ICICI Direct by ICICI Bank is a popular trading platform, operating in India since 2000. We’ll go over what account types exist to allocate funds in ICICI Direct, how to open them online, and what is the specifics of the closing process.
There are several account types that can be activated on the web in almost an instant:
- A Demat account is a convenient way to hold shares and other assets in dematerialized (electronic) form.
- A 2-in-1 account, combining Trading and Demat accounts. Customers can link these ones using their non-ICICI bank accounts.
- A 3-in-1 account, which combines Bank, Trading, and Demat ones into one package. The main benefit of owning this account is that the Bank account is immediately linked to the Trading one, allowing for faster funds transfers. Also, it will enable even Non-Resident Indians (NRIs) to invest in the country.
NRIs can open several more types of accounts:
- A Non-Resident External (NRE) Account can be used to save funds generated in other countries.
- A Non-Resident Ordinary (NRO) Account is mainly intended to assist NRIs in saving income earned in India.
In addition to opening accounts for trading on ICICI Direct, you also have options for online investing in ICICI Bank. For instance, there is investment account M52 that can be called an analog of 3-in-1 with additional benefits such as no account opening fees; customers can use savings, Demat, and trading accounts in one convenient package. Plus, you can open a fixed deposit (FD) account online via the internet or mobile banking or by visiting a branch near you.
How to open an account on ICICI Direct
If you consider creating an online account for trading in ICICI Direct, you should know that the 3-in-1 account opening fee varies from ₹0 to ₹975. The brokerage charges (AMC) range between ₹300 and ₹900. Also important to know: the Savings account linked to the 3-in-1 account must have a minimum monthly average balance of ₹5000.
To open an account for online trading on ICICI Direct, visit the homepage on your desktop computer and follow the simple procedure:
- Enter your current mobile number.
- Fill out the application form online.
- Upload self-attested documents.
- Pass identity verification (KYC).
- Follow the checklist for signatures, photos, and documents.
- Digitally sign your documents with an e-signature.
ICICI Direct customers can also go to a branch in their city to fill out an account opening form. Call the customer care number if you wish to schedule a visit from a manager who will bring the necessary documents.
Note! Upon completion of verification, the account is activated on average in 2-4 days.
You can save the direct link for convenient authorization: www.secure.icicidirect.com/customer/login. Those who prefer mobile trading can download the IPRUTOUCH app from Google Play or App Store. Also, you can log on to your account using the new low bandwidth site www.secure.icicidirect.com/mobile/home, which is better adapted for mobile devices than the old version.
The online trading platform does not contain a demo account since real securities are traded. But for all users, a Knowledge Center is provided, where you can find out how ICICI Direct works and learn the nuances of investing in various financial products. The section contains regularly updated articles, FAQs, podcasts, and video tutorials.
In addition to free education, here are a few features and benefits of ICICI Direct accounts:
- Access to a wide range of financial products: ICICI Direct allows you to carry out online share and equity trading, exchange-traded MFs, bonds, or other assets on the stock market.
- Comprehensive financial management: If you have a Demat and Savings account in the same bank, you can quickly get loans against securities.
- Free research: ICICI Direct provides 32 fundamental research analysts free that cover 220 companies in various sectors. The research team has received many professional awards.
- Fast Tracking: The platform provides a portfolio tracker and SMS notifications that will always keep you up to date on the status of your investments. On some Demat accounts, you also receive SMS notifications for every completed trade.
- Automatic payouts: Thanks to the Demat account, disbursing dividends has become much more convenient. Customers do not need to deposit checks as the funds are automatically credited to the linked bank account.
How to close ICICI Direct trading account online?
Let’s look at the closure process:
- Communicate your decision to the brokerage firm or Depository Participant with which you opened your account.
- Download the Account Closure Form from the website or pick it up at the office.
- Fill it out and double-check.
- Submit the completed form to your nearest branch.
You can block your account on the ICICI Direct trading platform at any time.
ICICIdirect.com is one of the best online trading terminals in India. It offers several account types, meaning that investment in the stock market is suitable for different categories of customers, including NRIs.
Anyone wondering how to change my financial situation through trading should be aware of the risk of losing funds. You should carefully study the Knowledge Center and research before investing in any financial instruments. Also, to avoid being a victim of identity theft, keep your login credentials, such as your username, password, and any security questions and answers, private.