ICICI Direct Neo review

ICICI Direct operates three plans – iSecure, Prime, and Neo. In the iSecure plan, the brokerage is 40 Rs per trading. ICICI Direct has launched multiple Prime plans. The brokerage you want to pay the firm depends on the Prime plan you’ve chosen.

ICICI Direct Neo is a simple plan wherein you’ll be charged a flat brokerage of Rs 20 per order. Is this plan better than brokerage plans priced at 20 Rs. What new features does the Neo plan unlock? Here’s our review of the ICICI Direct Neo plan:

ICICI Direct Neo review

ICICI Direct Neo

Neo plan

Neo plan can be chosen by the users of the iSecure and the Prime plan. It costs 299 Rs + GST.

To subscribe to the plan, log in to your ICICI Direct account and click the gear icon. Now, click the “choose Neo pricing” option and click on the button. The subscription fee of the plan will be debited from your trading account, and the plan will be activated within 24 to 48 hours.

Changes to your ICICI Direct account

If you were subscribed to the iSecure or Prime plan, you will notice the following change after choosing the Neo plan:

Payment interface

The ICICI Direct account would be converted into a deposit model wherein you are required to add funds from the other bank account linked to your ICICI Direct account. Until you subscribed to the plan, you could have only transferred funds from your ICICI bank account. After choosing the Neo pricing, you can add funds from other bank accounts to your ICICI Direct wallet. In online broking companies such as Zerodha, 5Paisa, etc, the money is transferred from the wallet to the bank account of the users within 24 hours. In the case of ICICI Direct, if your ICICI bank account is linked to the Direct account, the money will be transferred from the wallet to the account instantly.

Cool features of ICICI Direct Neo

Option Plus: If you’re an options trader, ICICI Direct lets you trade intraday with a very small budget, as ICICI will fund your trades. For example, if an option costs 5000 Rs, you can trade this option if you have only 1000 to 1500 Rs in your wallet.

Cover order: The stop loss limit order may or may not execute. The cover order is a great alternative to the limit orders. What is a cover order? In the Option Plus section of the Place Order tab, you’ll find a text field SLTP. You should enter a price below or equal to the latest option price. When you do so and click the place order button and the order is placed, the cover order will execute when the price of the option is below/equal to the price you’ve entered in the SLTP text field.

Watchlist: ICICI Direct supports two types of watchlist – one which appears in a popup and another that appears in the “F&O” section.

Charts: To see the chart, you have to click on the “stocks” menu and choose the “watchlist” option. A popup will appear on the screen. This popup has two sections – a sidebar and a chart section. The sidebar features a list of instruments or the instruments you’ve bookmarked/favorited. When you click on it, the chart of the selected instrument will appear on the right side. At the top of the chart, you will find the latest price of Nifty, Sensex, and an option to change the chart provider from TradingView to ChartIQ.

Tabbed open positions: Zerodha will show your open orders in a single interface. ICICI Direct categorizes open positions into these four groups: FUT/Opt, FuturePlus, FuturePlus Stop loss, and OptionPlus. In case you want to see all orders in the same interface, click the “all” link.

Research: ICICI Direct Neo gives users access to these PDFs:

  • Quarterly preview.
  • Market strategy.
  • Equity Model Portfolio.

The website also gives you access to these useful tools: open interest, option chain, options pay-off analyzer, heatmap, PCR, and option express.

Payout

When you earn a profit while trading equities, options, or any other instrument, the payout to the wallet will be made on T+1 day. However, you will be able to use the profit to trade before the money is transferred to the wallet.

ICICI Direct Neo pros

Feature-rich: This plan ships with tools that traders and investors will find useful. The research material will give you an idea of what’s happening right now in the Indian stock market. It also prepares you for future trading sessions.

Simple plan: ICICI Direct has launched many subscription plans. The simplest plan among the lot is the NEO plan.

ICICI Direct Neo cons

UI needs some improvement: Instruments can be highly volatile. ICICI Direct lets you close the current position at the price of your choice, but before the position is closed, you’ll see a confirmation box that shows the price, the price at which you want to exit/close the order, the instrument name, etc, and a button. When you click the button, the instrument’s price may decrease, and your profit will reduce or may turn into losses. It would be great if ICICI Direct’s user interface is re-designed.

Closing words: Neo is a great plan. If you’re looking for alternatives to online broking firms, such as Angel One or Zerodha.

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