Launched on 14th December 2020, ICICI Direct Neo is a new plan by ICICI Securities that boasts of zero brokerage and several other features. Being one of the most well-known stock brokers in the country, ICICI Securities caters to the investment needs of over 20 lakhs customers through ICICI Direct (ICICIDirect.com).
Since it is promoted and supported by none other than the world-renowned ICICI group, this best stock broker in India employs high-end technology and enjoys a great client base. The wide range of products & services is another aspect that gives ICICI Direct a winning edge in the domain. The firm was established in 1994 and today it is actively present in more than 87 locations with over 200 offices across the country.
ICICI Direct has recently launched a revolutionary discount broking plan with the name – ICICI Direct Neo Plan. This plan endeavors to meet the varied investment needs of today’s price-sensitive investors. In simple, it allows people to perform future trading at zero brokerage. It is a clear indicator the full-service stockbroker has been adapting itself with the changing investment needs of people. It can also be said this plan has the potential to make ICICI Direct counted among the top 10 discount brokers in India.
So, first look at the brokerage charges under this Neo Plan.
Category Brokerage charges
Futures Trading - Free or zero brokerage
Options Trading - Flat brokerage - Rs. 20 per order
Equity intraday trading - Rs. 20 per order
Currency Futures & options - Rs. 20 per order
Commodity Futures & options - Rs. 20 per order
If you are looking to subscribe to this plan, you just need nominal charges of INR 299 +18% GST.
Below are some of the most salient features of this plan.
1.Zero brokerage on trading in futures.
2.Trade at a flat fee of Rs. 20 per order on margin trading, options trading, currency trading, and commodity trading. Quick liquidity to avail cash within 30 minutes of stocks selling.
3.Get unrestricted access to ICICI Direct’s award-winning research for 300+ companies.
4.One-click portfolio access to receive research curated theme-based stocks and mutual funds.
5.Margin Trading Funding (MTF) at an interest rate of 8.9% per annum.
6.Get margin funding at 0.025% per day.
7.Access to proprietary and third-party trading tools.
The full service stockbroker is hopeful of getting remarkable response due to its strong inclination towards its market reputation, strong analytics, and exceptional customer support. If you are interested in futures trading, ICICI Direct Neo is certainly a good plan to go with. However, it you are willing to trade in intraday trading, there is nothing special you get.
In case of margin trading, you can do it at 8.9% interest which is still a better deal. On brokerage front, ICICI Direct, the plan seems okay. But, in terms of trading platforms, it needs to strengthen its position.
FAQs
It started its operations in the year 1994.
You can avail Margin Trading Funding (MTF) at an interest rate of just 8.9% per annum
Zero brokerage for all Futures trades, and a flat Rs.20 per order brokerage on Margin and Options trades
ICICI Direct Neo plan has been launched on 14th Dec, 2020.