HDFC Securities: ₹999 account opening (vs ICICI ₹0), ₹750 AMC (vs ₹700), 0.50% delivery default (vs 0.29%), Derivative Value Plan ₹199/yr annual (vs iValue ₹299 one-time lifetime), enCash ₹5L (vs eATM trading account only), NOT for US NRIs. ICICI Direct: ₹0 opening, US NRIs can open online, iValue is one-time lifetime (better value long-term), deeper research team (SEBI RA, 50+ analysts vs HDFC research), more active clients (19.5L vs ~18L). For HDFC Bank customers: HDFC Securities. For ICICI Bank customers or US NRIs: ICICI Direct. For non-bank-branch customers needing the best one-time deal: iValue at ICICI Direct (₹299 lifetime) beats Derivative Value Plan (₹199/year recurring).
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