ICICIdirect vs SBI Securities

A full side-by-side comparison of brokerage charges, demat AMC, margin, platforms, features and user ratings — updated for 2026.

ICICIdirect
ICICIdirect
Full-Service Broker · since 1995
VS
SBI Securities
Full-Service Broker · since 2006
SBI Securities

ICICIdirect vs SBI Securities — quick verdict

Choose ICICIdirect if

You want research and offline support

One Account. Infinite Opportunities.

Choose SBI Securities if

You want research and offline support

Investing Made Easy.

Company overview

ICICIdirect is a full-service broker incorporated in 1995; SBI Securities is a full-service broker incorporated in 2006.

ParameterICICIdirectSBI Securities
Type of broker Full-Service Broker Full-Service Broker
Exchange membership NSE · BSE · MCX · NCDEX NSE · BSE · MCX
Year of incorporation 1995 older 2006
Number of branches 3,000+ ICICI Bank Branches & Customer To wider 1,000+ SBI Investor Service Centres & Ba
Active clients ~19.80 Lakh+ larger ~13.7 lakh

Charges & AMC

Account-opening and maintenance charges for ICICIdirect and SBI Securities compared side by side.

ParameterICICIdirectSBI Securities
Trading a/c opening ₹0 (Online) ₹0 (Free)
Trading a/c AMC ₹0 ₹0 (Free)
Demat a/c opening ₹0 ₹0 (Free)
Demat a/c AMC ₹300 + GST per year ₹0 (Free for the first year), thereafter as per applicable tariff plan lower
DP charges (per ISIN, sell) NSDL – ₹20 + GST (first debit), ₹4 + GST (subsequent same-day debit); CDSL – ₹20 + GST per scrip sold per day ₹15.34 per debit transaction lower

Brokerage charges

How ICICIdirect and SBI Securities price each trading segment, per executed order.

ParameterICICIdirectSBI Securities
Equity Delivery ₹20 per order (or plan-specific rate) 0.50%
Equity Intraday ₹20 per order 0.05%
Equity Futures ₹20 per order 0.05%
Equity Options ₹20 per order ₹50 per executed order
Currency F&O ₹20 per order 0.05%
Commodity F&O ₹20 per order 0.05%
Call & Trade ₹50 per order ₹50 per executed order

Transaction charges (exchange turnover)

Exchange turnover and clearing charges passed through by ICICIdirect and SBI Securities, per segment.

ParameterICICIdirectSBI Securities
Equity Delivery NSE: 0.00297% + IPFT 0.00010% • BSE: 0.00375% NSE ₹297 per Cr (0.00297%) | BSE ₹297 per Cr (0.00297%)
Equity Intraday NSE: 0.00297% + IPFT 0.00010% • BSE: 0.00375% NSE ₹297 per Cr (0.00297%) | BSE ₹297 per Cr (0.00297%)
Equity Futures NSE: 0.00173% + IPFT 0.00010% • BSE: 0.00000% NSE ₹173 per Cr (0.00173%) | BSE ₹173 per Cr (0.00173%)
Equity Options NSE: 0.03503% (on Premium) + IPFT 0.00050% • BSE: 0.03250% (on Premium) NSE ₹3,503 per Cr (0.03503%) | BSE ₹3,250 per Cr (0.0325%)
Currency Futures NSE: 0.00012% • BSE: 0.00005% NSE ₹35 per Cr (0.00035%) | BSE ₹35 per Cr (0.00035%)
Currency Options NSE: 0.03250% (on Premium) • BSE: 0.00100% (on Premium) NSE ₹3,100 per Cr (0.0311%) | BSE ₹1,000 per Cr (0.01%)
Commodity Futures (MCX) 0.00210% —
Commodity Options (MCX) 0.04180% (on Premium) —
Commodity Futures — MCX ₹260 per Cr (0.00260%)
Commodity Options — MCX ₹5,000 per Cr (0.05%)

Demat & DP charges

Depository (demat) charges for ICICIdirect and SBI Securities — AMC, debit transactions, pledging and remat.

ParameterICICIdirectSBI Securities
Demat Account Opening ₹0 (Online) ₹0 (Free)
Annual Maintenance Charges (AMC) ₹300 + GST per year ₹0 (First Year), thereafter as per tariff
DP Charges (NSDL) ₹20 + GST per scrip for the first debit instruction and ₹4 + GST for subsequent debit instructions in the same scrip on the same day —
DP Charges (CDSL) ₹20 + GST per scrip sold per day (includes depository charges) —
Call & Trade (Equity & Derivatives) ₹50 per order —
Call & Trade (Commodity) ₹50 per order —
Pledge Charges (MTF) ₹25 + GST per pledge instruction —
Pledge Charges (Shares as Margin - SAM) ₹29 + GST per pledge instruction —
Pledge Charges (CUSPA) ₹29 + GST per pledge instruction —
Transaction Charges (Sell) — ₹15.34 per debit transaction
Pledge Creation / Invocation — ₹25 + GST per request
Remat — ₹25 per certificate + applicable charges
Failed Transactions — Nil

Margin & leverage (MTF)

Intraday and delivery margin / leverage offered by ICICIdirect and SBI Securities.

ParameterICICIdirectSBI Securities
Equity Delivery Up to 100% of trade value (1x) 100% of trade value (1x)
Equity Intraday As per SEBI Peak Margin Rules (Up to 5x*) As per SEBI peak margin norms (Up to 5x)
Equity Futures SPAN + Exposure Margin (As per Exchange) SPAN + Exposure Margin (1x)
Equity Options Premium + Applicable Margin (As per Exchange) —
Currency Futures & Options Exchange Prescribed Margin (As per Exchange) —
Commodity Futures & Options Exchange Prescribed Margin (As per Exchange) —

Features & account

Account type and feature availability across ICICIdirect and SBI Securities.

ParameterICICIdirectSBI Securities
3-in-1 account ✓ Yes ✓ Yes
Automated / API trading ✓ Yes better ✕ No
Margin Trading (MTF) ✓ Yes ✓ Yes
Trading in SME shares ✓ Yes ✓ Yes
Trading platforms ICICIdirect Web, ICICIdirect Mobile App, Trade Racer, Breeze API SBI Smart, SBI Securities Mobile App, SBI Smart Xpress
Intraday square-off 3:15 PM 3:15 PM
Other 3-in-1 Account, Research Reports, Stock SIP, Basket Orders, MTF, Loan Against Securities 3-in-1 account, MTF, research reports, IPO investment, mutual funds, ETFs and fixed-income products.

Trading platforms & apps

Trading terminals, web platforms and mobile apps offered by ICICIdirect and SBI Securities.

ParameterICICIdirectSBI Securities
Trading platforms offered ICICIdirect Web, ICICIdirect Mobile App, ICICI Direct Markets App, Trade Racer SBI Smart, SBI Securities Mobile App, SBI Smart Xpress
Number of platforms 4 more choice 3
Platforms (summary) ICICIdirect Web, ICICIdirect Mobile App, Trade Racer, Breeze API SBI Smart, SBI Securities Mobile App, SBI Smart Xpress
Mobile / desktop apps Web, Mobile, Desktop Web, Mobile, Desktop

User ratings

User ratings for ICICIdirect and SBI Securities across the key parameters.

Rated onICICIdirectSBI Securities
Fees 4.1 4.2 better
Brokerage 4.2 4.2
Trading platform 4.8 better 4.3
Customer service 4.7 better 4.4
Research 4.9 better 4.5
Overall 4.6 better 4.3

Investment options

Which investment products ICICIdirect and SBI Securities let you access.

ParameterICICIdirectSBI Securities
Stocks / Equity ✓ Yes ✓ Yes
Commodity ✓ Yes ✓ Yes
IPO ✓ Yes ✓ Yes
Mutual Funds ✓ Yes ✓ Yes
Bonds / NCD ✓ Yes ✓ Yes

Order types offered

Advanced order types supported by ICICIdirect and SBI Securities.

ParameterICICIdirectSBI Securities
Bracket Order ✕ No ✕ No
Cover Order ✕ No ✕ No
BTST ✓ Yes ✓ Yes
After Market (AMO) ✓ Yes ✓ Yes
GTC / GTT ✓ Yes better ✕ No

Safety & credibility

SEBI registration, financial strength and complaint record for ICICIdirect and SBI Securities.

ParameterICICIdirectSBI Securities
SEBI registration INZ000183631 INZ000200032
NSE member code 07730 13018
Year of incorporation 1995 longer track record 2006
Net worth Not Separately Disclosed (Subsidiary of ICICI Bank Limited) ₹1,000+ Cr
Exchange memberships NSE · BSE · MCX · NCDEX NSE · BSE · MCX
Latest complaint ratio 0.0031% fewer complaints 0.088%

Complaints record

Exchange complaint data for ICICIdirect and SBI Securities — the ratio matters more than the raw count.

ParameterICICIdirectSBI Securities
Latest financial year Latest Available 2025-26
Exchange NSE NSE
Active clients 19,60,293 larger base 13,69,945
Complaints filed 61 (Pending SCORES 2.0) 1,208
Complaint ratio 0.0031% fewer complaints 0.088%

Pros & cons

The main advantages and drawbacks of each broker.

ICICIdirect

▲ Pros

  • ✓ Integrated 3-in-1 Account with ICICI Bank.
  • ✓ Access to Equity, F&O, Currency and Commodity trading.
  • ✓ Strong in-house research and investment recommendations.
  • ✓ Multiple trading platforms for beginners and active traders.
  • ✓ Wide range of investment products under one account.
  • ✓ Backed by the trusted ICICI Group.
  • ✓ Digital account opening with online KYC.
  • ✓ Extensive customer support network across India.

▼ Cons

  • ✕ Brokerage charges may be higher than discount brokers.
  • ✕ Some advanced features are available only under specific brokerage plans.
  • ✕ Annual Demat AMC is applicable.
  • ✕ Certain services attract additional transaction charges.
  • ✕ Trading costs may vary depending on the selected brokerage plan.
SBI Securities

▲ Pros

  • ✓ Integrated 3-in-1 account with SBI Bank.
  • ✓ Trusted SBI Group full-service broker.
  • ✓ Comprehensive equity research and investment recommendations.
  • ✓ Trade in Stocks, F&O, IPOs, Mutual Funds, ETFs and Bonds.
  • ✓ Advanced web and mobile trading platforms.
  • ✓ Margin Trading Facility (MTF) available.
  • ✓ Wide branch network and customer support.

▼ Cons

  • ✕ Brokerage charges are higher than discount brokers.
  • ✕ Demat AMC may apply after the promotional period.
  • ✕ Call & Trade service is chargeable.
  • ✕ Advanced trading tools are limited compared to some competitors.
  • ✕ Certain services and brokerage plans have eligibility conditions.
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Compare SBI Securities with

SBI Securities vs Zerodha SBI Securities vs Angel One SBI Securities vs Upstox SBI Securities vs Groww SBI Securities vs Kotak Neo SBI Securities vs HDFC Securities SBI Securities vs Motilal Oswal Financial Services Limited (MOFSL) SBI Securities vs Paytm Money Limited SBI Securities vs Mirae Asset Sharekhan Limited
Disclaimer: Investments in the securities market are subject to market risks; read all related documents carefully before investing. This page is for information only and is not investment advice. Brokerage, AMC and other charges change frequently — always verify against the broker's official website before opening an account. Affiliate disclosure: "Open account" links are affiliate links and we may earn a commission at no extra cost to you; this does not influence our ratings.