All the apps say that they are the cheapest, fastest and easiest and all the ads are the same. However, the account that works well for a first time SIP investor might not work for the options trader and vice versa. Rather than listing the most popular apps, this guide explains the factors that are important, who they are most appropriate for, and how to make a list of potential apps.
Note: I am an individual trader who has traded with all these brokers. Based on my personal experience and the charges I have actually paid, I am writing this guide.
Top 10 Best Demat Accounts in India (2026)
These 10 brokers represent all the principle investor types from beginners to traders, bank linked investors to research investors. The order is not a ranking, as the best account for you will depend on the method you choose to invest. The charges displayed do not cover any statutory taxes or GST.
|
Broker |
Best for |
Demat AMC |
Delivery brokerage |
Intraday / F&O |
DP (sell) |
|---|---|---|---|---|---|
|
Zerodha |
Long-term investors |
Free in year 1, then ₹300 + GST |
₹0 |
₹20 or 0.03% |
~₹13.5–15.3 |
|
Groww |
Beginners |
₹0 |
Lower of ₹20 or 0.1% |
₹20 |
~₹20 (₹19.75 women) |
|
Dhan |
Options and active traders |
₹0 |
₹0 |
₹20 or 0.03% |
~₹12.5 (lowest) |
|
Upstox |
Frequent traders |
Free in year 1, then ₹300 + GST |
₹20 per order |
Lower of ₹20 or 0.05% |
Applies |
|
Angel One |
Research seekers |
~₹240 per year |
₹20 or 0.1% (min ₹5) |
₹20 |
~₹20 |
|
m.Stock |
Lowest long-term cost |
One-time fee for lifetime zero AMC |
₹0 |
~₹5 per order |
Low |
|
ICICI Direct |
ICICI bank customers |
₹700 (lower on some plans) |
~0.29% on default plan |
Plan-based |
~₹20–30 |
|
HDFC Sky |
HDFC bank customers |
Plan-based, verify |
Plan-based, verify |
Plan-based |
~₹25 |
|
Kotak Securities |
Kotak bank customers |
Plan-based, verify |
Plan-based, verify |
Plan-based |
~₹20 |
|
Motilal Oswal |
Research-led investors |
Free in year 1, then ~₹199 |
~0.20% |
Plan-based |
~₹20 or 0.025%, |
Top 10 Number Of Active Demat Accounts
|
Position |
Broker Name |
Active Clients |
|---|---|---|
|
1 |
Groww |
~1,33,47,000 |
|
2 |
Zerodha |
~68,00,000 |
|
3 |
Angel One |
~67,20,000 |
|
4 |
ICICIdirect |
~21,60,000 |
|
5 |
Upstox |
~18,70,000 |
|
6 |
Kotak Securities |
~13,95,446 |
|
7 |
HDFC Sky |
13,44,282 |
|
8 |
Dhan |
~11,00,000+ |
|
9 |
Motilal Oswal |
~9,10,868 |
|
10 |
m.stock |
2,18,110 |
1. Zerodha: Best for Long-Term Investors
Zerodha does not charge any brokerage on equity delivery trades, provides free D-Mutual funds on its Coin platform and account opening is also free. The AMC is at ₹300 per year along with 18% GST on the non-BSDA account and DP charges are ₹15.34 per stock sold. New resident individual accounts opened on or after 1 June 2026 get the first year of AMC free. Attention: No 3-in-1 is available with a bank.
2. Groww: Best for Beginners
The core of Groww is a clean and simple App which offers both stocks and mutual funds in a single platform. Its AMC is free and trades in delivery are at the lower of ₹20 or 0.1% per order. Beware of frequency of delivery trades as delivery is not free.
3. Dhan: Best for Options and Active Traders
Dhan offers ₹0 equity delivery brokerage along with a lifetime AMC and takes the minimum of ₹20 or 0.03% for intraday transactions, while charging ₹20 for every futures order. It is ideal for traders seeking speedy execution and robust charting features. Be cautious: the sophisticated instruments may be complex for first-time traders.
4. Upstox: Best for Frequent Traders
Upstox does not levy any AMC in the first year and then levies ₹300 plus GST for the non-BSDA accounts. Intraday is the minimum of ₹20 or 0.05% per order and delivery will be charged at ₹20 per order. It is a contemporary platform for frequent traders. Beware, free-delivery brokers are more affordable to buy-and-hold investors.
5. Angel One: Best for Research Seekers
Angel One is for investors looking for recommendations and market analysis in addition to the low flat fees. It charges about ₹240 a year for the demat account. Delivery fee is ₹20 or 0.1% per order (whichever is lesser) and the minimum is ₹5. Beware: The AMC and delivery fee goes together, so make sure to calculate yours!
6. m.Stock: Best for Lowest Long-Term Cost
m.The minimum order value for stock is ₹0 with ₹5 delivery charge and no AMC after a one-time activation fee. The current amount of that fee is indicated in the published figures as either ₹999 or ₹1,299 (plus GST). Beware: the initial fee is only justified if you use the account for years.
7. ICICI Direct: Best for ICICI Bank Customers
ICICI Direct offers a 3 in 1 account that allows you to have a bank, trading and demat account in one place, as well as a relationship manager and research support. The AMC is ₹700 per annum and on top of that, a default plan will expect 0.29% on delivery. Beware of this one, as it is the most expensive service here, unless you opt for a flat fee service.
8. HDFC Sky: Best for HDFC Bank Customers
HDFC Sky is a lower cost offering by discount broker, HDFC Securities with easy integration with bank. There are conflicting published sources on its AMC and delivery cost. One is ₹240 per year AMC and the other is zero AMC basic plan. Beware: Please read the official charge sheet before opening.
9. Kotak Securities: Best for Kotak Bank Customers
Kotak provides research and multiple plans with a 3 in 1 account that includes low flat fees on its Neo plan. The AMC is reported to be between ₹300 (plus GST) and ₹600 based on plan and source. Beware, however, of comparing plans as the prices vary greatly from one plan to another.
10. Motilal Oswal: Best for Research-Led Investors
Motilal Oswal is a full-service brokerage firm with a good reputation in research. The demat AMC is free for the initial year after which it costs ₹199 per year. The delivery brokerage is percentage based (around 0.20%) and options have a cost of ₹20 per lot.
Be cautious: flat-fee brokers will charge less than percentage-based brokers for large orders.
Please be aware that charges are subject to change. Before opening a broker account, verify the most up-to-date AMC, DP fees and brokerage charges on each broker's official charge page.
What Is a Demat Account, and Why Does Your Choice Matter?
In a demat account, the shares, ETFs, bonds and mutual fund units are kept in electronic format. The broker acts as your intermediary and your holdings are kept with a depository (CDSL or NSDL), regulated by the SEBI. Small fee and platform variations will add up over the years, since this account is going to be used for years.
There are seven factors that determine the best demat account.
Seven Factors That Decide the Best Demat Account
1. Annual Maintenance Charge (AMC)
This is the cost of maintaining the account. Some brokers do not charge anything, others may ask for some thousands of rupees per year plus GST. That equals over 20 years.
2. Brokerage Structure
Please verify delivery, intraday and F&O rates individually. There are free delivery trades and trades which have fixed fees or percentage fee per order from some brokers. These are important considerations for different kinds of investors: buy-and-holders and frequent traders.
3. DP Charges
Normally a flat DP fee per stock per day is charged on every sale of delivery shares irrespective of whether there is any brokerage or not. It is the cost that is just underutilized.
4. Platform Reliability
An ideal app remains stable throughout the volatile trading hours and simplifies the tax reporting, tracking and buying. Before making a commitment, try the demo or check out some user reviews.
5. Research and Education
Research reports, learning content and stock ideas are more useful to both beginners and full-service users than confident self-directed traders will be.
6. Customer Support
A quick response to payouts and failure to make a trade is critical. Check out chat, telephone and grievance facilities.
7. Safety and Regulation
Confirm a SEBI registration number, NSE/BSE membership and a depository participant ID. Your securities are held in your name – not the name of the broker.
Best Demat Account by Investor Type
Refer to this table to create a short list. Broker names are recommendations, not endorsements and pricing is subject to change; check the appropriate page for broker prices.
|
Investor type |
What to prioritise |
Brokers worth shortlisting |
|---|---|---|
|
Beginner / SIP investor |
Simple app, low or zero AMC, mutual funds and stocks in one place |
Groww, Zerodha |
|
Long-term buy-and-hold |
Low or free delivery brokerage, low AMC, tax reports |
Zerodha, Dhan |
|
Active trader / options |
Flat-fee brokerage, fast execution, charting tools |
Dhan, Zerodha, Upstox |
|
Research seeker / bank customer |
Research, advisory and a linked bank account |
ICICI Direct, HDFC Sky, Kotak Securities, Angel One |
If you invest in small amounts, at the same time, understand that you are eligible to have a Basic Services Demat Account (BSDA) that allows you to avail reduced AMC or even none at all for small holdings.
Discount Brokers vs Full-Service Brokers
|
Discount brokers |
Full-service / bank brokers |
|
|---|---|---|
|
Brokerage |
Flat and low |
Often percentage-based or plan-based |
|
AMC |
Frequently ₹0 or low |
Usually higher |
|
Research |
Limited, self-directed |
Extensive, often with relationship managers |
|
Bank link |
Mostly 2-in-1 |
Often 3-in-1 |
|
Best for |
Cost-conscious, confident investors |
Guidance seekers and existing bank customers |
The rule of thumb is this: As thetopstockbroker sums it up, the money saved is yours if you make your own choices, and it's a discount broker's if you don't. A full-service account might be worth its price if you're going to engage in research and phone support.
Mistakes to Avoid When Choosing
-
Picking on brokerage alone. A low headline rate can hide AMC and DP charges.
-
Following friends. Their trading pattern may be nothing like yours.
-
Skipping the app test. A confusing or laggy platform gets expensive fast.
-
Ignoring the charge sheet. Read the official fee page before you register.
-
Overlooking support. You will want a real person when something goes wrong.
You May Also like: Best Demat Accounts in India (2026): A Complete Guide for Investors
How to Open the Best Demat Account for You
The entire process can be finished through the Internet in less than 30 minutes.
-
Narrow down to 2 brokers based on the above criteria.
-
Register using your mobile phone & email address (OTP will be sent).
-
Fill in PAN and do e-KYC using Aadhaar.
-
Connect the account and have the signature uploaded.
-
Fill out the video verification (IPV) and e-sign.
For the protection of the family's right of access to funds, under SEBI's new nomination regime, new single-holder accounts must also include a nominee or formally opt out, therefore adding one on day one.
Final Verdict
The ideal demat account is the one that suits your investing style. Look for the factors listed above and add the AMC, brokerage and DP charges that are applicable to your pattern; verify the numbers on the broker's page; and choose the account that has low costs but high platform rating and support level.
Disclaimer: Broker features and charges change often, so verify them on official pages. This content is educational and not investment advice.