What is ‘Dhan Refer and Earn’ and How it Works

Dhan is another discount broker that comes up with an interesting plan to encourage women to do stock investing. They offer a 50% discount on their already discounted brokerage charges. 

If a regular investor pays Rs. 20 per order, a female investor would have to pay only Rs 10 per order across all segments.

You can also invest in mutual funds, bonds, and IPOs without paying any additional fee. 

Along with saving money with discounted brokerage charges, you can also earn some money with Dhan’s referral program. Let’s have a closer look at what Dhan Refer and Earn program is all about and how it can benefit you and your friends.

What is ‘Dhan Refer and Earn’

Dhan Refer and Earn is a referral program that allows you to earn cash rewards by referring your nears and dears to the Dhan trading platform. 

When you refer your friends to Dhan and they open a demat account using your referral link and complete the first trade, you will receive a 20% of the brokerage that he paid.

You can use this reward amount to invest in stocks or mutual funds or even withdraw to your bank account.

Benefits of the Dhan Refer and Earn Scheme

  • Opportunity to earn rewards by referring friends and family to the Dhan platform.
  • Earn 20% brokerage share when referred accounts trade on Dhan
  • Passive income for a lifetime
  • Use the cash rewards for stocks or mutual fund investment 
  • Ability to withdraw cash rewards above Rs 100 to your bank account.

How to Participate in the Dhan Refer and Earn Program?

Participating in the Dhan Refer and Earnral program is quite simple. Here’s how you can get started:

Step 1: Log in to your Dhan account

Dhan app login

Step 2: Go to the “Money” tab at the bottom right corner

dhan dashboard

Step 3: Click on the “Refer” tab and copy the referral link that you can share with your friends.

dhan app refer

Step 4: Your friend clicks on the referral link to open a demat account with Dhan. or your friend can copy the referral code while signing up.

Step 5: You start receiving brokerage rewards in your Dhan account after your friend places his first trading order.

To participate in the Dhan Refer and Earnral program, you need to meet the following requirements:

  • You should be a registered user of the Dhan trading platform.
  • Your friend should not have an existing Dhan account.
  • Your friend should use your unique referral link to open a demat account with Dhan.
  • Your friend should complete the account opening process and transact at least once on the Dhan platform.

Why Use Dhan Refer and Earn?

  • Easy to use: The Dhan Refer and Earnral program is easy to use, even for beginners.
  • Higher rewards: Dhan offers higher brokerage sharing as compared to other similar referral programs.
  • No limit on Referrals: No limit on the number of referrals you add with Dhan

Comparison with Other Brokers Referral Programs 

Trading PlatformRewardsBrokerage sharing
DhanN.A.20% per order
5paisaRs 100 per referral12.5% per order
Zerodha300 points per referral10% per order
UpstoxRs. 200 per referral(Rs 100 on account opening and Rs 100 on first trade within 30 days)N.A.
GrowwNot AvailableN.A.
Angel OneNot Available (only offers brand vouchers)N.A.

Dhan doesn’t put any cap on the number of referrals, unlike 5paisa and Upstox which put a referral cap of a maximum of 10 referrals. You won’t get any rewards after the 10th referral.

Frequently Asked Questions

Q1. Is there any limit on the number of referrals I can make?

There’s no limit to the number of referrals you can make.

Q2. How long does it take to receive the ‘dhan refer and earn’ reward after a successful referral?

A. You will receive the brokerage reward in your Dhan account within 24-48 hours of your friend executing the trade on the platform.

Q3. Can I withdraw the dhan referral reward to my bank account?

A. Yes, you can withdraw the reward to your bank account if the amount is above Rs 100. You can also use the reward amount to invest in stocks or mutual funds on the Dhan platform.

Q4. What are the terms and conditions of the Dhan Refer and Earnral program?

A. Some of the important terms and conditions of the Dhan Refer and Earnral program are:

  • You can refer and earn through the offer from the first day your account is opened.
  • Within 24-48 hours, the 20% brokerage will be deposited in your Ledger (ad-hoc margin) which can be used to buy stocks of your choice. 
  • If the credit remains unused for 365 days, it will expire.
  • You must be an Indian to participate in dhan refer and earn program.


Dhan Refer and Earnral program is an excellent opportunity for you to earn 20% brokerage rewards benefits. The best part is that Dhan refer and earn doesn’t come with a referral limit so you can enjoy the brokerage reward for a lifetime.

About Rajan Dhawan

Rajan has covered personal finance and investing for over 5 years. Previously, he was in the IT field for 8 years after completing his MCA but his deep interest in personal finance led him to become an investing expert. He is passionate about investing, stocks, startups, and cryptos.

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