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ICICIdirect Mutual Fund Review


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ICICIdirect is a full- service broker offering over 2,500 mutual funds from more than 36 fund houses in India. You can easily diversify your investment portfolio with a wide range of funds available with the broker. ICICIDirect offers regular mutual funds. ICICIdirect charges Rs 30 or 1.5% of the investment value, whichever is lower, per transaction for investing through SIP route. It charges a flat Rs 100 for investing in mutual funds through the lump sum mode.

The broker also offers in-house ICICIdirect mutual funds through ICICI Prudential Mutual Fund website. If you are investing in ICICI AMC through ICICI Pru Mutual Fund, no charges will be levied. The platform also allows investment either through SIP or lumpsum.

ICICIdirect offers various categories of mutual funds including senior citizen pension plan, retirement plan, tax-saving scheme, vacation planning scheme, equity funds, debt funds, hybrid mutual funds, and balanced funds, etc.

ICICIdirect Mutual Fund Platform Key Features

ICICIdirect helps an investor to invest in a wide range of mutual fund products based on his financial needs and risk profile. Key features of ICICIdirect MF platform are as follows:

  • Create a smart personalised portfolio optimized for returns based on your risk appetite
  • Track your portfolio 24X7 and generate automated triggers
  • Completely paperless KYC registration in one click
  • Get access to more than 2,500 mutual fund schemes
  • Invest in mutual fund through SIP as well as lump sum
  • Open a 3-in-1 account including bank, demat and trading account at one place
  • Get a list of expert recommended schemes
  • Compare the schemes to choose the most suitable one for your financial needs
  • Provides research and advisory services

ICICIdirect MF Online Charges

ICICIdirect offers regular mutual fund schemes and charges a commission from investors. The charges for investing in mutual funds are based on the transaction amount. If you have invested less than Rs 8 lakhs in mutual fund holdings through ICICIdirect, you will be charged Rs 100 per transaction for the lump-sum purchase. For SIP transactions, you have to pay Rs 30 or 1.5% of the investment value, whichever is lower. Apart from this, you also have to pay a 10.30% service tax per transaction.

If you are holding Rs 8 lakh or more than that, the broker doesn't charge anything from you.

ICICIdirect MF Charges

ICICIdirect Account Opening Charges

Nil

ICICIdirect Mutual Fund AMC Fees

Zero

ICICIdirect Mutual Fund Transaction Charges

MF investment less than Rs 8 lakhs, SIP: Rs 30 or 1.5%, whichever is lower; Lumpsum: Rs 100 per month

When MF investment is Rs 8 lakh or more, No Charges

ICICIdirect Mutual Fund Commission

ICICIdirect Mutual Fund DP Charges

Rs 700 as AMC

Other Charges

Exit load will be applicable on redemptions of the schemes

ICICIdirect Account Opening Process

Investing in mutual funds is quite easy, you only need to be KYC verified. If you are an existing user, you don't need to do it again. Here are the account opening steps for investing in direct and regular mutual funds:

Direct Mutual Fund

If you are planning to invest in a direct mutual fund, you can do it through the ICICI Prudential Mutual Fund website through your net banking. Here is the simple process to become KYC Verified and take part in ICICI Mutual Fund investment:

Step 1: Fill the form available on the website with personal information such as mobile number, email id, city and PAN number.

Step 2: Choose the mutual fund scheme you want to invest in and provide the details about the scheme.

Step 3: Choose your nominee name and provide further details on it.

Step 4: Provide your bank account details. You can also choose the existing bank account with a net banking facility.

Step 5: Create an ICICI mutual fund login ID and password for future access.

Step 6: Make Payment through debit card or net banking and apply.

Note: ICICI Prudential is a fund house offering only ICICI Mutual Fund (Direct schemes).

Regular Mutual Fund

ICICIdirect allows investing across more than 36 fund houses and 2,500+ schemes. All the schemes available on the ICICIdirect MF platform are regular mutual funds. To start investing with the broker, you need to open a mutual fund account. If you are a first-time investor, you have to complete the KYC verification process. KYC is a mandatory process to invest in mutual funds. If you have done it already with other brokers, you are not required to do it again. After KYC, you can visit the mutual fund section at ICICIdirect using ICICI mutual fund login ID and password to start investing.

  • Fill in the KYC Form available on the website
  • Provide PAN Card and address proof and self attest the photocopies
  • Visit ICICIDirect Centre with original documents and KRA KYC form for verification
  • Check the account status CVLKRA website

ICICIdirect Mutual Fund SIP

ICICIdirect allows investment in mutual funds either through lump sum or SIP. SIP is a disciplined way to invest in mutual funds by investing in small amounts at regular intervals. You can choose the period to invest regularly in a particular scheme. You can also increase/ decrease/ stop SIPs at any time.

Steps to Start a SIP with ICICIdirect

If you are KYC compliant, you can invest in a mutual fund SIP. Here are the steps to start SIP with ICICIdirect:

  • Register with fund house for SIP
  • Login ICICIdirect through ID and Password
  • Click on SIP option and create a SIP plan
  • Choose AMC, fund category and subcategory as 'all'
  • Click on the 'Go' button
  • Select the scheme you want to invest by pressing 'SIP' tab provided with the scheme
  • Fill SIP related information such as investment amount, tenure, investment date, etc.
  • Start investing in the mutual fund through SIP

Note: Keep the sufficient investment amount in your linked bank account, else SIP will be rejected.

Steps to Stop a SIP with ICICIdirect

You can also cancel or stop the SIP plan before completing the tenure specified by you. There are no charges to stop a SIP. Here are the steps to stop a SIP with ICICIdirect:

  • Open ICICI mutual fund login account
  • Click on SIP option
  • Choose existing Systematic Investment Plan
  • Click on Cancel tab
  • Confirm the cancellation of SIP plan

Note: Stopping/ cancelling SIP doesn't mean that you have withdrawn the scheme. Your money will stay invested in the scheme till you place a withdrawal or redemption request.

ICICIdirect Mutual Fund Platform

Investors can invest in mutual funds through ICICIdirect Mutual Fund Platform. One-Click Investment portfolio at ICICIdirect is an investment tool for mutual fund investors. The broker doesn't charge an additional fee for using this feature.

ICICIdirect Mutual Fund- Supported Platform/ Devices

ICICIdirect Mutual Fund can be accessed either through the mobile application and web-based system:

  • ICICIdirect and ICICI IPrutouch Mobile App for Android Phone
  • ICICIdirect and ICICI IPrutouch Mobile App for iPhone
  • ICICIdirect Trade Racer for web-based trading

ICICIdirect Mobile Trading App

ICICIdirect Mobile Trading App allows you to invest in mutual funds along with other asset classes. The app is available for Android and iPhone users to download for free. You can access the mobile trading app any time from your smartphone or iPhone.

Download ICICIdirect Mobile Trading App:

  • Visit Google Play/ App Store
  • Type ICICIdirect Mobile App
  • Click on the first option in the list
  • Click on the install and download the application
  • Log in the app with ICICIdirect Login ID and Password

ICICIdirect Trade Racer Web

ICICIdirect also offers a web-based trading platform to invest across various securities. Customers can access the web trading platform with ICICIdirect Trading ID and password. You just need an internet connection and a browser to connect to ICICIdirect trading.

Access ICICIdirect Trade Racer Web:

  • Visit the official website of ICICIdirect
  • Click on the login tab available in right side corner
  • Enter Login ID, password, PAN card or DOB and asset class as Mutual funds
  • Click on Login Now to access the web-based trading platform

Key Features of ICICIdirect Trade Racer Mutual Fund Platform

  • Provides research-based investment portfolios
  • Daily update for mutual fund portfolio betterment
  • Different baskets for goal mapping
  • The one-click mutual fund investment feature
  • View the future value of SIP before investing
  • Track and monitor SIP plan easily
  • Redemption is also easy with one click portfolio
  • Allows investors to define investment goals
  • Track the performance of each scheme separately
  • Choose performance, analysis and customisation features
  • Diversify the portfolio with different schemes

ICICI Prudential IPrutouch App

ICICI Pru IPrutouch app provides a platform to invest in direct mutual funds offered by ICICI AMC either through lump sum or SIP. This mobile app doesn't allow investment in regular schemes offered by ICICIdirect mutual fund.

Key Features of ICICI Prudential IPrutouch Mobile App

  • Invest in the direct mutual fund of ICICI Prudential
  • Calculate the returns with goal-based calculators
  • Track your portfolio with a detailed view
  • Invest, redeem, and switch mutual funds easily
  • Easy payment and zero paperwork
  • Connect with customer service in working hours

Download ICICI Prudential IPrutouch Mobile App

  • Visit the Google Play Store/ Apple App Store
  • Type IPrutouch app in the search bar and click enter
  • Click on the first option in the list
  • Install the app and login with credentials

ICICIdirect Mutual Fund Advantages

  • A trading platform to invest in regular mutual funds
  • Invest in direct mutual fund through ICICI Pru Mutual Fund
  • Integration with 36+ fund houses
  • Zero account opening charges

ICICIdirect Mutual Fund Disadvantages

  • Charges a transaction fee for mutual fund investment
  • Except for ICICI Mutual funds schemes, all are regular mutual fund schemes and carries fees

ICICI Mutual Fund Customer Care

ICICIdirect.com offers customer care helpdesk to help investors. For any query regarding investment, you can call on 1860 123 1122 during business hours. In case you are stuck at any stage of your mutual fund investment on ICICI Pru MF platform, you can give a missed call on 7043338196 and get a callback.

Conclusion

ICICIdirect mutual fund has collaboration with around 36 fund houses to offer regular mutual funds. You can also invest in direct schemes of ICICI Pru AMC, by visiting its website. If you want to invest in ICICI Mutual Fund only, then ICICI Prudential Mutual Fund is the right platform for you. But, when you want to invest in mutual funds from different fund houses, ICICIdirect offers this facility.

Unlike Zerodha free mutual fund investment platform, ICICIdirect is expensive as it charges commissions and fees from the investors on mutual funds except for direct schemes of ICICI Pru AMC which are free.

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 30 minutes of selling stocks

Interested in opening a trading account? Open Instant Account Now

Frequently Asked Questions

  1. 1. Can I redeem my ICICI Mutual Fund online?

    Yes, you can redeem your ICICI mutual funds online. Here are steps to redeem ICICI mutual fund online-

    • Login to ICICI Direct Account with the login credentials
    • Visit the mutual fund segment
    • Click on 'Unit Holdings' option
    • Click on 'Redeem' button in front of the scheme
    • Next, click on the confirmation

    Note: If you have placed a Redeem order, it cannot be cancelled in normal condition.

     

     

  2. 2. Which ICICI mutual fund is best?

    ICICI offers various schemes based on financial goals, risk appetite, and time horizon. Considering the past performance, returns over the years, exit load, risk factors, and other analysis, investors can choose any mutual fund scheme. ICICI Mutual Fund platform offers various schemes such as Equity, Hybrid, Arbitrage, Debt, Liquid and others. Some of the popular schemes for investors who can take high risk are ICICI Prudential Focused Bluechip Equity Fund, ICICI Prudential Dynamic Plan, and ICICI Prudential Long Term Equity Fund.

     

     

  3. 3. How can I invest in ICICI mutual fund?

    You can invest in ICICI mutual funds online. Here are steps to invest in ICICI mutual funds online-

    • Visit the official website of ICICI Direct
    • Click on the Login tab available on the homepage on the right-hand side
    • Login with the User ID, Password, PAN or date of birth detail
    • Choose the 'Startin' type from the list
    • Select AMC Name, Fund category, Sub-category, and Fund type
    • Click on the 'Purchase' link available with the scheme you want to buy
    • Click on 'Continue to Invest' button
    • Fill the form and click on submit & then confirm

     

     

  4. 4. Is ICICI Prudential Mutual Fund good?

    Yes, ICICI Prudential Mutual Fund is good. It is a reputed fund house offering direct mutual fund services. By investing in direct schemes, you can save on commissions and charges. These commissions and charges add up to a significant amount in the long-term.

     

     

  5. 5. How can I buy mutual funds from ICICI Direct?

    Yes, you can invest in mutual funds from ICICI Direct mobile app and web platforms. To invest, please take the following steps-

    • Login to your ICICI Direct account with your user ID, password, Date of Birth and PAN
    • Visit mutual fund section and allocate funds in the account
    • Click on the 'Purchase' tab
    • Choose the fund house and fund category
    • Choose the scheme under fund sub-category
    • Click on 'Go' to start investing

     

     

  6. 6. What is ICICI mutual fund?

    ICICI Mutual Fund is a fund house offering in-house mutual fund schemes. You can visit the website and invest in ICICI mutual funds schemes. It offers direct mutual fund schemes. To invest in regular mutual fund schemes of other fund houses, you need to login through ICICI Direct platform.

     

     

  7. 7. How to close ICICI mutual funds online?

    Yes, you can close or cancel mutual fund investments online. To close the ICICI Mutual fund online, you have to log in to your mutual fund account. Then, click on the existing holdings to view existing mutual funds in your Demat account. Now, click on the 'Cancel' button for a scheme to cancel the order.

     

     

  8. 8. How to redeem SIP mutual funds online in ICICI?

    To cancel SIP in ICICI Prudential Mutual Fund online, please take the following steps-

    • Login to ICICI Prudential Mutual Fund
    • Click on view portfolio details link
    • Click on MF Portfolio and your active investment will appear
    • Click on 'Redeem' button available along with the schemes

     

     

  9. 9. What are ICICI Mutual Fund Products?

    ICICIdirect offers the following mutual funds:

    • Equity Funds
    • Hybrid Funds
    • Debt Funds
    • Fund of Funds
    • Exchange-Traded Funds (ETFs)

     

     

  10. 10. How do I pause SIP in ICICI direct?

    To pause the existing SIP with ICICI Direct, please take the following steps:

    • Visit ICICI Direct.com
    • Click on trade and invest option
    • Then, click on history->books
    • Select the 'Pause' button to stop investing in the scheme

     

     

  11. 11. How to buy direct mutual fund through ICICIDirect?

    ICICI Direct doesn't offer direct mutual funds. They only offer regular mutual funds. The direct mutual funds earn 1% to 2% additional yearly as AMC doesn't have to pay commission to the agents like ICICI Direct.

    You could buy direct mutual funds in two ways:

    1. Open an account with a broker who offers them (i.e. Zerodha, Upstox or 5paisa)
    2. Buy direct mutual funds from the AMC website i.e. Kotak, Reliance Nippon. You can hold these MFs in your ICICI Demat account.

     

     

  12. 12. How to buy Mutual Fund in ICICI?

    To buy Mutual Funds online with ICICI Bank, you need a 3-in-1 account. This account is a combination of a saving bank, trading and demat accounts. It enables you to invest online in a range of products including Stocks, Mutual Funds, ETF, Corporate FD, NCD, Bonds and IPO.

    Steps to buy mutual funds online ICICI Direct

    1. Login to ICICIDirect.com website or ICICIDirect Mobile App
    2. Click on the 'Trade & Invest' in the top navigation bar.
    3. Expend 'Mutual Funds' in the left navigation bar.
    4. Click 'Allocate Funds'
    5. Add funds to the 'Mutual Fund & Others' category.
    6. Expend 'Mutual Funds' in the left navigation bar
    7. Click on the 'Lump Sum Purchase' or 'SIP / TIP / STP / SWP' link
    8. Choose the fund and click the 'Buy' link next to it.
    9. Read detail and click the 'Continue to Invest' button.
    10. Enter the amount and submit the request.

    To check your order status, click 'History' on the left side menu in the 'Mutual Funds' section and then on 'Order Book'.

     

     

  13. 13. How to stop Mutual Fund SIP in ICICIDirect?

    Mutual Fund SIPs allow you to invest a prefixed amount for a prefixed interval in the mutual fund scheme of your choice. ICICI Bank customers can start and manage their MF SIP's online through ICICI Direct investment platform.

    Steps to Stop Mutual Fund SIP in ICICI Direct

    1. Login to ICICIDirect.com website or ICICIDirect Mobile App
    2. Click on the 'Trade & Invest' in the top navigation bar.
    3. Expend 'Mutual Funds' in the left navigation bar.
    4. Click on the 'SIP' link
    5. Click on the 'View Existing SIP' button
    6. Click on the 'Cancel' button
    7. Confirm the cancellation SIP order.

     

     

  14. 14. Does ICICI offer Direct Mutual Funds?

    No, ICICI Direct doesn't offer Direct Mutual Funds. It offers only regular mutual funds through its online and offline investment platforms.

    Unlike regular mutual funds that are sold through mutual fund agents like ICICI Direct, the Direct Mutual Funds are sold directly by AMC to the customers. The commission paid to the agents in the case of regular mutual funds is passed on to the customers in the case of direct mutual funds. The Direct MFs earn 1% to 2% additional yearly when compared with the Regular MF.

    Stock brokers like Zerodha, Upstox and 5paisa offer direct mutual funds.

     

     

  15. 15. How to stop SIP online in ICICI Direct?

    You can stop your ICICI Direct Mutual Fund SIP online by login on to its website or through ICICI Direct mobile app. SIPs allow you to invest a fixed amount for a fixed interval in the selected mutual fund scheme. SIP's can be updated or cancelled online at any time by submitting a cancellation request.

    Steps to stop SIP online ICICI

    1. Login to ICICIDirect.com or ICICIDirect Mobile App.
    2. In the left navigation bar, expand 'Mutual Funds' and click 'SIP'.
    3. Click on the 'View Existing SIP' link.
    4. Choose the SIP and click on the 'Cancel' button.
    5. Confirm the cancellation SIP order.

     

     

  16. 16. What is folio consolidation in ICICIDirect?

    Folio consolidation is a process of bringing together all your mutual fund investments under one folio. This saves a lot of inconvenience for tracking your investments in the long run. Technically, more folios mean more account statements to analyze. A consolidated folio means all your MF investments can be part of the same statement.

    A folio is a unique client ID for mutual fund investment. It is like a bank account number. Folio number is assigned by the asset management company (AMC). All the mutual funds purchased by a customer through an AMC are mapped under the same folio number. The folio number is present in the account statements.

    One person can have multi folio numbers assigned to him by the same fund houses or AMC.

    Let's say you have 5 different mutual fund investments in HDFC AMC. All these 5 MF's may have a different folio number. Through consolidation, you can bring all investments under one folio for ease of management.

    Investors often make a fresh investment in a fund without quoting an existing folio number with the fund house. It gets difficult to monitor these different folios. Opting for consolidation of folios in a particular fund helps you manage all the investments.

    To consolidate your folio, download the folio consolidation order form, fill it and sign it and send it to the address given on the form.

     

     

  17. 17. Who is ICICI Direct?

    ICICI direct is a stock broker offering a complete suite of online trading and investment products such as Equities, Derivatives, Mutual Funds, IPOs, Fixed Deposits, Bonds, NCDs, wealth products, Home Loans, and Loan against Securities etc. It is the largest retail stock brokers in India.

    Lakhs of retail investors use ICICI Direct to trade and invest in the stock market and mutual funds. It is among the oldest online stock broker in India.

    ICICI Direct is an online brand of ICICI Securities Ltd. ICICI Securities is a publicly-traded company listed at BSE and NSE. It is part of ICICI Group, India's leading financial service provider.

     

     

Information on this page was last updated on Friday, August 13, 2021


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