ICICI Neo Plan Review (ICICIDirect Discount Brokerage)

Published on Thursday, May 6, 2021 by Chittorgarh.com Team

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ICICIDirect Neo Plan - Flat Rs 20 per trade brokerage (Intraday and F&O) + Free Account Opening + Get funds in 30 minutes from sell orders + Free trading tips. Open Instant Account Now

ICICI Neo Plan Review (ICICIDirect Discount Brokerage)

ICICI Neo Plan is a flat rate brokerage plan. It offers brokerage-free equity futures trading and Rs 20 per order for Intraday and F&O trading at BSE, NSE and MCX. Equity delivery brokerage is 0.55%.

A customer requires a base brokerage plan (i.e. Prime or iSecure plan) before choosing ICICI Neo Plan.

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. A part of funds from selling stocks are made available within 30 minutes to your bank account for withdrawal based on the prime plan you choose.

The delivery brokerage rate can be reduced from 0.55% up to 0.15% by buying an additional Prime Plan costing 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)
  • Free research and trading tips.
  • Margin against share (Use of existing shares to create a fresh position in F&O).
  • Neo plan can be combined with Prime Plan to reduce Equity Delivery brokerage up to 0.15%.

ICICI Direct Neo Account Opening

ICICI Direct 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 visiting the settings section.

If you are new to ICICI Direct, 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:

  • ICICI Neo Account Opening Charges = Rs 0 (Free)
  • ICICI direct Neo AMC Charges = Rs 300 per year
  • ICICI direct Neo Annual Charges = Rs 0 (Rs 299 to Rs 2999 with the prime plan).

ICICI Neo Brokerage Plan


ICICI Neo Brokerage

Trading Segment

Brokerage

Equity Delivery

0.55%

Equity Intraday

Rs 20 per order

Equity Futures

Rs 0 (Free)

Equity Options

Rs 20 per order

Currency Futures

Rs 20 per order

Currency Options

Rs 20 per order

Commodity Futures

Rs 20 per order

Commodity Options

Rs 20 per order


ICICI Neo Delivery Charges

ICICI Neo plan delivery charges are 0.55% for iSecure 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 Broking, Edelweiss, Upstox, ProStocks, etc.


ICICI Neo Plan Advantages

  • Brokerage-free Equity Futures trading includes intraday or carry-forward trades.
  • Flat Rs 20 per trade for all other segments (except equity delivery trades) at BSE, NSE and MCX.
  • It reduces brokerage significantly for existing customers.
  • A 3-in-1 account offers seamless transaction between bank, trading and demat account.
  • Get part of your funds in the bank account within 30 minutes of selling shares. The amount varies by the prime plan you have.
  • Margin funding is available at 0.025% interest per day.

Neo Plan Disadvantages

  • ICICI Neo plan is an add-on. It requires a base plan i.e. Prime or iSecure
  • 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. ICICI 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.

CICI Neo Brokerage vs Zerodha

Trading Segment

ICICI Neo Plan

Zerodha

Equity Delivery

0.55%

Rs 0 (Free)

Equity Intraday

Rs 20 per order

Rs 20 per executed order or .03% whichever is lower

Equity Futures

Rs 0 (Free)

Rs 20 per executed order or .03% whichever is lower

Equity Options

Rs 20 per order

Rs 20 per executed order

Currency F&O

Rs 20 per order

Rs 20 per executed order or .03% whichever is lower

Commodity F&O

Rs 20 per order

Rs 20 per executed order or .03% whichever is lower


ICICI Neo Vs iSecure Plan

ICICI Neo plan is an add-on to Prime or iSecure plans. It is available to all new customers and selected few existing customers.

Trading Segment

ICICI Neo Plan

ICICI iSecure Plan

Equity Delivery

0.55%

0.55%

Equity Intraday

Rs 20 per order

0.275%

Equity Futures

Rs 0 (Free)

0.050% for carry-forward, Rs 50 per lot for Intraday.

Equity Options

Rs 20 per order

Rs 95 for carry-forward, Rs 50 per lot for Intraday.

Currency Futures

Rs 20 per order

0.050% for carry-forward, Rs 10 per lot for Intraday.

Currency Options

Rs 20 per order

Rs 25 for carry-forward, Rs 10 per lot for Intraday.


ICICI Direct Neo vs Prime Plan

ICICI Neo plan is an add-on to Prime or iSecure plans. It is available to all new customers and selected few existing customers. ICICIDirect Prime plan is a yearly subscription plan with options ranging from Rs 299 to Rs 2,999 yearly.

Trading Segment

ICICI Neo Plan

ICICI Prime Plan

Equity Delivery

0.55%

0.27% to 0.15% (Rs 229 to Rs 2999 prepaid plan)

Equity Intraday

Rs 20 per order

0.027% to 0.015%

Equity Futures

Rs 0 (Free)

0.27% to 0.015%

Equity Options

Rs 20 per order

Rs 40 to Rs 20 per lot

Currency F&O

Rs 20 per order

Rs 20 per order

Commodity F&O

Rs 20 per order

Rs 20 per order


ICICI Direct Neo for Existing Customers

ICICI Direct 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 ICICI Neo Plan link. If this option is not available, you are not eligible for Neo Plan. This plan is available to only selected customers.
  4. Accept the terms and conditions.

Conclusion

The ICICI Direct Neo brokerage plan is an ICICI step forward towards a true discount brokerage plan. This plan is a good choice for equity, commodity, and currency F&O traders. For an ordinary investor, this plan is complex and expensive. It has hidden charges like subscription fees, AMC, and call & trade charges. The equity delivery brokerage is very high in this plan. This plan is suitable for existing ICICI customers who pay high brokerage for F&O trading.


Read more...

ICICI Direct Special Offers

ICICIDirect Neo Plan (Discount Brokerage)

Open a 3-in-1 account with Neo Plan for:

  • Free Account Opening
  • Brokerage-Free Equity Futures trading
  • Flat Rs 20 per trade brokerage (Intraday and F&O) in BSE, NSE and MCX
  • Free trading tips
  • Get funds in your bank account in just 30 minutes of selling stocks

Interested in opening a trading account? Open Instant Account Now

Frequently Asked Questions

  1. 1. What is ICICI Neo?

    ICICI Neo Trading Plan is a discount brokerage plan by ICICI. This Zero Brokerage plan offers brokerage-free equity futures trading. It charges Rs 20 per order brokerage in options and intraday and 0.55% in equity delivery (cash & carry).

    ICICI Neo reduces brokerage for intraday and F&O trading significantly. It also offers add-ons like free research and advisory, margin funding, and payout in 30 minutes after selling stocks.

    ICICI Neo Brokerage plan is offered as an add-on to the base brokerage plans i.e. Prime or iSecure plan. This plan is available to all new customers and selected existing customers.

     

  2. 2. Is ICICI Direct Neo good?

    ICICI Direct Neo plan is good for Intraday and F&O traders. This plan is equivalent to leading discount brokers like Zerodha and Upstox in terms of brokerage of Intraday and F&O trading at BSE, NSE and MCX.

    ICICI Direct Neo is a flat-rate discount brokerage plan. The plan offers brokerage-free equity future trading. For Intraday and Options in Equity, Currency and Commodity, it charges flat Rs 20 per order. For Equity Delivery (Cash & Carry) it charges 0.55% brokerage.

    The equity delivery brokerage change is high in comparison to leading brokers who offer brokerage-free equity delivery traders.

     

  3. 3. How to subscribe to ICICI Neo Plan?

    If you are a new customer of ICICIDirect, you could choose the ICICI Neo plan while opening the account.

    The ICICI Neo Plan is available to selected existing customers only. Existing ICICI Direct customers can subscribe to the ICICI Neo plan at any time. The plan can be subscribed online or by calling customer service or RM.

    Steps to subscribe 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. Check for the 'Neo Plan' link. In case you don't see this option, you are not eligible for this plan.
    4. Accept the teams and condition.

     

  4. 4. How to open ICICI Neo Account?

    ICICI Neo Account can be opened online or offline by visiting the ICICI bank branch.

    Steps to open ICICI Neo Account Online

    1. Visit ICICI Neo's online account opening
    2. Enter your phone number.
    3. Follow the online account opening process

    Documents required to open ICICI 3-in-1 Account

    1. Address proof
    2. Permanent Account Number (PAN)
    3. Passport-sized color photographs

     

  5. 5. Does ICICI offer discount brokerage?

    Yes ICICI offers a discount brokerage plan, ICICI Direct Neo Plan. The brokerage offered in this plan is as below:

    • Equity Delivery - 0.55%
    • Equity Intraday - Rs 20 per order
    • Equity Future - Rs 0 (free)
    • Equity Options - Rs 20 per order
    • Currency F&O - Rs 20 per order
    • Commodity F&O - Rs 20 per order

     

  6. 6. What is the ICICI Direct Neo brokerage plan review?

    ICICI Direct Neo Brokerage plan is offered as an add-on to the existing brokerage plan i.e. Prime or iSecure plans. This plan is a discount brokerage plan which reduces brokerage for Intraday and F&O traders. The plan charges flat Rs 20 per executed order for Intraday and F&O.

    Neo plan offers brokerage-free trading in the equity futures segment. It charges 0.55% brokerage for equity delivery which can be reduced further based on the prepaid prime plan you choose as base brokerage plan.

    This plan is complicated, expensive for delivery trading and not available to all the existing customers. It is available to all new customers.

     

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