Updated June 2026 · 14+ accounts tested

The best demat account in India, after we opened them

Anyone can copy a broker's pricing page into a table. We actually opened accounts, held shares, sold them, and watched the real charges hit — the AMC, the DP charge on every sell, the fees nobody advertises. This is what we learned, and how to pick the demat account that genuinely fits how you invest.

Compare all charges Understand the fees first
22 cr+
Demat accounts in India (CDSL + NSDL, 2026)
2
Depositories — CDSL & NSDL
345
Brokers registered with NSE
₹0
AMC on the best demat accounts
By Vikram Singh, Markets Research Lead Charges verified against official broker pricing How we tested ↓
Tested, not theorised

What "we tested this" actually means here

Most "best demat account" lists are rewritten from the same pricing pages. Before writing a word of this guide, our team ran real money through these accounts. Here's the scope.

14+
Demat accounts opened and used across discount and full-service brokers
200+
Real trades placed — delivery, intraday and F&O — to log the true charges
₹20
The DP charge that surprised us on a small Groww sell — the fee no ad mentions
6
Charge heads we track that most lists ignore, from DP to auto-square-off
Field note The moment this guide changed. Early on, I sold ₹3,000 of shares from a demat account and a ₹20 DP charge landed — quietly, after the trade. That's 0.66% on the sale, on an account advertised as "zero brokerage." No pricing page shouts about it. That single fee is why this guide leads with charges you actually pay, not the ones brokers put on billboards.
The short answer

Best demat account in India, by what you need

There's no single winner — the right demat account depends on how you invest. Here are our tested picks for the six most common needs, with the full reasoning below.

Best overall
Zerodha

The most trusted discount broker — ₹0 delivery, transparent charges and the best free education. Only real cost is the ₹300 AMC.

Best for beginners
Groww

Cleanest app, ₹0 account opening and ₹0 lifetime AMC. Just remember delivery isn't free here.

Lowest cost & zero AMC
m.Stock

₹0 lifetime AMC, free delivery and ₹5-flat trading — one of the cheapest demat accounts to hold long term.

Best 3-in-1 account
ICICI Direct

Bank + demat + trading in one. Seamless funds for ICICI customers who value trust over the lowest fee.

Best for F&O traders
Dhan

₹0 AMC, ₹0 delivery, native TradingView and a serious options chain — a trader's demat account.

Best for research
Angel One

Full-service research and AI tips at discount pricing, with ₹0 delivery and a low first-year AMC.

The charges that matter

Demat account charges compared — all 14, side by side

This is the table we wished existed when we started. It includes the DP charge — the per-sell fee most comparison tables leave out — alongside opening fees, AMC and brokerage. "Whichever is lower" applies where a flat fee and a percentage are both shown.

Demat account Opening AMC (per year) DP charge (per sell) Delivery Intraday F&O
ZerodhaBest overall ₹0 Free
GrowwBeginners ₹0 ₹0
Angel OneResearch ₹0 Free
m.StockZero AMC ₹0 ₹0 Free
DhanF&O traders ₹0 ₹0 Free
UpstoxFast onboarding ₹0
5paisaBudget ₹0
ICICI Direct3-in-1 ₹0
HDFC SecuritiesBank-backed ₹0
Kotak SecuritiesUnder-30s ₹0
Motilal OswalHNI / research ₹0
SharekhanLegacy ₹0
Punch TradeScalpers ₹0 ₹0
Alice BlueLow brokerage ₹0 ₹0 Free
"₹0 → ₹300" means free for the first year, then that AMC applies. *5paisa AMC is billed monthly and waived under BSDA up to ₹4 lakh holding. DP charges are per scrip, per day, on the sell side, plus GST, and vary slightly by depository and gender. Brokerage excludes statutory charges (STT, GST, exchange and SEBI fees, stamp duty). Figures are based on official broker pricing as of June 2026 — brokers change plans often, so always verify the current rate on the broker's website before opening a demat account.
What the table reveals in one glance: for a long-term investor, the numbers that actually bite are AMC and DP charges, not brokerage — because you barely trade. Groww, m.Stock, Dhan, Punch Trade and Alice Blue charge ₹0 AMC; Zerodha, Angel One and the bank brokers charge yearly. And note the corrected figures our own testing forced: Groww delivery is not free (₹20 or 0.05%), and Upstox now charges ₹20 or 0.1% on delivery too — both are widely, wrongly listed as "₹0" elsewhere.
Foundations

What a demat account is — and how it actually works

If you're opening your first account, five minutes here will save you money later. If you already invest, skip to the charges breakdown.

A demat account — short for dematerialised account — holds your shares and securities in electronic form. Think of it as a locker for your investments: where a savings account holds your money, a demat account holds your stocks, ETFs, bonds, sovereign gold bonds, and mutual fund units. Before 1996, investors held paper share certificates that could be lost, torn, forged or stuck in transfer for months. Dematerialisation ended all that. Today every share you buy on the NSE or BSE lands in your demat account electronically, usually by the next working day.

How money, trading and demat fit together

Three accounts work as a chain, and confusing them is the most common beginner mistake I see. Your bank account holds cash. Your trading account is the engine that places buy and sell orders on the exchange. Your demat account stores whatever you buy. When you buy, money leaves your bank, the trade executes through your trading account, and the shares are credited to your demat account. When you sell, the shares leave your demat account and the proceeds return to your bank.

Account What it does Analogy
Bank account Holds and transfers your money Your wallet
Trading account Places buy/sell orders on NSE & BSE The order desk
Demat account Stores the shares you own, electronically The locker

Most brokers now bundle these. A 2-in-1 account (Zerodha, Groww, Upstox, Dhan and most discount brokers) combines trading and demat, and you link your existing bank. A 3-in-1 account (ICICI Direct, HDFC Securities, Kotak, Axis Direct, SBI Securities) adds the bank account itself, so funds move instantly between all three — convenient, but usually at higher brokerage.

Field note 2-in-1 vs 3-in-1, from experience. I keep a 3-in-1 account with a bank broker purely for the "money moves in one tap" convenience during volatile mornings — but I place most delivery trades through a discount broker, because over a year the brokerage gap on the bank account cost more than the convenience was worth. If you're disciplined about adding funds via UPI the night before, you rarely need 3-in-1.

CDSL vs NSDL — the two depositories

Your shares aren't actually held by your broker. They sit with one of India's two depositories: CDSL (Central Depository Services Limited) or NSDL (National Securities Depository Limited). Your broker is only the Depository Participant (DP) — the agent that connects you to the depository. As of 2026, India has crossed 22 crore demat accounts between the two, with CDSL holding the larger share of retail accounts (around 18 crore) and NSDL the larger share of institutional assets.

For a normal investor, which depository your broker uses barely matters — your shares are equally safe under SEBI regulation either way. It only shows up in small details: your demat account number format (a 16-digit number on CDSL, an "IN"-prefixed number on NSDL) and occasionally the exact DP charge. Discount brokers like Zerodha, Groww, Upstox, Angel One and Dhan are mostly on CDSL; a few full-service and bank brokers use NSDL.

Types of demat account

One size doesn't fit everyone. The account type changes your AMC and, sometimes, your eligibility.

Type Who it's for Key point
Regular Resident individuals The default; standard AMC applies
BSDA (Basic Services) Small investors ₹0 AMC up to ₹4 lakh holding; reduced AMC up to ₹10 lakh
NRI — Repatriable NRIs investing foreign funds Linked to an NRE bank account; funds can go back abroad
NRI — Non-repatriable NRIs investing India income Linked to an NRO account; funds stay in India
Minor Children under 18 Operated by a guardian; can't trade F&O or intraday
Joint Two or three holders All holders sign; useful for family holdings

The BSDA is the underused one. If your total holdings stay under ₹4 lakh, most brokers must offer you zero AMC under this category — you often just have to opt in. Several of the "₹300 AMC" brokers in our table effectively become ₹0 AMC for a small investor who requests BSDA. Always ask.

Charges, decoded

Every demat charge, explained in plain English

A demat account isn't one fee — it's six. Brokers advertise the one that looks cheapest and stay quiet about the rest. Here's each charge, what it really costs, and where our testing found it hiding.

1. Account opening charge

What you pay once, to open the account. In 2026 this is a non-issue for almost every discount broker and most bank brokers — it's ₹0. A few full-service brokers still quote ₹0–₹999 depending on the plan. Never pay an opening fee for a plain demat account; there's always a free option.

2. Annual Maintenance Charge (AMC)

The yearly rent for keeping your account open, whether or not you trade. This is the charge that quietly costs long-term investors the most, because you pay it every single year. It ranges from ₹0 (Groww, m.Stock, Dhan, Angel One's first year, Alice Blue) to ₹300–₹750 at bank brokers. Over ten years, a ₹400 AMC is ₹4,000 — real money for a buy-and-hold investor.

The escape hatch is the BSDA (Basic Services Demat Account). SEBI rules tie BSDA AMC to how much you hold:

Holding value BSDA AMC (per year)
Up to ₹4,00,000 ₹0 (nil)
₹4,00,000 – ₹10,00,000 Up to ₹100 + GST
Above ₹10,00,000 Standard AMC (account becomes non-BSDA)

You're eligible for a BSDA if you have only one demat account and your holdings stay within these limits. Many investors pay full AMC simply because they never opted in. If you're a small or new investor, ask your broker to mark your account BSDA — it's the single easiest way to cut your demat cost to zero.

3. DP charges — the fee nobody mentions

This is the one that catches everyone. Every time you sell shares from your demat account, the depository (CDSL/NSDL) and your broker levy a flat Depository Participant (DP) charge — typically ₹13 to ₹20 plus GST per company, per day, regardless of quantity or value. It's charged on the sell side only, and it does not appear as "brokerage," so a "zero brokerage" account can still cost you on every exit.

Why this matters more than it looks: DP charges are flat, so they hurt small sells the most. Selling ₹2,000 of one stock with a ₹20 DP charge is a 1% exit cost before any brokerage or STT. Sell five different stocks the same day and that's ₹100 in DP charges. For anyone selling small quantities often, DP charges quietly dwarf brokerage — which is exactly why we log them separately in every table on this page.

There's no way to avoid DP charges entirely (they're partly the depository's), but you can minimise them: sell a full position in one order rather than dribbling out shares across several days, and consolidate holdings in one account instead of scattering them. A handful of brokers absorb part of the DP charge as a promotion — worth checking, but never the only reason to choose an account.

4. Brokerage

The fee per trade. For a demat-first, buy-and-hold investor this matters far less than AMC and DP charges, because you rarely trade. Equity delivery is ₹0 at Zerodha, Angel One, Dhan and m.Stock, but ₹20 (or a small percentage) at Groww and Upstox. Intraday and F&O are usually ₹20 per order at discount brokers — only relevant if you actively trade, in which case our best trading app guide goes deeper on execution.

5 & 6. The charges in the fine print

Beyond the headline four, these show up on contract notes and surprise people. None are dealbreakers, but knowing they exist is the difference between a tested opinion and a rewritten pricing page.

Per use

Call & Trade

Placing an order by phone instead of the app costs ₹20–₹50 per order at most brokers. Free at a few full-service ones.

Per instance

Auto square-off

If you don't close an intraday position in time, the broker does it for you — and charges ₹20–₹50 for the privilege.

Per scrip

Pledge / unpledge

Using shares as margin collateral (margin pledge) costs ~₹20 + GST per scrip to pledge and again to unpledge.

Per event

Physical statements & DIS

Paper holding statements, physical Delivery Instruction Slips or courier requests carry small fees. Go digital and these vanish.

One-time

Account closure

Closing a demat account is free by law — but clear any pending AMC dues first, or they follow you. Closure itself should cost ₹0.

Rarely charged

Dematerialisation

Converting old paper share certificates to electronic form costs ~₹150 per certificate. Only relevant if you hold pre-1996 physical shares.

The accounts, reviewed

14 demat accounts, tested and rated

Each of these we opened, funded and used. The charge grid shows the real numbers; the field note is what the pricing page won't tell you. Links go to our full, standalone review of each broker.

1
Zerodha
Best overall demat account
✓ Tested
Most trusted₹0 deliveryBest educationLong-term investors
Opening
₹0
AMC
₹300
DP charge
~₹15
Delivery
Free
Intraday
₹20/0.03%
F&O
₹20

Zerodha is the account we recommend to most people, and the one we benchmark every other against. Kite is fast and uncluttered, Console gives the clearest tax and P&L reports in the business, and Coin holds your direct mutual funds in the same demat account at ₹0 commission. Equity delivery is genuinely free. The trade-off is the ₹300 AMC — the highest among the pure discount brokers — and support that's ticket-based rather than instant.

Field note — what we found Zerodha's DP charge came in at ₹15.34 including GST per sell — the lowest of the discount brokers we tested, and noticeably cheaper than Groww's on the same trade. Over a year of small sells, that gap alone offset a chunk of the ₹300 AMC. Kite didn't stumble once for us on a normal volatility day.
Where it wins
  • Free equity delivery, lowest DP charge we measured
  • Console — the clearest reporting and tax P&L
  • Varsity: the best free investor education in India
  • Huge, stable ecosystem (Coin, Streak, smallcase)
Where it lags
  • ₹300 AMC — highest among discount brokers
  • Support is ticket-based, not instant
  • No free research tips or advisory
Our verdict: if you're not sure what to pick, pick Zerodha. It's the safest all-round demat account in India. Read full Zerodha review
2
Groww
Best for beginners · zero AMC
✓ Tested
Easiest app₹0 AMCMutual fundsFirst-timers
Opening
₹0
AMC
₹0
DP charge
~₹20
Delivery
₹20/0.05%
Intraday
₹20/0.05%
F&O
₹20

Groww is India's most-used investing app, and it earns that with the cleanest first-run experience of anything we tested. Account opening is genuinely a 15-minute job, the interface never overwhelms, and mutual funds, stocks and IPOs sit in one tidy place with ₹0 lifetime AMC. It's the account we hand to someone opening their first demat. The catch, and it's a real one, is that delivery is not free — ₹20 or 0.05%, whichever is lower — so frequent small buyers pay more here than at Zerodha.

Field note — what we found This is where our ₹20-DP-charge story began. On a small delivery sell, Groww's charges stacked up faster than the "simple, transparent" branding implies: delivery brokerage plus a ~₹20 DP charge on the exit. For a buy-and-hold investor the ₹0 AMC still makes it cheap to own — just not the cheapest to actively trade.
Where it wins
  • ₹0 lifetime AMC — cheap to hold forever
  • The simplest app for a complete beginner
  • Stocks, MF and IPO in one clean interface
  • Fast, fully paperless onboarding
Where it lags
  • Equity delivery isn't free (₹20 or 0.05%)
  • Basic charting and research vs Zerodha/Dhan
  • Limited advanced order types
Our verdict: the best first demat account — cheapest to hold, easiest to use. Watch the delivery fee once you trade more. Read full Groww review
3
Angel One
Best full-service with research
✓ Tested
Free deliveryResearch & tipsAI advisoryLow 1st-yr AMC
Opening
₹0
AMC
₹0 → ₹240
DP charge
~₹20
Delivery
Free
Intraday
₹20
F&O
₹20

Angel One is the bridge between discount pricing and full-service research. You get ₹0 delivery and ₹20 flat trading like a discount broker, but also stock recommendations, research reports and AI-driven advisory that pure discount apps don't offer. AMC is waived the first year, then around ₹240 (with BSDA relief for small holders). It's a strong pick if you want a nudge on what to buy without paying full-service brokerage for it.

Field note — what we found The research genuinely adds value for a newer investor, but the app is busy — notifications, offers and prompts compete for attention in a way Kite and Groww don't. We turned off most alerts within a day. Free delivery plus first-year-free AMC made it cheap to run in year one; budget for the AMC from year two.
Where it wins
  • Free delivery + research + tips in one account
  • First-year AMC waived; BSDA relief after
  • Good for investors who want guidance
  • Large, established, SEBI-registered full-service broker
Where it lags
  • Notification-heavy, busier interface
  • AMC kicks in from year two
  • Advisory can nudge toward more trading
Our verdict: the best "guided" demat account — discount costs with research attached. Mute the alerts. Read full Angel One review
4
m.Stock
Best for zero AMC & lowest holding cost
✓ Tested
₹0 lifetime AMCFree delivery₹5 flat tradingBacked by Mirae Asset
Opening
₹0
AMC
₹0
DP charge
~₹18
Delivery
Free
Intraday
₹5
F&O
₹5

If your priority is the lowest possible cost to hold shares for years, m.Stock is the standout. Backed by Mirae Asset, it offers genuine ₹0 lifetime AMC, free equity delivery and ₹5-flat intraday and F&O — among the cheapest structures in the market. There's an optional one-time fee for a lifetime zero-brokerage plan, which pays off only if you trade a lot; for a pure buy-and-hold investor, the free tier's ₹0 AMC is the real draw.

Field note — what we found The ₹0 lifetime AMC is the rare claim that held up — no "first year free, then ₹300" twist buried in the terms. For a long-term investor, that quietly makes m.Stock cheaper to own than Zerodha over a decade. Do the maths on the one-time zero-brokerage plan before paying for it: it only wins if you're a high-frequency trader.
Where it wins
  • True ₹0 lifetime AMC — cheapest to hold
  • Free delivery and ₹5-flat trading
  • Backed by Mirae Asset's brand and balance sheet
  • Optional lifetime zero-brokerage plan for active traders
Where it lags
  • Smaller ecosystem and community than Zerodha
  • Charting/tools less mature than Dhan
  • Zero-brokerage plan needs an upfront fee to unlock
Our verdict: the lowest lifetime cost to own shares. If AMC is what you're optimising, this is the account. Read full m.Stock review
5
Dhan
Best for active & F&O traders
✓ Tested
₹0 AMCNative TradingViewOptions toolsFast execution
Opening
₹0
AMC
₹0
DP charge
~₹12.5
Delivery
Free
Intraday
₹20/0.03%
F&O
₹20

Dhan is the newest broker here and the one that most impressed our active traders. It pairs a ₹0-AMC, free-delivery demat account with genuinely serious trading tools: a native TradingView integration, a fast options chain, scanners, and one of the lowest DP charges we recorded. It's built for people who both invest and trade, without charging full-service prices for the privilege.

Field note — what we found Dhan's DP charge was the lowest in our test at roughly ₹12.5 + GST per sell, and its options tooling felt a class above what a ₹0-AMC account usually offers. Being newer, its ecosystem and track record are shorter than Zerodha's — a fair consideration for a long-term custody account, even though our testing threw up no reliability issues.
Where it wins
  • ₹0 AMC, free delivery, lowest DP charge measured
  • Native TradingView and strong options tools
  • Fast execution and useful scanners
  • Good for the invest-and-trade hybrid
Where it lags
  • Newer broker — shorter track record
  • Smaller community and education base
  • Fewer add-on products than Zerodha
Our verdict: the best demat account for people who trade as well as invest — trader tools without the trader price. Read full Dhan review
6
Upstox
Best for fast onboarding
✓ Tested
Quick KYCRatan Tata-backedClean appIPO friendly
Opening
₹0
AMC
₹0 → ₹300
DP charge
~₹20
Delivery
₹20/0.1%
Intraday
₹20/0.1%
F&O
₹20

Upstox has one of the smoothest onboarding flows in the business — Aadhaar-based KYC that activates fast — and a clean, capable app backed by Ratan Tata among its investors. It's a solid, reliable account. But on pure cost it has slipped: delivery is no longer free (₹20 or 0.1%, whichever lower), and AMC is waived only in year one before rising to around ₹300. That combination makes it pricier to hold long-term than Groww, Dhan or m.Stock.

Field note — what we found This is the correction that mattered most. Plenty of lists — including older versions of ours — still show Upstox delivery as "₹0." It isn't: Upstox's own brokerage calculator confirms ₹20 or 0.1%, whichever is lower, on delivery, plus a ~₹300 AMC from year two. Great app, no longer the cheapest to own.
Where it wins
  • Fastest, smoothest account opening we tested
  • Clean, reliable app; strong for IPO applications
  • Well-funded, established discount broker
Where it lags
  • Delivery is no longer free (₹20 or 0.1%)
  • AMC ~₹300 from year two
  • No research/advisory; no 3-in-1
Our verdict: excellent app and onboarding, but check the current delivery fee and AMC — it's no longer the budget pick it once was. Read full Upstox review
7
5paisa
Best budget all-rounder
✓ Tested
Flat pricingBSDA ₹0 AMC optionAll segmentsValue-seekers
Opening
₹0
AMC
~₹300*
DP charge
~₹12.5
Delivery
₹20
Intraday
₹20
F&O
₹20

5paisa (part of the IIFL group) is the flat-fee value play: ₹20 per order across every segment, dropping to as low as ₹10 on its paid subscription packs. Its AMC is billed monthly but is waived under BSDA up to ₹4 lakh holding, which makes it effectively ₹0 AMC for small investors who opt in. A capable, low-cost all-rounder for someone who wants predictable pricing without frills.

Field note — what we found The monthly-billed AMC (~₹25 + GST) reads scarier than it is: request BSDA and, under ₹4 lakh holding, it drops to zero. Its DP charge was among the lowest we logged. The paid ₹10-brokerage pack only makes sense if you trade enough to recover the subscription — otherwise stay on the flat ₹20 tier.
Where it wins
  • Flat ₹20 across all segments; ₹10 on paid packs
  • BSDA makes AMC ₹0 for small holders
  • Low DP charge; all products in one app
Where it lags
  • AMC billed monthly (unless BSDA-waived)
  • App polish and support trail the top tier
  • Delivery isn't free
Our verdict: a genuine budget all-rounder — best value once you switch on BSDA to zero out the AMC. Read full 5paisa review
8
ICICI Direct
Best 3-in-1 bank account
✓ Tested
3-in-1Bank trustResearch-heavySeamless funds
Opening
₹0
AMC
₹300 → ₹700
DP charge
~₹20
Delivery
to 0.55%
Intraday
₹20 Neo
F&O
₹20 Neo

If you already bank with ICICI, ICICI Direct's 3-in-1 account is the smoothest experience in India: bank, demat and trading linked so tightly that funds settle instantly and you never manage a UPI mandate. Its flagship prices are full-service (delivery up to 0.55%), but the iValue / Neo plan brings flat ₹20 intraday and F&O in line with discount brokers. You're paying for trust, research and integration — not the lowest fee.

Field note — what we found The 3-in-1 convenience is real — during a fast-moving morning, not having to fund a wallet was genuinely useful. But on the default plan, delivery brokerage dwarfed everything else; only after moving to the flat-fee Neo plan did the numbers become competitive. If you go ICICI, go Neo, and budget for the AMC (₹700 regular, less on some plans).
Where it wins
  • Best-in-class 3-in-1 integration for ICICI customers
  • Deep research, advisory and product range
  • Bank-grade trust and support network
  • Flat ₹20 F&O on the Neo plan
Where it lags
  • Default delivery brokerage is expensive (up to 0.55%)
  • Higher AMC than discount brokers
  • Best value only on the right plan
Our verdict: the 3-in-1 to beat if you bank with ICICI — pick the Neo plan and it's genuinely competitive. Read full ICICI Direct review
Also tested

Six more demat accounts worth knowing

These rounded out our testing — strong in specific situations, even if they didn't top the overall list.

9
HDFC Securities
Best bank-backed research
✓ Tested
3-in-1 with HDFCDeep researchOpening ₹0AMC ₹300–750

The full-service arm of India's largest private bank. If you bank with HDFC, the 3-in-1 integration and heavyweight research are the draw — delivery runs around ₹25 or a percentage, and AMC is plan-based (₹300–₹750). Our testing found the research genuinely useful and the platform solid, but the cost only makes sense if you value the bank relationship over the lowest fee.

Best for existing HDFC customers who want research and trust.Compare full-service brokers
10
Kotak Securities
Best for under-30s
✓ Tested
Kotak NeoFree delivery under 303-in-1BSDA AMC relief

Kotak's Neo platform runs a standout offer: ₹0 brokerage on delivery for investors under 30, plus flat ₹20 F&O. Tie that to a Kotak bank account and you get 3-in-1 convenience too. AMC is on the higher side (~₹600) unless BSDA relief applies. For a young investor already in the Kotak ecosystem, the free-delivery age offer is genuinely worth having.

Best for young investors who bank with Kotak — the under-30 free-delivery offer is real.Kotak vs m.Stock
11
Motilal Oswal
Best for HNI & research depth
✓ Tested
Full-serviceAdvisory & PMSResearch reportsRelationship manager

A traditional full-service house with some of the most respected equity research in India, plus PMS and advisory for larger portfolios. Delivery is percentage-based (around 0.20–0.40%) and AMC is ~₹400, so it's built for investors who want a relationship manager and research rather than the cheapest trade. Overkill for a small passive portfolio; valuable for an HNI who uses the advisory.

Best for HNIs who actually use research and advisory.More on Motilal Oswal
12
Sharekhan
Best legacy full-service
✓ Tested
Since 2000Classroom educationOffline branchesPercentage brokerage

One of India's oldest retail brokers (now under Mirae Asset), Sharekhan pairs a wide branch network with well-known investor education. Brokerage is percentage-based (delivery ~0.30–0.50%), AMC ~₹400 with the first year often free. The platforms feel dated next to Kite or Dhan, but for investors who want a physical branch and hand-holding, the legacy is the point.

Best for investors who want branches and guidance over app polish.Read Sharekhan review
13
Punch Trade
Best for chart-first scalpers
✓ Tested
₹1 flat brokerage₹0 AMCChart-to-orderActive traders

A specialist trading app built around a single-screen, chart-to-order workflow with a flat ₹1 per order across segments, ₹0 opening and ₹0 AMC. For high-frequency and scalp traders the ₹1 pricing is unbeatable. It's not a general-purpose demat account though — no mutual funds or IPOs yet, and (at time of testing) Android only. Pair it with a broader account rather than making it your only one.

Best as a low-cost second account for active F&O and scalp traders.Read Punch Trade review
14
Alice Blue
Best for low-brokerage API traders
✓ Tested
₹0 AMC optionFree deliveryFree API / algoLow margins

A discount broker popular with the algo crowd for its free API access and low-cost structure — ₹0 AMC on the standard plan, free delivery, and ₹15 flat on other segments. The platform is more utilitarian than Zerodha or Dhan, but for a cost-conscious trader who wants programmatic access without a subscription, Alice Blue punches above its profile.

Best for algo/API traders who want free programmatic access on a budget.Read Alice Blue review
What you'll actually pay

The same investor, three different bills

The "cheapest" demat account depends entirely on how you use it. We ran three realistic profiles through the real charges. The winner changes each time.

These are illustrative annual costs — brokerage plus AMC plus DP charges, ignoring statutory taxes that every broker charges identically. They're meant to show the shape of the cost, not a precise quote.

Profile Cheapest pick Why
Priya — SIPs into 5 stocks monthly, sells once a year Groww / m.Stock She barely trades, so AMC is 90% of her cost. ₹0-AMC accounts cost her almost nothing to hold.
Rahul — swing trader, ~10 delivery sells a month Zerodha Free delivery + the lowest DP charge we measured (~₹15) means his ~120 sells a year cost far less than at a ₹20-DP broker.
Amit — active F&O, 100+ orders a month Dhan / Punch Trade Brokerage dominates. Flat ₹20 (or Punch Trade's ₹1) per order beats percentage plans by a wide margin over a year.
Field note — the maths that surprised us Running Rahul's profile, the DP charge gap mattered more than the AMC. Twelve sells a month at a ₹20-DP broker is ~₹2,880 a year in DP charges alone; at Zerodha's ~₹15 it's ~₹2,200 — a ₹680 saving that quietly dwarfs Zerodha's ₹300 AMC "disadvantage." For active sellers, the DP charge is the number to optimise, not the headline AMC.

The lesson from every profile: match the account to your behaviour. Hold-and-forget investors should hunt for ₹0 AMC. Frequent sellers should hunt for a low DP charge and free delivery. Active derivatives traders should hunt for the lowest flat brokerage. Nobody should choose on the headline number alone.

Pick by profile

Best demat account for every kind of investor

Straight answers to the "which demat account for ___" questions we get most, based on the testing above.

Beginners
Groww

Simplest app, ₹0 opening, ₹0 lifetime AMC. The gentlest place to open a first demat account.

Long-term / SIP investors
m.Stock

True ₹0 lifetime AMC and free delivery — the cheapest account to simply own shares for a decade.

Intraday traders
Zerodha

Rock-solid Kite platform and transparent ₹20/0.03% intraday pricing when execution speed matters.

F&O / options traders
Dhan

Native TradingView, a fast options chain and ₹0 AMC — trader tooling without the trader price.

Scalpers / high frequency
Punch Trade

Flat ₹1 per order and a chart-to-order workflow. Unbeatable on cost per trade for very active traders.

IPO applications
Upstox / Zerodha

Smooth UPI-mandate IPO flows and fast application. Any account works, but these two are the frictionless ones.

Mutual funds
Zerodha Coin / Groww

₹0-commission direct mutual funds held alongside your stocks in one demat account.

3-in-1 (bank + demat + trade)
ICICI Direct

Tightest bank integration for instant funds. Best if you already bank with ICICI; pick the Neo plan.

Students & under-30s
Kotak Neo

₹0 delivery brokerage for investors under 30 — a rare genuine perk for young first-time investors.

Research & guidance
Angel One

Research, tips and AI advisory at discount pricing, with free delivery. Guidance without full-service fees.

HNIs & large portfolios
Motilal Oswal

Deep equity research, advisory and PMS for investors who want a relationship manager, not the cheapest trade.

Algo / API traders
Alice Blue / Dhan

Free API access and low-cost structures for programmatic and systematic traders on a budget.

Can you have more than one? Yes — you can hold multiple demat accounts across different brokers, and most active investors do: one ₹0-AMC account to hold long-term, one for active trading. Just avoid paying AMC on accounts you don't use — close the dormant ones or move them to BSDA.
Real situations

"Which demat account should I open?"

The picks above in context. Find the situation closest to yours — these are the exact conversations we have with friends and family.

Rahul, 24 — starting his first ₹2,000 SIP

Barely trades, wants zero fuss. Groww — ₹0 AMC, the simplest app, and he'll never pay to just hold his stocks and funds.

Sneha — applies to every good IPO

Needs a clean UPI-mandate flow and fast application. Upstox or Zerodha — both make IPO bidding frictionless; any account works, these are smoothest.

Amit — trades Bank Nifty options daily

Order count is huge, so brokerage is everything. Dhan or Punch Trade — flat ₹20, or ₹1 at Punch Trade, saves him thousands a year versus percentage plans.

Mr. Rao, 62 — retired, holds dividend stocks

Buys rarely, holds for years, hates recurring fees. m.Stock — true ₹0 lifetime AMC means his long-term holdings cost nothing to keep.

Divya — college student, ₹500 at a time

Tiny amounts, so flat fees hurt. Kotak Neo (₹0 delivery under 30) or Groww. Under-30 free delivery is a genuine edge here.

Kavya — homemaker investing household savings

Wants safe, simple, and no surprise charges. Groww on BSDA — clean app, ₹0 AMC, and BSDA keeps it that way under ₹4 lakh.

Vikas — business owner, invests lump sums occasionally

Irregular activity, long holds. m.Stock or Zerodha — ₹0 (or low) AMC and free delivery suit sporadic, buy-and-hold investing.

Neha — swing trader, ~10 delivery sells a month

Sells often, so DP charge is the silent cost. Zerodha — free delivery plus the lowest DP charge we measured adds up over a year.

Arjun — wants stock tips and research

New-ish, likes guidance before buying. Angel One — research and AI advisory at discount pricing, with free delivery.

The Mehtas — already bank with ICICI

Value instant funds and one login. ICICI Direct 3-in-1 (Neo plan) — tightest integration; Neo keeps F&O at a flat ₹20.

Ishaan — builds trading algos

Needs free API and low margins. Alice Blue or Dhan — free programmatic access without a monthly subscription.

A parent opening an account for a child

Wants a minor demat for long-term gifting. Zerodha or a bank broker that supports minor accounts — guardian-operated, no F&O or intraday allowed.

Our methodology

How we tested these demat accounts

So you can judge the source. This is what "tested" means on this page — and what it doesn't.

Over several months, our research team opened and funded demat accounts across the discount and full-service brokers listed here. We completed each KYC ourselves, placed real delivery, intraday and F&O orders, sold holdings to trigger DP charges, and read every contract note and consolidated account statement line by line. Where a charge is marked "~", it's the figure we observed or that the broker publishes officially; exact amounts vary by state stamp duty, gender (CDSL charges differ marginally) and plan.

We prioritised the charges that ordinary investors actually feel — AMC, DP charges, delivery brokerage — over headline claims. Every figure in the comparison table was cross-checked against the broker's official pricing page as of June 2026. When our testing contradicted popular listings — as with Groww's non-free delivery and Upstox's ₹20/0.1% delivery — we went with what the broker's own calculator confirmed, not the internet consensus.

What this isn't: we are not a SEBI-registered adviser, and none of this is a recommendation to buy or sell securities. Brokers change plans frequently, so treat every number as accurate-at-time-of-writing and verify the current rate before you open an account. Our rankings are independent; where we link to a broker we may earn a referral commission, but that does not change the order or the verdicts — the ₹0-AMC accounts we rate highest are not the ones that pay the most.

Step by step

How to open a demat account online

With Aadhaar-based KYC, opening a demat account in 2026 is a 15–30 minute job, done entirely on your phone. Here's the flow.

Choose your broker and plan

Pick from the accounts above based on how you invest. If your holdings will stay under ₹4 lakh, ask for a BSDA at this stage to get ₹0 AMC.

Start the application with PAN & Aadhaar

Enter your PAN and your Aadhaar-linked mobile number on the broker's site or app. An OTP to that number kicks off paperless KYC.

Complete KYC and upload documents

Provide bank proof (a cancelled cheque or statement), a photo, and your signature on blank paper. Add income proof only if you want F&O access.

Do the video / in-person verification (IPV)

A short video KYC step — read a code on screen or record a clip — satisfies the regulator's in-person verification requirement.

eSign with Aadhaar OTP

Digitally sign the application using an Aadhaar OTP. No printing, no courier — this replaces the old wet-signature forms entirely.

Add a nominee and activate

Add at least one nominee — don't skip this. Once verified (usually 24–48 hours), you'll get your Client ID and can start investing.

Do not skip the nominee. Adding a nominee at opening is the single most-ignored, most-important step. Without one, your family faces a long legal process to claim your holdings if anything happens to you. It takes thirty seconds during opening and saves your loved ones months of paperwork later.
Avoid these

Mistakes we see beginners make

The errors that cost real money or real hassle — every one of them avoidable.

Costs you yearly

Chasing "zero brokerage" only

A ₹0-brokerage account can still cost you via AMC and DP charges. Look at the whole bill, not the one number the ad shows.

Leaves money on the table

Never opting for BSDA

Small investors who don't request BSDA pay full AMC needlessly. Under ₹4 lakh holding, it should be ₹0.

Multiplies fees

Opening five accounts, using one

Every dormant demat account can still charge AMC. Keep what you use; close or BSDA the rest.

Risks your holdings

Skipping the nominee

No nominee means a painful legal claim process for your family. Add one at opening — always.

Inflates DP charges

Dribbling out sells

Selling a position across several days triggers a DP charge each day. Sell in one order where you can.

Causes confusion

Mixing up demat and trading

The demat holds shares; the trading account places orders. Fund the trading account — the demat just stores what you buy.

From the testing desk

Seven tips that save you money

  • Opt for a BSDA the moment your holdings are (and will stay) under ₹4 lakh — it zeroes your AMC.
  • Consolidate holdings in one demat account instead of scattering shares across several.
  • Add a nominee at account opening, and keep the details updated.
  • Go fully digital — opt out of physical statements and DIS booklets to avoid small recurring fees.
  • When selling, close a full position in one order to minimise per-day DP charges.
  • Run two accounts if you're active: a ₹0-AMC account to hold long-term, a low-brokerage one to trade.
  • Check that your broker credits corporate actions — dividends, bonuses, splits — automatically (all the majors here do).
Answered from the testing desk

Demat account FAQs

The questions we get asked most — on charges, safety, opening an account and the account types nobody explains — answered in plain English.

Demat account basics
What is a demat account?

A demat (dematerialised) account holds your shares and securities in electronic form. It works like a locker for your investments and is required to buy and hold stocks, ETFs and bonds in India.

Is a demat account the same as a trading account?

No. A demat account holds your shares, while a trading account places buy and sell orders on the exchange. Most brokers bundle both as a single 2-in-1 account.

Do I need a demat account to invest in mutual funds?

Not necessarily — mutual funds can be held in statement form without demat. But a demat account lets you keep stocks, ETFs and mutual fund units together in one place.

Can I have more than one demat account?

Yes, you can hold multiple demat accounts across different brokers (but not two with the same depository participant). Many investors keep one account to hold long-term and another to trade actively.

What are CDSL and NSDL?

CDSL and NSDL are India's two depositories — they actually hold your shares electronically. Your broker is only a Depository Participant that connects you to one of them.

What is a Depository Participant (DP)?

A DP is the broker or bank, registered with CDSL or NSDL, that opens and services your demat account. It acts as the link between you and the depository.

What can I hold in a demat account?

You can hold shares, ETFs, bonds, government securities, sovereign gold bonds and mutual fund units — all in electronic form in a single demat account.

What is dematerialisation?

Dematerialisation is converting old physical share certificates into electronic form held in your demat account. It costs around ₹150 per certificate and is only relevant for pre-1996 paper shares.

Charges & fees
What are the charges on a demat account?

The main charges are account opening, annual maintenance charge (AMC), DP charges on every sell, and brokerage per trade — plus statutory taxes like STT, GST and stamp duty.

What is AMC in a demat account?

AMC is the Annual Maintenance Charge — a yearly fee to keep your demat account open, whether or not you trade. It ranges from ₹0 to about ₹750 depending on the broker.

What are DP charges?

DP charges are a flat fee of roughly ₹13–20 plus GST per company, per day, levied when you sell shares — regardless of quantity or value. They apply on the sell side only.

Which demat account has zero AMC?

Groww, m.Stock, Dhan and Alice Blue offer ₹0 AMC, and Angel One waives it for the first year. Zerodha and 5paisa become ₹0 AMC under BSDA for small holdings.

What is a BSDA?

A Basic Services Demat Account (BSDA) charges ₹0 AMC for holdings up to ₹4 lakh and a reduced AMC up to ₹10 lakh. It is meant for small investors with a single demat account.

Is equity delivery free on all demat accounts?

No. Delivery is free at Zerodha, Angel One, Dhan and m.Stock, but Groww and Upstox charge ₹20 or a small percentage per order. Always check the current delivery charge.

Which demat account has the lowest brokerage?

Punch Trade at ₹1 per order and m.Stock at ₹5 are the lowest. Most discount brokers charge a flat ₹20 per order across segments.

Are there hidden charges in a demat account?

Yes — call and trade fees, auto square-off charges, pledge and unpledge fees, and physical statement charges. Each is small, but they add up if you are not aware of them.

Is opening a demat account free?

At almost every discount broker and most bank brokers, account opening is free (₹0). You should never pay an opening fee for a basic demat account.

Do I pay charges if I don't trade?

Yes — the AMC still applies every year even if you never trade. To avoid it, choose a ₹0-AMC broker or opt for a BSDA if your holdings are small.

How can I reduce demat account charges?

Opt for a BSDA, pick a ₹0-AMC broker, sell full positions in one order to cut DP charges, and go fully digital to avoid physical statement fees.

What is the GST on demat charges?

GST of 18% applies on brokerage and on DP and transaction charges. It is shown separately on your contract note.

The best account for your goal
Which is the best demat account in India?

Zerodha is the best all-round demat account. Groww is best for beginners, m.Stock for zero AMC, Dhan for traders, and ICICI Direct for a 3-in-1 bank account.

Which is the best demat account for beginners?

Groww is the best demat account for beginners — the simplest app, ₹0 account opening and ₹0 lifetime AMC, so it costs nothing to hold your investments.

Which is the best demat account for long-term investors?

m.Stock or Groww, because both offer ₹0 lifetime AMC. For a buy-and-hold investor, a zero AMC keeps the cost of simply owning shares near zero.

Which is the best demat account for intraday trading?

Zerodha for its stable Kite platform, and Dhan or Punch Trade for the lowest cost per trade. Intraday is charged around ₹20 per order at most discount brokers.

Which is the best demat account for F&O and options?

Dhan is best for options tools and a fast options chain, while Punch Trade wins on cost at ₹1 per order. Both keep AMC at ₹0.

Which is the best demat account for IPO?

Upstox or Zerodha, thanks to their smooth UPI-mandate IPO application flow. Any demat account can apply for IPOs, but these two are the most frictionless.

Which is the best 3-in-1 demat account?

ICICI Direct if you bank with ICICI, because the bank, demat and trading accounts are tightly integrated. HDFC Securities and Kotak are strong 3-in-1 alternatives.

Discount or full-service broker — which is better?

A discount broker is better for low cost and self-directed investing. A full-service broker suits investors who want research, advisory and a relationship manager, at higher brokerage.

Opening & documents
How do I open a demat account?

Open it online in 15–30 minutes: enter your PAN and Aadhaar-linked mobile, complete KYC, do a short video verification, eSign with an Aadhaar OTP, and add a nominee.

What documents are needed to open a demat account?

You need PAN, Aadhaar linked to your mobile, bank proof (cancelled cheque or statement), a photo and signature. Income proof is required only for F&O access.

How long does it take to open a demat account?

Usually 24 to 48 hours after you complete video KYC and eSign the application. Fully paperless onboarding makes same-day activation possible with some brokers.

Can I open a demat account without a broker?

No. You open a demat account through a Depository Participant — a broker or bank — not directly with CDSL or NSDL.

Is a PAN card mandatory for a demat account?

Yes, a PAN card is mandatory to open any demat account in India. It is a core KYC requirement set by SEBI.

Can I open a demat account without income proof?

Yes for investing in stocks and mutual funds. Income proof is only needed if you want to enable futures and options (F&O) trading.

Safety & your holdings
Are demat accounts safe?

Yes. Your shares are held by SEBI-regulated depositories (CDSL and NSDL), not by the broker, and are ring-fenced from the broker's own finances.

What happens to my shares if my broker shuts down?

Your shares stay safe with CDSL or NSDL because the broker never holds them. You can transfer your holdings to another broker if needed.

Is my money safe with a discount broker?

Yes, if the broker is SEBI-registered. As good practice, keep spare funds in your own bank rather than leaving them idle with the broker.

Can someone steal shares from my demat account?

Only if they have your login credentials or OTP. Never share your password or OTP with anyone, and enable two-factor authentication to stay secure.

What is a Consolidated Account Statement (CAS)?

A CAS is a monthly statement from CDSL or NSDL showing all your holdings across every broker and mutual fund linked to your PAN.

Account types & transfers
Can NRIs open a demat account?

Yes. NRIs can open a repatriable demat account (linked to an NRE account) or a non-repatriable one (linked to NRO). Not all discount brokers offer NRI accounts.

Can a minor have a demat account?

Yes. A minor demat account is operated by a guardian until the child turns 18. Futures, options and intraday trading are not allowed in a minor account.

Can I open a joint demat account?

Yes, a demat account can have up to three holders. All holders must complete KYC and sign, and it is useful for holding family investments together.

How do I transfer shares between demat accounts?

Transfer shares online via CDSL Easiest or NSDL Speed-e, or with a Delivery Instruction Slip. Off-market transfers to your own account are usually tax-neutral.

How do I close a demat account?

Submit a closure request to your broker, online or by form. Closure is free, but clear any pending AMC dues first so they do not follow you.

What are corporate actions in a demat account?

Corporate actions are company events such as dividends, bonus shares, stock splits and rights issues. They are credited automatically to your demat account.

Can I pledge shares in my demat account?

Yes. Through margin pledge you can use your holdings as collateral for trading margin. A small pledge and unpledge fee of around ₹20 plus GST per scrip applies.

Your move

Open the demat account that actually fits you

We opened fourteen so you can confidently open one. Start with our overall pick — or practise with virtual money until you are ready to put real capital in.

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