ICICI Direct for Mutual Funds

[MPAI]

Hi Guys,

I am planning to invest in Mutual Funds about 5000pm thru SIP. I am about to open a 3in1 Account with ICICI Direct.

I know that demat account is not required for Mutual Funds, and they can be brought direct from the Fund House. But I think having a Demat Account will help me keep all my MF in one place. Also I dont have any documentation in place which are required like KYC, HPIN (not sure) in place. So I guess the ICICIDirect rep can help me with it.

The thing which I didnt like is, they need me to maintain a Qty minimum balance of 5000 and they will be charging 450 as the maintenance charges from the second year.

Are there any other charges than mentioned above? Do you think its a good idea to invest thru ICICIDirect or Invest Directly.? Any other things I should keep in mind before starting with MF investment.?

 

[ris]

Icicidirect will charge you 100/- for every lump sum investment & 30/- or 1.5% (whichever is lower) for every SIP.

 

[HarbinderSingh]

You should go for fundsindia.com if you are looking for mutual funds investments. I have cross checked their SEBI registation no and AMFI no also.

KYC is so simple. Jst download a single page form from internet. Write KYC in google and you will get it.

Fill it and submit it on any of the CAMS service centers, Its free.

Regards

 

[shilpaks7]

im using icicidirect. got into it coz i also needed the savings account as well.
they are extremely user friendly but yes they do charge annual maintenance fee and for every SIP transaction (which is about 200rs/month for me).

every purchase is reflected in ur portfolio after 2-3 working days.

the problem with them is that they have fixed dates for SIP for every fund which may or maynot work for u. im just hoping that spreading my SIP over the month will average out overall buying rate for me.

 

[2021]

ICICI Direct should be last thing one can consider for SIP or mutual funds. They charge too much just like brokerages on equity or FnO. Why would I pay 30 bucks both buying or redemption of rs 1000 or higher investment which comes to 3% on every buying selling, extra 1.5% on additional investment or all small amount redemptions that means a hefty 18% or more goes on wasted in SIP (1.5%x12 months), for all other mutual funds transaction 1.5% or 30 rs and thereby giving charges on every buying and selling, keeping minimum average quarter balance in ICICI Bank and also paying an AMC of 400 every year if my soul aim is investing in mutual funds. Instead I'll buy funds online or visit local CAMS/Karvy office or use several online brokers like fundsindia, fundssupermart, valueresearch, moneycontrol, mutualfundsindia etc etc.. ICICI DIRECT IS STRICTLY NOT ADVISED FOR MUTUAL FUNDS. I'll tell this even to my worst enemy not to go for I-direct!

 

[shilpaks7]

u can buy thro valueresearch? do let me know how

 

[2021]

u can buy thro valueresearch? do let me know how

You can buy via valueresearch all reliance mutual funds which karvy's online transaction provides. It's easy way to remember/recall valueresearch instead of karvy site as most internet savvy mutual fund investors are aware of valueresearch but not karvy or it's role in mutual funds. Same way moneycontrol lets you buy some mutual funds through karvy/cams and almost all people know moneycontrol or cnbc18 or awaj who deal in financial world. So it's not that these guys provide buy or sell service it's an easy way to reach to a new buyer by mutual fund houses.

In my view there should be no charges by service providers when AMCs are giving percentage based returns on money generated on using platform and brining new customers. Had it been case of no incentives by AMC to these high charges brokers/banks, we understand they need some money to run stationary or internet or electricity but when you get a fixed amount on every lac turnover still you take some money from investor, not done. Indusind or yes bank for instance provide free online investments in mutual funds, buying or selling. Same way IDBI provides such services in all branches but not online. Axis, HDFC or ICICI bank (and not icici direct) takes a fix annual charge for buying selling funds by visiting branches or online.

Even if one does not trust fundsindia or fundsupermart or don't want to SIP at a fixed high amount or keep sending ECS and cheque copies by courier, best option for them is to visit local karvy/cams office or any uti/indiabulls financials (not indiabulls securities) /deutsche financials and many such registered brokers who don't charge anything and will accept your ECS forms, post-dated cheques or every months SIP installments according to your wills and easyness, comfort and safety.