ICICI Emeralde Private Metal Card - Investment ask

[abhiaj98]

ICICI direct is expensive, my friend. He may lose out every trade, delivery, brokerage and if mutual funds then expense

Right. I meant just to transfer the current portfolio to icici direct. That wont be charged anything.
If it comes to buying new shares, or trading someone can do it on another broker app, if they dont like icici direct.
When selling the icici direct portfolio it would incur brokerage on icici direct, that would most likely be covered in the introductory plan they give.

See, it is not that icici direct doesnt have any users. It must be offering something that discount brokers are not. And other than zerodha, all the popular discount brokers are charging brokerage.

I heard of a good feature in icici direct for example. Heard through RM, not sure if its correct or not. We can get 100% of the margin for selling a stock instantly instead of the regular T+1/2. Now I do tax loss harvesting almost every time I see an opportunity. This feature would really come very handy and I wont mind paying a reasonable brokerage for the feature.

 

[theXfactor]

Right. I meant just to transfer the current portfolio to icici direct. That wont be charged anything.
If it comes to buying new shares, or trading someone can do it on another broker app, if they dont like icici direct.
When selling the icici direct portfolio it would incur brokerage on icici direct, that would most likely be covered in the introductory plan they give.

See, it is not that icici direct doesnt have any users. It must be offering something that discount brokers are not. And other than zerodha, all the popular discount brokers are charging brokerage.

I heard of a good feature in icici direct for example. Heard through RM, not sure if its correct or not. We can get 100% of the margin for selling a stock instantly instead of the regular T+1/2. Now I do tax loss harvesting almost every time I see an opportunity. This feature would really come very handy and I wont mind paying a reasonable brokerage for the feature.

You get a lot of flexibility with Icici direct as it is associated with bank account unlike Zerodha. It has a good user base, just that if you do a lot of trading and investing, you will incur far more charges than Zerodha

 

[diptarkaroy]

I think my RM also offered me something like this a month back
I have salary in range 2-2.5LPM and current zerodha holding around 1cr (mostly MF). I didn't even think about that way because I would have to redeem all my MFs and re-invest that with ICICIdirect as part of migration.... and that would be a big tax implication on me
Please keep that in mind also!!!

 

[akiratoriyama]

I think my RM also offered me something like this a month back
I have salary in range 2-2.5LPM and current zerodha holding around 1cr (mostly MF). I didn't even think about that way because I would have to redeem all my MFs and re-invest that with ICICIdirect as part of migration.... and that would be a big tax implication on me
Please keep that in mind also!!!

Yeah tax implications haven't been discussed in this thread at all lol

 

[abhiaj98]

I think my RM also offered me something like this a month back
I have salary in range 2-2.5LPM and current zerodha holding around 1cr (mostly MF). I didn't even think about that way because I would have to redeem all my MFs and re-invest that with ICICIdirect as part of migration.... and that would be a big tax implication on me
Please keep that in mind also!!!

Transferring demat holdings doesnt require you to buy sell anything, just fyi.
Your holdings are with a depository like cdsl or nsdl, which is uniquely created for each broker. So to transfer assets to broker2, you place a request to transfer from one depository account to another. No buy sell needed.

 

[akiratoriyama]

Transferring demat holdings doesnt require you to buy sell anything, just fyi.
Your holdings are with a depository like cdsl or nsdl, which is uniquely created for each broker. So to transfer assets to broker2, you place a request to transfer from one depository account to another. No buy sell needed.

TIL. People were talking about buying and selling in the thread though.

 

[theXfactor]

I think my RM also offered me something like this a month back
I have salary in range 2-2.5LPM and current zerodha holding around 1cr (mostly MF). I didn't even think about that way because I would have to redeem all my MFs and re-invest that with ICICIdirect as part of migration.... and that would be a big tax implication on me
Please keep that in mind also!!!

right...bhai ye sab kaam nahi karna hai...if you don't want to sell MFs you shouldn't else there will tax implications and the best part is that the end goal is never guaranteed

 

[hender]

Right. I meant just to transfer the current portfolio to icici direct. That wont be charged anything.
If it comes to buying new shares, or trading someone can do it on another broker app, if they dont like icici direct.
When selling the icici direct portfolio it would incur brokerage on icici direct, that would most likely be covered in the introductory plan they give.

See, it is not that icici direct doesnt have any users. It must be offering something that discount brokers are not. And other than zerodha, all the popular discount brokers are charging brokerage.

I heard of a good feature in icici direct for example. Heard through RM, not sure if its correct or not. We can get 100% of the margin for selling a stock instantly instead of the regular T+1/2. Now I do tax loss harvesting almost every time I see an opportunity. This feature would really come very handy and I wont mind paying a reasonable brokerage for the feature.

Only delivery based equity is charged as .01 Rs brokerage or zero brokerage in Zerodha, not intraday.
100% Funds released immediately now in Zerodha except T+1 Sale of equity.

You get a lot of flexibility with Icici direct as it is associated with bank account unlike Zerodha. It has a good user base, just that if you do a lot of trading and investing, you will incur far more charges than Zerodha

If ICICI offers flat 10 rs or upto .01% on delivery based brokerage that's too if someone have not so big Portfolio.

I think my RM also offered me something like this a month back
I have salary in range 2-2.5LPM and current zerodha holding around 1cr (mostly MF). I didn't even think about that way because I would have to redeem all my MFs and re-invest that with ICICIdirect as part of migration.... and that would be a big tax implication on me
Please keep that in mind also!!!

That's really a very big tax implication, if big chunk of it in STCG.

Tax Loss Harvesting is tricky this time for 15 and 20% STCG.

Zerodha: 1- Very Good Reporting
2-Delivery based trade only, may of large No or Quantity.
Traditional Brokerage are somehow not that transparent in overall cost matrix.

Disc: Kotak, HDFC, ICICI, Zerodha, SAS, SBI, We may have customer relationship in past or present in family and close circle.

 

[diptarkaroy]

Transferring demat holdings doesnt require you to buy sell anything, just fyi.
Your holdings are with a depository like cdsl or nsdl, which is uniquely created for each broker. So to transfer assets to broker2, you place a request to transfer from one depository account to another. No buy sell needed.

I'm not 100% sure on this.... Zerodha works with CDSL (at least my demat account is) and I believe ICICIdirect provides NSDL account....
In that case it would be a sell and buy, isn't it?

I might be wrong, please correct me

 

[hender]

I'm not 100% sure on this.... Zerodha works with CDSL (at least my demat account is) and I believe ICICIdirect provides NSDL account....
In that case it would be a sell and buy, isn't it?

I might be wrong, please correct me

Two seperate ways to transfer holding -
Sell in one, buy in another
Or just close first and shift all holding to second

 

[theXfactor]

Looks like this interesting discussion calls for a different thread. Let's stick to the original thread topic.

 

[Heyyy]

I think my RM also offered me something like this a month back
I have salary in range 2-2.5LPM and current zerodha holding around 1cr (mostly MF). I didn't even think about that way because I would have to redeem all my MFs and re-invest that with ICICIdirect as part of migration.... and that would be a big tax implication on me
Please keep that in mind also!!!

If this deal gets to closure, I am just thinking of transferring from Zerodha to ICICIDirect. I will still be using Zerodha for my regular buy/sell of securities. In this way, I see I am not incurring any additional charges to them unless I use ICICIDirect for buy/sell. Am I missing any part here?

 

[diptarkaroy]

Two seperate ways to transfer holding -
Sell in one, buy in another
Or just close first and shift all holding to second

But if we go for the 2nd option, won’t it attract LTCG/STCG tax? It’s technically still a sell n buy right?

 

[abhiaj98]

But if we go for the 2nd option, won’t it attract LTCG/STCG tax? It’s technically still a sell n buy right?

No . .

 

[Bodhi]

Looks like this interesting discussion calls for a different thread. Let's stick to the original thread topic.

I second this.

 

[Dr.Anand456Dr.Anand456 is verified member.]

Is it worth changing my DP from Zerodha to ICICI iDirect for securities in tune of 10lakh, getting this as a paid card? My net monthly salary is > 2.5 but < 3lakh. RM is asking for this along with changing my salary account to ICICI as they need to show relationship with the bank.

Bro, no matter how much you invest, this card isn’t that easy to get—I’ve tried everything. You need investment, time, and a strong relationship with the bank for it to work out. Only a few lucky people have managed to get the ICICI Bank Emeralde Private Metal Edition card easily, while the rest are struggling for it. I even filed a complaint with the RBI for this—what more can I do? 😅 Best of luck with your card!

 

[hender]

But if we go for the 2nd option, won’t it attract LTCG/STCG tax? It’s technically still a sell n buy right?

N o t , like this.

 

[theXfactor]

Bro, no matter how much you invest, this card isn’t that easy to get—I’ve tried everything. You need investment, time, and a strong relationship with the bank for it to work out. Only a few lucky people have managed to get the ICICI Bank Emeralde Private Metal Edition card easily, while the rest are struggling for it. I even filed a complaint with the RBI for this—what more can I do? 😅 Best of luck with your card!

Dr. what complaint have you filed with RBI? Could you elaborate?
Btw, on the contrary, I see this card is being issued to quite a few people as I can see on twitter. Some people who didn’t get Infinia got his card.

 

[Dr.Anand456Dr.Anand456 is verified member.]

Dr. what complaint have you filed with RBI? Could you elaborate?
Btw, on the contrary, I see this card is being issued to quite a few people as I can see on twitter. Some people who didn’t get Infinia got his card.

My complaint is primarily against poor service, the Relationship Manager (RM), and the Branch Manager. In my complaint, I have mentioned that my account was upgraded to Private Banking due to the Times Black Credit Card. However, it was later downgraded without any prior notice.

I also tried to apply for this card when my account was in Private Banking, but the Branch Manager refused to accept my request. This was unfair because if your account is in Private Banking, you should at least be able to apply for the card through the Branch Manager—whether you get approved or not is a separate matter.

So, I have multiple complaints against ICICI Bank. I have already started receiving calls from ICICI Bank's RBI department, and a high-level inquiry is being conducted. If I win this case, it will not only benefit me but also help many others in similar situations in multiple ways.

Even if nothing major happens, I will ensure that I receive compensation from ICICI Bank for the inconvenience I have faced. Let’s see what happens. It has already been around 15 days since I filed the complaint with the RBI.

 

[theXfactor]

My complaint is primarily against poor service, the Relationship Manager (RM), and the Branch Manager. In my complaint, I have mentioned that my account was upgraded to Private Banking due to the Times Black Credit Card. However, it was later downgraded without any prior notice.

I also tried to apply for this card when my account was in Private Banking, but the Branch Manager refused to accept my request. This was unfair because if your account is in Private Banking, you should at least be able to apply for the card through the Branch Manager—whether you get approved or not is a separate matter.

So, I have multiple complaints against ICICI Bank. I have already started receiving calls from ICICI Bank's RBI department, and a high-level inquiry is being conducted. If I win this case, it will not only benefit me but also help many others in similar situations in multiple ways.

Even if nothing major happens, I will ensure that I receive compensation from ICICI Bank for the inconvenience I have faced. Let’s see what happens. It has already been around 15 days since I filed the complaint with the RBI.

I think, you are already holding TB. And your primary complaint is about you being not able to apply for EPM while you had private banking status.