ICICI Demat Account
More on Demat Account
ICICI bank is one of the largest private sector banks in India with around 4,882 branches spread across the entire breadth of the nation. Originated from the parent brand, ICICI Direct is a full-service broker in India and offers ICICI Demat Account to its investor clients for stock market investments.
In this article, we will discuss various aspects related to the ICICI demat account, its features, the charges related to it, its benefits, etc.
ICICI Demat Account Review
ICICI Securities is considered to be the best bank for demat account and this is one of the reasons that the broker is having more than 30 lakh customers across the country.
As far as the active clients are concerned, the number is close to 9 Lakhs, placing it at the second spot in the overall stockbroking space in India.
This is all because of its advanced services and multiple brokerage plans. Along with the broker offers the facility of 3 in 1 Account.
ICICI 3 in 1 Account
ICICI Direct offers a 3 – in – 1 account, the details of which will be discussed below. The 3 – in – 1 account is offered jointly by ICICI Bank Ltd. and ICICI Securities Ltd and comprises of:
- ICICI Bank Account
- ICICI Trading Account
- ICICI Demat Account
Some of the best features of this account are:
1. Electronic Instructions Facility – Internet & Interactive Voice Response (IVR) can be used to give instructions for transferring of securities at any time during the 24 hour period of a day at low costs.
One can also give the required instructions through customer care executives.
2. Corporate Benefits – The benefits one gets on one’s holdings like bonus, dividend, rights issue, etc. can be tracked in one’s account statements.
3. Access To Information about ICICI Demat Account – One can easily get access to information like transactions made, holdings, billings, etc. by sending requests through mobile SMS.
4. Customer Service – ICICI demat account services are provided through a huge network of more than 1000 branches.
Also, there is a trained dedicated team of customer care executives who take care of the queries sent by their customers.
By opening an account with the firm, you would be able to reap the leverage of different ICICI Direct Products and Services.
ICICI Demat Account Opening
ICICI demat account opening is a simple process and consists of a few basic steps. It can be opened in 3 major ways which have been discussed below:
1. The account opening forms can be downloaded online from the website and filled forms along with the required copies of documents can be submitted at one of the ICICI direct branches which offer demat services.
2. One can directly visit at one of the demat account services providing branches and get the account opened there.
3. Online ICICI demat account opening is one of theici simplest and hassle-free ways of having a new account with ICICI.
Scanned copies of a few basic documents are required like a Proof of Address, PAN Card (Permanent Account Number Card) and passport size color photographs, etc.
Also, it is necessary to keep a minimum required balance in the savings account with ICICI in this 3 – in – 1 account.
For more information, you can check this detailed review on documents required for demat account
However, if you are looking to open your demat account online with one of the top stockbroking houses in the country, you can fill the below-displayed form:
ICICI Demat Account Charges
Now, let’s talk about the different account-related charges that one needs to incur while opening the ICICI Demat Account for their respective share market investments.
- The 3 – in – 1 account can be opened for a one-time charge of ₹975. Other than this, under certain schemes, you can reap the leverage of the ICICI Direct Free Demat Account.
- ICICI Direct account opening charges cannot be refunded under any circumstances.
- ICICI Direct AMC Charges is ₹0 for first year however it varies as per the brokerage plan as well.
- Annual Maintenance Charges for Demat account for the first year are also ₹0.
- After the first year, the annual maintenance charges vary on the basis of mode of statement – Statement through emails – ₹500
- Physical Statement – ₹600
- Apart from that, there is an ICICI Direct Neo Brokerage plan as well that takes away the futures brokerage almost completely.
For more information, you can check out this detailed review on ICICI Direct charges.
How to Use Demat Account ICICI?
Once you open a Demat account with the stockbroker, now comes the question, how to use Demat account for trading and for operating it.
For this, the first and foremost step is to download the ICICI Direct app using the USER ID, Password and PAN card details.
Once done, you can use the Demat account to trade across segments. Also, you can apply for the IPO by following a few simple steps.
Other than this, you can use the Demat account to check the brokerage plan, change the plan, add nominee, allocate funds, etc.
Not only this, you can manage your portfolio with ICICI Direct Demat account seamlessly.
ICICI Demat Account Refer and Earn
Along with multiple benefits associated with the opening of the ICICI Demat account, you can earn additional money with the broker.
Through ICICI Direct Refer and Earn program.
Under this program, the referee (having an ICICI Demat account) on referring his friend for account opening can gain additional benefits and cashback of up to ₹750.
For each referral you provide, the broker offers the instant cashback of ₹250 and once the referral activates the account and starts trading within 30 days of account opening, you can reap the benefit of earning an additional amount of ₹500 each.
ICICI Demat Account Benefits
There are many advantages of having an ICICI demat account, some of which are being mentioned here –
1. The advantage of 3 – in – 1 account is that one can get access to a bank account, demat as well as trading account at one place.
All three accounts are integrated which means that as soon as money is required for trading, it can be withdrawn instantaneously from the bank account.
Also, as soon as the money after selling stocks is available, it can be accessed in an ICICI bank account.
2. Besides stocks, one can invest in IPOs, mutual funds, insurance, other government schemes, etc. through a single platform.
3. One of the most important benefits is for those people who do not have access to good speed internet. A low bandwidth website is available for all such people.
4. myGTC feature is also available in ICICIDirect. Under this feature, traders can place their buy and sell orders at desired prices for a certain defined period of days for which the instructions will remain valid.
ICICI Demat Account Problems
Every coin has two sides. Therefore, ICICI demat account has some disadvantages as well. Let us discuss some of them one by one.
1. The brokerages charged by ICICIDirect are higher than most of the discount brokers. The minimum amount of brokerage charged by ICICI is ₹35 for every trade.
This is a lot in comparison to minimum brokerages offered by other brokers. This increases the cost of traders and thus, reduces their profits.
2. A major disadvantage of ICICI account is that it does not offer the services of commodity trading because of which traders cannot trade on MCX or NCDEX.
3. The charges for availing Call and trade facility are quite high. After the first 20 calls that are given for free during a month, a fee of ₹25 is charged for every call which is very high, especially for traders who need to trade frequently.
4. Trading in penny stocks can be very expensive through ICICI because it charges a brokerage of ₹0.05 per share.
5. An extra charge of ₹75 for every month is charged for customers who are currently paying a brokerage fee of less than ₹750 per month for using Trade Racer terminal of ICICI.
ICICI Demat Account Closure
If you are looking to close your ICICI Demat Account with the broker, you just need to fill-up this account closure form.
Make sure you fill in the details correctly and in case of doubts, it is suggested to get in touch with the ICICI Direct customer care team to get your queries resolved. You also need to make sure that all the dues are cleared else it will unnecessarily delay the closure process.
Once filled, you need to submit this closure form to your closest ICICI direct branch.
Else, you can courier the document to the ICICI Direct corporate office address.
It takes 4-5 business days to complete all the formalities of the demat account closure.
Is ICICI Direct Good?
ICICI Direct is a full-service broker and one of the most trusted names in the Indian financial industry market. A 3-in-1 account can be opened with it in which one can avail the services of bank account, demat, and trading accounts from the same platform.
Opening a demat account with the firm opens a gateway to trade in the different segments by opting for the best brokerage plans among the multiple schemes offered to you by the broker.
After analyzing various aspects of the ICICI demat account, one can say that it is a decent option to have this demat account if going a bit heavy on your pocket is not the number one problem for you.
In case you are looking to get started with stock market investments, let us assist you in taking the next steps ahead.
Just fill in the below form:
More on ICICI Direct
If you wish to learn more about this stockbroker, here are a few references for you: