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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 Review (ICICIdirect Discount Brokerage)

ICICIdirect Account Opening

ICICIdirect Neo Plan - Flat Rs 20 per trade brokerage (Intraday and F&O) + Free Account Opening + Get funds in 5 minutes from sell orders + Free trading tips. Open Instant Account Now

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 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


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 Brokerage vs Zerodha

Trading Segment

ICICIdirect 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


ICICIdirect Neo Vs I-Secure Plan

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

Trading Segment

ICICIdirect Neo Plan

ICICI I-Secure 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 and Options

Rs 20 per order

Rs 20 per order

Commodity Futures

Rs 20 per order

Rs 20 per order


ICICIdirect Neo vs ICICIdirect Prime Plan

ICICI Neo plan is an add-on to Prime or I-Secure 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

ICICIdirect Neo Plan

ICICIdirect Prime Plan

Equity Delivery

0.55%

0.27% to 0.15% (Rs 299 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


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...

ICICIdirect Special Offer

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 in Options, Currency F&O and Commodity futures in BSE, NSE and MCX
  • Free trading tips
  • Get funds in your bank account in just 5 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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