This review is about ICICI Bank, the leading private sector bank in India, and its award-winning trading platform ICICI Direct. This will help you in deciding how the two suit your requirements and why you should invest here.
About ICICI Bank Ltd
ICICI Bank is one of the best and leading private sector banks in India. It was established in 1994 by ICICI Ltd and started functioning in 1998 with its head office in Vadodara. The full form of the organization is the Industrial Credit and Investment Corporation of India. In 1999, ICICI became the first Indian company and the first bank or a financial institution from non-Japan Asia to be listed on the New York Stock Exchange (NYSE). Its Managing Director and CEO is Mr. Sandeep Bakshi.
The bank is considered the pioneer in changing the customer service scenario of the industry by becoming the benchmark in a rapidly evolving sector post liberalization of the Indian economy and by literally changing the definition of customer service. It was among the first Indian banks with online banking and new systems where customer service was given priority which brought about a break in the traditional systems seen till then from the national banks.
ICICI Bank is customer-centric and service-oriented. Their complaint handling set it apart from the other players in the segment in the initial 1990s and continues to do so to date. It has a network of more than 5000 branches and around 15000 plus ATMs across the country and subsidiaries in the UK and Canada. ICICI Group has subsidiaries such as ICICI Prudential Life Insurance (Pru Life), ICICI Lombard, ICICI Prudential Mutual Fund (Pru MF), ICICI Direct, ICICI Prudential Asset Management Company Ltd (AMC), ICICI Bank Canada, and ICICI Bank UK PLC.
ICICI Bank can be considered the best bank in the private sector. The bank offers current account and savings account (CASA), fixed deposit (FD), recurring deposit (RD), lockers, mortgage loans, unsecured loans, ELSS investment plans, debit cards, ICICI credit & prepaid cards, etc. There is also Corporate Internet Banking (CIB), an online service that helps clients execute complex banking transactions from their desktops.
There are offices in all major cities of India like Mumbai (Bombay), Delhi, Bangalore, Hyderabad, and even in Tier 3 cities. You can always find branches near you on the official website https://www.icicibank.com/ or Wikipedia.
Note! You can also read ICICI Bank reviews from independent sites such as Market Watch, offering historical stock data. The Bank is partnering with such well-known organizations as The Indian Express Group taking part in creating its e-newspaper.
ICICI Direct overview
ICICI Securities Limited is a subsidiary of ICICI Bank, and ICICI Direct is a part of ICICI Securities Pvt Ltd, dealing in retail global trading and investment account services. They played a significant role in bringing online trading to all classes of people. An online trading account is easy to open with an email ID.
ICICI Direct logo is one of the most recognized in the country. The company is a pioneer in online trading and one of the biggest virtual stock brokers in India. ICICI Direct offers the latest trends and features except for services like binary trading options, which are not legally allowed in India. Through the platform, one can invest online in 100s of ICICI PrudentialMFs, including:
- Focused Bluechip Equity Fund
- Value Discovery Fund
- Balanced Advantage Fund
- Nifty Index Fund
- Long Term Equity Fund, which is widely popular among the tax-saving instruments, ETF, derivatives, futures, and options commodity market, IPOs NPS, global investment.
The platform is user-friendly, and everything is given in detail so that even a layperson can understand its interface. In the Knowledge Center, you can easily find answers to questions such as how to set a limit price in ICICI Direct. You can even ask a sales executive to visit you and explain the features if needed.
ICICI Direct UK and the USA
ICICI Securities Ltd has a tie-up with Interactive Brokers LLC, a US-based brokerage, so its customers can invest in the US market online across shares, stocks, ETFs, etc. You can also get quotes for import-export documents bills of lading directly via the ICICI Direct branch not only in India, e.g., in Chennai but also in London and New York.
ICICI Direct features and benefits
It is an excellent user-friendly and established trading platform. In addition to the website https://www.icicidirect.com/, you can log in to the Iprutouch app that can run on low bandwidth and help you keep trading even when the internet is not working fast.
Trading on ICICI Direct is a good choice for new to trading. One can get free research content, training, and guidance. The company provides free brokerage for up to 6 months.
ICICI provides 3-in-1 service where clients can open savings accounts along with the Demat and trading accounts. The account opening fee on ICICI Direct varies from ₹0 to ₹975, vs. HDFC Securities take a one-time charge of ₹2,500. The ICICI Prudential Bluechip Fund also has many advantages over the direct and growth plans of the HDFC Top 100 Fund.
I-Direct also provides a 2-in-1 account plan, which will allow you to buy or trade without opening a savings account, and you can fund your trading one from other banks.
ICICI has a range of plans that different levy brokerage charges. They may not be the lowest, but the services make up for it. There is a Lifetime Prepaid Brokerage Plan with transparent intraday charges. ICICI Direct OptionPLUS is a fixed-fee intraday options trading product that allows traders to place two orders simultaneously.
Note! If this is your first logging into ICICI Direct, do not rush to ask what margin plus is. Margin trading requires a higher risk profile.
ICICI Direct partner details
You can also become an authorized business partner for ICICI Direct (previously known as Sub Broker), meaning you will be able to sell financial products on behalf of your clients. You will get the authority to manage their finance and earn brokerage for the trades the customers make.
Partners can offer multiple products, including online investment in equity, derivates, commodities, Mutual Fund, savings FDs at good rates, buying gold for trading, fixed income plans such as corporate FDs, Bonds, NPS, IPOS, and NCDS with competitive charges for the services. There is also insurance with single and multiple premiums plans in products like life, health, and general insurance; loan Products: auto loans, gold loans against security, two-wheeler loans, personal loans, Forex, etc.
Note! Managers provide each partner comprehensive support and help with any nuances, for example, applying for a loan In Telugu.
ICICI Bank’s stocks are distinguished by stable indicators (for example, RSI), which is another statement of its reliability. However, be careful if you decide to buy them so that you don’t accidentally purchase shares of another company, such as ICIIX: US.
ICICI Group is not an icicle that will quickly melt away but a reliable organization that has established itself in the market. The bank can be called one of the best for investors, and it is on course to become the largest private bank in India. While ICICI Direct has recommendations from many investors, be careful when online share trading and investing in the stock markets as it carries potential risks.
If you don’t feel ready to invest in the ICICI bank’s products or trade on the online platform ICICI Direct, consider joining the bank’s friendly team. It is always willing to accept MFM Managers into its ranks and even places mock tests for applicants in the public domain.