Both are bank-backed full-service brokers. ICICI Direct wins on: research depth (SEBI RA, 50+ analysts vs HDFC SKY limited), NRI 3-in-1 account (more comprehensive), active client base scale (19.5L vs HDFC SKY), product breadth, and 30+ year track record. HDFC SKY wins on: lower AMC (₹240/yr vs ₹700), delivery brokerage (₹0 vs 0.29% default), lower DP charge, and a more modern trading app. If you are an ICICI Bank customer: ICICI Direct. If you are an HDFC Bank customer: HDFC SKY. For NRIs: ICICI Direct is generally superior.
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