While there are several investment opportunities in the Indian market, only a select handful can generate a sufficient profit for customers. This article will guide you on how you can open 3 in 1 demat account in ICCI. Everyone is seeking an investing strategy that will provide the best potential profits in the shortest amount of time. However, not all investment alternatives are created equal, and most of them take time to generate a profit. For instance, one of the most popular and long-standing investment vehicles available to Indians is Fixed Deposits or FDs.
They have historically been one of the most common methods of investment through banks. While they are one of the safest and most secure types of investing, the rate of return is the lowest ever. For instance, if a bank offers you an interest rate of about 6-7 per cent, you would earn approximately 6-7 thousand rupees per year on Rs 1,00,000, or approximately Rs 583/month over a lakh rupee.
These returns are not attractive since the amount is little and the full money is frozen for the duration, making them solely beneficial to the bank or financial organization. Therefore, what is the optimal choice for an investment that can significantly enhance your savings value? The ideal alternative is to invest in equities using an ICICI direct Demat account.
ICICI Direct is a well-known stockbroker in India. It is a full-service stockbroker with a banking background that has been in operation for more than two decades. The ICICI 3 in 1 account offers clients a one-of-a-kind and seamless trading experience. ICICI Bank Ltd. provides Demat account services to both the Depository Participant (DP) and the banker. They may trade stocks, commodities, and currencies on several exchanges like the BSE, NSE, and MCX. Additional services include mutual funds and initial public offerings (IPOs), fixed deposits, bonds, non-convertible debt obligations (NCDs), wealth products, house loans, and loans against securities. ICICI direct’s most popular product is the 3 in 1 account. The following is a full description of the ICICI three-in-one account, including the application procedure, fees, and so on.
What is a 3 in 1 demat account in ICICI Bank?
A 3 in 1 demat account is a form of account issued by banks recognized by the Reserve Bank of India that combines three different accounts: savings bank account, trading account, and demat account.
Typically, broker’s accounts include trading and demat accounts. Although the bank account is linked to the trading account, the two are not merged. (it is referred to as a two-in-one demat account)
If a shareholder sells shares, the proceeds are deposited to the trading account in a 2 in 1 demat account. Following that, you must submit a request to the broker to transfer the funds to the Savings Bank account associated with the trading account.
However, with a 3 in 1 demat account, you are not required to submit any request to the broker. The cash will be credited to your savings account automatically.
The same is true when purchasing shares. In the event of a 2 in 1 demat account, money must first be transferred from the Savings Bank account to the trading account. While this is not needed for 3 in 1 demat accounts, it is recommended.
Why choose ICICI 3 in 1 Demat Account?
When creating a Demat account with ICICI, they are one of the most reputable banks. They assist their clients in creating a Demat account and make account management much simpler and hassle-free.
Additionally, they give useful and critical trading facts and information, as well as assistance. It can assist new users in avoiding initial losses while also increasing their trading earnings.
Icici has over 46 lakh Demat account holders and over 35 more products to provide consumers interested in stock market investment. ICICI urges customers to make use of their online offerings, which are among the industry’s best. They also promote the same to alleviate physical presence and improve the trade process’ efficiency.
How to open ICICI Direct 3 in 1 Demat Account
To open an ICICI Demat account, either visit an ICICI branch or log into ICICI net banking and complete the Demat request form. It must be submitted together with the appropriate documentation. Create a 3 in 1 account with ICICI bank online by following these steps:
Step 1: Navigate to the official website and select Create an Account.
Step 2: To continue, provide your cell phone number. Verify it using the OTP.
Step 3: Now, enter the data of your PAN card, including your phone number, email address, birth date, and PIN code. To continue, press Enter.
Step 4: Input your Aadhaar number to continue logging in to Digilocker. To continue, click Next. Now, enter the One-Time Password (OTP) received to the phone number associated with your account.
Step 5: Click the Allow option to provide ICICI access to your locker account.
Step 6: Confirm that the data you submitted is accurate. Additionally, you may change the details by clicking the “Details are incorrect” button if they are incorrect.
Step 7: Now input the details of your bank account and click Continue to begin.
Step 8: Then, using the browse option, upload papers such as identification and signatures. After that, click continue.
Step 9: At this point, you must provide some personal and financial information and click proceed. Following that, you’ll be invited to upload a three-second video of yourself.
Your account has been successfully created and will be active within the next 24 hours.
Documents Required for 3 in 1 Demat account
The papers listed below are required for opening an ICICI three-in-one account. It’s a good idea to have the soft copies on hand before beginning the application process.
- A scanned copy of the PAN card
- Signatures photographed or scanned
- Aadhar card
- Details of the bank account
- Identification proof
- Cheque cancelled/recent bank statement
- Income evidence (Only required if wish to trade in futures and options)
- Proof of residence
The following is a list of papers that may be used as evidence of identity for verification purposes:
Ration cards, passports, voter identification cards, driver’s license, bank passbooks or statements, verified copies of power bills, and residential telephone bills all serve as proof of residence.
To open a Demat account, you’ll need valid ID proof, Address proof, and your PAN card. You will be required to submit two documents in addition to the minimum of a PAN card.
List of important documents below:
- An Aadhaar card should be associated with a valid phone number. It is necessary for the Sign-in procedure to be completed, which includes OTP verification.
- Your name, IFSC code, and bank account number must all be legibly stated on the cheque.
- The following papers may be used as proof of income:
- Bank statement for the last six months
- Net worth certificate obtained from a CA
- Income Tax Return Acknowledgement Form-16
- Recent payslip
- Signatures should be penned on a blank sheet of paper using a pen and should be readable. If you use pencils, sketch pens, or markers, It will reject your entry. Ascertain that the bank statement you’re uploading contains an easily visible account number, IFSC code, and MICR code. If these are not readable, your application may be rejected.
ICICI 3 in 1 Account Opening charges
Now comes a critical point, the broker’s charges for opening a three-in-one account. There are typically two type of fees associated with opening an account with ICICI:
1. Account establishment costs
2. Charges for Annual Maintenance
Because ICICI Direct offers a variety of plans, account opening fees range from Rs. 0 to 975.
However, if you would like to create a free ICICI 3 in 1 account, please contact us.
Apart from this, there are AMC fees. Again, the yearly maintenance fee for a three-in-one account is determined by the brokerage plan selected. From the second year on, investors who create an account with the default plan must pay the AMC of 700 +18 per cent GST.
On the other hand, investors who choose the ICICI NEO Plan would be required to pay an annual management charge of 300 +18 per cent GST beginning in the first year.
|Demat Account Charges||Rs. 0-975|
|AMC Charges||Rs- 700 first-year exemption|
|300 from the first year till clients chose the NEO Plan|
|DP Charges||Rs. 20 + 18% GST|
Minimum Account Balance for ICICI 3 in 1 Account
Because the 3 in 1 account contains a savings account, you must maintain a minimum monthly amount in your ICICI bank account to prevent being penalized.
The minimum balance in your account should be maintained.
If you cannot maintain a minimum balance in your ICICI bank account, you will be fined a penalty fee of 100+5% of the account balance deficit.
Is ICICI 3 in 1 Account Valuable?
After reviewing all of the critical facts regarding the ICICI 3 in 1 trading account, are you still concerned about the account’s and services’ safety and security? If you answered yes, then let us assist you in determining the broker’s dependability and the account’s security.
We will update you on any fraudulent transactions.
Benefits of an ICICI 3 in 1 Account
Benefits of opening a 3 in 1 account with ICICI Direct include the following:
- You may trade in various trading instruments such as equity shares, bonds, mutual funds, and initial public offerings on both the NSE and BSE.
- The broker provides you with a variety of brokerage plans, allowing you to trade in various market sectors at a low cost.
- Additionally, you will have easy access to your demat account and its transactions.
- Additionally, you may trade on various trading platforms and conduct transactions via the Internet, telephone, or mobile application.
- You may take advantage of free research ideas and guidance from industry professionals to help you plan investments or trade across several categories.
Disadvantages of ICICI 3 in 1 Account
There are also drawbacks to creating a 3 in 1 account with ICICI Direct with so many perks. Among them are the following:
The broker pays extra for brokerage in comparison to other full-service stockbrokers.
The trading app, particularly the mobile app, is still missing several features, making it somewhat more difficult for traders to make trades.
How to close ICICI Demat Account
Due to regulatory constraints, account closures are performed manually/offline. It is essential to submit an account closure request. Processes to close the account:
- To close an account, visit the ICICI website and obtain the account closure form.
- Print the form, complete it, and sign it.
- Attach an unused Delivery Instruction Slip to the form ( DIS)
- Complete the form and submit it to the branch office.
- You’ll receive an SMS with a request number for account cancellation.
- Within 2-3 days, you’ll receive an SMS confirming that your account has been cancelled.
- To prevent incurring Annual Maintenance Charges (AMCs) and account abuse, it is recommended that you terminate the account (If not using the same). Additionally, each firm has its procedure for terminating a Demat account. It takes between 7-10 business days with ICICI.
Why ICICI Bank?
There are several alternatives on the market for opening a Demat account, so why should you select ICICI? Here is a summary of ICICI’s advantages to assist you in making an informed decision.
A variety of investment alternatives are offered through a single account.
Consultative and research services are offered at no cost.
Provides an electronic ATM service that enables you to receive money from a sale within 30 minutes.
You can transfer securities 24 hours a day, seven days a week, at a low cost using the Internet or Interactive Voice Response (IVR).
It can send your Demat Account Statement to you.
Its customer support team is devoted to ensuring a flawless experience.
With over 200 businesses across several industries, ICICI covers the breadth of the market.
With an ICICI Demat account, you can prevent physical certificate fraud, forgery, loss, and destruction.
You can lock or freeze your accounts for a certain period, during which no debits will be made from them.
ICICI Direct Trading
A trading platform is a software that enables investors and traders to execute transactions and manage their accounts via financial intermediaries.
#1. ICICI Direct
ICICI Direct customers have access to three distinct trading platforms:
ICICI Direct’s official website is the world’s most popular online investment and trading platform. It offers online trading and demat accounts and initial public offerings (IPOs), systematic investment plans (SIPs), mutual funds, and insurance, among other services. Additionally, the website includes research and recommendations.
#2. ICICI Trade Racer
ICICI Trade Racer is a desktop-based trading platform available as an executable file. It’s straightforward to download and install on laptops and desktop computers. It includes a plethora of tools designed for high-volume, high-speed trading.
#3. ICICI Direct Mobile App
This is ICICI Direct’s official mobile trading application for individuals who want to trade on the go. It delivers live price alerts and customized alerts on portfolio stocks, enabling people to trade from any location. The mobile application is available for download on both Android and iOS devices.
Apart from offering a Demat account service, closing the account is also rather simple. Simply contact customer service or log in to your account online and request termination. Apart from the standard Demat account, it also offers a variety of other services.
ICICI also offers additional services such as a research team to assist investors in selecting the correct investment and diversification across sectors to reduce losses.
It offers instant liquidity and has more than 200 branches in 75 locations, as well as 7100 business partners.
The trading platform is secure and reliable.
Apart from that, it gives educated information on trading for self-education to internet investors.
ICICI offers a variety of brokerage programmes based on the type of trading performed.
They charge various commissions for long-term trading, intraday trading, and options trading, among other things.
What makes the ICICI direct e-invest account unique?
Your ICICI direct e-Invest account is much more than that. It combines your Brokerage, Bank, and one or more Demat accounts in a unique 3 in 1 functionality. It implies that you may purchase and sell shares without having to deal with settlement issues. Transfers of shares from/to your Demat account and money from/to your Bank account occur automatically and without the need for any documentation. Online investment is now accessible with a single click, and payments are no longer a concern.
What is the idea of 3-IN-1?
The ICICI direct e-Invest account enables you to link your brokerage account, bank account, and one or more demat accounts. Both the Demat and Bank Accounts must be established with ICICI Bank Ltd. as the Depository Participant (DP) and ICICI Bank Ltd. as the Banker. You can open your bank account in the branch that is most convenient for you.
Is it possible to link numerous demat accounts to my e-invest account?
Yes, you may link up to five Demat accounts to your e-Invest account.
If I already have a Demat/Bank account with another bank or depository, do I need to open another one?
Who is qualified to get this service?
This service is available to all resident Indians and non-resident Indians (NRIs) residing in the Gulf Cooperation Council (GCC) nations.
How can I become a customer of ICICIdirect?
By completing a single application form, you may create an ICICIdirect e-Invest account. This form will assist you in opening an ICICIdirect Brokerage Account, as well as a Bank Account and, if necessary, one or more Demat Accounts.
How can I submit a request for a form?
You can request a visit by registering yourself on our website.
Additionally, you may visit any of the ICICI Bank Branches / Centers, where professional staff will assist you in becoming an ICICIdirect e-Invest customer. Alternatively, you may send an email at [email protected], and the team will contact you to finalize the first account opening requirements..
I’ve submitted my application; what’s next?
Your application will be processed, and you will be notified once it has been accepted and all necessary accounts have been created. If your application is not completed due to a lack of certain data, you will be contacted by phone or letter.
How can I find out whether my application was accepted?
You will get notified through email and regular mail if your application is accepted. If you log in and your application is accepted, you will be requested to update your password.
Is there a minimum balance requirement for my bank account?
Accounts created after December 31, 2000, must have a minimum quarterly balance of Rs. 5000/- in Bank Account/Demat Account
Which bank account types are compatible with my e-invest account?
To open an e-Invest account, you must have a savings account with ICICI Bank Ltd. You can enter the account number in the form, and it will be linked to your e-Invest account. In the absence of an ICICI Bank account, an e-Invest account can be used to create an online banking savings account.
How often will I be able to access information about the status of my accounts?
You will have complete online access to the status of your bank, depository, and e-Invest accounts 24 hours a day through the Internet. On the website, you will have access to all information about your orders and trades. You will be able to see the results of your trade reflected in your Bank and Demat accounts on the same day as the trade is settled, without waiting for the DP and Bank to issue statements.
New ICICIdirect e-invest Customers
I am a new customer and was recently notified that my ICICIdirect e-invest account had been created. How can I begin my trading career?
Kindly refer to our exhaustive Trading Guide section.
I’m interested in purchasing some stock. My Bank Account is currently depleted. How am I supposed to proceed?
Kindly deposit a check/cash into your bank account by completing the pay-in-slip. If the payment is made by check, the funds should be deposited into your bank account immediately upon clearance. Once you have sufficient cash in your bank account, you must allocate the necessary amounts for trading. Alternatively, you can sell some shares from your Demat Account and use the proceeds to acquire the shares you wish to purchase. The amount of money necessary before submitting a buy or margin sell order is determined by the order’s value.
I deposited a check but remain unable to submit a purchase order:
There are two possible explanations for this: the check has not been cleared, or you do not have an appropriate trading limit
Please verify your bank account balance to ensure that you have a sufficient amount. There is a possibility that the cheque will be delayed in the clearing. Kindly contact your nearest ICICI Bank branch to ascertain the cause of the delay.
Even if you have sufficient funds in your bank account, you will only get a limit after allocating funds for trading or investing.
Is it possible to remove the trading capital?
You can always lower the amount of money you designate for trading to the degree that it has not been blocked due to orders executed by you. Any amount can be taken from the bank once it has been reallocated.
Is it possible to borrow against my Demat Account or obtain a line of credit?
At the moment, this service is not available. However, we are considering expanding our product line. We’d be grateful if you could provide us with comments about the facility you’re interested in.
Investments Through the Internet
Which stock exchanges will I be able to trade?
ICICI direct provides execution services to its customers on the National Stock Exchange of India Ltd. (NSE) and the Mumbai Stock Exchange (BSE).
Which orders am I able to place?
Market and limit orders are both acceptable.
Limit Orders are orders to buy or sell securities in which the maximum price per unit is specified in the case of a Buy order, and the minimum price per unit is specified in the case of a Sell order. The transaction itself may occur at a more advantageous price than the one specified.
For both the NSE and BSE, market orders have different interpretations.
Market Orders in the NSE: This is an order to buy or sell securities at the best available market price when the Exchange matches it. As a result, the likelihood of its execution is increased. When market orders are issued on the NSE, any market orders that are not filled automatically become limit orders at the most recently traded price. When a market order is not completely executed, it transforms into a limit order for the remaining quantity at the last traded price.
Which securities will be available for purchase and sale?
You will be able to purchase and sell all Cash Segment shares traded on exchanges in their mandatory dematerialized form. There are over 850 of these shares as of today. These are the most actively traded securities on exchanges, accounting for more than 90% of market capitalization. Each month, the regulatory authorities add an increasing number of shares to this category. You may place orders in the Margin Segment for a subset of these shares.
Orders and trades are confirmed online.
Yes, you will receive an online confirmation of orders and trades – the Order Book will display the progress of each order in real-time. When you submit an order, the system validates it and sends it to the Exchange for execution. The entire process is completely automated, with no human intervention required.
Is it possible for the Exchange to accept an order but not execute the trade? Is it always the case that an order is filled to the brim? Is it always carried out at a fixed cost?
Considerably. If there are no matching orders for a limit order, it may go completely unexecuted. For instance, suppose you issue a sell order for 100 shares for Rs. 100 each. It may go completely unexecuted if no buy orders for the share for Rs. 100 or greater are received.
Additionally, an order may be fulfilled for any quantity less than or equal to the quantity specified in the order. When a portion of an order is executed, it is converted into an order for the remaining quantity, against which another trade may occur. Because these are different trades, they may be executed at varying prices.
Even if there are no matching orders in market orders placed on the NSE, the market order may remain unexecuted. In these instances, the portion of the market order that has not been executed is converted to a limit order at the most recently traded price for the balance quantity. For instance, if a market order is placed to sell 100 shares at the last traded price of Rs. 100, the sell order will be matched against all limit orders placed to buy the shares. If there are no or insufficient orders to purchase 100 shares, the pending market order is automatically converted to a limit order to buy or sell 100 shares for Rs. 100. (the last traded price). If the order was partially executed and the final execution occurred at Rs. 95, the limit order for the remaining quantity would be priced at Rs. 95.
When market orders are placed on the BSE, all buy market orders are sent to the Exchange at the best offer price, while all sell market orders are sent at the best bid offer price. If the Exchange determines then that the requested bid or offer is no longer available on the Exchange, the Exchange cancels the market order. When a market order is partially executed, the remainder of the order is converted to a limit order at the price at which the market order was partially executed.
Is it possible to change or cancel an order?
Yes, you may modify an order before execution at any time. This is accomplished by navigating to the Order Book page and clicking on the ‘Modify’ hyperlink next to the order you wish to modify. However, you cannot modify your order while it is queued with the Exchange, as confirmation of the order’s placement or any modification/cancellation request is awaited from the Exchange. If an order has been partially executed, only the portion of the order that has not been executed may be modified.
Is it possible to cancel an order that has already been placed in the system?
Yes, you have the option to cancel an order before its execution. It is accomplished by navigating to the Order Book page and clicking on the ‘Cancel’ hyperlink next to the order you desire to cancel. If an order has been partially executed, only the portion of the order that has not been executed may be cancelled.
Do I have the ability to place orders outside of normal trading hours? How are these orders dealt with?
After trading hours, limit orders can be placed after hours are queued in the system and sent to the Exchange when the Exchange reopens. Orders of this type are marked as ‘Requested’ in the Order Book.
Is it necessary for me to have funds available before purchasing shares?
Yes, before placing an order, funds must be available in your bank account. Alternatively, you can use the money to purchase the shares you desire if you’ve sold some shares.