For opening the demat account, you will approach the two types of brokers – discount brokers & full-service brokers.
If you prefer conducting your own research and looking for lower flat brokerage charges, a discount broker is a suitable choice.
However, if you require personalized guidance and research advisory, you should go with full-service broker. Even though full-service broker generally charges higher brokerage fees based on a percentage of your trades.
For beginners who want to open a demat account, I have compiled a list of the best demat accounts in India to consider the below-mentioned factors.
- Simple Brokerage Structure: Choose a broker with straightforward and transparent brokerage plans.
- User-friendly trading platform: Ensure that the trading platform is easy to navigate and use.
- Easy account opening process: Look for brokers with a hassle-free account opening process.
- Seamless trade execution: Ensure the trading procedure is smooth and efficient.
- Excellent customer support: Reliable support is crucial for addressing any queries or concerns, so choose a broker with responsive customer service.
- Reliability: Choose a broker with a reputation for reliability and trustworthiness.
7 Best Demat Accounts in India For Beginners
#1. Zerodha Demat Account
Zerodha is the top discount broker in India with a 64+ lakh active client base. Zerodha is the first broker to introduce fixed brokerage charges of Rs. 20 per trade for intraday and zero brokerage on delivery, making it an ideal choice for beginners due to its transparent and economical brokerage structure.
The trading platform of Zerodha “Kite” is a user-friendly platform that allows you to trade in stocks, derivatives (F&O), IPOs, currency, and commodity trading smoothly.
Zerodha has great customer support compared to other discount brokers in India. You can easily reach their support team via phone or email for assistance.
Zerodha Demat Account Charges
| Account opening fee (Online) | Rs. 200 for equity + Rs. 100 for commodities |
| Account opening charges (Offline) | Rs. 400 for equity + Rs. 200 for commodities |
| Annual maintenance charges | Rs. 300 annually (Rs. 75 quarterly) |
Zerodha Brokerage Charges
| Segments | Brokerage Charges |
| Equity Delivery | Free |
| Equity Intraday | Rs. 20 per executed order or 0.03% (whichever is lower) |
| Equity Futures | Rs. 20 per executed order or 0.03% (whichever is lower) |
| Equity Options | Rs. 20 per executed order |
| Currency Futures | 0.03% or Rs. 20 per executed order whichever is lower |
| Currency Options | Rs. 20 per executed order |
| Commodity Futures | 0.03% or Rs. 20 per executed order whichever is lower |
| Commodity Options | Rs. 20 per executed order |
#2. Upstox Demat Account
Upstox is the second-biggest discount broker after Zerodh. Upstox offers zero account opening charges with zero AMC fees, making it the best option for beginners. But the account opening procedure of Upstox is too hassle. It takes
Upstox charges a maximum brokerage of Rs 20 per trade on intraday, and for equity delivery, while Zerodha offers free stock delivery, which makes Zerodha a better option for long-term investment.
A web-based trading platform “Upstox Pro” is a simple, clutter-free, and easy-to-use platform that offers a powerful combination of in-depth research and unlimited watchlists. You also get various advanced trading tools, such as in-depth charting, technical indicators, GTT orders, and basket orders.
You can go through our comparison of the Zerodha vs Upstox to know the brokerage charges of both stock brokers.
Upstox Demat Account Opening Charges
| Account opening charges | Zero (Free) |
| Annual maintenance charges | Zero (For 1st year) Rs. 75 per quarter from 2nd year |
Upstox Brokerage Charges
| Segments | Brokerage Charges |
| Equity Delivery | Rs. 20 per executed order |
| Equity Intraday | Rs. 20 per executed order or 0.1% (whichever is lower) |
| Equity Futures | Rs. 20 per executed order or 0.05% (whichever is lower) |
| Equity Options | Flat Rs. 20 per executed order |
| Currency Futures | Rs. 20 per executed order or 0.05% (whichever is lower) |
| Currency Options | Flat Rs. 20 per executed order |
| Commodity Futures | Rs. 20 per executed order or 0.05% (whichever is lower) |
| Commodity Options | Flat Rs. 20 per executed order |
#3. Angel One Demat Account
Angel One (former Angel broking) is the best choice for beginners because Angel One is a full-service broker that provides advisory services along with a flat brokerage plan.
Angel One charges you a fixed Rs. 20 per trade for all trading segments and zero cost for equity delivery. Angel One offers a zero account opening charge and free AMC for the first year.
Apart from the Indian stock market, Angel One allows you to invest in US stocks through a partnership with Vested, a US Securities and Exchange Commission Registered Investment Advisor. This feature offers you an international investment avenue.
Angel One is known for its excellent customer care service, ensuring that your queries and concerns are promptly addressed, making it a suitable choice for beginners and experienced investors.
Angel One Demat Account Charges
| Account opening charges | Rs 0 (Free) |
| Annual maintenance charges | Free – For 1st yearRs. 240 – From second year onwards |
Angel One Brokerage Charges
| Segments | Brokerage Charges |
| Equity Delivery | 0 (Free) |
| Equity Intraday | 0.25% or Rs. 20 per executed order (whichever is lower) |
| Equity F&O | 0.25% or Rs. 20 per executed order (whichever is lower) |
| Currency F&O | 0.25% or Rs. 20 per executed order (whichever is lower) |
| Commodity F&O | 0.25% or Rs. 20 per executed order (whichever is lower) |
#4. Groww Demat Account
Groww is one of the fastest-growing discount brokers in India. Groww also offers a free account opening facility, zero AMC charges with maximum brokerage charges of Rs. 20 per trade like Upstox.
The Groww trading platform allows you to trade only in equity delivery, Intraday, and F&O trading. However, you can’t trade in currency and commodities segments through Groww.
The best part of Groww is that you can directly invest in US stocks through ViewTrade Securities, a US-based broker. Groww provides a free US stock investment account with zero commission charges.
Groww Demat Account Charges
| Account opening charges | Zero (Free) |
| Annual maintenance charges | Zero |
Groww Brokerage Charges
| Segments | Brokerage Charges |
| Equity Delivery | Rs. 20 or 0.05% whichever is lower |
| Equity Intraday | Rs. 20 or 0.05% per executed order whichever is lower |
| Equity Futures | Flat Rs. 20 per executed order |
| Equity Options | Flat Rs. 20 per executed order |
| Currency F&O | Not Applicable |
| Commodity F&O | Not Applicable |
#5. Nuvama (Edelweiss) Demat Account
Nuvama (Edelweiss) is a full-service broker that provides you with in-depth research advisory at the cost of a discount broker.
For beginners, Nuvama provides an attractive option with its lowest fixed brokerage charge of Rs. 10 per executed order, regardless of the trade volume, under the Nuvama lite plan. However, Nuvama does not provide you commodity trading facilities.
Additionally, Nuvama offers zero account opening charges and zero AMC fees for the first year. From the second year onwards, you need to pay Rs. 500 per annum.
Nuvama (Edelweiss) Demat Account Charges
| Account opening charges | Zero (Free) |
| Annual maintenance charges | Zero – for 1st yearRs. 500 – from second year onwards |
Nuvama (Edelweiss) Brokerage Charges
| Segments | Brokerage Charges (Nuvama Lite Plan) | Brokerage Charges (Nuvama Elite Plan) |
| Equity Delivery | Flat Rs. 10 per executed order | 0.30% |
| Equity Intraday | Flat Rs. 10 per executed order | 0.03% |
| Equity Futures | Flat Rs. 10 per executed order | 0.03% |
| Equity Options | Flat Rs. 10 per executed order | Rs 75 per lot |
| Currency Futures | Flat Rs. 10 per executed order | 0.02% |
| Currency Options | Flat Rs. 10 per executed order | Rs 20 per lot |
| Commodity F&O | Not Applicable | Not Applicable |
#6. 5paisa Demat Account
5paisa is the cheapest discount broker in India that charges a flat brokerage fee of just Rs. 10 per trade on power investor and ultra trader plans. However, you need to pay monthly subscription fees of Rs. 599 for Power Investor or Rs. 1199 for Ultra Trader brokerage plan.
5paisa is best for professional traders who want to save money on high-volume trades. Under the power investor plan, you only have to pay Rs. 10 per trade brokerage charge, irrespective of trading volume.
The best part of 5paisa is its extremely fast and paperless account opening process, allowing you to complete all the documentation within 15 minutes.
Additionally, 5paisa offers a unique robo-advisory feature to assist you in making informed trading decisions.
5paisa Demat Account Charges
| Account opening charges | Free (Rs. 0) |
| Annual maintenance charges | Rs. 300 annually (Rs 25 per month) |
5paisa Brokerage Charges
5paisa offers 3 plans to customers based on their requirements.
| Segment | Regular Plan | Power Investor | Ultra Trader |
| Monthly Subscription | 0 | Rs 599/month | Rs 1199/month |
| Equity Delivery | Rs. 20 per order | Rs. 10 per order | Zero |
| Equity Intraday | Rs. 20 per order | Rs. 10 per order | Rs. 10 per order |
| Equity F&O | Rs. 20 per order | Rs. 10 per order | Rs. 10 per order |
| Currency F&O Trades | Rs. 20 per order | Rs. 10 per order | Rs. 10 per order |
| Commodity F&O Trades | Rs. 20 per order | Rs. 10 per order | Rs. 10 per order |
#7. Kotak Securities Demat Account
Kotak Securities is a full-service broker where you can invest in stocks, equity derivatives, currency & commodity F&O, Mutual funds, IPOs, bonds, ETFs, and IRF (Interest Rate Futures). You can also get value-added services including research advisory, dealer-assisted trading, and portfolio management services.
With Kotak Securities, you can open a 3-in-1 account (bank + demat + trading) account with zero account opening charges.
For individuals aged 30 and above, Kotak Securities offers a trade-free brokerage plan, where delivery trades are charged at 0.25%, while intraday trades enjoy zero brokerage fees.
Additionally, Kotak Securities offers a trade-free youth brokerage plan for those who are below 30 years of age. Under this plan, Kotak Securities does not charge any brokerage fees for all trading segments.
Kotak Securities offers high-quality customer service due to a full-service broker.
Kotak Securities Demat Account Charges
| Particulars | Charges |
| Demat Account Opening Charges | Free |
| Trading Account Opening Charges (One Time) | Rs. 299 – Trade Free YouthRs. 99 – Trade Free PlanRs. 499 – Dealer assisted plan |
| Account Maintenance Charges (AMC) | For BSDA ClientsHolding <50K = No AMCHolding >50K & <2 lakh = Rs. 100 AMC For Non-BSDA ClientsHolding <10K = No AMCHolding >10K = Rs. 50 per month (Rs. 600 yearly) |
Kotak Securities Brokerage Charges
Kotak Securities offers three plans with different brokerage rates.
- Trade Free Brokerage Plan
- Trade Free Youth Plan
- Dealer Assisted Brokerage Plan
1. Trade Free Brokerage Plan
| Segment | Brokerage Charges Under Trade Free Plan |
| Equity Delivery | Rs. 20 per executed order or 0.25% of transaction valuewhichever is higher with a ceiling of 2.5% |
| Equity Intraday | Rs 0 (free) |
| Equity F&O | Delivery – Rs. 20 per executed orderIntraday – Free |
| Currency F&O | Delivery – Rs. 20 per executed orderIntraday – Free |
| Commodity F&O | Delivery – Rs. 20 per executed orderIntraday – Free |
2. Trade Free Youth Plan
For Youngsters, Kotak Securities offers a trade free youth brokerage plan for those who are below 30 years of age. Under this plan, Kotak securities does not charge any brokerage fees for all trades.
| Segment | Brokerage Charges Under Trade Free Youth Plan |
| Equity, Currency, Commodity, Delivery, Intraday, F&O | Rs. 0 Brokerage for all trades |
3. Dealer Assisted Brokerage Plan
| Segment | Kotak Securities Dealer Assisted Brokerage Plan |
| Equity Delivery | 0.39% of transaction value |
| Equity Intraday | 0.039% of transaction value |
| Equity Futures | 0.39% of transaction value |
| Equity Options | Rs. 39 per Lot |
| Currency Futures | Rs. 9 per Lot |
| Currency Options | Rs. 5 per Lot |
| Commodity Futures | 0.39% of transaction value |
| Commodity Options | Rs. 39 per Lot |
Conclusion
In my experience, Zerodha is the best choice for beginners to open a Demat account.
If you want to need full-service brokers with the lowest brokerage charges, consider a Nuvama (Edelweiss) demat account.
If you want to do intraday trading, go with Kotak Securities Demat account, which offers zero brokerage charges on all intraday trading segments.
FAQs (Frequently Asked Questions)
There is no restriction on the number of Demat accounts you can open and maintain in India.
No, you cannot have more than one Demat account with the same broker in one individual’s name.
Yes, a trading account is linked to a Demat account to execute buy and sell orders in the stock market.
Consider factors like ease of use, brokerage charges, customer support, account opening process, and reliability.
A Demat account is a digital repository to hold your stocks and securities electronically, which is essential for trading in the stock market.
Zerodha is the best Demat account for beginners due to its user-friendly platform and affordable brokerage rates.
