Need a Help on ICICI brokerage plan

O

ok9586

New Member
#1
#1
Hi , Last week I opened an account in ICICI Direct. This is the first time I doing investment. I dont have any idea about Buy and sell. I have taken a brokerage plan of 25k. My Relationship manager has explained me this plan but still I have some questions. It would be great if you answer my following questions with simple example.

1] Whats is brokerage plan?. How does it work?
2] What is the difference between Cash Buy & Margin Buy?

Today I have bought 5 quantities of YES bank through Cash Buy. Will I have to pay brokerage for this? If Yes, then how much ?

Thanks
 
ethan hunt

ethan hunt

Well-Known Member
#2
#2
You have been taken for a royal ride.
Enjoy. :clap:

For 25K I will trade minimum 1250 orders (@ Rs.20 (or 0.01%)) which ever is LESS) with no value/quantity restrictions.

Close the ICICI trading account immediately, ask for refund & shift to some other value discount broker, search TJ.
 
Last edited:
TracerBullet

TracerBullet

Well-Known Member
#3
#3
ICICI is pathetic. Useless banks and their useless 'Relationship managers'. Their only concern is to increase their own commisions, fees and income. Stay away from any of their advise.

But it seems you are stuck with them now as, conveniently, it looks like the amount is not refundable for 15 years. Did they tell you this? I dont know if you can sue them for it.

Rant -
**** company and shitty people.
Man i really hope that someday they get to pay for stuff like this. But dont think it will ever happen ... Too many ignorant people and high pressure selling means this will happen again and again.
 
Raghuveer

Raghuveer

Well-Known Member
#4
#4
ok9586 said:
Hi , Last week I opened an account in ICICI Direct. This is the first time I doing investment. I dont have any idea about Buy and sell. I have taken a brokerage plan of 25k. My Relationship manager has explained me this plan but still I have some questions. It would be great if you answer my following questions with simple example.

1] Whats is brokerage plan?. How does it work?
2] What is the difference between Cash Buy & Margin Buy?

Today I have bought 5 quantities of YES bank through Cash Buy. Will I have to pay brokerage for this? If Yes, then how much ?

Thanks
Click to expand...
You already made two big mistakes:
1. Selecting that broker is a big mistake. Never opt for any prepaid brokerage plans.
2. Starting real trading without knowing anything about trading is a MEGA (GIGA?) blunder.

Follow advice given in above posts.
Close that account asap. Open an account with any online discount broker.
There are threads for discount brokers in Traderji. There is also a thread (search by user id bpr) that compares many/all discount brokers. It also has a nice excel sheet for comparison so that much of the research is already done for you. See bpr's signature http://www.traderji.com/brokers-tra...scount-broker-comparison-105.html#post1043830

After you start trading you'll find that you lose, lose and lose and lose more (occasionally winning sometimes).
Start from http://www.traderji.com/beginners-guide/
Read Saint's "Teach a Man to Fish" thread/pdf.

When you start real trading, after 6 months or 1 year, trade 1 share or the absolute minimum allowed by your broker/plan.
 
M

mastermind007

Well-Known Member
#5
#5
ok9586 said:
Hi , Last week I opened an account in ICICI Direct. This is the first time I doing investment. I dont have any idea about Buy and sell. I have taken a brokerage plan of 25k. My Relationship manager has explained me this plan but still I have some questions. It would be great if you answer my following questions with simple example.

1] Whats is brokerage plan?. How does it work?
2] What is the difference between Cash Buy & Margin Buy?

Today I have bought 5 quantities of YES bank through Cash Buy. Will I have to pay brokerage for this? If Yes, then how much ?

Thanks
Click to expand...
Your 25K is doomed.... Once you understand the "relation" in relationship, you'll want to have divorce ...
 
M

mastermind007

Well-Known Member
#6
#6
ok9586 said:
Hi , Last week I opened an account in ICICI Direct. This is the first time I doing investment. I dont have any idea about Buy and sell. I have taken a brokerage plan of 25k. My Relationship manager has explained me this plan but still I have some questions. It would be great if you answer my following questions with simple example.

1] Whats is brokerage plan?. How does it work?
2] What is the difference between Cash Buy & Margin Buy?

Today I have bought 5 quantities of YES bank through Cash Buy. Will I have to pay brokerage for this? If Yes, then how much ?

Thanks
Click to expand...
All inclusive costs for YESBANK trade would be around 20-30 rs at ICICI terminal whereas average brokerage elsewhere is below 7 rs.
 
gambler

gambler

Well-Known Member
#7
#7
ok9586 said:
Hi , Last week I opened an account in ICICI Direct. This is the first time I doing investment. I dont have any idea about Buy and sell. I have taken a brokerage plan of 25k. My Relationship manager has explained me this plan but still I have some questions. It would be great if you answer my following questions with simple example.

1] Whats is brokerage plan?. How does it work?
2] What is the difference between Cash Buy & Margin Buy?

Today I have bought 5 quantities of YES bank through Cash Buy. Will I have to pay brokerage for this? If Yes, then how much ?

Thanks
Click to expand...
Zyada paise hai toh donate kardo kisi gareeb ko. Icici ko kyu de rhe ho!!!!
 
L

lemondew

Well-Known Member
#8
#8
I know most ppl are criticizing him but the hardfact is icici direct and hdfc securities have more retail customers than zerodha and other discount. They also have more turnover and roughly 8-10 times more profit. when a customer opens a bank account he opens a trading account with them too. Most retailers dont try to minimze trading cost and so on. They dont try to fine tune costs so much. they just invest casually.
 
TracerBullet

TracerBullet

Well-Known Member
#9
#9
lemondew said:
I know most ppl are criticizing him but the hardfact is icici direct and hdfc securities have more retail customers than zerodha and other discount. They also have more turnover and roughly 8-10 times more profit. when a customer opens a bank account he opens a trading account with them too. Most retailers dont try to minimze trading cost and so on. They dont try to fine tune costs so much. they just invest casually.
Click to expand...
Not criticizing him, i had done the same long time back. Opened 3 in 1 account. For infrequent investing, it does not matter much and their platform is ok. They have marketing reach so newbies end up joining them. I only shifted after plan to start trading. Still if i had to do it again ill probably open with a decent govt bank instead.

But Why would ICICI recommend 25k deposit locked for 15 years instead of sending a bill to an investor who would not generate that much brokerage. Why is it locked?

They missell their useless schemes to get more commissions. I have seen this for many years now, they tried to sell crap to me too and to my dad.
I think this is probably how they are organized with each relationship manager and various agents all selling to get commission, consumer need be damned. ULIPS, HNI PMS schemes, Highest NAV schemes, multiple credit cards etc etc

Maybe this reduces regular crimes, as 'criminals' get attracted to safe crimes :) ... Atleast shareholders are happy with 'growth'
 
L

lemondew

Well-Known Member
#10
#10
As shown in your article the product is for HNI clients +15 lac volume yearly. The RMs are not upto mark, often working only for his salary and targets. I doubt if he knows it himself.

My hdfc bank cc was asking me to buy mutual funds. She has no clue how it works well but she only knows it works. Hence I said no.

Someone here told me how he makes 20% more often from hdfc mutual fund by accumulating at low NAVs and monthly keep adding and increasings ads when navs go down. That makes all the difference

TracerBullet said:
Not criticizing him, i had done the same long time back. Opened 3 in 1 account. For infrequent investing, it does not matter much and their platform is ok. They have marketing reach so newbies end up joining them. I only shifted after plan to start trading. Still if i had to do it again ill probably open with a decent govt bank instead.

But Why would ICICI recommend 25k deposit locked for 15 years instead of sending a bill to an investor who would not generate that much brokerage. Why is it locked?

They missell their useless schemes to get more commissions. I have seen this for many years now, they tried to sell crap to me too and to my dad.
I think this is probably how they are organized with each relationship manager and various agents all selling to get commission, consumer need be damned. ULIPS, HNI PMS schemes, Highest NAV schemes, multiple credit cards etc etc

Maybe this reduces regular crimes, as 'criminals' get attracted to safe crimes :) ... Atleast shareholders are happy with 'growth'
Click to expand...
 
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