Nov 28, 2016 05:15 PM
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icicidirect is a financial service subsibidiary of icici group and provides services for trading, demat, investment in Mutual funds, IPO, corporate FDs, Bonds, NCDs. Although it has good site but it has long history of charging exorbitant prices for everything you do. If you are buying Mutual fund through them they charge Rs 15 for each SIP ( except if your portfolio is above 8 lacs), for each lumpsum investment in Mutual Fund they charge Rs 100 irrespective of fact whether you are investing Rs 500 in any ELSS or Rs 1000 in any equity fund. Don't forget that they earn through distributors commission from the fund houses. When you decide to switch your broker or switch directly to the Fund house they are not very helpful to you. Even though there is a transfer out form provided by them at their site but its not at all useful. I have twice filled the form and sent it to their office with no response. Coming to their brokerage their charges are too high compared to discount brokers available in the market today where nowadays discount brokers like SAS charge only 0.01% or Rs 9 whichever is lower. Icicidirect has three types of plans for traders, one with flat brokerage of 0.55% of total volume, second one is flexible brokerage plan which like 0.25-0.75% and third being Prepaid plan. They have increased AMC of the demat account to Rs 800 + S.T. Overall no doubt the service is good in terms of recommendations but the charges are too high and today traders have other means of information which provides recommendations at no cost. Many brokers are offering free of cost Demat accounts where even people with less income can join the market. In a way icicidirect will lose to the flood of discount brokers.
