For anyone looking to invest in the Indian stock market, opening a Demat account is the mandatory first step. A Demat (or Dematerialized) account holds your shares, bonds, mutual funds, and other securities in an electronic format. Think of it as a bank account, but for your investments.
With the massive surge in retail participation in India, the number of stockbrokers offering Demat services has exploded. This competition is great for investors, as it has led to lower fees, better technology, and more user-friendly platforms.
But with so many options, how do you choose the “best” one?
The truth is, the “best” Demat account is subjective and depends entirely on your needs. Are you a high-frequency trader who needs a rock-solid platform and low fees? Or are you a long-term investor who values simplicity and zero maintenance charges?
This article will break down the top 10 Demat accounts in India, highlighting their features, fee structures, pros, and cons to help you make an informed decision.
How to Choose the Best Demat Account for You
Before we dive into the list, here are the key factors you must consider:
- Brokerage Charges: This is the fee you pay on every trade (buy or sell). Many “discount brokers” now offer zero brokerage on equity delivery (when you hold shares for more than a day). However, they all charge a flat fee (e.g., ₹20) for intraday trading and F&O (Futures & Options).
- Annual Maintenance Charges (AMC): This is a yearly fee for maintaining your account. Many brokers waive this for the first year or offer a lifetime “Zero AMC” plan.
- Account Opening Fees: A one-time fee to open your account. Most brokers have made this zero to attract new customers.
- User Interface (UI) & Platform Stability: This is crucial. A clean, fast, and easy-to-use trading app (like Kite, Groww, or Angel One) makes a huge difference, especially for beginners. Platform stability is vital for traders to avoid losses during market volatility.
- Customer Support: When you have a problem with your funds or trades, you need quick and effective help. Check reviews for a broker’s customer support quality (call, email, chat).
- Products Offered: Does the broker offer everything you need? This includes stocks, mutual funds, IPOs, F&O, commodities, and currency trading. Some platforms also offer access to US stocks.
- Research & Advisory: Traditional brokers (like ICICI Direct, HDFC Sec) provide detailed research reports and stock tips. Discount brokers usually don’t, focusing on platform technology instead.
Top 10 Demat Accounts in India (2025)
Here’s a look at the leading stockbrokers in India, categorized by discount and full-service models.
Part 1: The Discount Brokers (Low Fees, High Tech)
Discount brokers have revolutionized the Indian market. They are ideal for investors and traders who are self-directed and prioritize low costs and a great user experience.
1. Zerodha (Kite)
- Overview: Zerodha is India’s largest discount broker and is widely credited with starting the low-brokerage revolution. Its “Kite” platform (web and mobile) is considered one of the best in the industry for its speed, simplicity, and features.
- Fees:
- Equity Delivery: ₹0 (Zero)
- Intraday & F&O: Flat ₹20 per executed order.
- AMC: ₹300 per year.
- Pros:
- Excellent, stable, and fast trading platform (Kite).
- Transparent and simple fee structure.
- Vast ecosystem of products like Coin (for direct mutual funds), Varsity (for investor education), and Sensibull (for options trading).
- Cons:
- AMC is not zero.
- Customer support can be slow during peak market hours.
- Does not provide stock tips or research reports.
- Best for: Beginners, active traders, and long-term investors.
2. Groww
- Overview: Starting as a direct mutual fund platform, Groww has rapidly evolved into a full-fledged stockbroker. Its primary strength is its incredibly simple and clean user interface, making it a favorite among new investors.
- Fees:
- Equity Delivery: ₹0 (Zero)
- Intraday & F&O: Flat ₹20 per executed order.
- AMC: ₹0 (Zero)
- Pros:
- Extremely easy-to-use interface, perfect for beginners.
- Zero account opening fees and zero AMC.
- Seamlessly integrates stocks, mutual funds, and F&O in one app.
- Cons:
- Fewer advanced trading tools compared to Zerodha.
- Platform is newer and has faced stability issues in the past during high volatility.
- Best for: Beginners and mutual fund investors who are starting their stock journey.
3. Angel One
- Overview: Angel One successfully transitioned from a traditional, full-service broker to a modern, tech-first discount broker. It has a massive client base and a feature-rich platform.
- Fees:
- Equity Delivery: ₹0 (Zero)
- Intraday & F&O: Flat ₹20 per executed order.
- AMC: ₹0 for the first year, then ₹240 per year (often waived for certain plans).
- Pros:
- Provides some research reports and advisory (ARQ Prime), blending discount and full-service models.
- Good platform for traders with tools like SmartAPI.
- Strong network and presence across India.
- Cons:
- The app can feel bloated or slightly complex for absolute beginners compared to Groww.
- Best for: Traders and beginners who want some research guidance without high fees.
4. Upstox (RKSV)
- Overview: Backed by prominent investors like Ratan Tata, Upstox is another major discount broker known for its technology. It competes directly with Zerodha and offers a clean trading experience.
- Fees:
- Equity Delivery: ₹0 (Zero)
- Intraday & F&O: Flat ₹20 per executed order.
- AMC: Varies, but often has “Zero AMC” offers running.
- Pros:
- Fast and intuitive trading platform.
- Offers good charting tools (TradingView and ChartIQ).
- Simple pricing structure.
- Cons:
- Customer service reviews are mixed.
- Best for: Tech-savvy traders and investors.
5. 5Paisa
- Overview: Backed by IIFL, 5Paisa is a value-for-money discount broker. It aims to be the lowest-cost option and attracts users with its all-in-one account and low-fee subscription packs.
- Fees:
- All Segments: Flat ₹10 – ₹20 per order (depending on the subscription pack).
- AMC: ₹300 per year (often waived if you have a subscription pack).
- Pros:
- Can be cheaper than other brokers for active traders (with its ₹10/order plan).
- Provides some basic research and market analysis.
- Cons:
- The platform is generally considered less refined than Kite or Groww.
- The subscription pack model can be confusing for some.
- Best for: Cost-conscious active traders.
6. Paytm Money
- Overview: An extension of the Paytm ecosystem, Paytm Money offers a very low-cost structure. It’s trying to capture the market with its massive user base and simple interface.
- Fees:
- Equity Delivery: ₹0 (Zero)
- Intraday & F&O: Flat ₹15 per executed order (lower than most).
- AMC: ₹0 (Zero)
- Pros:
- Extremely low brokerage for F&O and Intraday.
- Zero AMC.
- Clean interface for new users.
- Cons:
- A newer player, so its platform stability is still being tested at scale.
- Limited advanced features for pro-traders.
- Best for: Beginners and existing Paytm users who want a simple, low-cost account.
Part 2: The Full-Service Brokers (Bank-Based)
These are typically run by major banks. They offer “3-in-1” accounts (Bank + Trading + Demat), which provides seamless fund transfers. They are known for excellent research, but their brokerage is traditionally much higher.
7. ICICI Direct
- Overview: One of India’s largest and most trusted full-service brokers, backed by ICICI Bank. It offers a 3-in-1 account, making moving funds effortless.
- Fees:
- Brokerage: Varies. Has percentage-based plans (e.g., 0.55%) and newer “Neo” plans (flat ₹20) to compete with discount brokers.
- AMC: ₹700 per year (often waived for the first year).
- Pros:
- Excellent, award-winning research and advisory.
- Seamless 3-in-1 account integration.
- Wide range of products, including global investments.
- Cons:
- The traditional brokerage plan is very expensive.
- The trading platform can feel complex and dated compared to discount brokers.
- Best for: Investors who need strong research and advisory and prefer the security of a large bank.
8. HDFC Securities
- Overview: Backed by HDFC Bank, this is another top-tier full-service broker offering a 3-in-1 account. It is known for its reliability and strong research.
- Fees:
- Brokerage: Similar to ICICI, has high percentage-based plans but has also introduced discount plans (e.g., ₹20/order) for new clients.
- AMC: ₹750 per year (approx.).
- Pros:
- Strong brand trust and reliability.
- High-quality research reports.
- Easy fund transfer with an HDFC bank account.
- Cons:
- High brokerage on standard plans.
- The trading platform is not considered as user-friendly as its new-age competitors.
- Best for: HDFC Bank customers and high-net-worth individuals (HNIs) who rely on research.
9. Kotak Securities
- Overview: Kotak’s brokerage arm offers a 3-in-1 account and has adapted well to the changing market. It launched a “Trade Free” plan, making it a strong competitor.
- Fees:
- Brokerage: Offers a “Trade Free” plan (zero brokerage for all segments) for investors under 30. For others, it’s a flat ₹20 per order.
- AMC: ₹0 for the first year.
- Pros:
- Excellent “Trade Free” plan for young investors.
- Good research and market insights.
- Strong integration with Kotak Bank.
- Cons:
- The “Trade Free” plan is age-restricted.
- Best for: Young investors (under 30) and Kotak Bank clients.
10. Sharekhan
- Overview: One of the oldest and most respected names in broking, now owned by BNP Paribas. Sharekhan maintains a strong physical presence across India for in-person support.
- Fees:
- Brokerage: Traditional percentage-based brokerage, which is high.
- AMC: ₹400 per year.
- Pros:
- Excellent customer support and a vast network of physical branches.
- Provides in-depth research and financial planning services.
- Robust trading platform (TradeTiger) for desktop.
- Cons:
- Very high brokerage fees compared to discount brokers.
- Not ideal for small traders or investors.
- Best for: Investors who want in-person guidance, relationship managers, and strong research.
Comparison: Top Demat Accounts
| Broker | Type | Brokerage (Equity) | AMC (Annual) | Best For |
| Zerodha | Discount | ₹0 | ₹300 | All-round (Traders, Investors) |
| Groww | Discount | ₹0 | ₹0 | Beginners, MF Investors |
| Angel One | Discount | ₹0 | ₹0 (1st Year) | Beginners & Traders |
| Upstox | Discount | ₹0 | Varies (Often ₹0) | Tech-Savvy Traders |
| 5Paisa | Discount | ₹10 – ₹20 (Plan-based) | ₹300 | Cost-conscious Traders |
| Paytm Money | Discount | ₹0 | ₹0 | Low-Cost Beginners |
| ICICI Direct | Full-Service | ₹20 (Neo Plan) | ₹700 | Research-focused Investors |
| HDFC Sec | Full-Service | ₹20 (New Plans) | ₹750 | HDFC Bank Customers |
| Kotak Sec | Full-Service | ₹0 (Under 30) | Varies | Young Investors (Under 30) |
| Sharekhan | Full-Service | High (% based) | ₹400 | In-person Support |
Final Verdict: Which Demat Account is Best for YOU?
As we said at the start, there is no single “best” account. Your choice depends on your profile.
- If you are a Beginner: Go for Groww or Zerodha. Groww is simpler, while Zerodha’s ‘Varsity’ app is the best education resource.
- If you are an Active Trader: Zerodha is the top choice due to the stability and speed of its Kite platform. Angel One and Upstox are also strong contenders.
- If you are a Long-Term Investor: Groww or Paytm Money (with Zero AMC) are excellent, as you won’t pay fees for holding your investments.
- If you need Research and Guidance: Choose a bank-broker like ICICI Direct or HDFC Securities and opt for their discount brokerage “Neo” plans.
Disclaimer: All information provided here is for educational purposes only and is not financial advice. Brokerage charges, AMCs, and offers are subject to change. Please visit the official website of the stockbroker and verify all details before opening an account.