ICICI Direct vs HDFC SKY
Two bank-group brokers with very different pricing: ICICI Direct's default plan is percentage-based, while HDFC SKY uses a ₹20 flat fee.
Fees checked on against each broker's official pricing page.
ICICI Direct
Full-service broker (bank group)
HDFC SKY by HDFC Securities
Bank-group broker (HDFC SKY flat-fee platform)
Charges side by side
| Charge | ICICI Direct | HDFC SKY by HDFC Securities |
|---|---|---|
| Account opening | Not verified — the brokerage page we checked does not state an account opening fee. | Free. |
| Demat AMC | ₹700 per year standard; ₹300 per year for iVALUE subscribers. | ₹0 for the first year; ₹20 per month after that, according to the HDFC SKY demat charges page. |
| Equity delivery | 0.29% on the default MoneySaver plan. Prime plans: 0.25% / 0.10% / 0.07% depending on the plan. | ₹20 or 2.5% per executed order, whichever is lower. |
| Equity intraday | 0.029% on the default MoneySaver plan; ₹20 per order on the iVALUE plan. | ₹20 or 2.5% per executed order, whichever is lower. |
| Futures | 0.029% on the default MoneySaver plan; ₹20 per order on the iVALUE plan. | ₹20 or 2.5% per executed order, whichever is lower. |
| Options | ₹49 per lot on the default MoneySaver plan; ₹20 per order on the iVALUE plan. | Flat ₹20 per executed order. |
| Commodity | ₹20 per order. | — |
| DP charge (on selling delivery shares) | Broker-specific. NSDL accounts: ₹20 + GST per scrip for the first debit instruction and ₹4 + GST for each further debit in the same scrip on the same day. CDSL accounts: ₹20 + GST per scrip sold per day. Both include the depository fee. The calculator uses the NSDL rule (the higher of the two when you sell a stock more than once). | Per ISIN debit. HDFC SKY lists ₹20 for “each Demat transaction” and says DP charges apply when you sell delivery shares. It does not say how several same-day sell orders are grouped or whether GST is included; the calculator adds 18% GST and counts each sell order as a separate debit, which may overstate the cost. |
| Margin trading (MTF) | 17.99% per year (0.049% per day) on the default plan; Prime plans advertise lower MTF rates. | HDFC SKY advertises MTF on 800+ stocks at 1% per month. |
| Other notable charges | Call & trade: ₹50 per order. System square-off: ₹50 per order (capped at ₹100 a day). Prime plans are paid one-time or annual subscriptions (Prime 999, 4999, 9999). | Square-off: ₹50 + GST per position. RMS square-up: an extra ₹20 or 2.5%. Corporate action orders (OFS, buyback, delisting): ₹20 + GST. Pledge: ₹20 per transaction. These are HDFC SKY prices; HDFC Securities' older hdfcsec.com plans are priced separately. |
Company, regulation & platforms
| ICICI Direct | HDFC SKY by HDFC Securities | |
|---|---|---|
| Type | Full-service broker (bank group) | Bank-group broker (HDFC SKY flat-fee platform) |
| Legal entity | ICICI Securities Limited | HDFC Securities Limited |
| SEBI registration | INZ000183631 | INZ000186937 |
| Mobile app | ICICIdirect mobile app (Android, iOS) | HDFC SKY app (Android, iOS) |
| Web / desktop | ICICIdirect website trading | HDFC SKY web |
| Best for | ICICI Bank customers who want a 3-in-1 account | Flat ₹20 pricing from a bank-group broker |
Key differences
Delivery: ICICI Direct 0.29% (default) with Prime plans from 0.25% to 0.07%; HDFC SKY ₹20 or 2.5%, whichever is lower. On a ₹1 lakh delivery order, that's ₹290 versus ₹20.
Intraday and futures: ICICI 0.029% (default); HDFC SKY ₹20 or 2.5%.
Options: ICICI ₹49 per lot (default); HDFC SKY ₹20 per order.
AMC: ICICI ₹700 a year standard (₹300 on iVALUE); HDFC SKY ₹0 in year one, then ₹20 a month.
DP: ICICI Direct (NSDL) ₹20 + GST for the first debit of a stock in a day and ₹4 + GST for each further debit of the same stock that day; HDFC SKY ₹20 per demat transaction.
Banking: ICICI Direct's 3-in-1 account links an ICICI Bank savings account.
Figures in the worked examples are brokerage only. Add GST, STT, exchange, SEBI and stamp charges, which are similar at both brokers.
Which should you choose?
- Choose ICICI Direct if you bank with ICICI, want a 3-in-1 account and research, and will use a Prime plan to reduce brokerage.
- Choose HDFC SKY if you want simple flat ₹20 pricing from a bank-group broker.
ICICI Direct
Pros
- 3-in-1 integration with ICICI Bank
- Research reports and branch support
- Prime plans reduce brokerage substantially
Cons
- High default delivery brokerage (0.29%)
- ₹700 standard annual AMC
- Options charged per lot on the default plan
HDFC SKY by HDFC Securities
Pros
- Flat ₹20 per order across segments
- Free account opening
- ₹0 AMC in year one
Cons
- Brokerage on delivery trades
- ₹20 per month demat AMC from year two
- Does not say how several same-day sells of one stock are counted for the ₹20 demat charge
Full HDFC SKY by HDFC Securities review →
Visit HDFC SKY by HDFC Securities websiteFrequently asked questions
Is HDFC SKY cheaper than ICICI Direct?
On default plans, HDFC SKY's ₹20 flat fee is much cheaper for large orders than ICICI Direct's 0.29% delivery brokerage. ICICI Prime plans narrow the gap.
Sources
- ICICI Direct – official pricing — accessed 30 September 2026
- HDFC SKY by HDFC Securities – official pricing — accessed 30 September 2026