Opening a Demat account is the gateway to the stock market, but it often comes with a set of fees. While most investors focus on “brokerage” (the fee for buying or selling), there’s a quieter, recurring cost that can eat into your profits over time: the Annual Maintenance Charge (AMC).
Think of AMC as a yearly subscription fee you pay to your broker (Depository Participant) simply for holding your securities in a Demat account. This fee is charged whether you trade once, a thousand times, or not at all.
For a long-term investor who buys and holds shares for years, or for a beginner starting with a small amount, a recurring fee of ₹300 to ₹800 per year can be a significant drag on their portfolio.
This is where “Zero AMC” Demat accounts come in. These accounts eliminate the annual fee, making them the perfect choice for cost-conscious investors. But not all Zero AMC plans are the same. Some are free for life, some are free for the first year, and some come with hidden conditions.
This article will explore the top 5 truly “Zero AMC” Demat account options available in India to help you save money and invest smarter.
Why is a Zero AMC Demat Account So Important?
Before we list the top brokers, let’s understand the impact of AMC:
- Impact on Long-Term Investors: Imagine you invest ₹50,000 in stocks and plan to hold them for 20 years. If your broker charges an AMC of ₹500 (including GST), you will pay ₹10,000 in fees over that period, regardless of your portfolio’s performance. This is a direct 20% erosion of your initial capital from fees alone. A Zero AMC account saves you this entire amount.
- Encouragement for Beginners: A new investor starting with ₹5,000 shouldn’t have to pay a ₹500 fee, which is a whopping 10% of their capital. Zero AMC removes this barrier to entry and encourages more people to start their investment journey.
- Ideal for Secondary Accounts: Many investors like to keep separate Demat accounts—one for active trading and one for their long-term “buy and forget” portfolio. A Zero AMC account is the perfect, cost-free solution for holding these long-term investments without any maintenance worries.
- For Dormant Accounts: If you decide to take a break from investing, a regular Demat account will keep charging you AMC. A Zero AMC account can lie dormant without costing you a single rupee.
The Top 5 ‘Zero AMC’ Demat Accounts in India
Here are the brokers who stand out for their compelling Zero AMC propositions.
1. Groww
- Overview: Groww has captured the imagination of new investors with its extremely simple, clean, and mobile-first platform. It started as a direct mutual fund platform and has successfully pivoted into a full-service discount broker, becoming one of the largest in India.
- The Zero AMC Plan: Groww’s offer is the most straightforward: Zero Account Opening Fees and Zero Lifetime AMC. There are no conditions, no fine print, and no “first year only” tricks. It’s free for life.
- Other Key Features:
- Brokerage: ₹0 (Zero) on all Equity Delivery trades (when you hold for more than a day).
- Intraday & F&O: Flat ₹20 per executed order.
- Platform: The Groww app is widely praised for its ease of use. It’s perfect for beginners who find traditional trading platforms intimidating.
- Ecosystem: Seamlessly integrates stocks, mutual funds, F&O, and now even US stocks, all in one app.
- Who is it for?This is the ideal choice for beginners, long-term investors, and mutual fund investors who are just starting their equity journey.
2. Paytm Money
- Overview: Leveraging the massive user base of the Paytm ecosystem, Paytm Money has positioned itself as a low-cost, high-tech brokerage. It aims to make investing accessible to everyone.
- The Zero AMC Plan: Like Groww, Paytm Money offers a Lifetime Zero AMC on your Demat account. It also has a Zero Account Opening Fee.
- Other Key Features:
- Brokerage: ₹0 (Zero) on Equity Delivery.
- Intraday & F&O: Their brokerage is often even lower than competitors, starting at a flat ₹15 or sometimes ₹10 per executed order, depending on the segment.
- Platform: The app is clean, fast, and integrates well with the main Paytm app for easy fund transfers.
- Insights: Provides a good amount of portfolio analysis, trade insights, and news integration.
- Who is it for?This is perfect for cost-conscious beginners and small-scale traders who want the lowest possible trading fees combined with Zero AMC. Existing Paytm users will find it extremely convenient.
3. m.Stock (by Mirae Asset)
- Overview: Backed by Mirae Asset, a global financial services giant, m.Stock brings a powerful and unique proposition to the table. This is not just another discount broker; it has institutional credibility.
- The Zero AMC Plan: m.Stock offers two choices. You can either pay a quarterly AMC or you can pay a one-time fee of ₹999 + GST. By paying this one-time fee, you get Lifetime Zero AMC.
- Other Key Features:
- Zero Brokerage Model: This is its main selling point. If you pay the ₹999 one-time fee, you also get Zero Brokerage for LIFE across all segments—Equity Delivery, Intraday, F&O, Currencies, and Commodities.
- Platform: A robust and feature-rich platform that is suitable for both beginners and active traders.
- Credibility: Being part of Mirae Asset offers a strong sense of trust and security.
- Who is it for?This is the ultimate account for active traders and high-frequency traders. While it requires an upfront payment, a trader who places just 50 trades a year (at ₹20/order) would save ₹1000, making this plan pay for itself almost instantly.
4. Kotak Securities (Trade Free Youth Plan)
- Overview: Kotak Securities is the stockbroking arm of the trusted Kotak Mahindra Bank. As a full-service broker, it has adapted to the discount broking wave with a highly competitive plan.
- The Zero AMC Plan: Kotak offers a “Trade Free Youth” plan specifically for investors under the age of 30. This plan comes with Zero AMC for the first two years, and in many cases, it continues to be free if you are an active trader or maintain a certain relationship with the bank.
- Other Key Features:
- Zero Brokerage: The “Trade Free Youth” plan also offers Zero Brokerage across all segments, including Equity Delivery, Intraday, and F&O.
- Full-Service Perks: Unlike discount brokers, you get access to Kotak’s high-quality research reports, stock picks, and market analysis.
- 3-in-1 Account: Seamless integration with a Kotak Mahindra bank account for effortless fund transfers.
- Who is it for?This is unequivocally the best Demat account for any investor or trader under the age of 30. You get the best of both worlds: the zero-cost structure of a discount broker and the research & trust of a full-service bank.
5. Finvasia (Shoonya)
- Overview: Finvasia is a lesser-known but truly disruptive player in the Indian broking industry. Its “Shoonya” (meaning Zero) platform lives up to its name.
- The Zero AMC Plan: Finvasia offers Lifetime Zero AMC with no conditions and no one-time fees.
- Other Key Features:
- Truly Zero Brokerage: This is their biggest differentiator. Finvasia charges ₹0 (Zero) Brokerage on EVERYTHING. This includes Equity Delivery, Intraday, F&O, Commodities, and Currencies. There is no flat fee, no subscription, and no one-time payment.
- No Hidden Fees: They also charge zero account opening fees and zero clearing fees.
- Platform: Their trading platform, Shoonya, is robust and provides advanced tools, though it may not be as aesthetically simple as Groww for a total beginner.
- Who is it for?This account is for the ultimate cost-saver and high-volume options trader. Anyone who wants to eliminate all brokerage and maintenance costs and is comfortable using a platform that is more functional than flashy will find Finvasia to be the perfect choice.
Comparison: Top 5 Zero AMC Demat Accounts
| Broker | AMC Status | How to Get It | Brokerage (Equity) | Brokerage (Intraday/F&O) | Best For |
| Groww | Lifetime Free | Standard Offer | ₹0 | Flat ₹20 | Beginners, Long-Term Investors |
| Paytm Money | Lifetime Free | Standard Offer | ₹0 | Flat ₹15 (or less) | Cost-Conscious Beginners |
| m.Stock | Lifetime Free | Pay One-Time ₹999 Fee | ₹0 (with plan) | ₹0 (with plan) | Active Traders, F&O Traders |
| Kotak Sec | Free (Youth) | Be under 30 years old | ₹0 (with plan) | ₹0 (with plan) | Investors/Traders under 30 |
| Finvasia | Lifetime Free | Standard Offer | ₹0 | ₹0 | Ultimate Cost-Savers, F&O Traders |
The “First Year Free” Trap: What to Watch Out For
Be careful when you see advertisements for “Zero AMC.” Many brokers, such as Angel One and Upstox, frequently run promotions for a “First Year Free” AMC.
This is a great introductory offer, but you must remember that from the second year onwards, you will be charged the standard AMC (e.g., ₹240 + GST). This is not a bad deal, but it is not the same as the “Lifetime Zero AMC” offered by the brokers listed above.
Always read the “Demat Tariff Sheet” or the pricing page on the broker’s website before signing up to understand the exact fee structure.
Final Verdict: Which Zero AMC Account is Right for You?
- For the absolute Beginner or Long-Term “Buy & Hold” Investor: Groww is the best choice. Its combination of a simple interface and lifetime Zero AMC is unbeatable.
- For the Active Trader who Hates Fees: m.Stock is the clear winner. The one-time ₹999 fee to eliminate all brokerage and AMC for life is a phenomenal deal.
- For the Investor Under 30: Stop looking and go for Kotak Securities (Trade Free Youth). You get zero fees plus bank-grade research.
- For the Ultimate Cost-Conscious Trader: Finvasia (Shoonya) is technically the cheapest of all, offering zero brokerage and zero AMC without any upfront fee.
Choosing a Zero AMC account is a smart financial decision that will save you thousands of rupees over your investment lifetime.
Disclaimer: All information provided here is for educational purposes only and based on data available as of 2025. Offers, fees, and plans are subject to change. Please visit the official website of the stockbroker and verify all details before opening an account.