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Cash-on-spot facility from ICICIdirect

Our Bureau

MUMBAI, Aug. 16

ICICIDIRECT.COM, the integrated online share trading site, has launched `Cash on Spot' facility from today.

Spot is a facility which enables the customer to receive the funds in his bank account on the same day as the sale transaction.

Now, in addition to trading in cash and margins, the customer would be permitted to trade in spot also, according to a press release.

ICICIdirect customers would be given a daily limit of Rs 50,000 under the cash on spot facility. These funds can be withdrawn at the end of the day. With the spot facility, it is hoped that the customers will not have to wait until the pay-out day of the stock exchange to receive their funds for sales. All S&P CNX Nifty Junior scrips would be available in `Cash on Spot'.

The Cash on Spot facility will be available at an additional charge over the normal brokerage. In case of rolling settlement `T+5' day's scenario, the additional charge would be 0.40 per cent on the spot value traded. For scrips in rolling settlement, no delivery period and weekly settlements, the charges are proportionately applicable, the release said.

``We have developed this product based on feedback from our customers. There is a need to provide instant liquidity when our customers require it. Spot orders are also convenient as our customers can withdraw the funds the same day across 572 ATMs of ICI CI Bank,'' said the release quoting Mr Madhabi Puri Buch, Chief Executive Officer, ICICIdirect.