Demat AMC charges compared
The yearly demat maintenance charge at 13 brokers, taken from each broker's own pricing page. Dhan, Flattrade, Fyers, Groww, Paytm Money and Shoonya charge nothing; the table below is sorted by what five years of AMC costs, including GST.
| Broker | Yearly AMC | 5 years, incl. GST | Incl. GST | Billing | First year |
|---|---|---|---|---|---|
| Dhan | ₹0 (no AMC) | ₹0 | ₹0 | — | Free |
| Flattrade | ₹0 (no AMC) | ₹0 | ₹0 | — | Free |
| Fyers | ₹0 (no AMC) | ₹0 | ₹0 | — | Free |
| Groww | ₹0 (no AMC) | ₹0 | ₹0 | — | Free |
| Paytm Money | ₹0 (no AMC) | ₹0 | ₹0 | — | Free |
| Shoonya | ₹0 (no AMC) | ₹0 | ₹0 | — | Free |
| Angel One | ₹240 + GST a year | ₹1,133 | ₹283 | ₹60 + GST a quarter, charged after your first trade each quarter | Free |
| Upstox | ₹300 + GST a year | ₹1,416 | ₹354 | ₹300 + GST a year (debit timing not stated) | Free |
| Zerodha | ₹300 + GST a year | ₹1,416 | ₹354 | quarterly | Free |
| SBI Securities | ₹500 + GST a year | ₹2,950 | ₹590 | yearly | Charged |
| ICICI Direct | ₹700 + GST a year | ₹3,304 | ₹826 | yearly | Free |
| HDFC Securities | ₹750 + GST a year | ₹3,540 | ₹885 | yearly, charged in advance | Free |
| Kotak Securities | ₹600 + GST a year | ₹3,540 | ₹708 | ₹50 a month, only in months when holdings exceed ₹1,000 | Charged |
Figures are for a regular resident-individual demat account (not BSDA), before 18% GST unless marked. “5 years” is the yearly AMC plus GST for five years, or four when the first year is free. DP charges on each sale and any plan-specific fees are extra — each broker’s page has the full detail and the source.
Paying nothing on a small portfolio: BSDA
Under SEBI’s rules, a BSDA pays no AMC while holdings are worth up to ₹4 lakh and at most ₹100 a year between ₹4 lakh and ₹10 lakh; above ₹10 lakh it stops being a BSDA and regular AMC applies. It is available only if the BSDA is your single demat account. SEBI circular.
AMC charges by broker
- Dhan AMC charges — ₹0 (no AMC).
- Flattrade AMC charges — ₹0 (no AMC).
- Fyers AMC charges — ₹0 (no AMC).
- Groww AMC charges — ₹0 (no AMC).
- Paytm Money AMC charges — ₹0 (no AMC).
- Shoonya AMC charges — ₹0 (no AMC).
- Angel One AMC charges — ₹240 + GST a year, first year free.
- Upstox AMC charges — ₹300 + GST a year, first year free.
- Zerodha AMC charges — ₹300 + GST a year, first year free.
- SBI Securities AMC charges — ₹500 + GST a year.
- ICICI Direct AMC charges — ₹700 + GST a year, first year free.
- HDFC Securities AMC charges — ₹750 + GST a year, first year free.
- Kotak Securities AMC charges — ₹600 + GST a year.
AMC is only part of the cost. Compare brokerage and DP charges across every broker.
Frequently asked
What people ask about demat AMC charges.
Of the 13 brokers we checked on their own pricing pages, Dhan, Flattrade, Fyers, Groww, Paytm Money and Shoonya charge no annual maintenance charge on a regular demat account. The others charge ₹240–₹750 + GST a year. Zero AMC is a pricing choice, not a promise — a broker can start charging later, so check before you open.
The annual maintenance charge (AMC) is the yearly fee a broker, as your depository participant, charges for keeping your demat account open — whether or not you trade. It is separate from brokerage and from the DP charge you pay each time you sell shares. GST at 18% is added on top.
At Angel One, Upstox (for users who joined on or after 14 Feb 2025), Zerodha (for new resident individual accounts), ICICI Direct and HDFC Securities, the first year is free and AMC starts from the second year. At the other paid brokers it applies from the start. Brokers that charge nothing (Dhan, Flattrade, Fyers, Groww, Paytm Money and Shoonya) charge nothing in any year.
A BSDA is a SEBI scheme for small investors with only one demat account. Under SEBI’s rules, a BSDA pays no AMC while holdings are worth up to ₹4 lakh and at most ₹100 a year between ₹4 lakh and ₹10 lakh; above ₹10 lakh it stops being a BSDA and regular AMC applies. Ask your broker to convert your account if you qualify.
"Lifetime free" is marketing language. Two things actually keep AMC at zero: a broker that charges no AMC today (Dhan, Flattrade, Fyers, Groww, Paytm Money and Shoonya — but prices can change), and a BSDA, whose nil AMC for small holdings is set by SEBI. Account opening is also free at most discount brokers.
Most brokers bill it once a year, but Angel One and Zerodha bill quarterly and Kotak Securities bills monthly. The yearly totals in the table above are annualised so they compare like for like.