Best demat & trading accounts in India
8 top brokers compared on what actually costs you money — equity delivery & intraday brokerage, demat AMC and DP sell charges, verified as of Jun 2026.
By NexMaxo Editorial Team · Charges verified Jun 2026 · Standard published equity plans
Some “Open account” links are affiliate links — if you open an account through them we may earn a commission, at no extra cost to you. It never affects the order, which is set by a published cost rule, or the pros & cons. How we make money →
Quick picks
Different brokers suit different investors. Here's the short version.
Dhan
free delivery + ₹0 lifetime AMC
- Delivery
- ₹0 brokerage
- Demat AMC
- ₹0 lifetime (individuals/HUFs)
Groww
simple app, zero AMC
- Delivery
- ₹20 or 0.1%, lower (min ₹5)
- Demat AMC
- ₹0 lifetime (no AMC)
ICICI Direct
research + linked bank
- Delivery
- 0.29% (no cap)
- Demat AMC
- ₹700/yr standard (₹300/yr on opt-in iValue/Neo plans)
All 8 brokers compared
Equity charges only — statutory STT, exchange, SEBI, stamp duty & GST are identical across brokers, so only brokerage and DP charges differ.
| Broker | Delivery | Intraday | DP sell | Demat AMC | Open |
|---|---|---|---|---|---|
| Dhan | ₹0 brokerage | ₹20 or 0.03%, lower | ₹14.75 | ₹0 lifetime (individuals/HUFs) | Open |
| Zerodha | ₹0 brokerage | ₹20 or 0.03%, lower | ₹15.34 | ₹0 first year, then ₹300 + GST (₹354)/yr | Open |
| Groww | ₹20 or 0.1%, lower (min ₹5) | ₹20 or 0.1%, lower (min ₹5) | ₹23.6 | ₹0 lifetime (no AMC) | Open |
| Fyers | ₹20 or 0.3%, lower | ₹20 or 0.03%, lower | ₹14.75 | ₹0 (currently free | Open |
| Upstox | ₹20 per order | ₹20 or 0.1%, lower | ₹23.6 | ₹0 first year, then ₹300 + GST (₹354)/yr | Open |
| Angel One | ₹20 or 0.1%, lower (min ₹5) | ₹20 or 0.1%, lower (min ₹5) | ₹23.6 | ₹0 first year, then ₹60 + GST/quarter (~₹283/yr) | Open |
| 5paisa | ₹20 flat per order | ₹20 flat per order | ₹14.75 | ₹300/yr (₹75/quarter) | Open |
| ICICI DirectFull-service | 0.29% (no cap) | 0.029%/side (no cap) | ₹23.6 | ₹700/yr standard (₹300/yr on opt-in iValue/Neo plans) | Open |
Standard published equity plans, verified as of Jun 2026. Brokers run promos and opt-in plans that can change these — confirm on the official charges page (linked) before opening. DP sell is a per-scrip fee on every delivery sell, separate from brokerage.
Start investing in mutual funds
Open a free account with ICICI Prudential AMC and start an SIP online. · ICICI Prudential Mutual Fund, at no extra cost to you.
Each broker in detail
Dhan
Active F&O and intraday traders who want flat ₹20 pricing, free delivery, and free trading APIs.
Read full Dhan review- Free equity delivery brokerage, ₹0 account opening, and ₹0 lifetime AMC for individuals/HUFs
- Flat ₹20 (or 0.03%, lower) intraday and ₹20 per order F&O — among the cheapest for active traders
- Free DhanHQ trading APIs and TradingView integration at no extra charge, plus advanced options tools
- Modern, fast platform with option-chain analytics, scanners, and forever/GTT orders
- DP/demat debit charge of ₹14.75 per scrip on every delivery sell
- Call-and-trade (₹50/order + GST) and auto square-off (₹20/order + GST) carry extra fees
- No 3-in-1 account, no in-house research/advisory, no PMS, and no NRI trading account
- Newer broker with smaller scale and a thinner branch/support footprint than incumbents
- Account opening
- ₹0
- Demat AMC
- ₹0 lifetime (individuals/HUFs)
- DP sell / scrip
- ₹14.75
- Type
- Discount
Zerodha
Long-term, DIY investors who want free equity delivery, a clean fast app, and low flat-fee intraday/F&O without cross-selling.
Read full Zerodha review- Zero brokerage on equity delivery + flat ₹20-or-lower intraday/F&O — among the cheapest, fully transparent pricing
- Largest retail broker by active clients, with the well-regarded, stable Kite platform
- First-year demat AMC free and ₹0 online account opening; no pushy in-app cross-selling or relationship managers
- Strong ecosystem: free Varsity education, Console reporting, Coin for commission-free direct MFs, Kite Connect API
- No 3-in-1 account (no in-house bank); funds move via UPI/payment gateway rather than a linked savings account
- Kite Connect API is paid (≈₹500/mo); no built-in research, stock tips or analyst recommendations
- Call-and-trade and broker square-off orders cost an extra ₹50 per order
- Demat AMC of ₹300 + GST/yr from year two (non-BSDA); intraday isn't truly flat — 0.03% applies below ≈₹66,700 order value
- Account opening
- ₹0 (online individual)
- Demat AMC
- ₹0 first year, then ₹300 + GST (₹354)/yr
- DP sell / scrip
- ₹15.34
- Type
- Discount
Groww
Beginners and casual investors who want a simple, clean app with zero AMC and free direct mutual funds.
Read full Groww review- Zero account-opening fee and ₹0 lifetime demat AMC with no conditions
- Free direct mutual funds plus stocks, F&O, IPO and MTF in one clean, beginner-friendly app
- India's largest broker by active clients (~1.25 crore NSE-active), with TradingView charts and a Groww Lite backup portal
- Simple, transparent ₹20-or-0.1%-lower pricing that's easy for new investors to understand
- Equity delivery is NOT free — ₹20 or 0.1% (min ₹5), unlike Zerodha/Dhan which offer zero delivery brokerage
- No call-and-trade facility — no phone order placement if the app/web is down
- Documented platform outages (e.g. Aug 2024 order delays, Nov 2025 disruption) that can affect trades
- Lacks bracket/cover orders and deeper analytics, so it's less suited to active/pro traders; support is frequently criticised
- Account opening
- ₹0
- Demat AMC
- ₹0 lifetime (no AMC)
- DP sell / scrip
- ₹23.6
- Type
- Discount
Fyers
Active, chart-focused traders who want TradingView-grade charting and free APIs; less ideal for buy-and-hold delivery.
Read full Fyers review- Free account opening and ₹0 demat AMC (currently), with no charge on MF and IPO investments
- TradingView-native charting on Fyers Web plus FYERS One desktop terminal and Insta Options
- Free, well-documented trading API and FYERS Automate for rule-based/algo strategies (no API subscription fee)
- Low DP sell charge of ₹14.75 per scrip — among the lowest of the major discount brokers
- Equity delivery is no longer free — ₹20 or 0.3% (lower) since 1 Oct 2024, so small delivery trades pay 0.3%
- Call & Trade costs ₹50 + GST per order — among the highest of the discount brokers
- ₹0 AMC is a limited-period offer, not a permanent lifetime-free commitment
- Customer-support response times are reported as inconsistent, and the platform can overwhelm beginners
- Account opening
- ₹0
- Demat AMC
- ₹0 (currently free
- DP sell / scrip
- ₹14.75
- Type
- Discount
Upstox
Active intraday/F&O traders who want a fast modern app and API, and don't mind ₹20 flat on delivery.
Read full Upstox review- Flat, predictable pricing: ₹20 per order on delivery, ₹20-or-0.1%-lower intraday, ₹20 flat on options
- Fast, modern Upstox Pro platform with TradingView charts plus a well-documented trading/developer API
- Free account opening and zero AMC in the first year; large, established Tiger Global-backed broker
- Quick fully-digital onboarding — account typically active the same day
- Equity delivery is NOT free — ₹20 per executed order, unlike Zerodha/Dhan-style zero-delivery brokers
- Demat AMC of ₹300/yr + GST from the second year (non-BSDA)
- DP charge of ₹23.60 per scrip on every delivery sell
- No NRI accounts; phone/call-and-trade support is limited and chargeable; slowdowns reported in high-volatility sessions
- Account opening
- ₹0
- Demat AMC
- ₹0 first year, then ₹300 + GST (₹354)/yr
- DP sell / scrip
- ₹23.6
- Type
- Discount
Angel One
Cost-conscious investors and intraday/F&O traders who want a flat-fee broker with a big all-in-one app and a free algo API.
Read full Angel One review- Free equity delivery for the first 30 days, then capped at ₹20/order; flat ₹20-or-0.1%-lower intraday and F&O
- ₹0 account opening and ₹0 AMC in year one; BSDA keeps AMC at ₹0 for holdings under ₹4 lakh
- Free SmartAPI for algo trading with no monthly subscription
- Full-service breadth: one of the largest brokers by active clients, covering equity, F&O, commodities, MF, IPOs and research
- Delivery isn't permanently free — after 30 days it costs up to ₹20/order (min ₹5)
- DP charge of ₹23.60 per scrip on every delivery sell
- AMC of ₹60 + GST per quarter (~₹283/yr) from year two (non-BSDA)
- Cross-selling pressure from relationship managers (insurance/PMS), occasional app slowdowns in peak volatility, and no GTT orders
- Account opening
- ₹0
- Demat AMC
- ₹0 first year, then ₹60 + GST/quarter (~₹283/yr)
- DP sell / scrip
- ₹23.6
- Type
- Discount
5paisa
Cost-conscious traders who want flat ₹20 across all segments in one no-frills app, and don't need free delivery.
Read full 5paisa review- Flat ₹20 per order on equity delivery, intraday, F&O, commodity and currency — simple and low
- Zero account-opening fee; mutual-fund (direct/regular) and IPO applications are free
- Broad segment coverage on one platform (equity, F&O, MCX, currency, MF, IPOs) plus an Xstream API
- Optional subscription packs (Power Investor ₹599/mo ~₹10/order, Ultra Trader ₹1199/mo ₹0 delivery) for high-volume users
- Equity delivery is NOT free on the default plan — ₹20 per order
- Demat AMC of ₹300/yr (₹75/quarter) on the standard plan
- Call & Trade and margin-shortfall orders carry a ₹20 + GST charge per order
- Support quality is frequently criticised and branch presence is limited; lowest rates need paid monthly packs
- Account opening
- ₹0
- Demat AMC
- ₹300/yr (₹75/quarter)
- DP sell / scrip
- ₹14.75
- Type
- Discount
ICICI Direct
Existing ICICI Bank customers who value a seamless 3-in-1 account and full-service research, and don't mind high percentage brokerage on the default plan.
Read full ICICI Direct review- Seamless 3-in-1 account integrating ICICI Bank savings, demat and trading for instant fund transfers
- Full-service: extensive in-house research, advisory, IPOs, mutual funds, bonds, NCDs across segments
- Free account opening and the backing/scale of one of India's largest, most established brokers
- Opt-in plans (iValue ₹299, Prime tiers) cut costs sharply to flat ₹20 intraday/F&O and delivery as low as 0.07%
- Default MoneySaver plan is expensive: 0.29% delivery and 0.029%/side intraday vs discount brokers' flat ₹20 / free delivery
- Percentage brokerage with no cap means large-value delivery orders incur very high charges
- AMC of ₹700/yr on the standard plan is high; the ₹300/yr rate needs a paid add-on plan
- Cheaper rates are locked behind one-time paid plans; call-and-trade adds ~₹50/order
- Account opening
- ₹0
- Demat AMC
- ₹700/yr standard (₹300/yr on opt-in iValue/Neo plans)
- DP sell / scrip
- ₹23.6
- Type
- Full-service
How we rank these
We list brokers by a transparent all-in cost rule, not by any commercial arrangement: brokers with free equity delivery and ₹0 lifetime demat AMC first, then flat-fee discount brokers, then full-service brokers (which charge percentage brokerage). Every charge is the standard published equity rate taken from each broker's official page and verified as of Jun 2026. We don't assign star ratings we can't defend — instead we show the real numbers and each broker's genuine pros & cons so you can decide. Our methodology · how we make money.
Opening a demat account — FAQs
Pick a broker above and apply on its site with your PAN, Aadhaar (for e-KYC), a bank account proof and a photo/signature. The process is fully digital — Aadhaar-based e-KYC verifies you in minutes and most accounts are active the same or next working day. There's no charge to open an account with any broker listed here.
AMC (annual maintenance charge) is a yearly fee to keep your demat account active. Among the brokers here, Groww and Dhan charge ₹0 lifetime AMC; Zerodha, Upstox and Angel One waive it in year one and then charge roughly ₹300 + GST/year. A BSDA (Basic Services Demat Account) can keep AMC at ₹0 for small holdings.
A discount broker (Zerodha, Upstox, Groww, Dhan, etc.) charges a low flat fee — or ₹0 — per trade and leaves the decisions to you. A full-service broker like ICICI Direct adds in-house research, advisory and a 3-in-1 bank-demat-trading account, but typically charges percentage brokerage, which is far more expensive on large delivery orders.
A DP (depository participant) charge is a small fixed fee — about ₹13–24 per scrip — debited every time you SELL shares from your demat account. It's separate from brokerage, so even a "zero-brokerage" delivery broker still charges it. It's a flat per-scrip fee regardless of quantity, set by the broker and the depository (CDSL/NSDL).
Your shares aren't held by the broker — they sit in your name with the depositories (CDSL/NSDL), so they're safe even if the broker has problems. All brokers here are SEBI-registered and exchange members, and the exchanges run an Investor Protection Fund. Always keep your login secure and verify holdings in the CDSL/NSDL statement, not just the broker app.
This is an informational comparison of published charges, not investment advice or a recommendation to open any specific account. Charges are standard equity plans verified as of Jun 2026; brokers change pricing and run promotions, so confirm the current rates on the official charges page before opening. Investing in securities carries market risk.