the following information.
- The unique ‘Research Content’ and ‘Website’ is approachable for the Prime Cards.
- Bullet Plan acts as a complimentary where the traders get the opportunity to cover zero brokerage on the intraday stop loss under the intraday trading where trades are squared off inside 5 minutes under Option Plus, Futures Plus Stop Loss and Margin Plus.
- In currency and commodity, the broker will charge the fee of ₹50 per order under the call and trade facility.
There are different terms and conditions that are to be kept in mind after option the ICICI Direct Prime Plan. these T&Cs are as follows:
- The ICICI Direct Prime Plan is created for the resident’s individuals, non-individuals and HUFs.
- Under ICICI Direct Prime Plan, a customer will have to pay the DP Charges of ₹20+ GST for selling the shares from the demat account.
- The brokerage will be applied the same on both legs under the intraday F&O segment.
- Whereas, the broker charges the specific brokerage amount, but here shows the condition where if the trading is done with the total turnover between 9,000 to 16,000 the brokerage of ₹25 or 0.75% (whichever is lower) will be levied. Other than these turnover values the brokerage for delivery trade will remain the same as mentioned above.
- Likewise, in intraday trading, if the total turnover is shown, somewhere between 50,000 to 1,00,000 then the brokerage charges would be ₹15 or 2.5%, whichever is lower.
To check the brokerage charges with the criteria as mentioned above, let’s consider the following table consisting of the total turnover required, along with th minimum brokerage.
Nitish is an intraday trader who trades with the ICICI Direct, and he executed the order with a total turnover of ₹68,182. Likewise, he will be paying 2.5% of the total turnover, which is ₹1704.55. Here, Nitish will be paying the minimum brokerage of ₹15.
But how will these charges be different from the one mentioned above? To understand the same, why not let’s take an assumption? Therefore, let’s check the following example to compare the charges and calculations.
These minimum brokerage charges will be levied on the particular slabs as mentioned in the above table.
If the total turnover does not equal the slabs mentioned above, in that scenario, the trader will be charged the brokerage as per the prime plan.
Is ICICI Direct Prime Plan Good?
A trader can start trading with ICICI Direct Prime Plan by subscribing from ₹299 that further ranging to ₹2999.
It can be an excellent option to trade with ICICI Direct with the Prime Plan.
Hence, trade with ICICI Direct Prime Plan and trade efficiently with the broker with a lesser brokerage.
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