IDBI Capital Markets & Securities Ltd., also known as IDBI Direct, was incorporated in the year 1993. IDBI Direct is managed by IDBI Bank and offers financial services to retail, corporate and institutional clients. Here is a detailed IDBI Direct Review to provide you knowledge about its demat account, trading platforms, Brokerage charges, Margins & more.
IDBI Direct has built a massive reputation for itself in the Indian trading and brokerage market by delivering personalised support to its clients. They allow trading in various segments like equities, F&O, mutual funds, IPOs, etc. IDBI Capital currently has a net worth of roughly Rs. 3 billion and employs over 200 people across 17 branches in 17 cities in India.
IDBI Direct offers two unique products to its customers-
- Equity- SIP: It is a tool that helps to create wealth in an organised way by averaging the cost of investments over a longer period. Using Equity SIPs, you can buy shares of scrip by placing buy orders at regular intervals over a specific period of time at a pre-determined amount or quantity. You get an option of two types of SIP- Amount based SIP and Quantity based SIP.
- Encash- BSE: IDBI Capital’s Encash facility allows clients to have sale proceeds credited to their connected saving account on trade day (T-day), instead of to the standard T+2 settlements. The Encash product is only available in the equities segment and on the BSE.
Products & Services offered
Here is the list of trading services by IDBI Direct:
- Equity
- Mutual Funds
- Derivatives
- IPO
- Bonds
- NRI Services
Customer Ratings of IDBI Direct
| Criteria | Ratings |
|---|---|
| Research & Advisory | 6.50 / 10 |
| Brokerage Charges & Fees | 6.10 / 10 |
| Products & Services | 6.40 / 10 |
| Trading Platform | 6.30 / 10 |
| Broking Experience | 6.10 / 10 |
| Overall Rating | 6.20 / 10 |
| Customer Rating (in stars) | 3 / 5 |
Key Strengths of IDBI Direct
- They offer remote trading platforms and are among the most advanced in the equity and derivatives trading domains.
- It provides its clients with insights, research, and recommendations via various communication methods.
- They offer you a 3-in-1 account, which integrates a demat account, trading account and bank account.
- They also provide you with the daily derivatives report and stock ideas as per the technical analysis.
- IDBI Direct provides wealth management services to high-net-worth individuals (HNIs) as well as corporate clients.
- It is a trusted organization and a 100% subsidiary of a well-known public sector bank.
- They have dedicated customer care support – providing end-client service wherever and at any time.
- They offer various trading instruments to meet the needs of all types of clients with varying risk appetites.
IDBI Direct Account Opening Process
Offline Account Opening Process
IDBI Direct has many offices and branches in India, so you can find a nearby one in your neighbourhood. You can simply visit them with all the necessary documents and forms. Follow the below-mentioned steps to download the forms-
- Go to the company’s website – https://www.idbidirect.in/
- Select ‘Customer Services’ from the top right-hand menu, and then click on Downloads.
- Download and print the form, then fill in all of the essential information and attach all the required documents.
- Send the signed application form to the registered address of the company or drop it off at the nearest branch.
Online Account Opening Process
- Go to the company’s website – https://www.idbidirect.in/
- Now, Click on ‘Open an account’ on the top-right corner.
- You need to enter your mobile number, and in which you will receive an OTP.
- Fill out all of the needed information in the form that appears.
- Submit all the necessary documents and complete the KYC process.
- Your account would get opened within a day after the verification process is completed.
Documents Required
It is advised that you keep scanned copies of the following documents:
- Aadhar Card
- PAN Card
- Bank proof (Cancelled cheque/Passbook/Bank account statement)
- Cancelled cheque
- Passport size photo
- Signature image
- Income Proof (only in case of F&O)
IDBI Direct Trading Platforms/ Apps
| S.No | Platforms/Apps | Platform Type |
|---|---|---|
| 1. | IDBI Direct Mobile App | App-based |
| 2. | IDBI Direct Infinity | Desktop-based |
| 3. | IDBI Direct Web Trading Platform | Web-based |
IDBI Direct Mobile App:
The IDBI Direct Mobile App is light, quick, and simple to use. It enables you to trade in the stock market at any time and from any location. It provides essential decision-making tools such as price charts, limits, volumes and stock positions. The main features of the trading app are access to intraday charts, link to many demat and savings accounts, get real-time quotes, create multiple watchlists which are also editable, monitor all your orders and open positions, and check available limits, utilisation limits and transfer funds and stocks.
Appstore Rating: 3.00/ 5
Google Play Store Rating: 2.9/ 5
IDBI Direct Infinity:
It is a desktop trading terminal that may be installed for day traders, high-volume traders, and frequent traders. It provides you the real-time prices and you can buy or sell any instrument with a single click utilising hotkeys. It also offers a technical analysis section where you may analyse your stock portfolio using all of the advanced charting tools. Some of the other features are customized watchlists, quick order execution, stock tips and recommendations along with research reports, drawing tools, charting options, etc.
IDBI Direct Web Trading Platform:
It is a trading platform that is accessible via any web browser. You can trade in a variety of asset types, including stocks, options, and currencies. This platform has various integrated features, for example, you can establish multiple customisable watchlists (up to 50 scrips in each), monitor all your investments, use the built-in hotkey functionality, single-click order placement, access real-time charting options, and a thorough view of the top five bids available at any given time.
Brokerage Charges and Plans
They have two types of brokerage plans-
- Card Rate: Brokerage is charged as a percentage of the trade value under this plan.
- Ace Trader Plan: Brokerage is charged as a percentage of the trade value under this scheme. The percentage charged, however, is determined by the monthly trade turnover.
Card Rate Plan:
| Segment | Brokerage Charges |
|---|---|
| Account Opening Charges | Rs. 500 |
| Delivery Brokerage (per leg) | 0.50% |
| Square-off Brokerage (Per leg) | 0.05% |
| Futures Brokerage (Per leg) | 0.05% |
| Options Brokerage (Per leg) | Rs. 100 per lot per leg |
Ace Trader Plan:
For Delivery Trading
| Monthly Total Eligible Turnover | Brokerage each leg in % |
|---|---|
| Up to Rs. 2,00,000 | 0.50 |
| Rs.2,00,001-Rs. 5,00,000 | 0.45 |
| Rs. 5,00,001- Rs. 10,00,000 | 0.40 |
| Rs.10,00,001- Rs. 20,00,000 | 0.35 |
| Rs.20,00,001- Rs. 40,00,000 | 0.30 |
| Rs. 40,00,001- Rs.1,00,00,000 | 0.25 |
| Rs.1,00,00,001-Rs. 5,00,00,000 | 0.20 |
| Rs.5,00,00,001- Rs. 10,00,00,000 | 0.15 |
| Above Rs. 10,00,00,000 | 0.10 |
For Intraday Trading
| Monthly Total Eligible Turnover | Brokerage each leg in % |
|---|---|
| Up to Rs. 2,00,00,000 | 0.050 |
| Rs. 2,00,00,001 –Rs. 4,00,00,000 | 0.045 |
| Rs.4,00,00,001– Rs.6,00,00,000 | 0.040 |
| Rs. 6,00,00,001 – Rs. 8,00,00,000 | 0.035 |
| Rs.8,00,00,001 – Rs. 10,00,00,000 | 0.030 |
| Rs. 10,00,00,001 and above | 0.020 |
For Future Transactions
| Monthly Total Eligible Turnover | Brokerage each leg in % |
|---|---|
| Up to Rs. 2,00,00,000 | 0.048 |
| Rs. 2,00,00,001- Rs. 5,00,00,000 | 0.040 |
| Rs. 5,00,00,001- Rs. 10,00,00,000 | 0.035 |
| Rs. 10,00,00,001 & above | 0.020 |
Account Opening Charges
- Demat Account Opening Charges- Rs. 0
- Trading Account Opening Charges- Rs. 500
- Demat Account Annual Maintenance (AMC)- Rs. 450 (Free for 1st year)
- Trading Annual Maintenance Charges- Rs. 0
In addition to the brokerage fee, the following costs are also levied:
- Turnover/Transaction Charges
- Security Transaction Tax (STT)
- SEBI Fees
- Stamp Duty
- GST
Advantages & Disadvantages of IDBI Direct
Advantages
- A separate brokerage plan is available for high-volume traders and investors.
- Provides trading services both online and offline.
- They also have call & trade services.
- Equity SIP in shares is available (both amount-based and quantity-based).
- An option to instantly withdraw your money, known as Encash- BSE.
- They do not charge any AMC charges for the first year.
- Investment services for NRIs are also available.
Disadvantages
- Comparatively high brokerage costs in all segments.
- There is no option to trade in commodities.
- Need improvement in their trading platforms.
IDBI Direct Margin Exposure
Here are the margins provided for different segments:
| Segment | Margins |
|---|---|
| Intraday | Upto 1x |
| Equity Delivery | Upto 5x |
| Equity Futures | Upto 1x |
| Equity Options | Upto 1x |
| Currency Futures | Upto 1x |
| Currency Options | Upto 1x |
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Final Thoughts
So, in this article, we discussed IDBI’s Direct review of their brokerage charges, trading platforms, margin exposure, and products & services. IDBI Direct has evolved over the years into a fully integrated broker offering in-depth and useful research reports to its clients. They also provide several value-added services such as SIPs, HNI services, investment banking and mutual funds. The only issues you may have with IDBI Direct are when using the mobile application, fairly high brokerage charges, and no available option to participate in commodity trading.