ICICI Direct was the mainstream stockbroker of the last decade until Zerodha came in with its discount broking model charging a low brokerage of Rs. 20. Even I started my stock investment journey with ICICI Direct in 2006.
Honestly speaking, both ICICI Direct and Zerodha cannot be compared because they work on entirely different business models.
Zerodha charges flat Rs. 20 per trade but does not provide research advisory services. ICICI Direct provides stock buy and sell tips but the brokerage will burn your pockets.
Let’s consider that you plan to make 20 trades of total Rs. 10,00,000 per month.
At ICICI Direct the intraday brokerage charge (under i-Secure plan) is 0.275%. The total brokerage will be 10,00,000 x 0.275% = Rs. 2,750 monthly.
Whereas, the brokerage with Zerodha (that charges Rs. 20 per trade) comes to 20 trades per month x Rs. 20 brokerage = Rs. 400 only. A huge difference!
If you are a regular trader then you should open an account with Zerodha otherwise you would end up paying all your profits as brokerage charges.
Below is the side by side comparison of ICICI Direct vs Zerodha
Zerodha Demat vs ICICI Direct Demat
| Particulars | Zerodha | ICICI Direct |
| Helps trade-in | Stocks, Equity F&O, Currency F&O and Commodity F&O Bonds and Govt-Securities | Stocks, Equity F&O, Currency F&O and Currency Futures |
| Brokerage Charges | Details for Zerodha Plan | ICICI Direct (i-Secure plan) |
| Equity delivery | Rs. 0 | 0.55% (including buy and sell) |
| Equity Intraday | Lower of Rs. 20 per executed order or 0.03% | 0.275% (the second leg is not charged) |
| Futures – Equity | Lower of Rs. 20 per executed order or 0.03% | 0.050% plus a flat brokerage of Rs. 50 on the second leg |
| Currency/ Commodity Futures | Lower of Rs. 20 per executed order or 0.03% | Rs. 20 per order |
| Equity Options | Rs. 20 per executed order | Rs. 95 per lot plus a flat brokerage of Rs. 50 on the second leg |
| Options – Currency | Lower of Rs. 20 per executed order or 0.03% | Rs. 20 per order |
| Margin for Intraday | Up to 15X | Up to 25X |
| Account opening charges | Charges for Demat & Trading account is clubbed – Rs. 200 | Rs. 0 |
| Demat AMC Fees | Rs. 300 | Rs. 700 |
| Account | Open Zerodha Account | Open ICICI Account |
Let’s have a detailed comparison of Zeordha and ICICI Direct.
Zerodha Demat & Trading Account Review
Zerodha is the biggest discount broker in India with more than 4+ million user base. You can get the benefit of paying flat Rs 20 per trade with Zerodha.
If you are a regular trader looking for a low-cost trading platform then you should go with Zerodha.
You will get more advanced tools, charts and indicators to do technical analysis of stock with the Zerodha Kite 3.0 trading platform. ICICI direct trading platform is outdated as compared to Zerodha.
Zerodha even has a varsity and trading forum for open stock market learning. At a low cost, you can get yourself started in stock markets which is not possible at ICICI Direct.
Zerodha Brokerage Charges
Brokerage charges at Zerodha are irrespective of the trading volume which helps you trade positions worth lakhs of rupees by paying a low fee of Rs. 20.
| Trading Type | Brokerage Charges |
| Equity Delivery | Rs. 0 |
| Equity Intraday | Lower of Rs. 20 per executed order or 0.03% |
| Equity Futures | Lower of Rs. 20 per executed order or 0.03% |
| Equity Options | Rs. 20 per executed order |
| Currency F&O | Lower of Rs. 20 per executed order or 0.03% |
| Commodity F&O | Lower of Rs. 20 per executed order or 0.03% |
Zerodha’s “Call and trade” facility is handy when you do not have access to the trading platform. The charge for which is Rs. 50 per order.
Zerodha Margin Details
The Margin for Intraday (MIS) is as under
| Segment | Margin |
| Equity Delivery | No Margin |
| Intraday Equity | Up to 15X |
| Index F&O | 4.16X |
| Stock F&O | 3.33X |
| Currency Futures | 2X |
| Currency Options | No margin |
| Commodity Futures | 2X |
Zerodha does not disclose the margin provided on BO & CO products upfront.
Zerodha Demat and Trading Account Charges
A simple way to open an account at Zerodha is to open an account online. The process is quick, simple can be completed from a convenient place.
The account opening and annual charges are under.
| Particulars | Charges |
| Trading and Demat account opening charges | Rs. 200 |
| Commodity account opening charges | Rs. 100 |
| Account annual maintenance charges | Rs. 300 |
You would need to pay an additional Rs 300 for offline account opening.
IDFC First Bank account holders can open a Zerodha IDFC First Bank 3-in-1 account. Your demat and trading account is opened at Zerodha and linked to your IDFC First bank account.
Benefits of Zerodha Account
- Fix brokerage charges of Rs 20 for trading
- Zero charges for delivery trades
- A 3-in-1 account with IDFC First bank
- Good customer service
Disadvantages of Zerodha
- A few traders faced downtime during the peak trading hour
- Zerodha charges for stock reports, screeners and other services
Zerodha Best For
Zerodha is every trader’s first choice and good for you if you want to save on brokerage costs. Cost conscious new traders get advanced tools & platforms along with good customer support.
ICICI Direct Demat & Trading Account Review
You may have heard fellow traders speaking of high brokerage charges levied by ICICI Direct. But that does not stop ICICI Direct from being the preferred stockbroker and financial product distributor for 50 Lakhs clients.
That is because of the following reasons
- ICICI Direct offers stock advisory and other wide range of value-added services
- Has a robust Trade Racer trading platform
- Opens up to various ICICI Bank products & platforms
The ICICI Direct’s full-service products and services offerings include
- Investing and trading in equities and derivatives
- ETF, SIP and mutual fund investment
- Insurance and wealth management services
- Portfolio management services
- Loans, FD and bond products
You can build a solid long term wealth portfolio and manage all your financial requirements (be it banking, loan, mutual funds or insurance) with the ICICI group.
Not only that, but you can also reach ICICI Direct physically at their branches for one-to-one communication. ICICI Direct has over 170 branches across India.
ICICI Direct Brokerage Charges
ICICI Direct has four plans
- i-Secure Plan
- Prepaid Brokerage Plan
- ICICI Direct Prime Plan
- ICICI Direct Neo Plan
#1. Brokerage charges for the i-Secure plan
A variable percentage of brokerage is charged on the basis of quarterly turnover.
| Trading Type | Brokerage Charges |
| Equity Delivery | 0.55% (including buy and sell) |
| Equity Intraday | 0.275% ( the second leg is not charged) |
| Equity Futures | 0.050% plus a flat brokerage of Rs. 50 on the second leg |
| Equity Options | Rs. 95 per lot plus a flat brokerage of Rs. 50 on the second leg |
| Currency/ Commodity Futures | Rs. 20 per order |
| Currency Options | Rs. 20 per order |
The brokerage for Margin and Margin Plus under the I-Secure Plan is 0.050%.
#2. Brokerage charges under Prepaid Brokerage plan
| Prepaid value | Delivery brokerage | Intraday/ Futures | Equity Options | Currency F&O | Commodity Futures |
| Rs. 5,000 | 0.25% | 0.025% | Rs. 35 per lot | Rs. 20 per order | Rs. 20 per order |
| Rs. 12,500 | 0.22% | 0.022% | Rs. 30 per lot | Rs. 20 per order | Rs. 20 per order |
| Rs. 25,000 | 0.18% | 0.018% | Rs. 25 per lot | Rs. 20 per order | Rs. 20 per order |
| Rs. 50,000 | 0.15% | 0.015% | Rs. 20 per lot | Rs. 20 per order | Rs. 20 per order |
| Rs. 1,00,000 | 0.12% | 0.012% | Rs. 15 per lot | Rs. 20 per order | Rs. 20 per order |
| Rs. 1,50,000 | 0.09% | 0.009% | Rs. 10 per lot | Rs. 20 per order | Rs. 20 per order |
#3. Brokerage charges under ICICI Direct Prime plan
| Prime Plan | Scheme validity | Delivery brokerage | Intraday/ Futures | Equity Options | Currency F&O | Commodity Futures |
| Rs. 299 | 365 days | 0.27% | 0.027% | Rs. 40 per lot | Rs. 20 per lot | Rs. 20 per lot |
| Rs. 999 | 365 days | 0.22% | 0.022% | Rs. 35 per lot | Rs. 20 per lot | Rs. 20 per lot |
| Rs. 1,999 | 365 days | 0.18% | 0.018% | Rs. 25 per lot | Rs. 20 per lot | Rs. 20 per lot |
| Rs. 2,999 | 365 days | 0.15% | 0.015% | Rs. 20 per lot | Rs. 20 per lot | Rs. 20 per lot |
#4. ICICI Direct Neo Plan
| Segment | Brokerage |
| Equity Intraday | Rs. 20 per order |
| Equity Futures | Rs. 0 per order |
| Equity Options | Rs. 20 per order |
| Currency F&O | Rs. 20 per order |
| Commodity F&O | Rs. 20 per order |
ICICI Direct Margin Details
ICICI Direct provides margins based on your risk capacity and your past trading experience. This is where you can negotiate the number of margins if you have past trading or investing experience.
| Segment | Margin |
| Equity Delivery | 5X |
| Intraday Equity | Up to 25X depending on the stock |
| Equity Futures | 4X |
| Equity Options | 2X |
ICICI Direct Demat and Trading Account Charges
ICICI Direct offers a 3-in-1 (trading + demat + savings) account, for which you need to have an account with ICICI Bank.
If you do not have one, then you need to open at the time you apply for a trading & demat account.
Charges for opening an account are as under
| Particulars | Charges |
| Trading and Demat account opening charges | Rs. 0 |
| Trading account annual maintenance charges | Rs. 0 |
| Demat account annual maintenance charges | Rs. 700 |
ICICI Direct Trading Platforms Review
Trade Racer trading platform is offered by ICICI Direct. The Trade Racer platform is available in the web version, desktop version and on mobile devices.
The desktop application is faster but the mobile application is convenient.
Trade Racer comes with a market and trend scanner, live scanner to help analyze and trade. Trade Racer also offers “Heat maps” for spotting price movements.
Additionally, you have access to fundamental and technical calls while you trade through the integrated iClick2Gain tool.
ICICI Direct Best For
The ICICI Direct account is best if you already have an existing account with ICICI bank and trade in low volumes.
You can opt for ICICI Direct if you require wealth management, NCD, bonds, IPO and mutual fund investments.
Benefits of ICICI Direct Account
- 3-in-1 trading account
- Instant payout through eATM
Disadvantages of ICICI Direct
- High brokerages
- Need to have ICICI bank account
Zerodha vs ICICI Direct (Comparison Table)
| Particulars | Zerodha | ICICI Direct |
| Type | Discount broker | Full-service broker |
| Helps trade-in | Stocks, Equity F&O, Currency F&O and Commodity F&O Bonds and Govt-Securities | Stocks, Equity F&O and Currency F&O |
| Help invest in | Mutual Funds IPO – through Bhim UPI | Mutual Funds IPO Loans & NCDs |
| Based out of | Bengaluru | Mumbai |
| Branches | 120 and partner offices | 170 offices |
| Customer Support | Through calls, email, and tickets | Through calls and email |
| Forum | Trading QnA Forum | iCommunity |
| Learning Resources | Zerodha Varsity | ICICIdirect Centre for Financial Learning |
| Brokerage Charges | Details for Zerodha Plan | ICICI Direct (i-Secure Plan) |
| Equity delivery | Rs. 0 | 0.55% (including buy and sell) |
| Equity Intraday | Lower of Rs. 20 per executed order or 0.03% | 0.275% ( the second leg is not charged) |
| Equity Futures | Lower of Rs. 20 per executed order or 0.03% | 0.050% plus a flat brokerage of Rs. 50 on the second leg |
| Currency Futures | Lower of Rs. 20 per executed order or 0.03% | Rs. 20 per order |
| Commodity Futures | Lower of Rs. 20 per executed order or 0.03% | Rs. 20 per order |
| Equity Options | Rs. 20 per executed order | Rs. 95 per lot plus a flat brokerage of Rs. 50 on the second leg |
| Currency Options | Lower of Rs. 20 per executed order or 0.03% | Rs. 20 per order |
| Commodity Options | Lower of Rs. 20 per executed order or 0.03% | N.A. |
| Call and Trade Facility | Yes | Yes |
| Charges for Call and Trade | Rs. 50 per order | Not mentioned on the website |
| Margin for Intraday | Details for Zerodha Plan | ICICI Direct |
| Equity delivery | 0 | 5X |
| NSE/ BSE Cash | Up to 15X | Up to 25X depending on the stock |
| Index F&O | 4.16X | Not mentioned on the website |
| Stock F&O | 3.33X | 4X |
| Currency Futures | 2X | Not mentioned on the website |
| Currency Options | No margin | Not mentioned on the website |
| Commodity Futures | 2X | Not mentioned on the website |
| Margin for OC/ OCO | Details for Zerodha Plan | ICICI Direct |
| NSE/ BSE Cash | Does not disclose upfront. You need to use BO&CO margin calculator | Not mentioned on the website |
| Account Opening Charges | Zerodha | ICICI Direct |
| Demat & Trading Account | Charges for Demat & Trading account is clubbed – Rs.200 | Rs. 0 |
| Demat AMC Fees | Rs. 300 | Rs. 700 |
| Commodity Account | Rs. 100 | N.A. |
| Trading Platforms | Zerodha Kite 3.0Zerodha PI | Trade Racer |
| Cloud Alert Tool | Sentinel | None |
| APIs | Kite Connect API supports Python, Java, PHP, NodeJS, C#, and .Net. | None |
| Trading App | Kite Mobile App | Trade Racer App |
FAQ
Q: What is an ‘eATM’
A: ‘eATM’ or (equity-ATM) ‘ is a facility to receive funds payout on the transaction date itself. One need not have to wait until the T+2 day to receive the funds thus increasing the liquidity.
Q: What is the 3-in-1 concept at ICICI Direct?
A: ICICI Direct allows you to integrate trading, demat and your bank account.
The demat account and bank account has to be opened with ICICI bank and the trading with ICICI Direct. All three accounts are interlinked for seamless trading and money transfer.
Q: Can multiple demat accounts be linked to the 3-in-1 account?
A: Yes, you can link multiple demat accounts to a 3-in-1 account with a maximum of 4 accounts.
Q: What is a Stop-loss order?
A: Stop-loss order is an order which gets activated only when the market price of the security reaches or crosses a threshold price specified in the form of ‘Stop-loss Trigger Price’.
Q: What type of bank account can I use?
A: You will need an ordinary savings account with ICICI bank. In case you do not have an ICICI bank account, an online banking savings account can be opened through the ICICI bank website.
Why You Might Prefer Zerodha Demat Account
Zerodha offers a decent trading platform and flat brokerage of Rs. 20 which is good enough for a cost-conscious new trader who wants to learn stock trading in India.
You can invest in assets like equity, derivatives, currency and commodities and build a small portfolio of Rs. 2 Lakhs.
You have the advantage to day trade high volumes at Rs. 20 which is charged very high (0.275%) at ICICI Direct.
Why You Might Prefer ICICI Direct Demat Account
ICICI Direct is for experienced but time-constrained investors who require research advisory and PMS to manage their wealth. They do not mind paying extra money for the services offered.
Apart from Equity investment, ICICI Direct offers loan (home, auto) products, mutual funds and investment in bonds and NCDs.
You stand to benefit from a 3-in-1 trading account and the instant payout (e-ATM) facility. You can very easily transfer funds from your ICICI savings account to a trading account.
If you are an occasional investor having a salary account with ICICI then you may consider opening an account with ICICI Direct.
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