11 Best Demat Accounts In India

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In this article, we’ve compiled a list of the best demat accounts in India, recognized for their reliability and exceptional customer support.

The ranking for these top demat and trading account is arrived using many parameters such as brokerage charges, stability of trading platforms, customer satisfaction and their past performance.

After 1992 Harshad Mehta scam, government made demat account mandatory for stock market investment in India. You need to have demat account with any one stock broker to purchase shares of a company.

Before going to grading of the demat accounts, lets understand briefly about demat account.

What is a Demat Account?

Demat Account is short form of Dematerlized Account which is similar to a bank account used for storing the shares in electronic form like the bank account is used to hold currency.

Before 1992, shares were issued in physical certificate form which has many disadvantages. They were subject to theft, loss due to natural calamities like flood or earthquake and also loss during transport.

If you still have physical shares may be inherited from your parents, you need to convert them to demat form before selling them.

Even though you buy shares through a stock broker, the shares are securely held by government agencies called Depositories. So even your stock broker goes bankrupt, your shares are safe and can be transferred to new broker from these depositories.

National Securities Depository Limited (NSDL) and Central Securities Depository Limited (CSDL) are two major depositories in India. All the stock brokers in India are members of these depositories and hence called Depository participants (DPs).

List of Top 11 Best Demat Accounts In India – 2024

Here is the list of 11 Best Demat Account In India for both beginners and advanced investors.

Ranking	Demat Account Name	Ratings
1	Zerodha Demat Account	9.77/10
2	Upstox Demat Account	9.61/10
3	AngelOne Demat Account	9.54/10
4	ICICI Direct Demat Account	9.44/10
5	SAS Online Demat Account	9.36/10
6	5Paisa Demat Account	9.32/10
7	TradeSmartOnline Demat Account	9.29/10
8	FYERS Demat Account	9.25/10
9	HDFC Securities Demat Account	9.21/10
10	Groww Demat Account	9.18/10
11	Kotak Securities Demat Account	9.15/10

#1. Zerodha Demat Account

Zerodha is the largest demat account provider in India with highest number of clients than any other stock broker. Established in 2010, they have their headquarter in Bengaluru and sales offices across all major cities of India.

Zerodha is the first broker to introduce discount brokerage concept in India in 2010. Before that, all the brokers used to charge in terms of percentage of total traded value as brokerage.

For example, if you invest Rs 10Lakh, ICICI Direct charges 0.55% of that which comes around Rs 5,500. But Zerodha changed that and they started charging Rs20 fixed amount for any invested value.

This became huge hit with retail customers and they opened account with Zerodha which helped it become No.1 stock broker in India in 2018, in just 8 years of it operation.

Another reason which contributed to success of Zerodha is their superior trading platform called KITE. The platform KITE is considered as one of the best and stable trading platform in India for both mobile and web.

Zerodha also have many educational initiatives such as Zerodha Varsity, which is the free stock market education for all. It has all the information required for newcomers to know about stock market, investment and trading. This makes, without doubt Zerodha demat account as the best demat account for beginners in India who want to start their investment and trading journey.

Zerodha Account opening Charges

Demat and Trading Account Opening Charges : Rs200
Commodity account opening charges (Optional): Rs 100
Annual Maintenance Charges (AMC) : Rs300/year

Zerodha Brokerage Charges:

Below is the details of segment wise brokerage charges for Zerodha Demat account.

Zerodha Trading Platforms:

Zerodha Kite : It is a light weight and very minimalistic designed trading platform with advanced charts with simple User Interface
Zerodha Kite for Mobile: Mobile app is also called KITE and it is available for both Android and iOS, particularly suitable for the one who trade on the go
Zerodha Coin: This is a direct mutual fund platform which allows users to buy directly from AMCs without paying any commissions.

Pros and Cons of Zerodha demat Account:

Cons:

It is not a 3 in 1 demat account.
Call and Trade is chargable

Pros:

Zero brokerage on all investments like shares, mutual funds and IPOs
Maximum charges for intraday trading, Futures and Options is capped at Rs20 irrespective of total traded value
One of the most technologically superior trading platform
Largest stock broker in India and hence the they are trusted than any other broker
100% online account opening. No paper work is involved.
Good Customer support – a service ticket is raised for every query

#2. Upstox Demat Account

Upstox also began their operation at the same time as that of Zerodha. They were earlier known as RKSV securities using the initials of it founders.

Upstox is discount broker of India based out of Mumbai whose demat account is also very popular among Indians. They are No.2 after Zerodha in terms of number of customers.

They are backed by some of the well known personalities like Mr. Ratan Tata who has invested in Upstox.

As far as the brokerage charges are concerned, delivery brokerage is not free in Upstox. Also, for other segments they charges Rs20/order or 0.05% which ever is lower, whereas Zerodha charges Rs20/order or 0.03% which ever is lower.

Below is the details of segment wise brokerage charges for Upstox Demat account.

Upstox Brokerage Charges:

One good thing about Upstox is there is no account opening fee.

Upstox Account opening Charges

Demat and Trading Account Opening Charges : Nil (Limited Period Offer)
Commodity account opening charges (Optional): Nil (Limited Period Offer)
Annual Maintenance Charges (AMC) : Nil (Limited Period Offer)

Upstox Trading Platforms:

Upstox Pro Web : Easy to use HTML based web trading platform can be used from any browser like Chrome and Firefox etc
Upstox Pro Mobile : A 4.4 star rated app available for both android and iOS, single solution to all the products like equity derivatives, IPOs and mutual funds.

Pros and Cons of Upstox demat Account:

Cons:

Brokerage higher than Zerodha. After 10 investment transactions, you will end up paying more than Rs200 that you save on account opening.
It is not a 3 in 1 demat account.
Call and Trade is chargable

Pros:

Zero Account opening and AMC charges
Maximum charges for intraday trading, Futures and Options is capped at Rs20 irrespective of total traded value
Backed by Mr. Ratan Tata – hence the trust factor

#3. Angel One Demat Account

Angel One is another provider of top demat account in India.

Established in 1987, they were earlier known as Angel Broking which was a full service broker. As you know full service broker charge in terms of percentage of total traded value.

But because if the tough competition from discount brokers such as Zerodha and Upstox, now they have changed their business model to discount broking itself and renamed as Angel One.

Because of the full service background, apart from broking they also offer Portfolio Management Service (PMS) and Life Insurance etc.

They provide free research and recommendations for their clients and they also started robo advisory services.

Below is the details of segment wise brokerage charges for Angel One Demat account.

Angel One Brokerage Charges:

Angel One Account opening Charges

Demat and Trading Account Opening Charges : Nil
Commodity account opening charges (Optional): Nil
Annual Maintenance Charges (AMC) : Zero for first Year and Rs20/month second year onwards

Angel One Trading Platforms:

Angel One Trade : A web based trading platform suitable for investing purpose, one can watch portfolio , transact and see the market live information
Angel Speed Pro : Best suited for intraday traders who want to place order quickly. It is a installable software which should be installed on your desktop/laptop.
Angel One App : Mobile app for the trading from Angel One. It has almost all the features inbuilt required for trading on the go.

Pros and Cons of Angel One demat Account:

Cons:

Non availability of fixed monthly charges
Brokerage is fixed at flat Rs20/trade. There is no 0.03% or Rs20/trade whichever is lower concept as in Zerodha.
Recommendations are robotic and it’s success purely depends on the algorithms.
High DP charges of Rs20

Pros:

Zero Account opening and AMC charges
Largest network of franchises and sub brokers across India
One of the oldest and surviving stock broker of India

#4. ICICI Direct Demat Account

ICICI Direct is credited for introducing online trading in India in late 90s and early 2000s. Before that all the buying and selling used to happen in paper format which was very cumbersome.

After Harshad Mehta scam in 1992, government of India decided to introduce many reforms and storing the shares in electronic format or de-materialised format in an online account called demat account.

ICICI Securities which is the parent company of ICICI Direct was the first to build online trading system and they also promoted it through TV and newspaper which were only media that time.

ICICI Direct was the leading demat and trading account offering firm in India before it was overtaken by Zerodha in 2018.

Brokerage charges of ICICI Direct are on higher side compared to discount brokers. They still charge in terms of percentage and per lot basis which is not suitable for traders.

However, Investors can still consider ICICI Direct who do not transact frequently and invest and forget.

One advantage of ICICI Direct is, it is as 3 in 1 demat account in which all the three namely Savings account, Demat Account and Trading account are linked together.

They are Depository Participant (DP) of National Securities Depository Limited (NSDL).

Below is the details of segment wise brokerage charges for ICICI Direct Demat account.

ICICI Direct Brokerage Charges:

ICICI Direct Trading Platforms:

Trade Racer Web : A web based trading platform which can be accessible from any browser. Best suited for investors who rarely trade.
Trade Racer Desktop: It is a installable software for desktop and laptop which has streaming quotes and research reports.

ICICI Direct Account opening Charges

Demat and Trading Account Opening Charges : Nil
Commodity account opening charges (Optional): Nil
Annual Maintenance Charges (AMC) : Zero for first Year and Rs700/year second year onwards

Pros and Cons of ICICI Direct demat Account:

Cons:

Very high brokerage which makes not suitable for traders
Minimum brokerage clause makes total charges high even for small traded value.
There is no brokerage calculator as given by Zerodha and Upstox etc

Pros:

3-in-1 demat account in which funds are reflected immediately.
One of the most reputed demat account in India
On stop solution for all investments and also insurance

#5. SAS Online Demat Account

South Asian Stocks limited is a discount broker located in New Delhi. They are probably one of the brokers whose demat account has lowest brokerage charges. They started their operation in 2013 and MCX registration in 2014.

Good thing with them is availability of monthly fixed brokerage plans for unlimited trades.

Below is the details of segment wise brokerage charges for SAS Online Demat account.

SAS Online Brokerage Charges:

SAS Online Trading Platforms:

SAS Online Alpha Mobile : Alpha allows people to analyze and trade financial instruments in different exchanges. View real-time market data, analyze market and instruments with easy-to-follow tools, place orders with a few taps, and evaluate your portfolio and useful stats. It helps people Trading & Brokerage.
SAS Online Alpha Trader: It is a installable software for desktop and laptop which has streaming quotes and research reports.
Alpha Web: Light and fast HTML based web platform with Socket technology.

SAS Online Account opening Charges

Demat and Trading Account Opening Charges : Rs 200 – One time
Commodity account opening charges (Optional): Rs 200 – One Time
Annual Maintenance Charges (AMC) : Rs200/year second year onwards

Pros and Cons of SAS Online demat Account:

Cons:

No support for NRI trading
Transaction charges are higher compared to Zerodha and Upstox

Pros:

One of the cheapest brokerage plan available
Availability of monthly unlimited plans

#6. 5Paisa Demat Account

5Paisa entered into brokerage business comparatively late in 2016 by that time Zerodha and Upstox had already established themselves.

But still 5paisa have managed to perform decently and they are one of the top 10 demat account company in India.

5Paisa charges flat Rs20/trade for executed orders. However they also have different plans in which by paying monthly amount, reduced brokerage charges can be availed.

The details of these plans and how brokerage charges are different for different plans is shown in below table.

5Paisa Brokerage Charges:

5Paisa Trading Platforms:

5Paisa Trade Station Web : This web based platform is for investors who transact in less volume. It provides access to portfolio , position, buy and sell and holding details.
5Paisa Trade Station : This platform is for traders who need faster execution.
5Paisa App: 5Paisa also have app for mobile which can be used to perform almost all operations.

5Paisa Account opening Charges

Demat and Trading Account Opening Charges : Zero
Commodity account opening charges (Optional): Zero
Annual Maintenance Charges (AMC) : Rs25/month

Pros and Cons of 5paisa demat Account:

Cons:

Fixed monthly brokerage plans are missing
Customer support need to be improved

Pros:

Very competitive brokerage plan in the industry
India Infoline – IIFL is the parent company of 5Paisa which is well know full service broker
Research and reports are provided which is not normal with a discount broker

#7. Trade Smart Online Demat Account

Trade Smart Online is the discount brokerage arm of VNS finance based out of Mumbai. VNS Finance is well known name in and around Mumbai.

VNS are into the brokerage space for more than 3 decades. They started their operation in 1994 and discount broking in 2013 through TradeSmart Online.

The best thing about Trade Smart Online Demat account is availability of flexible brokerage plans.

One can avail flat fee brokerage of Rs15/order or another plan with % brokerage charges. the plans can be switched at any time.

Trade Smart Online Brokerage Charges:

Trade Smart Online Trading Platforms:

SINE : SINE is the online trading app (available on web and mobile)helps you trade in Cash, Futures and Options, Currency Derivatives and Commodities on NSE, BSE, MCX.
NEST Trader : It is a third party trading application which was widely used by many stock brokers who dont have their own in house built platform.

Trade Smart Online Account opening Charges

Demat and Trading Account Opening Charges : Zero
Commodity account opening charges (Optional): Zero
Annual Maintenance Charges (AMC) : Free for first year and Rs300/year from second year onwards

Pros and Cons of TradeSmartOnline demat Account:

Cons:

Not a 3-in-1 demat account
No market recommendations provided

Pros:

Flexible and reasonable brokerage plans
In house mobile app and web platform
Reputed parent company with good track record

#8. FYERS Securities Demat Account

FYERS stands for “Focus Your Energy and Reform Self”. They entered the discount brokerage industry relatively late in 2015 compared to other brokers.

When they began, they used to charge Rs100/order but eventually now they are almost following the brokerage structure that of Zerodha.

Good thing is that FYERS Demat account comes with Zero Account opening charges and Zero Account Maintenance Charges.

FYERS Brokerage Charges:

FYERS Account opening Charges

Demat and Trading Account Opening Charges : Zero
Annual Maintenance Charges (AMC) : Zero

Pros and Cons of FYERS demat Account:

Cons:

Not a 3-in-1 demat account
Investment in bonds and insurance is not possible

Pros:

Zero Account Opening and AMC Charges
Competitive demat account brokerage charges

#9. HDFC Securities Demat Account

HDFC Securities is from HDFC Bank which is the largest private sector bank in India. Because the demat account is offered by the bank, it is a 3-in-1 demat account with seamless flow of funds.

They started their operation in April, 2000 and as on date they have presence of 256 branches across India.

As in case of ICICI Direct, the brokerage charges are on higher side in HDFC Securities as well.

HDFC Securities Brokerage Charges:

HDFC Securities Account opening Charges

Demat and Trading Account Opening Charges : Zero
Annual Maintenance Charges (AMC) : Rs750/year

Pros and Cons of HDFC Securities demat Account:

Cons:

Higher brokerage charges compared to discount brokers
Commodity segment is not supported
All the additional service are charged separately

Pros:

3-in-1 demat account
Reputed brand name backed by reputed bank
NRI account is possible

#10. Groww Demat Account

Groww is another major demat account company in India with head office in Bengaluru.

Groww is the brand name of the Nextbillion Technologies Pvt Ltd which earlier was started to provide direct mutual fund investment platform.

Later they also got SEBi registration to offer demat account and are affiliated to NSE and BSE.

They started their operations as mutual fund platform in 2016 and later in 2020 they commenced direct stock investment.

Being a discount broker they do not offer any research tips and recommendations.

Unlike Zerodha, the delivery/investment is not free at Groww. They charge Rs20/trade or 0.05% which ever is lower.

Because of this you may end up paying more in case of Groww compared to Zerodha if you regularly transact in delivery segment even though account opening and AMC charges are Zero in Groww.

Groww Brokerage Charges:

Groww Account opening Charges

Demat and Trading Account Opening Charges : Zero
Annual Maintenance Charges (AMC) : Zero

Pros and Cons of Groww demat Account:

Cons:

Can not trade in Commodities and Currency Segments
Delivery commission is not Zero
No research and advisory is provided

Pros:

Zero Account Opening and AMC Charges
Instant Account opening without any paper work

#11. Kotak Securities Demat Account

Kotak Securities is brokerage arm of Kotak group based out of Mumbai. They started their operations in 1994.

Kotak Securities have nation wide presence with more than 1200 branches and franchises across 360+ cities and towns.

Again, because the demat account is from Kotak bank, it is a 3-in1 demat account.

Recently they have made intraday segment charges free. However, their delivery charges are very high. It is 0.25% or Rs20/order which ever is higher. So there high chances that it will be more than Rs20.

Kotak Securities Brokerage Charges:

Kotak Securities Account opening Charges

Demat and Trading Account Opening Charges : Zero
Annual Maintenance Charges (AMC) : Rs50/year

Pros and Cons of Kotak Securities demat Account:

Cons:

Brokerage charges for delivery segment is higher compared to other brokers
No support for Commodity segment

Pros:

3-in-a demat account
Zero fee for intraday trades
online chat facility available with support team

Best Demat Account In India – Final Thoughts

This article has compilation of 11 top demat accounts in India that we feel you can choose opening your account, considering their track records and customer ratings.

However, it is very difficult to say which is the No.1 demat account in India. There is no one account which fits all the requirement.

For example, Zerodha has Zero brokerage for investments while Upstox has Zero AMC chargs. It totally depends on the user’s preference.

Even with account opening charges and AMC charges, Zerodha is able to attract customer and are far ahead compared to their competitors. People have preferred to pay these charges to them because of good service it seems.

But we would advice you to choose any one from the above 11 reputed demat accounts. Even if you decide to choose any other demat account apart from this list, make sure the broker is genuine.

You should verify that they are registered with SEBI and has membership with BSE and NSE. They should display their membership and registration numbers in their website.

If you find there should be any modification in this list of best demat accounts in India, please let us know through comments.

You May Be Also Interested to know more about:

You can also checkout our Demat Section Page for information about demat accounts from all other brokers.

Frequently Asked Questions

Q1) Which is the Best demat account in India?

Answer: As on date, Zerodha is the top demat account in India with the highest number of clients and also offers other products like Zerodha Varsity for newbies and Zero delivery brokerage.

Q2) Who offers Free demat account In India?

Answer: Currently, Upstox and FYERS are providing a free demat account with zero account opening and zero AMC charges.

Q3) Can I buy shares without a demat account?

Answer: No. It is mandatory to have a demat account to buy shares. Even if you have physical shares, you must first convert them to demat form before selling them.

Q4) Can I have more than one demat account?

Answer: Yes, it is perfectly legal to have more than one demat account in India.

Q5) Can I transfer shares from one demat account to another demat account?

Answer: Yes, you can transfer shares from your demat account to your own and even others’ demat accounts.

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