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Best Demat Accounts in India
Chahat Awasthi,Aashika Jain
Contributor,Editor
Updated: Apr 23, 2024
A demat account (dematerialization account) enables seamless and secure buying and selling of shares, bonds, government securities, mutual funds, and exchange-traded funds (ETFs). It eliminates the risks of handling and maintaining physical shares and documents.
Find the top demat accounts available in India to help you choose the one that suits you best.
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- Featured Partners
- 7 Best Demat Accounts in India
- Best Demat Account In India
- Zerodha
- Upstox
- Kotak Securities
- ICICI Direct
- Groww
- Axis Direct
- Motilal Oswal Demat Account
- Comparison of Best Demat Accounts
- Documents Required to Open a Demat Account
- Bottom Line
Featured Partners
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BlackBull Markets
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Listed On Deloitte Fast 50 index, 2022 Best Global FX Broker – ForexExpo Dubai October 2022 & more
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Trade 26,000+ assets with no minimum deposit
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On BlackBull Market’s secure website
7 Best Demat Accounts in India
- Zerodha
- Upstox
- Kotak Securities
- ICICI Direct
- Groww
- Axis Direct
- Motilal Oswal Demat Account
Best Demat Account In India
FEATURED PARTNER OFFER
Zerodha
4.7
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Account Opening Charges
INR 200
Annual Maintenance Charge
INR 500
Brokerage
Equity delivery: No brokerage; Equity intraday: INR 20/order or 0.03%, whichever is lower
Account Opening Charges
INR 200
Annual Maintenance Charge
INR 500
Brokerage
Equity delivery: No brokerage; Equity intraday: INR 20/order or 0.03%, whichever is lower
Why We Picked It
Zerodha offers users advanced charts and a learning app called Zerodha Varsity. The platform helps users trade and do their research. A Zerodha app called Coin can also help users trade mutual funds directly.
Pros & Cons
- Zero brokerage for equity delivery trades
- Low brokerage for other segments
- Direct mutual fund investments via Coin
- High account opening and maintenance charges
- Covers only the Indian market
FEATURED PARTNER OFFER
Upstox
4.6
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Account Opening Charges
INR 0
Annual Maintenance Charge
INR 0
Brokerage
Equity Intraday: INR 20/order or 0.05%, whichever is lower; Equity Delivery: INR 20 or 2.5%, whichever is lower
Account Opening Charges
INR 0
Annual Maintenance Charge
INR 0
Brokerage
Equity Intraday: INR 20/order or 0.05%, whichever is lower; Equity Delivery: INR 20 or 2.5%, whichever is lower
Why We Picked It
Upstox is more in the category of Zerodha. It provides a 3-in-2 account with demat, savings, and trading accounts. One of the biggest strengths of the account is the zero annual maintenance and account opening charges. The account also allows trading from anywhere in the world.
Notably, non-resident Indians and HUDs can open an account with Upstox by filling out forms and sending them to the company. They also have the convenience of opening an account online.
Pros & Cons
- Zero asset management charges
- Zero account opening and maintenance charges
- Allows trading from any location in the world
- NRIs and Hindu Undivided Families (HUFs) cannot open an online account
- Additional charges are applied if users do not square off intraday orders
FEATURED PARTNER OFFER
Kotak Securities
4.5
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Account Opening Charges
INR 150
Annual Maintenance Charge
INR 0 to INR 100
Brokerage
Equity Intraday: INR 0; Equity Delivery: INR 0 to INR 0.31%
Account Opening Charges
INR 150
Annual Maintenance Charge
INR 0 to INR 100
Brokerage
Equity Intraday: INR 0; Equity Delivery: INR 0 to INR 0.31%
Why We Picked It
Kotak Securities offers a 3-in-1 savings, trading, and Demat account. The account has a margin trading facility and provides analysis and recommendations for trades. It is particularly beneficial for small investors. Kotak Securities offers 0 brokerages on intraday trades, INR 20 per order for carrying forward F&O trades, and 0.25% charges for equity and commodity delivery.
Pros & Cons
- 3-in-1 trading, savings and demat account
- Market analysis and recommendations
- Margin trading facility
- High equity delivery brokerage charges of 0.25%
- Dealer-assisted brokerage plans are expensive
- Brokerage is better for people under 30 years of age
FEATURED PARTNER OFFER
ICICI Direct
4.4
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Account Opening Charges
INR 0
Annual Maintenance Charge
INR 300 to INR 700
Brokerage
Future Trading: Nil; Options Trading: INR 20; Intraday, Commodities, and Currency Trading: INR 20
Account Opening Charges
INR 0
Annual Maintenance Charge
INR 300 to INR 700
Brokerage
Future Trading: Nil; Options Trading: INR 20; Intraday, Commodities, and Currency Trading: INR 20
Why We Picked It
ICICI Direct is a good bet for low-volume traders and an excellent demat account for existing ICICI bank customers. The interface is customizable according to user needs, giving it an edge over most other accounts. Several plans are offered, and users can choose whatever best fits their needs again.
It’s worth noting here that ICICI is a full-service broker that allows investors to invest in fractional shares in the global market and provides advisory services to its users/clients.
Pros & Cons
- Full-service broker
- Market insights and market research
- No minimum balance required
- High annual maintenance charge
FEATURED PARTNER OFFER
Groww
4.3
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Account Opening Charges
INR 0
Annual Maintenance Charge
INR 0
Brokerage
Equity Intraday: 0.025%; Equity Delivery: 0.1%
Account Opening Charges
INR 0
Annual Maintenance Charge
INR 0
Brokerage
Equity Intraday: 0.025%; Equity Delivery: 0.1%
Why We Picked It
Groww’s app can be downloaded for free, and an account can be opened with zero maintenance charges. There are no hidden fees, and Groww’s demat account has one of the most transparent pricing policies.
It’s also important to note that while Groww does not charge transaction costs, brokerage and taxes must be paid for stocks. The company charges a flat fee for stock trades.
Pros & Cons
- No account opening charges
- No maintenance charges
- Instant online account opening process
- Allows for purchase of U.S. equities, ETSs and FDs
- It does not allow trading in commodities and currency
- No research reports and market analysis offered on stock trading
FEATURED PARTNER OFFER
Axis Direct
4.2
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Account Opening Charges
INR 0
Annual Maintenance Charge
INR 0 for the first year, then INR 750 per annum (Axis Bank customers); INR 350 for the first year, then INR 750 per annum (Non-Axis Bank customers)
Brokerage
Intraday and Futures: 0.03% to 0.50%; Delivery: 0.25% to 0.50%
Account Opening Charges
INR 0
Annual Maintenance Charge
INR 0 for the first year, then INR 750 per annum (Axis Bank customers); INR 350 for the first year, then INR 750 per annum (Non-Axis Bank customers)
Brokerage
Intraday and Futures: 0.03% to 0.50%; Delivery: 0.25% to 0.50%
Why We Picked It
Axis Direct offers users a three-in-one trading, demat, and savings account solution for a seamless stock investing experience. It provides users with market ideas and monitored investment solutions in companies with excellent performance. It also helps users diversify their investments across mega, large, mid, and small companies.
Pros & Cons
- Nil account opening charges
- NI account maintenance charges for the first year to its customers
- High annual account opening and maintenance charges
FEATURED PARTNER OFFER
Motilal Oswal Demat Account
4.1
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
Account Opening Charges
Nil
Annual Maintenance Charges
Free for first year, then INR 199 per annum
Brokerage
Intraday and Futures: 0.02% ; Delivery: 0.20%
Account Opening Charges
Nil
Annual Maintenance Charges
Free for first year, then INR 199 per annum
Brokerage
Intraday and Futures: 0.02% ; Delivery: 0.20%
Why We Picked It
Motilal Oswal offers trading across equity, futures, options, commodities, currencies, IPOs, and mutual funds under one platform. Users can also get dedicated advisory assistance for trading. Nonetheless, the platform supplies users with trading strategies to suit their risk profile.
Pros & Cons
- Nil account opening charges
- Trading across all exchanges
- Maintenance charges are free for only first-year.
Comparison of Best Demat Accounts
| Demat Account | Company – Logo | Forbes Advisor India Rating | Forbes Advisor Rating | Account Opening Charges | Annual Maintenance Charge | Brokerage | Learn More CTA text | Learn more CTA below text | Learn More |
|---|---|---|---|---|---|---|---|---|---|
| Zerodha |  | 4.7 |  | INR 200 | INR 300 |
| View More | ||
| Upstox |  | 4.6 | | INR 249 | INR 150 |
| View More | ||
| Kotak Securities |  | 4.5 | | INR 0 | INR 600 |
| View More | ||
| ICICI Direct |  | 4.4 | | INR 0 | INR 300 |
| View More | ||
| Groww |  | 4.3 | | INR 0 | INR 0 |
| View More | ||
| Axis Direct |  | 4.2 |  | INR 0 | INR 350 for the first year, then INR 750 per annum |
| View More | ||
| Motilal Oswal Demat Account |  | 4.1 |  | INR 0 | Free for first year, then INR 199 per annum |
| View More |
Technical details are accurate as of June 1, 2024.
Documents Required to Open a Demat Account
You will need to submit the following documents to open a demat account:
Passport-size photographs
Proof of identity: PAN card, Aadhaar card, passport, voter ID card, or driving license, etc.
Proof of address: Ration card, passport, voter ID card, driving license, bank passbook, or electricity bill.
Proof of bank account: Name of the bank, account number, or a canceled cheque.
Bottom Line
There are many demat account options available in India. Most good accounts also provide traders with desirable features such as e-learning options, low brokerage, and advanced tools such as charts for analysis. However, only some features are helpful for some traders. Preferences for accounts would change based on the type of trading done and specific individual needs.
Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
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Which demat account is best?
The best demat account is usually a personal preference, depending on the daily and long-term trades. For a beginner trading in the domestic market, Zerodha could be a great choice, considering the charges applicable.
Which bank’s demat account has the lowest brokerage?
ICICI Direct charges nothing for futures trading. Kotak Securities offers zero brokerage for intraday trades for people under 30. The bank also charges 0.25% for equity delivery. Reviewing these accounts’ different brokerage plans is usually worth ensuring you pick one that fits your bill perfectly.
Can I open a demat account for free?
Yes, several demat accounts can be opened for free, such as Kotak Securities demat account and Groww account.
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