Best demat account in India
The demat account is just a depository holding for shares — every SEBI-registered broker offers one with either CDSL or NSDL. What actually differs is the broker that issues it: charges, app, support and ease of use. This list ranks demat-issuing brokers by NSE active clients (clients who traded at least once in the last 12 months) — the simplest objective measure of who Indian investors actually pick.
Ranked by NSE active client count from NSE monthly disclosures. Demat sits with CDSL or NSDL, not the broker — so the broker comparison is the meaningful one.
- #1
Groww serves 1.30 crore NSE active clients. Demat AMC: Rs 0 (no annual maintenance charges).
NSE active clients1.30 crore - #2
Zerodha serves 68.8 lakh NSE active clients, with free equity delivery. Demat AMC: First year free for new resident individuals; non-BSDA ₹300/year + GST from year 2; BSDA tiered (free up to ₹4 lakh).
NSE active clients68.8 lakh - #3
Angel One serves 67.4 lakh NSE active clients. Demat AMC: First year free; Rs 60 + GST per quarter from year 2 for non-BSDA accounts.
NSE active clients67.4 lakh - #4
ICICI Direct serves 21.0 lakh NSE active clients. Demat AMC: for individual accounts approximately Rs. 700 per annum (plan-dependent).
NSE active clients21.0 lakh - #5
Upstox serves 19.6 lakh NSE active clients. Demat AMC: Rs 0 first year; Rs 354/year (Rs 300 + GST) for non-BSDA thereafter.
NSE active clients19.6 lakh - #6
Kotak Securities serves 13.9 lakh NSE active clients. Demat AMC: 0 rupees on the Trade Free Youth plan.
NSE active clients13.9 lakh - #7
HDFC Securities serves 13.8 lakh NSE active clients. Demat AMC: about Rs 750 per year with first year free (third-party figures).
NSE active clients13.8 lakh - #8
SBI Securities serves 11.6 lakh NSE active clients. Demat AMC: waived in year 1 under subscription plans; standard DP AMC from year 2 (Rs 500/year under OIOP-3K).
NSE active clients11.6 lakh - #9
Dhan serves 10.5 lakh NSE active clients, with free equity delivery. Demat AMC: Rs 0 (lifetime zero AMC) for Individuals and HUFs.
NSE active clients10.5 lakh - #10
Motilal Oswal serves 9.0 lakh NSE active clients. Demat AMC: Free for the first year, then Rs 199 per year.
NSE active clients9.0 lakh
Best demat account in India — charges compared
| Broker | Account opening | Demat AMC | Delivery | Intraday | Options | Active clients |
|---|---|---|---|---|---|---|
| Groww | Rs 0 (free demat and trading account opening) | Rs 0 (no annual maintenance charges) | ₹20 / 0.1% (min ₹5) | ₹20 / 0.1% (min ₹5) | Flat ₹20 | 1.30 crore |
| Zerodha | Free for resident individual and minor accounts (online); NRI, Partnership/LLP/Corporate accounts ₹500; HUF free online / ₹500 offline | First year free for new resident individuals; non-BSDA ₹300/year + GST from year 2; BSDA tiered (free up to ₹4 lakh) | Free | ₹20 / 0.03% | Flat ₹20 | 68.8 lakh |
| Angel One | Zero (free) for resident trading and demat account opening | First year free; Rs 60 + GST per quarter from year 2 for non-BSDA accounts | ₹20 / 0.1% (min ₹5) | ₹20 / 0.1% (min ₹5) | Flat ₹20 | 67.4 lakh |
| ICICI Direct | Rs 0 (free) | Demat AMC for individual accounts approximately Rs. 700 per annum (plan-dependent) | 0.29% | 0.029% | Flat ₹49/lot | 21.0 lakh |
| Upstox | Rs 0 (free) | Rs 0 first year; Rs 354/year (Rs 300 + GST) for non-BSDA thereafter | Flat ₹20 | ₹20 / 0.1% | Flat ₹20 | 19.6 lakh |
| Kotak Securities | 99 rupees on the Trade Free Youth plan | 0 rupees on the Trade Free Youth plan | 0.2% | ₹10 / 0.05% | Flat ₹10 | 13.9 lakh |
| HDFC Securities | — | Demat AMC about Rs 750 per year with first year free (third-party figures) | 0.5% (min ₹25) | 0.05% (min ₹25) | Flat ₹100/lot | 13.8 lakh |
| SBI Securities | Rs 0 (free online account opening per official open-account page) | Demat AMC waived in year 1 under subscription plans; standard DP AMC from year 2 (Rs 500/year under OIOP-3K) | 0.5% | Flat ₹20 | Flat ₹50/lot | 11.6 lakh |
| Dhan | Rs 0 for Individuals and HUFs | Rs 0 (lifetime zero AMC) for Individuals and HUFs | Free | ₹20 / 0.03% | Flat ₹20 | 10.5 lakh |
| Motilal Oswal | Rs 0 (free) for trading and demat account | Free for the first year, then Rs 199 per year | 0.2% | 0.02% | Flat ₹20/lot | 9.0 lakh |
Open a calculator on any broker to see the all-in landed cost of a typical trade before deciding. Open the brokerage calculator.
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Frequently asked
What people ask about best demat account in india.
A demat account holds your shares and ETFs in electronic form with a depository — CDSL or NSDL — exactly the way a bank account holds money. It is opened via a SEBI-registered broker, who acts as your depository participant (DP). Buying or selling shares debits and credits this account.
There is no single best — the best demat account for you depends on what you trade and how often. Active intraday traders should pick a flat-fee discount broker. Long-term investors should prioritise reliable customer support and low AMC. New investors should focus on app simplicity. Compare the brokerage and full charges on each broker page before opening.
Yes. Shares are held by the depository (CDSL or NSDL), not the broker — broker failure does not jeopardise your holdings. SEBI mandates segregation of client funds, two-factor authentication on all logins, and periodic reconciliation. The dominant risk to manage is account-level fraud via phishing and OTP sharing.
Account opening (sometimes ₹0), annual maintenance charge (AMC — typically ₹0–₹300/year), DP charges on every sell trade (typically ₹10–₹20 per scrip per day), and statutory charges (STT, exchange transaction, SEBI fee, stamp duty, GST). All of these are on top of brokerage. See each broker page for the full schedule.