ICICI Securities launches eATM service for retail investors
ICICI Securities’s eATM service, ICICIdirect, instantly credits into a retail investor’s bank account funds accrued from stock sales
Mumbai: Brokerage firm ICICI Securities Ltd has announced launch of eATM orders, which instantly credits into a retail investor’s bank account funds accrued from stock sales. Under the current settlement system, an investor gets money into their accounts after two days (T+2) after a transaction.
“The ICICIdirect account almost becomes like an ATM where clients can sell and within 30 minutes walk into any ATM and withdraw the cash… The money would be credited within 30 minutes with a limit of ₹50,000 per client per day. This new feature is offered to all ICICIdirect customers at no additional cost and will be available to stocks sold on the BSE,” said a company press statement.
The feature is open to all trades in cash segment on nearly 600 stocks traded on the BSE.
“With money being credited to your account within 30 minutes of your trade, you can remain invested till the 11th hour. The fact that this service is open to all and comes at no extra cost is testimony to our customer-first approach. We are confident that this will immensely benefit our over 4.5 million clients,” said Shilpa Kumar, managing director and chief executive officer at ICICI Securities.
BSE CMD Ashishkumar Chauhan said that liquidity has significant importance to an investor’s life and eATM will bring new ease to retail Investors.
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