ICICI Neo Plan Review (ICICIdirect Discount Brokerage)

Published on Thursday, May 6, 2021 by Chittorgarh.com Team | Modified on Tuesday, November 9, 2021

ICICI Neo Plan is a flat rate brokerage plan. It offers brokerage-free equity futures trading and Rs 20 per order for Equity Intraday and Options trading. The brokerage for Equity delivery is 0.55%.

Launched in Jan 2021, ICICIdirect Neo Account is a step towards offering true discount brokerage services by ICICI. This plan is also known as ICICI Neo Zero Brokerage Plan. It is available to resident Indian customers only.

The plan comes with free research and trading tips and margin funding at 0.025% per day. Funds are made available within 30 minutes on selling shares with eATM, increased selling limit, and reduced brokerage across all products.

The delivery brokerage rate can be reduced from 0.55% up to 0.15% by selecting an additional Prime Plan starting from Rs. 299 to Rs. 2999 per year.

This plan is available to all new customers. It is available to only a few selected existing customers as of May 2021.

ICICI Neo Brokerage Plan

ICICI Neo plan is a discounted brokerage plan by ICICI for frequent traders. The plan offers brokerage-free equity futures trading. The brokerage for equity delivery is 0.55%. For all other segments, ICICI charge flat Rs 20 per trade brokerage in this plan.

ICICIdirect Neo Plan Key Features

• Brokerage free equity futures trading (both intraday and carry-forward)
• Margin against share (Use of existing shares to create a fresh position in F&O).
• Margin Trading interest is only 0.025% per day.
• Neo plan can be combined with Prime Plan to reduce Equity Delivery brokerage up to 0.15%.
• ICICIdirect Neo plan is available @ Rs.299 only with Lifetime validity.

ICICIdirect Neo Account Opening

ICICIdirect Neo is one of the brokerage plans offered by ICICI. If you are an existing ICICIdirect customer, you could change your brokerage plan to ICICIdirect Neo by login into the ICICIDirect website and selecting ICICIdirect Neo plan from the settings section.

If you are new to ICICIdirect, you need to open an ICICI 3-in-1 account online. You could choose ICICI Neo Brokerage Plan while opening the account. It takes just a few minutes to open an account online.

ICICI Neo Charges

ICICI Neo charges are as below:

• ICICIdirect Neo Account Opening Charges = Rs 0 (Free)
• ICICIdirect Neo AMC Charges = Rs 300 per year
• ICICIdirect Neo = Rs 299 only with Lifetime validity
• ICICIdirect Neo combined with ICICIdirect Prime plan = Choose any one of the Prime Plans starting from Rs. 299 to Rs. 2,999 per year and choose ICICIdirect Neo plan with a one-time payment of Rs.299 and enjoy the combined benefits like reduced brokerage in cash segment from 0.55% to 0.15% and funds withdrawal within 30 minutes of up to 1 Cr on selling shares.

ICICI Neo Delivery Charges

ICICI Neo plan delivery charges are 0.55% for I-Secure as a base plan. With ICICI Prime as a base plan, the delivery charges go down to 0.15% when paying a subscription fee of Rs 2,999 per year.

ICICI Neo Plan does not offer equity delivery trades at flat Rs 20 per order. Though this plan is promoted as discounted brokerage plan, the equity delivery brokerage charges are high. Most stock brokers offer brokerage-free equity delivery trading. It includes Zerodha, Angel One, Edelweiss, Upstox, ProStocks, etc.

ICICI Neo Plan Advantages

• Brokerage-free Equity Futures trading includes intraday or carry-forward trades.
• Flat Rs. 20 per order for all Options, Currency and Commodity futures at BSE, NSE and MCX.
• It reduces brokerage significantly.
• A 3-in-1 account offers seamless transaction between bank, trading and demat account.
• Get funds in the bank account within 30 minutes of selling shares with eATM facility. The amount varies based on the subscribed ICICIdirect prime plan.
• Margin funding is available at 0.025% interest per day.

Neo Plan Disadvantages

• Equity delivery (cash & carry) brokerage is 0.55% which is high. Most other brokers offer brokerage-free buy and sell of shares.
• Call & trade at the rate of Rs. 50 per order.
• You cannot convert an intraday trade into delivery trade in this plan.
• ICICI Neo Plan is not available to NRI customers.

ICICI Neo Vs Zerodha

ICICI Neo is the discounted brokerage plan offered by ICICIdirect. Zerodha is the pioneer of discount brokerage in India. ICICIdirect Neo plan offers brokerage-free Equity Futures trading while Zerodha charges Rs 20 per order. Zerodha offers brokerage-free equity trading while ICICI charges 0.55%. Brokerage in other segments is the same.

ICICIdirect Neo plan also offers free trading tips and research reports to its customers. Zerodha does not provide advisory services.

ICICIdirect Neo for Existing Customers

ICICIdirect Neo plan is available for selected existing customers only. An existing customer can switch from the current plan to the ICICI Neo brokerage plan online if the option is available.

Steps to switch to ICICI Neo Plan

1. Login to ICICIdirect.com website.
2. Go to 'Setting' by clicking on the setting wheel in the top right.
3. Click on the Choose ICICIdirect Neo pricing link. If this option is not available, you are not eligible for ICICIdirect Neo Plan. This plan is available to only selected customers.
4. Accept the terms and conditions.

Conclusion

The ICICIdirect Neo brokerage plan is an ICICIdirect step forward towards a true discount brokerage plan. This plan is a good choice for equity, commodity, and currency F&O traders. This plan is not suitable for an ordinary investor who invests only in the cash segment. They can opt for any of ICICIdirect Prime or Prepaid plans. This plan is suitable for traders who trade in Equity Intraday, Options, Currency, and Commodity.

Read more...

• ICICI Direct Neo Plan
• ICICI Direct - Prime Plan
• ICICI Direct - eATM
• ICICI Direct - I-Secure Plan
• How to Apply in an IPO through ICICI Bank?
• ICICI Direct - Prepaid Brokerage Plan
• ICICI Direct Options Trading Review