In this article, we are planning to cover only ICICI-Direct Prime Plan Brokerage vs Neo plan charges in 2023. But before that, we would like to give you an overview of ICICI Direct as investors should be aware of with whom they are going to deal.
What is ICICI-Direct Account
ICICI Direct is a flagship website of ICICI securities, which offers online trading services in equity, derivatives, commodity, currency along with investment options in mutual funds, IPO, fixed deposits, insurance, NPS, NCD, etc. Simply by holding ICICI direct account customers can use all these services.
ICICI Direct’s most popular proposition is 3-in-1 accounts which provide a seamless trading experience to their customer base by combining ICICI bank account, ICICI Trading account, and ICICI Demat account. Moreover, when we talk about Trading account the first things that come in our mind is brokerage. As without brokerage, we cannot use premium services offered by stockbroking companies.
ICICI Direct offers several brokerage plans to the customer. Instead of discussing all the plans, our focus will lie only on the two most popular selling brokerage plans.
Let’s get into it to understand the benefits and how they get differentiated from each other.
ICICI-Direct Prime Plan vs NEO Plan
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ICICI Direct’s strongest and most enhanced proposition under the brokerage plan is the Prime plan. As the name suggests this plan offers prime membership to their subscribers. Major attributes of this plan are:
- Offer lower brokerage of 0.015% on their high-end plan of Rs.2999/-
- Advance trading platform experience.
- Access to exclusive handpicked research reports only to prime members on their registered email address.
- It’s an annual plan comes with auto renewal option. However, if the customer is not satisfied with the service can de-activate the auto renewal option to avoid deduction of subscription amount.
- Offers free look-in period of 7days in case not satisfied with the features and services can opt from prime membership.
- Moreover, promises payout within 30 minutes of selling the shares upto 1 cr.
- In addition, Customer can buy shares today and pay later at an interest rate of 8.9% with Margin Trading funding.
|Prime Plan Details (Rs.)||299||999||1999||2999|
|Equity Futures (%)||0.027||0.022||0.018||0.015|
|Equity Options (Per lot)(Rs.)||Rs.40 per order||Rs.35 per order||Rs. 25 per order||Rs.20 per order|
|Special MTF Interest rates/ LPC (% per day)||0.04||0.035||0.031||0.024|
|Margin||Rs.20 per order|
|Currency Futures & Options||Rs.20 per order|
|Commodity Futures||Rs.20 per order|
Neo plan is the discounted brokerage plan. Most importantly, aim to revolutionize the trading experience with minimum brokerages. The key benefits its offers to its customers are below:
- Comes with lifetime validity with subscription price of only Rs.299+GST.
- Charges zero brokerage to all futures trade. Above all, it applies to intraday and carry forward too.
- Customers can trade all options at a flat rate of Rs.20 per order. Its unlimited to intraday and carry forward.
- .Equity intraday can be traded at only Rs.20 per order.
- .Customer have access to basic research reports published by ICICI DIrect Team.
A detailed list of charges for each category you may find in the below section.
ICICI-Direct Prime Plan Brokerage Charges vs NEO Plan Charges
|Description||Prime Plan||Neo Plan|
|Validity||Comes with an annual validity from the date of subscription||Comes with a lifetime validity|
|Equity Futures||0.015% to 0.027% depending upon the plan one has opted||Zero brokerage|
|Equity Options (per lots)||Rs.20 to Rs. 40 per order depending upon the plan one has opted||Rs. 20/order|
|Currency Futures &options||Rs.20/order||Rs.20/order|
|MTF Interest rates||14.9% to 8.9% PA||0.025% Per day only|
|Ownership cost||Four prepaid plans: (299/999/1999/2999)+GST||Rs.299+GST for lifetime|
|Payout||Within 30 minutes of selling shares||Within 30 minutes of selling shares with Eatm|
|Research Report||Members will have access to handpicked exclusive prime research reports||Have access to common reports|
In conclusion, we can say both plans offer more or less similar features but have distinction only in terms of charges which matters a lot for the customers in stock market trading. To reap maximum benefits customers should opt for a combination of both plans. Here are the details of charges if the combination customer opts for:
|Share margin interest||0.025% /order|
One can opt for icici direct if looking for great post-sales services in terms of advisory, RM services, free account opening.
Investors can open multiple Demat accounts, so long as the accounts are opened with different Depository Participants.