Hey.
Im about to open an NRI Demat account with ICICI. Their rep has given me the following rates. Can you please tell me if the rates are okay? OR would I be better off opening a resident Indian account? Thanks for your help.
Here are the rates:
The charges for opening and maintaining an ICICI Direct Account is as mentioned below:
*
One time Account Opening charges: - Rs.4,000.
*
Demat (Annual Service Charges)
*
* In case of a Foreign Address - Rs.1,200. (Rs.1,150 for customers receiving statement by E-mail)
*
* In case of an Indian Address - Rs.500 (Rs.450 for customers receiving statement by e-mail ).
*
PINS Charges ( Apart from the Annual Service Charges ) - Rs.1,000 annually for the maintenance of the PINS Approval.
*
You need to maintain an Average Quarterly Balance of Rs.10,000 in your savings account.
You can open the account under PINS as well as NON PINS. PINS (Portfolio Investment Scheme) is a scheme of the Reserve Bank of India (RBI) under which the 'Non Resident Indians (NRIs) can purchase and sell shares of Indian Companies on a recognized stock exchange in India by routing all such purchase/sale transactions through their account held with a Designated Bank Branch. If you have acquired any shares through the primary market i.e., IPO's or have purchased shares prior to the Portfolio Investment Scheme (PINS), ICICIdirect.com provides you with an exit route for selling these shares in the fastest, easiest and the most hassle free manner by providing you with a Non Pins Account. Through your Non Pins Account, you can sell shares acquired through the Primary market and also sell shares acquired in the secondary market other than through the PINS route. However you cannot buy shares from the Non-Pins account.
You may opt for the accounts as per your requirements in the Account Opening form.
*** Conditions Apply
This service is not available to countries, where availing of such services would be contrary to any applicable law or regulation or which would subject ICICI Bank Limited, ICICI Securities and any of their respective affiliates or group companies to any registration or licensing requirement within such jurisdiction.
Further, there are two types of brokerage plans for the Resident Indians i.e.
1. Fixed plan
2. Variable plan.
For the NRI's, the brokerage slabs are as follows:
SLABS (Turnover per Calendar Month): Brokerage
Trades above Rs.50,00,000 (Above Rs.50 lacs): 0.50%
Rs.25,00,001 to Rs.50,00,000 (Rs.25 lacs to Rs. 50 lacs): 0.75%
Rs.10,00,001 to Rs.25,00,000 ( Rs.10 lacs to Rs.25 lacs): 0.90%
Rs.5,00,001 to Rs.10,00,000 ( Rs.5 lacs to Rs.10 lacs): 1.00%
Up to Rs.5,00,000/- (Rs. 5 lacs): 1.25%
For NSE Trades Brokerage is calculated on a per share basis and is rounded off to the fourth decimal.
For BSE Trades Brokerage is calculated on a per share basis and is rounded off to the second decimal.
SERVICE TAX OF 12.36 % of BROKERAGE will be charged additional. The service tax is calculated per share and rounded off to four decimals. Service tax rates and other statutory levies are subject to change from time to time.
SECURITIES TRANSACTION TAX (STT) EQUITY - STT is calculated on the Weighted Average Price of the client for a particular day. This is also calculated on the value and rounded of the second decimal.
STT at the rate of 0.125% of turnover will be charged in addition to the Brokerage on all Delivery Trades
The final value of Brokerage and Service Tax is arrived at by multiplying the per share value in four decimals with the Quantity. This value is then rounded off to two decimals.
The minimum value of the order that would be accepted would be Rs. 500/- and the minimum brokerage would be Rs.25/- per trade. The minimum brokerage is Rs.25/- or 2.5% of the trade value whichever is lower. The brokerage is inclusive of banks charges for Portfolio Investment Services (PINs), demat market transaction charges and postage charges. Service Tax and Securities Transaction Tax (STT) will be charged additional as per the applicable rate.
Im about to open an NRI Demat account with ICICI. Their rep has given me the following rates. Can you please tell me if the rates are okay? OR would I be better off opening a resident Indian account? Thanks for your help.
Here are the rates:
The charges for opening and maintaining an ICICI Direct Account is as mentioned below:
*
One time Account Opening charges: - Rs.4,000.
*
Demat (Annual Service Charges)
*
* In case of a Foreign Address - Rs.1,200. (Rs.1,150 for customers receiving statement by E-mail)
*
* In case of an Indian Address - Rs.500 (Rs.450 for customers receiving statement by e-mail ).
*
PINS Charges ( Apart from the Annual Service Charges ) - Rs.1,000 annually for the maintenance of the PINS Approval.
*
You need to maintain an Average Quarterly Balance of Rs.10,000 in your savings account.
You can open the account under PINS as well as NON PINS. PINS (Portfolio Investment Scheme) is a scheme of the Reserve Bank of India (RBI) under which the 'Non Resident Indians (NRIs) can purchase and sell shares of Indian Companies on a recognized stock exchange in India by routing all such purchase/sale transactions through their account held with a Designated Bank Branch. If you have acquired any shares through the primary market i.e., IPO's or have purchased shares prior to the Portfolio Investment Scheme (PINS), ICICIdirect.com provides you with an exit route for selling these shares in the fastest, easiest and the most hassle free manner by providing you with a Non Pins Account. Through your Non Pins Account, you can sell shares acquired through the Primary market and also sell shares acquired in the secondary market other than through the PINS route. However you cannot buy shares from the Non-Pins account.
You may opt for the accounts as per your requirements in the Account Opening form.
*** Conditions Apply
This service is not available to countries, where availing of such services would be contrary to any applicable law or regulation or which would subject ICICI Bank Limited, ICICI Securities and any of their respective affiliates or group companies to any registration or licensing requirement within such jurisdiction.
Further, there are two types of brokerage plans for the Resident Indians i.e.
1. Fixed plan
2. Variable plan.
For the NRI's, the brokerage slabs are as follows:
SLABS (Turnover per Calendar Month): Brokerage
Trades above Rs.50,00,000 (Above Rs.50 lacs): 0.50%
Rs.25,00,001 to Rs.50,00,000 (Rs.25 lacs to Rs. 50 lacs): 0.75%
Rs.10,00,001 to Rs.25,00,000 ( Rs.10 lacs to Rs.25 lacs): 0.90%
Rs.5,00,001 to Rs.10,00,000 ( Rs.5 lacs to Rs.10 lacs): 1.00%
Up to Rs.5,00,000/- (Rs. 5 lacs): 1.25%
For NSE Trades Brokerage is calculated on a per share basis and is rounded off to the fourth decimal.
For BSE Trades Brokerage is calculated on a per share basis and is rounded off to the second decimal.
SERVICE TAX OF 12.36 % of BROKERAGE will be charged additional. The service tax is calculated per share and rounded off to four decimals. Service tax rates and other statutory levies are subject to change from time to time.
SECURITIES TRANSACTION TAX (STT) EQUITY - STT is calculated on the Weighted Average Price of the client for a particular day. This is also calculated on the value and rounded of the second decimal.
STT at the rate of 0.125% of turnover will be charged in addition to the Brokerage on all Delivery Trades
The final value of Brokerage and Service Tax is arrived at by multiplying the per share value in four decimals with the Quantity. This value is then rounded off to two decimals.
The minimum value of the order that would be accepted would be Rs. 500/- and the minimum brokerage would be Rs.25/- per trade. The minimum brokerage is Rs.25/- or 2.5% of the trade value whichever is lower. The brokerage is inclusive of banks charges for Portfolio Investment Services (PINs), demat market transaction charges and postage charges. Service Tax and Securities Transaction Tax (STT) will be charged additional as per the applicable rate.
