Refer And Earn Demat Account List in India

You can earn rewards benefits by referring your friends, family, or acquaintances to open demat accounts with different stock brokers apps. Each app offers referral amounts in the form of cash and gift cards from popular websites. 

You can use the earned referral amount to invest in stocks, mutual funds, IPOs, ETFs, and bonds through investment apps. 

How to Refer and Earn Program Works

The process typically involves a few simple steps:

#1. Sign up – Create an account with the demat account which has Refer and Earn program. Ensure that you follow the specific instructions provided by the platform. You can also check the list of free demat account openings with zero AMC charges

#2. Obtain your referral link or code – Once you’re registered, you’ll receive a unique referral link or code. This link or code will be used to track your referrals and ensure that you receive the appropriate rewards.

#3. Share your referral link or code – Spread the word among your friends, family, and acquaintances. You can share your referral link through various channels such as social media, email, or direct messaging. Encourage them to sign up for a demat trading account using your referral link or code.

#4. Meet the referral criteria – In most cases, both you and your referred friend need to fulfill certain criteria to qualify for the referral reward. This may include your friend successfully opening a demat account, making a minimum deposit, or conducting trades within a specified time frame.

#5. Enjoy the rewards – Once your referred friend meets the criteria, you’ll be eligible to receive the referral reward as per the terms and conditions of the program. The rewards can vary from cash incentives to gift cards, reward points, or even brokerage sharing.

Here are our top 3 recommended Demat accounts for refer and earn

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Let’s explore the stock brokers list of demat accounts with Refer and Earn programs.

Quick Comparison of Refer & Earn Demat Account List 

Demat Account Referral RewardMaximum Capping
Zerodha 300 Reward Points + 10% brokerage cashbackUnlimited
5paisaRs. 200 for each referral + 12.5% brokerage cashbackUnlimited
GrowwRs. 200 have to create a demat account within a weekUnlimited
Angel OneRs. 500 Gift voucher Rs. 2500 per month 
UpstoxRs. 200 have to create demat account within a weekRs. 2000 per month 
INDMoney Rs. 300 when your friend invests over Rs. 1000 in US Stocks.Rs. 1500 per month 
HDFC SecuritiesRs. 200 for each successful referralRs. 600 per month 

Refer and Earn Demat Account List

#1. Zerodha Refer and Earn

Zerodha refer and earn

When you refer your friends to Zerodha demat account and your friend opens the demat account with Zerodha, you can earn 300 Reward Points for each referral. These reward points can be used to get access to trading and investing apps such as smallcase, Sensibull, and Streak.

Additionally, you will also receive 10% of the brokerage generated by your referred friends. 

To withdraw your referral earnings, a minimum of 1000 Reward Points is required and you must successfully refer at least 5 friends. 

It’s important to note that the referral link should be used during the signup process, as Zerodha doesn’t provide an option to apply a referral code.

#5. Upstox Refer and Earn

upstox create account

You can earn Rs. 200 for each successful referral with Upstox. To get the referral benefit, your friend needs to create a Demat account within a week. 

You can earn a maximum Rs. 2000 per month which means you can get the benefits of a maximum of 10 successful referrals per month. 

You can also use the Uptox coupon code for free demat and trading account opening fees with zero AMC charges.

Your friends get the below benefits:

  • Demat + Trading account with zero account maintenance charges
  • Rs. 0 commission on Mutual Funds and IPO investing
  • Rs. 20 per order brokerage on Equity, F&O, Currency & Commodity. You can check the list of zero brokerage trading account in India.

#2. 5paisa Refer and Earn


Once your friend successfully opens a 5paisa demat account within 10 days of the referral date using your unique referral code or link, you will receive Rs. 200 for each referral.

But that’s not all! You’ll also enjoy the benefits of a 12.5% brokerage sharing for a lifetime. 

The Referral date is the date when your friend starts the demat account opening process for the first time.

The 5paisa referral program amount will be credited to your Ledger (ad-hoc margin) within 72 hours. You can use this amount to buy stocks within the 25 days and expire afterwards. Additionally, the brokerage sharing amount will be credited to your ledger account within 7 to 10 days after the end of each month. 

The best part is that there’s no limit to the number of friends you can refer to, so the earning potential is limitless!

You can go through our comparison of the 5paisa vs Upstox to know the brokerage charges of both stock brokers.

#3. Groww Refer and Earn

Groww refer and earn

Groww allows you to earn up to 1,000 referral rewards per month. By opening a demat account with Groww, you can earn Rs. 300 for every successful referral. 

The Rs. 100 are credited instantly to your Groww wallet and Rs. 200 when your friend makes their first investment of at least Rs. 1,000 on the Groww app.

 If you want to do intraday trading, I would suggest starting investing with Rs 5000 as an initial investment.

#4. Angel One Refer and Earn

Angel One refer and earn

Angel One offers you a gift voucher worth Rs. 500 per referral. You can choose the gift voucher from popular brands such as flipkart, Amazon, Myntra, and Big Bazaar. You need to redeem this gift voucher within 30 days.

You can refer a maximum of 5 friends in a month. 

Angel One refer and earn process is simple: 

  • Refer to friends via whatsapp and social media. 
  • Your friends open an Angel One demat account using your referral code.
  • Ensure they trade or invest in stocks, intraday, F&O, and IPOs within 30 days. 
  • Once these conditions are met, you will receive a 500 rupee gift voucher!

You can go through our comparison of the Angel One vs Zerodha to know the brokerage charges of both stock brokers.

#6. INDMoney Refer and Earn


Apply the referral code while creating a demat account with INDMoney and encourage your friends to invest in US Stocks from India. 

For each successful referral, where your friend invests over 1000 rupees in US Stocks within the 30 days of demat account opening, you’ll receive a referral reward of Rs. 300. 

You can refer up to 5 people in a month to maximize your earnings. You may like to read INDMoney app review.

#7. HDFC Securities Refer and Earn

HDFC Securities Trading App

HDFC Securities offers a reward worth Rs. 200 for each successful referral. After opening a demat account and trading in it, you will receive the referral benefit within 30 days on your registered e-mail ID and SMS. 

The reward is valid for 90 days from the date of issue. You can earn a maximum of 3 rewards worth Rs. 600 in a calendar month for 3 successful referrals. 

You would like to read – how to earn 1000 rupees daily with zero investment in India

Frequently Asked Questions (FAQs)

Can I earn by referring to Zerodha?

Yes, you can earn rewards by referring to Zerodha. You will receive 300 Reward Points for each referral along with a 10% brokerage fee for a lifetime.

How long does it take to receive the referral rewards?

The time taken to receive referral rewards may vary depending on the demat account provider. In most cases, the rewards are credited within a specified time frame, usually mentioned in the program’s terms and conditions.


Are there any limitations on the number of friends I can refer to?

The limitations on the number of friends you can refer to vary across different platforms. Some stock brokers may have a maximum limit per month, while others may allow unlimited referrals. Refer to the specific terms and conditions of each program for accurate information.

Can I participate in multiple Refer and Earn programs simultaneously?

Yes, you can participate in multiple Refer and Earn programs offered by different demat accounts.

However, make sure to carefully read and understand the terms and conditions of each program to ensure compliance and maximize your earnings.

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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