Here are the Benefits of using E-ATM or The Benefits of using E-ATM
In a world of fast cars, instant coffees, super-fast internet speeds, and more, people look for shorter turnaround times and speed in every field of life. Time has become a luxury today, and most people are racing against it. Given the current situation, the ability to liquidate investments immediately is imperative.
ICICI direct bridges this gap with EATM. Keep reading to find out more about this facility and how it can benefit you.
What is EATM in ICICI Direct?
The ICICI Direct EATM is an online facility lets you to liquidate your stocks to cash in just 5 minutes. The EATM is short for equity ATM. It usually takes up to T + 2 days or two days after a trade for your money to be credited into your account after making a sale. However, the EATM option credits the fund into your account within 5 minutes. Once the funds have been credited, you can withdraw your money from any ATM.
The EATM facility can be used for over 950 scrips across the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). Moreover, you can withdraw up to a limit of Rs. 50,000 per day.
What are the benefits of ICICI Direct EATM?
Here are some advantages of using the ICICI Direct EATM service:
1. Can be used for over 950 stocks:
The EATM service can be used to liquidate over 950 different types of stocks. These can cover up to 99% of the total market capitalisation. This offers a broad scope to investors as you can liquidate different stocks in your hour of need and effectively use the facility to your benefit.
2. Can be used in BSE and NSE:
The ICICI Direct EATM can be used in the BSE and NSE.
3. Offers quick access to money:
You can sell your stocks and get the money back in your bank account within 5 minutes. Typically, in the case of stocks, it takes two days after a trade for the money to reflect in your account. Even other financial assets can take days. For instance, some types of fixed deposits and mutual fund schemes take up to two days before the money reaches you. However, the ICICI Direct EATM shortens the turnaround time to only 5 minutes. This can be an excellent advantage if you are stuck in a financial emergency and have no time to wait for funds.
4. No hidden or additional costs:
You do not have to pay any additional charges for using the EATM service. Moreover, there are no hidden costs too. All you pay are the brokerage fee as in the case of all trades carried out from your account. The broker only withholds a part of the transaction until the brokerage process has been completed. This is also known as the EATM withheld amount and is retained to secure brokerage and other statutory levies. Once your trade is complete, and the brokerage process is over, you will receive the withheld amount too.
5. High withdrawal limits:
The ICICI Direct EATM limit is fixed at Rs. 50,000 per day. This means you can place a total order of sale of stocks amounting to Rs. 50,000 in a day and withdraw this amount from an ATM for your use. The high withdrawal limit has been fixed, keeping in mind the need and use of investors. The high threshold ensures that you get access to lump-sum funds and are able to cover your immediate financial needs without any hassles.
However, please note that I-Sec reserves the right to change this at its discretion.
6. Easy to use:
You can place the order for EATM withdrawal in just a few minutes. All you need to do is log into your account, go to the "Place Order" page and click on "eATM" tab. You can then fill in the necessary details about the sale and click on submit. Your stocks will be sold, and the money will be deposited in your account in the next 5 Minutes. The entire process is simple to execute and takes very little time.
7. Security of money:
The EATM process is a safe and secure procedure. Your money is safely credited to your account. There are no lapses along the way, and you can enjoy a seamless service.
8. Can be used to cover various expenses:
The ICICI Direct EATM facility can be helpful in various situations like covering emergency medical expenses, repairing damages to a car or your house, compensating for a loss of job, and more. You can promptly receive your funds and cater to your requirements no matter the need.
To sum it up
The ICICI Direct EATM is a valuable service that helps you save considerable time. It can offer convenience, swiftness, security, and more at no hidden or additional charges. Moreover, the high daily limit is a plus and can help in several situations. You can use the facility if you need to liquidate your stocks and get the proceeds from their sales urgently.
Disclaimer: ICICI Securities Ltd. (I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025, India, Tel No: 022 - 6807 7100. I-Sec is a Member of National Stock Exchange of India Ltd (Member Code :07730), BSE Ltd (Member Code :103) and Member of Multi Commodity Exchange of India Ltd. (Member Code: 56250) and having SEBI registration no. INZ000183631. Name of the Compliance officer (broking): Mr. Anoop Goyal, Contact number: 022-40701000, E-mail address: email@example.com. Investments in securities market are subject to market risks, read all the related documents carefully before investing. Please note Brokerage would not exceed the SEBI prescribed limit. The contents herein above shall not be considered as an invitation or persuasion to trade or invest. I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. e-ATM feature is offered by ICICI Securities. Any complaint / dispute pertaining to the same would not be entertained by Stock Exchanges.
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