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ICICI securities launches e-ATM for retail investors

The ICICI direct account almost becomes like ATM where clients can sell and within 30 minutes walk into any ATM and withdraw cash.

ICICI securities launches e-ATM for retail investors
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New Delhi: ICICI securities on Monday announced the launch of e-ATM orders that is aimed at easing retail investors' trading on BSE.

With the help of the e-ATM, retail investor can get near real time access to money in bank account when sell stock on BSE. It usually takes a waiting period of two transaction days under current settlement system.

The ICICI direct account almost becomes like ATM where clients can sell and within 30 minutes walk into any ATM and withdraw cash. It gives new dimension of liquidity to stock ingesting.

The money will be credited within 30 minutes with a limit of Rs 50,000 per client per day. The new feature is offered to all ICICIdirect customer at no additional cost and will be available to stock sold on BSE.

The feature is open to all traders in cash segment on nearly 600 stocks traded on the BSE.

It will give reatail investors a tool which will increase liquidity, enhance their access to money. The e-ATM revolutionises investing in stock with instant  liquidity access to retail investors.

Talking at the launch function of e-ATM, Shilpa Kumar, MD&CEO, ICICI securities said "With money being credited to your account within 30 minutes of your trades, 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".