Best Demat Account in India 2026: Top 10 Brokers Compared

A demat account can look “free” until the first year is over or until you sell a holding. That is where AMC, DP charges and delivery brokerage start to matter.

So we have not treated free account opening as the deciding factor; we have looked at what a typical investor is likely to pay over time.

For this comparison, we checked current tariff pages and then asked three practical questions: what does it cost to hold investments, what does it cost to buy or sell them, and what sort of user is the account actually built for? The tables below cover opening charges, AMC, delivery brokerage, intraday and F&O pricing, DP debits, platform experience and research/support.

For a buy-and-hold investor, Zerodha is still the easiest place to start because delivery brokerage is ₹0 and the tariff is easy to follow.

Dhan is unusually good value for someone who trades actively but also keeps delivery holdings, while Groww remains a comfortable first account for many beginners.

If bank integration matters more than squeezing every rupee of cost, ICICI Direct and HDFC SKY deserve a closer look.

A sensible starting point

For a typical long-term investor, start with Zerodha; for an active trader who also keeps delivery holdings, look closely at Dhan; and for a first account, Groww remains one of the easiest interfaces to learn.

The rest of the list is more use-case driven: Angel One for research/tools, Upstox for trading features, ICICI Direct or HDFC SKY for bank integration, Kotak Neo for low-cost active plans, and Mirae Asset Sharekhan or Motilal Oswal when full-service research and support are worth paying for.

Top 10 Demat Accounts in India 2026 – At a Glance

The figures below are for typical resident-individual accounts and standard/currently promoted plans as of the verification date.

Taxes and statutory charges are extra. Some brokers have multiple plans, so always confirm the tariff sheet before opening an account.

* Zerodha first-year AMC waiver applies to resident individual accounts opened on or after 1 June 2026. Upstox advertises no AMC for the first year for eligible newly onboarded users; later charges follow its tariff. **

Angel One’s introductory brokerage waiver is capped and time-limited; normal pricing applies afterwards.

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How We Compared the Accounts

Rather than score a broker on the offer shown on its home page, we looked at the costs that repeat and the costs that appear when you actually sell.

Recurring AMC, delivery brokerage and DP charges therefore carry more weight than a one-time opening discount. Platform usability, product breadth, support and pricing transparency make up the rest.

For the complete broker-level review framework, see Finec’s stock broker evaluation methodology.

Demat Account vs Trading Account – What Is the Difference?

A demat account and a trading account work together, but they do different jobs. The demat account is the electronic record in which eligible securities are held through a Depository Participant (DP) connected to CDSL or NSDL.

The trading account is the account used to place buy and sell orders on the stock exchange through your broker.

For a broader, execution-focused comparison, read Finec’s best trading account in India guide.

Best Demat Account by Use Case

1. Zerodha – Best Overall Demat Account for Long-Term Investors

Zerodha remains the strongest overall fit for many long-term equity investors because its genuine equity-delivery brokerage for retail individuals is ₹0, while its pricing structure is comparatively easy to audit.

The trade-off is that a non-BSDA demat account is not permanently AMC-free.

Who it suits: Long-term investors, ETF investors and users who want a mature, low-cost investing ecosystem.

The numbers that matter

• Account opening: ₹0 for resident individual online accounts.
• Equity delivery: ₹0 brokerage for retail individuals.
• Intraday and equity futures: 0.03% or ₹20 per executed order, whichever is lower.
• Options: ₹20 per executed order.
• AMC: first year free for resident individual accounts opened on/after 1 June 2026; non-BSDA standard is ₹300/year + GST thereafter.
• DP debit: ₹13 + GST per scrip/day (₹15.34 including GST at 18%).

The catch is AMC after the first year if you do not qualify for BSDA. And ₹0 delivery brokerage is not the same as a zero-cost trade: statutory levies still apply, and a DP debit charge can appear when you sell.

2. Dhan – Best Value for Active Traders Who Also Invest

Dhan is unusually competitive on the demat side because it combines ₹0 account opening, ₹0 AMC and ₹0 equity-delivery brokerage with a published DP charge of ₹12.50 + GST.

Its product suite is especially trading-oriented, including TradingView-based execution and a dedicated options platform.

Who it suits: Active traders and options users who also keep a meaningful delivery portfolio.

Cost profile

• Account opening, AMC and platform fee: ₹0 for the standard individual offering.
• Equity delivery, ETFs, IPO and mutual-fund transactions on the platform: ₹0 brokerage as published by Dhan.
• Equity intraday/MTF: ₹20 or 0.03% of trade value per executed order, whichever is lower.
• Equity/commodity futures and options: ₹20 per executed order.
• DP debit: ₹12.50 + GST per instruction/ISIN under current pricing.

The trade-off here is not really price; it is fit. Dhan is built around active trading, so a first-time investor who wants a quieter, simpler interface may prefer a less trader-heavy app even if it costs a little more.

3. Groww – Best Demat Account for Beginners

Groww is easy to understand: account opening is ₹0 and AMC is ₹0.

That makes it attractive to a new investor who does not want a recurring demat fee.

The important correction is that equity delivery is not zero-brokerage: Groww charges the lower of ₹20 or 0.1% of trade value per executed equity order, with a minimum charge of ₹5 in normal cases.

Who it suits: First-time and occasional investors who value a clean interface and no AMC more than the absolute lowest delivery brokerage.

Charges in plain English

• Account opening: ₹0.
• AMC: ₹0.
• Equity delivery and intraday: lower of ₹20 or 0.1% per executed order, minimum ₹5 (subject to the regulatory cap for very small trades).
• F&O: ₹20 per order.
• DP debit for sell value of ₹100 or more: ₹20 + GST for male investors and ₹19.75 + GST for female investors; lower depository-only amount can apply below ₹100 because Groww waives its component.

Where Groww can get expensive is repeated delivery buying and selling. Brokerage applies on those equity orders, so an investor who transacts often should compare the annual rupee cost with a zero-delivery broker rather than stopping at the ₹0 AMC headline.

4. Angel One – Best All-Round Account for Research + Investing

Angel One offers an accessible app, research-oriented features and a broad market product set.

Its pricing is now closer to other per-order discount brokers than the old “lifetime free delivery” positioning.

After the introductory offer, delivery brokerage is the lower of ₹20 or 0.1% per executed order, with a ₹5 minimum.

Who it suits: Investors who want research and trading tools in the same ecosystem and are comfortable paying delivery brokerage.

Current charges

• Account opening: generally ₹0 for the current standard resident-individual digital offering.
• Introductory brokerage: published waiver/cashback up to a limit for the first 30 days; normal charges follow.
• Equity delivery and intraday: lower of ₹20 or 0.1% per executed order, minimum ₹5.
• F&O: ₹20 per executed order on the Plus plan.
• AMC: ₹0 in the first year; standard non-BSDA ₹60 + GST per quarter from the second year, charged after the first trade in the quarter.
• DP debit: ₹20 + GST per ISIN per transaction.

One point to be clear about: equity delivery is not permanently free. Also check the DP tariff if you tend to split sales into several transactions, because that can increase the demat cost.

5. Upstox – Best for Trading Tools with Simple Per-Order Pricing

Upstox is better judged as a trading-led account than a pure long-term-cost winner.

It offers useful charting/trading features and a simple per-order ceiling, but equity delivery itself costs ₹20 per executed order and its first-year AMC waiver should not be read as lifetime zero AMC.

Who it suits: Active equity and F&O users who care more about trading tools than about keeping delivery brokerage at zero.

Pricing snapshot

• Equity delivery: ₹20 per executed order.
• Equity intraday: ₹20 or 0.1% per executed order, whichever is lower.
• Equity futures: ₹20 or 0.05% per executed order, whichever is lower.
• Equity options: ₹20 per executed order.
• AMC: ₹0 for the first year for eligible newly onboarded accounts; tariff applies thereafter.
• DP debit: ₹20 + GST per scrip/day on delivery sells.

For a buy-and-hold investor, this is where the comparison changes. Upstox’s tools are useful, but the delivery brokerage and post-waiver AMC should be weighed against lower-cost alternatives before you decide.

6. ICICI Direct – Best Full-Service / 3-in-1 Demat Account

ICICI Direct is not trying to be the cheapest discount broker.

Its main advantage is the integrated banking, demat and trading ecosystem, along with research and service.

Pricing is plan-based: the default MoneySaver structure differs from iVALUE and Prime plans, so two ICICI Direct customers can pay very different rates.

Who it suits: Existing ICICI Bank customers and investors who are willing to pay more for a tightly integrated 3-in-1 setup and research/service.

Plan-dependent charges

• Account opening: ₹0 under the current digital offering.
• Standard AMC: ₹700 + applicable taxes from the second year; active iVALUE subscribers have ₹300 + GST AMC.
• iVALUE: one-time subscription and ₹20/order for equity intraday, futures, options and commodities; delivery remains linked to the customer’s delivery plan.
• Prime: delivery brokerage can be as low as 0.07% on the high-tier plan.
• Demat debit: CDSL ₹20 + GST per scrip/day; NSDL structure can charge ₹20 + GST on the first debit and ₹4 + GST on subsequent debit instructions in the same scrip/day.

The difficult part with ICICI Direct is not finding a low advertised rate; it is working out which plan you will actually use. Compare the annual cost of that exact plan, including AMC and demat debits, rather than using the lowest number on the pricing page.

7. HDFC SKY – Best for Users Who Want the HDFC Ecosystem

HDFC SKY is HDFC Securities’ discount-style platform and now has a much clearer value proposition than the older HDFC Securities product framing often seen in comparison pages.

It supports a 3-in-1 route with HDFC Bank and publishes straightforward account-opening/AMC and brokerage figures.

Who it suits: HDFC Bank customers who want banking integration without using a traditional percentage-brokerage interface.

Current HDFC SKY tariff

• Account opening: ₹0.
• AMC: ₹0 for the first year; then ₹20/month under current published pricing.
• Equity delivery: ₹20 or 2.5% of order value, whichever is lower.
• Equity intraday/futures: ₹20 or 2.5%, whichever is lower; options ₹20/order.
• Demat transaction charge: ₹20 under the published HDFC SKY demat tariff.
• 3-in-1 account: HDFC Bank savings + demat + trading available through the current journey.

The ₹20 headline needs context. AMC starts after the first year, and very small orders are affected by the percentage cap. If you mainly invest for the long term, compare the all-in cost with a zero-delivery alternative.

8. Kotak Neo – Best for Low-Cost Intraday and F&O Under Trade Free

Kotak Neo’s current Trade Free plan is particularly interesting for active traders: after the promotional first 30 days, cash intraday is ₹10 per order or 0.05% (whichever is lower), and carry-forward/intraday F&O is ₹10 per order.

Delivery, however, becomes 0.20% after the initial period.

Who it suits: Intraday and F&O traders who want a low per-order tariff and the Kotak research/platform ecosystem.

Trade Free pricing

• Trade Free cash intraday: ₹0 for the first 30 days, then ₹10/order or 0.05% per executed order, whichever is lower.
• Trade Free F&O/currency/commodity: ₹10 per order.
• Trade Free equity delivery: ₹0 for the first 30 days, then 0.20%.
• Trade Free Pro publishes a different delivery rate (0.10%) and subscription structure.
• AMC and DP charges can depend on the underlying DP/account tariff; verify the exact tariff shown during onboarding.

The ₹10 figure is easy to remember, but it is not a universal tariff. Kotak has more than one plan, and delivery brokerage becomes percentage-based after the introductory period, so the plan name matters as much as the broker name.

9. Mirae Asset Sharekhan – Best Full-Service Account for Research and Assisted Investing

Mirae Asset Sharekhan is a full-service choice.

It is materially more expensive on delivery brokerage than the leading discount brokers, but it bundles research, learning, branch/relationship support and Dial-N-Trade features that some investors genuinely value.

Who it suits: Investors who will actually use research, dealer/relationship support and a full-service setup.

What you pay

• Account opening: ₹0.
• AMC: ₹0 for the first year; ₹400 for non-BSDA clients thereafter under the current pricing page.
• Equity delivery: 0.30%.
• Equity intraday and futures: 0.02%.
• Equity options: current main pricing page lists ₹39/lot; offers/product pages can differ, so verify before trading.
• DP debit on sale via Mirae Asset Sharekhan: published as nil on the current pricing page; off-market/not-via-Sharekhan debits use a separate tariff.

This model makes sense only if you value the service layer. If you rarely use research or dealer support, the higher delivery brokerage is hard to justify against a discount broker.

10. Motilal Oswal – Best for Research / Advisory-Oriented Investors

Motilal Oswal combines a full-service research/advisory positioning with published standard brokerage of 0.20% for delivery, 0.02% for intraday/futures and ₹20 per lot for options on its current online account-opening material.

Demat AMC and DP charges can differ by account scheme, so the exact tariff requires more attention than at a flat-price discount broker.

Who it suits: Investors who want research, advisory and a “phygital” full-service relationship rather than a bare-bones execution account.

Published charges

• Account opening: current online campaign material promotes ₹0 digital account opening.
• Equity delivery: 0.20% published standard rate.
• Equity intraday/futures: 0.02% published standard rate.
• Options: ₹20 per lot published standard rate.
• AMC/administration and DP debit: scheme/offer dependent – confirm the tariff attached to your account-opening form.

If your only goal is to minimise recurring cost, Motilal Oswal is unlikely to be the first name on the list. The case for it rests on research and service, so read the tariff attached to your actual account rather than assuming one standard rate.

How to Choose the Best Demat Account for You

Instead of asking “Which broker is number one?”, start with the way you will actually use the account.

A long-term investor and a weekly options trader can rationally choose different brokers even when both have access to the same exchanges.

For a broader broker comparison beyond the demat account itself, see Finec’s Best Stock Broker in India. If the software experience is your priority, compare the Best Trading Apps in India.

Demat Account Charges Explained – What You Actually Pay

A “demat account charge” is not one single fee. The total cost of investing can include recurring account charges, brokerage and transaction-specific costs.

Understanding the difference prevents the most common comparison mistake: treating “free account opening” as “free investing”.

Finec has a separate step-by-step guide showing how brokerage, STT, GST and stamp duty are calculated on actual trades.

Why DP Charges Matter More Than Many Beginners Expect

Suppose you sell three different delivery holdings on the same day. If your broker levies a DP charge per scrip/day, you can pay the DP fee three times – even if each sale is small.

Some brokers instead apply the fee per sell transaction, which means splitting the same stock into multiple sell orders can create multiple DP charges. This is why DP pricing should be checked alongside brokerage.

What Is a BSDA and Who Gets Lower AMC?

A Basic Services Demat Account (BSDA) is a lower-cost demat facility designed for eligible individual investors with relatively small holdings.

Under the current framework, holdings up to ₹4 lakh attract no AMC; holdings above ₹4 lakh and up to ₹10 lakh can attract a maximum AMC of ₹100 a year; above ₹10 lakh, the account is not treated as BSDA and the regular tariff may apply.

SEBI further enhanced the BSDA framework through a December 2025 circular effective from 31 March 2026.

Depository Participants must reassess eligibility quarterly, and eligible accounts are to be treated as BSDA unless the beneficial owner actively chooses a regular account.

The revised rules also exclude specified categories such as delisted securities and Zero Coupon Zero Principal bonds from the threshold calculation.

Important

Broker tariff pages do not all update their BSDA explanatory text at the same speed. For the regulatory rule, prioritise SEBI/depository guidance over an old broker FAQ.

Is a “Free Demat Account” Really Free?

Usually, “free demat account” means the account-opening fee is ₹0. It does not automatically mean zero AMC, zero brokerage, zero DP charges or zero statutory costs.

For example, Dhan currently offers ₹0 opening, ₹0 AMC, and ₹0 equity-delivery brokerage, but a DP debit charge still applies to eligible sell/debit transactions.

Groww has ₹0 opening and ₹0 AMC, but charges brokerage on equity delivery.

Zerodha offers ₹0 delivery brokerage, but non-BSDA AMC applies after the first-year waiver for eligible new resident accounts. Those are three very different versions of “low cost”.

Is It Safe to Keep Shares in a Demat Account?

In India, a broker that offers demat services operates as a Depository Participant connected to a depository such as CDSL or NSDL.

Your securities holdings are recorded in the depository system through that DP; they aren’t just an informal entry in a broker’s app.

This is one reason you should always keep your mobile/email updated and review depository transaction alerts and the Consolidated Account Statement.

That does not make every broker identical. Platform reliability, complaint handling, cybersecurity, operational controls, support quality and tariff transparency still matter.

Before opening an account, verify the broker/DP registration details on the official website, and avoid sharing OTPs, TPINs, or login credentials with anyone.

A demat account also needs accurate succession records; our nomination rules guide explains the difference between a nominee and a legal heir.

How to Open a Demat Account in India

For most resident individuals, the process is now digital: choose a SEBI-registered broker/DP, enter your PAN and Aadhaar-linked details, complete KYC/IPV, link your bank account, choose the market segments you want, e-sign the forms and wait for activation.

Income proof is typically required when activating derivatives.

For the full document checklist and step-by-step onboarding process, use Finec’s How to Open a Demat & Trading Account in India – 2026 Guide.

How We Would Narrow the List

For a typical long-term equity investor, Zerodha remains the most straightforward all-round choice in this comparison: delivery brokerage is ₹0 and the tariff is relatively easy to audit.

Dhan is harder to ignore if you trade actively and still want zero delivery brokerage and zero AMC. Groww is a sensible first account for someone who values simplicity, provided they understand that equity delivery is not free.

Beyond those three, the decision becomes more about service model—bank integration, research, relationship support and trading tools—than about finding one universally “best” demat account.

If you want banking integration, ICICI Direct and HDFC SKY can be better choices even though they are not the absolute cheapest. If you value relationship support and research, Mirae Asset Sharekhan or Motilal Oswal may justify higher brokerage.

For active intraday/F&O users, Dhan, Upstox and Kotak Neo deserve closer comparison because trading tools and per-order costs can matter more than demat AMC.

The practical rule is simple: shortlist two or three brokers based on your use case, calculate your annual cost using your expected number of delivery sells and trades, then read the tariff sheet before submitting the account-opening form.

Frequently Asked Questions

Which is the best demat account in India in 2026?

For a typical long-term investor, Finec’s overall pick is Zerodha because equity delivery brokerage is ₹0 and the cost structure is transparent. Dhan is our pick for value/active traders, while Groww is a strong beginner choice. The best account still depends on how often you trade, whether you need research, and whether bank integration matters.

Which demat account is best for beginners?

Groww is one of the simplest beginner choices because it offers ₹ 0 account opening and AMC, and its interface is easy to understand. Zerodha and Angel One are also strong beginner options depending on whether you prioritise zero delivery brokerage or research/features.

Which demat account has zero annual maintenance charges?

Dhan and Groww currently publish ₹0 AMC for standard individual accounts. Other brokers may waive AMC for the first year or reduce it under BSDA. Always verify the current tariff because AMC policies can change.

Which brokers have zero equity-delivery brokerage?

Zerodha and Dhan currently offer ₹0 brokerage for standard retail individual equity delivery investing. This does not mean the entire transaction is free: statutory charges and DP/debit charges can still apply.

What are DP charges in a demat account?

DP charges are demat/depository debit charges generally levied when delivery securities are debited from your demat account, commonly when you sell holdings.

The basis can be per scrip/day or per transaction depending on the broker, so frequent small sell orders can make DP charges meaningful.

Can I have more than one demat account?

Yes. You can hold multiple demat accounts, but each account can have its own AMC and service terms. Multiple primary demat accounts can also affect BSDA eligibility, so keep only the accounts you need.

Is CDSL better than NSDL?

Both CDSL and NSDL are regulated depositories in India. For most retail investors, the better decision is usually the broker/DP, its tariff, platform and service rather than choosing solely on the depository name.

Do mutual funds require a demat account?

No. You can hold mutual fund units in a non-demat Statement of Account (SOA) form. Some platforms also allow mutual funds to be held in demat form, but a demat account is not inherently required to invest in mutual funds.

What is a BSDA?

A Basic Services Demat Account is a lower-cost demat facility for eligible individual investors. Under the current framework, up to ₹4 lakh of holdings can have zero AMC and holdings above ₹4 lakh up to ₹10 lakh can have AMC capped at ₹100 a year.

Can an NRI open a demat account in India?

Yes, subject to NRI KYC, banking and regulatory requirements. NRI account structures and brokerage can differ materially from resident accounts. See Finec’s dedicated NRI demat account comparison before choosing.

For NRI-specific account structures, compare the Best NRI Demat Accounts in India.

Editorial Note & Charges Disclaimer

This comparison is for general educational and informational purposes. It is not investment advice or a recommendation to buy or sell any security. Broker pricing, offers, account plans and regulatory charges can change.

Verify the latest official tariff, eligibility conditions and applicable taxes before opening or using an account.

Rankings are editorial and based on the methodology explained above; any commercial arrangement on the page should be disclosed separately and should not determine the ranking.

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Sources & Data Verification

The current article was cross-checked against primary or first-party sources on 7 October 2026.

• Google Search Central – Optimizing for generative AI features
• Google Search Central – AI features and your website
• SEBI – December 2025 BSDA enhancement circular
• CDSL – Investor Charter / BSDA
• Zerodha – Charges
• Zerodha – BSDA / AMC support
• Dhan – Pricing
• Groww – Pricing
• Angel One – Pricing / charges
• Upstox – Brokerage charges
• ICICI Direct – Brokerage plans
• HDFC SKY – Pricing
• Kotak Securities – Trade Free plan support
• Mirae Asset Sharekhan – Pricing
• Motilal Oswal – Online demat account / published brokerage