20 Best Demat Accounts in India for Beginners: 2024's Comprehensive Guide

Looking for the best Demat account providers? Start your investment journey with the 20 Best Demat Accounts in India for Beginners. 
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Best_Demat_Accounts_in_India_for_Beginners

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Discover the best low-cost option and get expert insights for seamless investing.

Top Picks

Best For Mutual Funds: Paytm Money

Paytm Money exclusively offers direct plans for mutual funds, allowing investors to save on the expense ratio compared to regular plans. Immediate plans typically have a lower expense ratio, leading to higher returns over time. Moreover, Paytm Money does not charge transaction fees for buying or selling mutual funds, making it a cost-effective option for investors. You can also check some of thebest options available for mutual funds.

Best Overall: Zerodha

Zerodha is a leading discount broker that offers a range of trading and demat account opening services. The positive reviews, user-friendly platform, affordable brokerage fees, wide range of investment options and utility features, like technical indicators, advanced charting tools and order types, make it the overall best choice for all.

Best For Foreign Stocks: Aditya Birla Capital

Aditya Birla Capital, like other providers, offers various trading and demat account opening services. However, what sets them apart is the option of both Repatriated and Non-Repatriated Demat accounts for NRIs, making it the ideal choice for those interested in trading foreign stocks.

Best For Lowest Brokerage: 5Paisa

Unlike some brokers that charge additional fees for various services, 5paisa maintains a transparent pricing structure. 5paisa charges a flat fee of Rs. 20 per executed order, regardless of the order size or traded securities. Whether you're a high-frequency trader, a long-term investor, or a beginner, their low brokerage charges make it a cost-effective option for all trading styles.

Most Popular: Groww

Grow’s paperless account opening process is one of the simplest and quickest in the industry. Groww makes high-priced stocks more affordable by allowing investment in fractional shares, helping investors diversify their portfolio at a low cost. A wide range of investment options is another reason for their growing popularity, while competitive pricing, advanced charting and technical tools, and responsive customer support further enhance their appeal.

Best For Beginners: Angel Broking

Angel Broking Demat Account is an excellent choice for beginners seeking expert portfolio management. It also allows investment in fractional shares, making it suitable for those looking to invest with a minimal amount of money. Angel Broking team is also gaining popularity due to their user-friendliness and educational approach.

Comparative Analysis of 20 Best Demat Accounts in India for Beginners in 2024

Demat Account Providers

Types of Investment Options

Foreign Stocks

SEBI Registration

Paytm Money Demat Account

Equity, Mutual Funds, ETFs, US Stocks, NCD

Doesn't support

INZ000240532

Zerodha Demat Account

Equity, Mutual Funds, ETFs, US Stocks, Foreign Stocks, Currency Trading, Commodities Trading, F&O, PMS, Tax-Saving Investments, Retirement Planning, NRI Accounts, HNI Accounts, Minor Accounts

Doesn't support

INZ000031633

Aditya Birla Capital Demat Account

Equity, Mutual Funds, ETFs, US Stocks, NCD, Currency Derivatives, Commodity Derivatives

Over 15,000

INH000002145

Upstox Demat Account

Equity, Mutual Funds, ETFs, US Stocks, Corporate FDs, Foreign Stocks, Currency Trading, Commodities Trading, F&O, Tax-Saving Investments, Retirement Planning, NRI Accounts, HNI Accounts, Minor Accounts

Limited number

IOA185135

5Paisa Demat Account

Equity, Mutual Funds, ETFs, US Stocks, NCD

Limited number

INZ000010231

Groww Demat Account

Equity, Mutual Funds., ETFs, Digital Gold, Corporate FDs, various tax-saving investment options, including ELSS funds, PPF, NPS, etc

Over 5000

INZ000208032

Axis Direct Demat Account

Equity, Mutual Funds, ETFs, US Stocks, NCD, Currency Derivatives, Commodity Derivatives

Doesn't support

INZ000161633

Kotak Securities Demat Account

Equity, Mutual Funds, ETFs, US Stocks, NCD, Currency Derivatives, Commodity Derivatives

Limited number

INZ000200137

SBICAP Securities Demat Account

Equity, Mutual Funds, ETFs, US Stocks, NCD, etc

Wide range of foreign stocks, including US stocks, UK stocks, and European stocks

INZ000200032

HDFC Securities Demat Account

Equity, Mutual Funds, ETFs, US Stocks, NCD, Currency Derivatives, etc

Doesn't support

INZ000186937

ICICI Direct Demat Account

Equity, Mutual Funds, ETFs, US Stocks, NCD, Currency Derivatives, Commodity Derivatives

Limited number

INZ000183631

IIFL Demat Account

Equity, Mutual Funds, ETFs, US Stocks, NCD, Currency Derivatives, Commodity Derivatives

Allows trading in multiple foreign markets

INZ000164132

Sharekhan Demat Account

Equity, Mutual Funds, ETFs, US Stocks, NCD, Currency Derivatives, Commodity Derivatives

Over 15,000

INZ000171337

Choice Demat Account

Stocks, ETFs, Mutual Funds, IPOs, Derivatives, PMS

Over 1000

INZ 000160131

Religare Demat Account

Stocks, ETFs, Mutual Funds, IPOs, Derivatives, PMS

Over 1000

INZ000174330

Motilal Oswal Demat Account

Equity, Mutual Funds, ETFs, US Stocks, NCD, Currency Derivatives, Commodity Derivatives

Over 10,000

INZ000158836

Angel Broking Demat Account

Stocks, ETFs, Mutual Funds, IPOs, Derivatives, PMS

Over 15,000

INZ000161534

Wisdom Capital Demat Account

Stocks, ETFs, Mutual Funds, IPOs, Derivatives, PMS

Over 10,000

INZ000203739

Nuvama Demat Account

Stocks, ETFs, Mutual Funds, IPOs, Derivatives, PMS

Over 2,500

INH000011316

Fyers Demat Account

Equity, Mutual Funds, ETFs, US Stocks, NCD, Currency Derivatives, Commodity Derivatives

Over 500

INZ000008524

Brokerage Charges and Hidden Charges

Demat Account Providers

Account Opening Charges

Maintenance Charges

Brokerage Charges

Paytm Money Demat Account

₹100

Free

Rs. 0 (Free) per trade

Zerodha Demat Account

₹200

₹300 per year

₹20 per executed order

Aditya Birla Capital Demat Account

₹750

₹300 per year

0.50% of the transaction value

Upstox Demat Account

₹0

₹150 per year

₹20 per executed order

5Paisa Demat Account

₹0

₹300 per year

₹20 per executed order

Groww Demat Account

₹0

Free

₹20 or 0.05% which is lower

Axis Direct Demat Account

₹0

₹650 per year, free for first year

₹20 per executed order

Kotak Securities Demat Account

₹0

₹600 per year

₹21 per executed order

SBICAP Securities Demat Account

₹850

₹0 per year

₹20 per executed order

HDFC Securities Demat Account

₹0

₹750 per year

₹25 per executed order

ICICI Direct Demat Account

₹0

₹300 per year

₹25 per executed order

IIFL Demat Account

₹0

₹250 per year

₹20 per executed order

Sharekhan Demat Account

₹0

₹400 per year

₹25 per executed order

Choice Demat Account

₹0

₹300 per year

₹20 per executed order

Religare Demat Account

₹0

₹500 per year

₹30 per executed order

Motilal Oswal Demat Account

₹0

₹199 per year

₹30 per executed order

Angel Broking Demat Account

₹0

₹240 per year

₹20 per executed order

Wisdom Capital Demat Account

₹0

Up to ₹999 per year

₹9 per executed order

Nuvama Demat Account

₹0

₹500 per year

₹20 per executed order

Fyers Demat Account

₹0

₹300 per year

₹20 per executed order

Related article

Best Demat Accounts With No Joining Fee

  • Full-Service Broker:
    • Paytm Money Demat Account
    • Aditya Birla Capital Demat Account
  • Discount Broker:
    • Zerodha Demat Account
    • Upstox Demat Account
    • 5paisa Demat Account

Demat Accounts With Lowest Brokerage Charges

  • Full-Service Broker:
    • Angle-One Demat Account
    • ICICI Direct Demat Account
    • Kotak Securities Demat Account
    • Motilal Oswal Demat Account
  • Discount Broker:
    • Paytm Money Demat Account
    • Upstox Demat Account
    • 5paisa Demat Account
    • Fyers Demat Account

A Quick Look at the Charges of 20 Best Demat Accounts in India for Beginners in 2024

Demat Account Provider

Delivery Charges

Intraday Charges

Options Charges

Futures Charges

Paytm Money Demat Account

₹20 or 0.10% (whichever is lower) per executed order

₹20 or 0.05% (whichever is lower) per executed order

Flat ₹20 per executed order

Flat ₹20 per executed order

Zerodha Demat Account

Free

₹20 or 0.03% (whichever is lower) per executed order

Flat ₹20 per executed order

Flat ₹20 per executed order

Aditya Birla Capital Demat Account

₹20 or 0.25% (whichever is lower) per executed order

₹0 or 0.30% (whichever is lower) per executed order

Flat ₹20 per executed order

Flat ₹20 per executed order

Upstox Demat Account

2.5% or ₹20 (whichever is lower)

₹20 or 0.05% (whichever is lower) per executed order

Flat ₹20 per executed order

Flat ₹20 per executed order

5Paisa Demat Account

₹20 or 0.25% (whichever is lower) per executed order

₹20 or 0.05% (whichever is lower) per executed order

Flat ₹10 per executed order

Flat ₹10 per executed order

Groww Demat Account

₹20 or 0.05% (whichever is lower) per executed order

₹20 or 0.25% (whichever is lower) per executed order

Flat ₹20 per executed order

Flat ₹20 per executed order

Axis Direct Demat Account

Free

₹20 or 0.03% (whichever is lower) per executed order

Flat ₹20 per executed order

Flat ₹20 per executed order

Kotak Securities Demat Account

₹20 or 0.25% (whichever is lower) per executed order

₹0 

Flat ₹20 per executed order

Flat ₹20 per executed order

SBICAP Securities Demat Account

₹20 or 2% (whichever is lower) per executed order

₹0 or 0.30% (whichever is lower) per executed order

Flat ₹20 per executed order

Flat ₹20 per executed order

HDFC Securities Demat Account

₹20 or 0.50% (whichever is lower) per executed order

₹20 or 0.10% (whichever is lower) per executed order

₹100 per executed order

0.05%

ICICI Direct Demat Account

₹0.55% 

₹0 or 0.30% (whichever is lower) per executed order

Flat ₹20 per executed order

Flat ₹20 per executed order

IIFL Demat Account

₹20 or 0.25% (whichever is lower) per executed order

₹20 or 0.25% (whichever is lower) per executed order

Flat ₹25 per executed order

Flat ₹20 per executed order

Sharekhan Demat Account

0.50% per order 

₹0 or 0.30% (whichever is lower) per executed order

Flat ₹50 per executed order

Flat ₹20 per executed order

Choice Demat Account

₹0 or 2.50% (whichever is lower) per executed order

₹0 or 0.05% (whichever is lower) per executed order

Flat ₹20 per executed order

Flat ₹20 per executed order

Religare Demat Account

₹0 or 2.50% (whichever is lower) per executed order

₹0 or 0.25% (whichever is lower) per executed order

Flat ₹20 per executed order

Flat ₹20 per executed order

Motilal Oswal Demat Account

₹0 or 2% (whichever is lower) per executed order

0.02% 

Flat ₹20 per executed order

Flat ₹20 per executed order

Angel Broking Demat Account

0.50%

₹20 or 0.25% (whichever is lower) per executed order

Flat ₹20 per executed order

Flat ₹20 per executed order

Wisdom Capital Demat Account

₹0 or 2.50% (whichever is lower) per executed order

₹0 or 0.30% (whichever is lower) per executed order

Flat ₹20 per executed order

Flat ₹20 per executed order

Nuvama Demat Account

₹0 or 2% (whichever is lower) per executed order

₹0 or 0.30% (whichever is lower) per executed order

Flat ₹20 per executed order

Flat ₹20 per executed order

Fyers Demat Account

Free

₹20 or 0.05% (whichever is lower) per executed order

Flat ₹20 per executed order

Flat ₹20 per executed order

Best Demat Accounts in India for Beginners in 2024

Paytm Money stands out as a leading choice for cost-effective investing, offering one of the best Demat accounts in India. With a minimal investment starting from Rs. 100, users can easily create a Demat Account supporting various investment options like Stock Market, Mutual Funds, ETF, IPO, F&O, and NPS retirement funds.

Key Features

Annual Maintenance Charge

Free

Exchange Membership

BSE, NSE, MCX

PMS Services

Available

Per Transaction Charge

Flat fee of ₹20 per executed order for delivery, intra-day, and F&O trades

Trading Platforms

Paytm Money App

Customer Service

Phone, Email, Chat

Investment Options

Equity, Derivatives, Mutual Funds, IPOs

Pros

Cons

Comprehensive insights into your portfolio

Doesn’t support Commodity and Currency trading

Market analysis tools for top-rated mutual funds and stocks

 

Historical data and risk evaluations for mutual funds

 

What is it best for?

  • Low-cost investments with an auto-pay option to ensure on-time payments.

User testimonial that was on point

  • “I have been a happy user and investor for more than a year now. Possibly the best UI and app available for mutual fund investments.”

Zerodha offers everything you need in a Demat account, including commendable market research tools. The Zerodha Demat account will let you trade in various financial instruments, like stocks, equity futures and options, bonds and government securities, commodities futures and options, and currency futures and options. 

Zerodha offers a trading platform, Kite, that comes with a user-friendly interface, comprehensive charts and other technical analysis features. Additionally, a dedicated learning app enhances the overall user experience.

Key Features

Annual Maintenance Charge

₹300 per annum

Exchange Membership

BSE, NSE, MCX

PMS Services

Not Available

Per Transaction Charge

₹13.5 per scrip for selling stocks
CDSL Fee of ₹5.5 per mutual fund

Trading Platforms

Kite, Console, Coin, Sentinel, Varsity

Customer Service

Phone, Email, Chat

Investment Options

Equity, Derivatives, Currency, Commodity, Mutual Funds, Bonds, IPOs

Pros

Cons

Provides profit/loss, tax, and portfolio reports in detail

₹200 account opening charges.

Supports several regional languages

 

Trading charts are available with over 100 indicators

 

What is it best for?

  • Market research and customise it as your own trading platform.

User testimonial that was on point

  • “Good technology, charting and customer support”

3. Aditya Birla Capital Demat Account

The Aditya Birla Capital Demat account is an excellent option for individuals looking to start investing in low-risk mutual funds and ETFs. It supports various financial products, including equity delivery, intraday trading, derivatives, and ETFs.

For expert investors, there are opportunities for complex investments with higher returns, and they can benefit from competitive brokerage rates. The Demat accounts not only simplify the investment process in Indian stocks and mutual funds but also offer tax benefits for NRIs.

Key Features

Annual Maintenance Charge

₹300 per annum

Exchange Membership

BSE, NSE, MCX

PMS Services

Not Available

Per Transaction Charge

₹50 per transaction for delivery trades

₹20 per transaction for Intraday trades

Trading Platforms

ABTrade, Mobile App

Customer Service

Phone, Email, Chat

Investment Options

Equity, Derivatives, Currency, Commodity, Mutual Funds, IPOs

What is it best for?

  • Beginners due to their user-friendly platform, advanced research and advisory services
  • Experienced traders eyeing a wide range of investment products at competitive brokerage charges.
  • NRIs who want a dedicated trading desk and access to the international market

User testimonial that was on point

  • “Only ABML satisfied me. The Fee structure is very beautiful & reasonable. There are many awesome plans. You can choose any of them.”

4. Upstox Demat Account

With minimal trading charges and advanced technology, Upstox stands out as a top discount broker and premier Demat account provider in India. You can trade in shares, mutual funds, digital gold, futures, and other financial instruments using the Upstox Demat Account. The best part is it provides valuable market insights through charts for informed decision-making.

Key Features

Annual Maintenance Charge

₹150 per annum

Exchange Membership

BSE, NSE, MCX

PMS Services

Not Available

Per Transaction Charge

Flat fee of ₹20 per executed order for delivery, intra-day, and F&O trades

Trading Platforms

Upstox Pro, Upstox MF, Upstox API

Customer Service

Phone, Email, Chat

Investment Options

Equity, Derivatives, Currency, Commodity, Mutual Funds, IPOs, Bonds

Pros

Cons

Simple and fast online money transfer, including no-cost UPI transaction

A few users report experiencing crashes during significant market fluctuations.

Allows investing in digital gold

 

What is it best for?

  • Zero commission trading

User testimonial that was on point

  • Users love the platform for its ease, low fees, and handy features like live market data, advanced charts, and a mobile app for trading at any time from anywhere.

5. 5Paisa Demat Account

The 5Paisa Demat Account is an excellent choice for those seeking diverse trading options. The various trading alternatives, market research tools, and comprehensive portfolio analysis features make it one of the best Demat accounts in India for beginners in 2024.

Key Features

Annual Maintenance Charge

₹300 per annum

Exchange Membership

BSE, NSE, MCX

PMS Services

Not Available

Per Transaction Charge

Flat fee of ₹20 per executed order for delivery, intra-day, and F&O trades

Trading Platforms

5Paisa App

Customer Service

Phone, Email, Chat

Investment Options

Equity, Derivatives, Currency, Commodity, Mutual Funds, IPOs, Bonds

Pros

Cons

Portfolio analysis tools

The cost of trading through calling is high.

You can create a joint Demat account with up to three other individuals.

 

What is it best for?

  • Beginners who are just starting to invest
  • Individuals who are looking for a low-cost option with a wide range of investment products

User testimonial that was on point

  • “It is a very simple and systematic app which can be used for buying and selling shares in the stock market. I loved it.”

6. Groww Demat Account

Groww offers a completely free Demat account with no maintenance charges. The paperless account opening can be done from home, and its competitive brokerage charges make it the best option for budget-conscious investors.

Key Features

Annual Maintenance Charge

Free

Exchange Membership

BSE, NSE, MCX, and NCDEX

PMS services

Available 

Per Transaction Charge

₹8 + ₹5.50 (CDSL Charges) per ISIN

Trading Platforms

Website and Mobile App

Customer Service

Phone, email, and chat

Investment Options

Equity, Currency, Commodity, Mutual Funds, IPOs

Pros

Cons

Offers analytics and statistics for stocks, mutual funds, and other investments

Doesn’t support IPO investment

Enables investment in foreign markets

 

Commission-free SIP purchases

 

What is it best for?

  • Beginners are seeking a paperless account opening without any initial or maintenance charges, along with ample educational resources.

User testimonial that was on point

  • “Groww is transparent and data-based.”
  • “It took me 5 minutes to set up and 10 minutes to find the funds that suited my need and investment.”

7. Axis Direct Demat Account

Axis Direct Demat Account, trusted by over 2 million customers, provides a 3-in-1 account for seamless banking, trading, and Demat services. Moreover, you’ll enjoy free market analytics reports, trading guidance from research experts, and a variety of investment options, including equities, mutual funds, bonds, derivatives, ETFs, and more.

Key Features

Annual Maintenance Charge

₹650 per annum
Free for First Year

Exchange Membership

BSE, NSE, MCX, and NCDEX

PMS services

Available

Per Transaction Charge

₹20 per executed order

Trading Platforms

Axis Direct App, Axis Direct Web, and Axis Direct Trade

Customer Service

Phone, email, and chat

Investment Options

Equity, Currency, Commodity, Mutual Funds, IPOs, and Bonds

Pros

Cons

Free market research and investment advice  

Higher account maintenance charge

Plenty of educational resources

 

What is it best for?

  • Novice traders who want to understand the fundamentals of trading.

User testimonial that was on point

  • “I’ve been very impressed with AxisDirect’s low brokerage charges and wide range of investment options.”

8. Kotak Securities Demat Account

With nearly 20 million users, Kotak Securities stands out as one of India’s top Demat accounts, offering a 3-in-1 account, market analysis tools, and trading recommendations. As a SEBI registered broker and member of NSE, BSE, MCX, and NCDEX, it provides diverse investment options in Equity, F&O, Currency, Commodities, IPO, Mutual Funds, Tax-free Bonds, and Stock Lending.

Key Features

Annual Maintenance Charge

₹600 per annum
 

Exchange Membership

BSE, NSE, MCX, and NCDEX

PMS services

Available 

Per Transaction Charge

0.04% + NSDL or min ₹20 per executed order

Trading Platforms

KEAT Pro X, Kotak Stock Trader

Customer Service

Phone, email, and chat

Investment Options

Equity, Currency, Commodity, Mutual Funds, IPOs, and Bonds

Pros

Cons

Global investment

Higher brokerage charge

Market analysis and best recommendations

 

Helps to create an affordable yet most profitable portfolio by investing in small cases

 

What is it best for?

  • Beginners who want to start with a small investment, as well as learning resources and the option to invest in small cases to maximise profit.

User testimonial that was on point

  • “Very smooth UI. Really loved the app a lot.”

9. SBICAP Securities Demat Account

SBICAP Securities Demat Account is available on both web and mobile platforms and helps investors make informed decisions. The valuable educational resources, market analytics, and trading tips make it a top choice for the best Demat account in India.

Key Features

Annual Maintenance Charge

Free

Exchange Membership

BSE, NSE, MCX, and NCDEX

PMS services

Not Available 

Per Transaction Charge

₹20 per executed order

Trading Platforms

SBISMART Mobile Trading app

Customer Service

Phone, email, and chat

Investment Options

Equity, Currency, Commodity, Mutual Funds, IPOs, and Bonds

Pros

Cons

Dedicated relationship manager

₹850 account opening charges

Market Analytics

 

What is it best for?

  • Beginners who want personal guidance to ensure profit.

User testimonial that was on point

  • “In SBI, the user interface is average, and the service is good. Almost all the required facilities are available.”

10. HDFC Securities Demat Account

HDFC Securities Limited, a subsidiary of HDFC Bank, provides a 3-in-1 account integrating savings, trading, and Demat accounts. Their Demat account streamlines trading by eliminating paperwork hassles. With 24/7 customer support, you can trade in Indian and global stocks easily without any hassle.

Key Features

Annual Maintenance Charge

₹750 per year

Exchange Membership

BSE, NSE, MCX-SX, NCDEX, MCX

PMS services

Available

Per Transaction Charge

₹25 per transaction

Trading Platforms

ProTerminal, Web Trading, Mobile Trading

Customer Service

Phone, email, and chat

Investment Options

Stocks, Bonds, Mutual Funds, ETFs, IPOs, NCDs, FDs, and more

Pros

Cons

Margin trading

No commodity trading

Global investment options

 

Portfolio tracking features

 

What is it best for?

  • Individuals are seeking an all-in-one solution for trading requirements with customer assistance and offline advisory services.

User testimonial that was on point

  • People praised HDFC Securities for their services, easy-to-use interface and prompt customer support.

11. ICICI Direct Demat Account

The ICICI Direct Demat Account enables investment in domestic and global markets. It supports trading in stocks, mutual funds, fractional shares, and various assets. 

ICICI Direct demat account offers the convenience of a three-in-one account for in-house customers. With a user-friendly interface customisable to customer preferences, it stands out as one of the top 20 Demat accounts in India for beginners.

Key Features

Annual Maintenance Charge

₹300 per year

Exchange Membership

BSE, NSE, MCX-SX, NCDEX, MCX

PMS services

Available

Per Transaction Charge

₹35 per transaction

Trading Platforms

ICICIdirect.com, ICICIdirect Mobile App, Trade Racer

Customer Service

Phone, email, and chat

Investment Options

Stocks, Bonds, Mutual Funds, ETFs, IPOs, NCDs, FDs, and more

Pros

Cons

Allows investors to buy a fraction of a share, making high-priced stocks more accessible.

High brokerage charges make it inaccessible for small investors.

The lightweight website is accessible even with poor internet connections.

 

What is it best for?

  • Individuals who want to trade in fractional shares of the global market
  • ICICI customers who want the convenience of a three-in-one account, Savings account, Trading account and Demat account

User testimonial that was on point

  • “ICICIDIRECT has a good platform, friendly and understandable navigation and research tabs for Equity.”

12. IIFL Demat Account

IIFL Demat Account, with 25 years of industry presence, provides comprehensive trading and investing services across various financial instruments, like derivatives, stocks, equities, loans, derivatives, Bonds, IPOs, FDs, and commodities. The free account opening and market analysis tools make it ideal for beginners to invest with confidence.

Key Features

Annual Maintenance Charge

₹250 per year

Exchange Membership

BSE, NSE, MCX-SX, NCDEX, MCX

PMS services

Available

Per Transaction Charge

₹25 per transaction

Trading Platforms

IIFL Markets, Trader Terminal, Mobile Trading

Customer Service

Phone, email, and chat

Investment Options

Stocks, Bonds, Mutual Funds, ETFs, IPOs, NCDs, FDs, and more

Pros

Cons

Useful portfolio analysis tools and price alerts

Higher brokerage fees compared to others

Portfolio management services

 

What is it best for?

  • Trading in a variety of financial assets at affordable pricing

User testimonial that was on point

  • “IIFL is a renowned stockbroker who provides various financial products to its customers at nominal brokerage. They have an excellent online presence and protect you from the offline hurdles.”

13. Sharekhan Demat Account

Sharekhan Demat Account is a comprehensive trading platform with tools for learning, portfolio management, and market research. It’s an excellent choice for trading stocks, bonds, mutual funds, and more. Expert portfolio management and rebalancing services are also available.

Key Features

Annual Maintenance Charge

₹400 per year

Exchange Membership

BSE, NSE, MCX-SX, NCDEX, MCX

PMS services

Available

Per Transaction Charge

₹16 per transaction

Trading Platforms

Sharekhan TradeTiger, Sharekhan App, Sharekhan Mini

Customer Service

Available

Investment Options

Stocks, Bonds, Mutual Funds, ETFs, IPOs, NCDs, FDs, and more

Pros

Cons

You can use a fixed deposit as collateral for futures and options trading.

The Demat account process is time-consuming.

Keeps you informed about the prices of your preferred stocks.

 

What is it best for?

  • Beginners and experienced traders who are in search of a full-service brokerage firm.

User testimonial that was on point

  • “It has been one of the most trusted stock trading companies in India for
  • over two decades now; best for beginners as it offers in-person onboarding, training, local support and a relationship manager.”

14. Choice Demat Account

Choice, with over 25 years of experience, offers a free Demat account with a minimal annual charge. This cross-platform app ensures a quick account opening process, taking less than 5 minutes.

Key Features

Annual Maintenance Charge

₹300 per year

Exchange Membership

BSE, NSE, MCX, NCDEX, CDSL, NSDL

PMS Services

Available

Per Transaction Charge

₹20 per transaction

Trading Platforms

Mobile and Web Application

Customer Service

Phone, Email, Chat

Investment Options

Equity, Derivatives, Currency, Commodity, Mutual Funds, IPOs, Bonds

Pros

Cons

Quick 4-step Demat account process

UI is not smooth like other applications

Low brokerage and DP charge

 

Provides research and advisory services free of cost

 

What is it best for?

  • Individuals want to open a Demat account without any hassle or charge.

User testimonial that was on point

  • “I’m a professional trader, and I’ve been using Choice Broking for over five years now. Their platform is one of the best in the market, and their customer support is always available to help.”

15. Religare Demat Account

Religare Demat Account services commenced in 1982, with 500 branches across various cities. It provides online trading in equities, currencies, commodities, and more. The market research tools, feed for market news, and many more utility features make their 2-in-1 online trading and Demat account a popular choice.

Key Features

Annual Maintenance Charge

₹500 per year

Exchange Membership

BSE, NSE, MCX, NCDEX, CDSL, NSDL

PMS Services

Available

Per Transaction Charge

₹10 per transaction

Trading Platforms

RMobile Xpress, R-Funds, R-Web, R-ACE

Customer Service

Phone, Email, Chat

Investment Options

Equity, Derivatives, Currency, Commodity, Mutual Funds, IPOs, Bonds

Pros

Cons

Margin trading service

Customer support is not available for 24/7 hours.

Research and analysis tools

 

Best for

  • Experienced traders want an all-in-one demat account to trade in equities, mutual funds, IPOs, commodities, currencies, and more.

User testimonial that was on point

  • “Religare is a good company. I’m delighted with their customer service.”

16. Motilal Oswal Demat Account

Motilal Oswal, with over 20 years of expertise in the trading and investment field, is one of the oldest demat account providers. They offer a wide array of investment options, portfolio management services, and top-notch market advisory for maximum profits.

Key Features

Annual Maintenance Charge

₹199 per year

Exchange Membership

BSE, NSE, MCX, NCDEX, CDSL, NSDL

PMS Services

Available

Per Transaction Charge

₹30 per transaction

Trading Platforms

MO Investor, MO Trader, MO Web

Customer Service

Phone, Email, Chat

Investment Options

Equity, Derivatives, Currency, Commodity, Mutual Funds, IPOs, Bonds

Pros

Cons

Easy account opening process

Relatively high brokerage

Personal advisory service free of cost

 

Best for

  • Experienced traders who want comprehensive market analysis reports and access services in cash, F&O, and CDS segments.
  • Beginners who want the free advisor.

User testimonial that was on point

  • “Motilal Oswal Demat and trading accounts are best for traders or investors looking for research advisory and handholding.”

17. Angel Broking Demat Account

The Deamat account by a renowned Angel Broking full-service retail stockbroker offers various trading and investment services, including stock and commodities trading, investment advice, loans against shares, margin funding, and different financial products. The platform equips you with effective research tools for informed investing.

You can commence trading within just 1 hour with digital KYC. With an entirely online account opening process, Angel Broking streamlines your journey into the world of investing.

Key Features

Annual Maintenance Charge

₹240 per year

Exchange Membership

BSE, NSE, MCX, NCDEX, CDSL, NSDL

PMS Services

Available

Per Transaction Charge

₹20 per transaction

Trading Platforms

Angel Broking App, Angel SpeedPro, Angel BEE

Customer Service

Phone, Email, Chat

Investment Options

Equity, Derivatives, Currency, Commodity, Mutual Funds, IPOs, Bonds

Pros

Cons

Provides a user-friendly experience with margin offerings up to 5 times the deposit amount

Customers criticised the provider for customer service.

Quick and online account opening process

 

What is it best for?

  • Fractional investment
  • Expert curated portfolio management services
  • Equity delivery trading free of cost for a lifetime.

User testimonial that was on point

  • “Angel Broking is known for giving personalised service and great stock recommendations but at really high brokerage rates. They provide really high margins, even during lockdown.”

18. Wisdom Capital Demat Account

Wisdom Capital, known for the lowest brokerage in equity intraday, is a leading demat and trading account provider, offering low-brokerage online Demat accounts with comprehensive facilities. The platform supports trading in equities, F&O, commodities, currency, Mutual Funds, etc., with zero charges. 

Key Features

Annual Maintenance Charge

Up to ₹999 per year

Exchange Membership

BSE, NSE, MCX, NCDEX, CDSL, NSDL

PMS Services

Not Available

Per Transaction Charge

₹9 per transaction

Trading Platforms

NEST Trader, BOLT

Customer Service

Phone, Email, Chat

Investment Options

Equity, Derivatives, Currency, Commodity, Mutual Funds, IPOs, Bonds

Pros

Cons

Brokerage fee is notably lower than full-time brokers like ICICI Direct and SBI

Does not offer a 3-in-1 account

Offers algo trading with semi and fully automatic features 

 

What is it best for?

  • NRIs, who want a choice between Repatriated and Non-Repatriated Demat accounts. 

User testimonial that was on point

  • “I suggest Wisdom Capital to the people eyeing quality trading at minimum cost. It is a perfect discount broker for beginners that offers round-the-clock client handling services. Thank you for the support and guidance.”

19. Nuvama Demat Account

The Nuvama Demat account is a reliable choice that provides 23+ customisable analytics reports based on the market, 80+ technical indicators, and a personalised watchlist for tracking 100 stocks. The research team also delivers personal recommendations across equity, currency, derivatives, and other domains.

Key Features

Annual Maintenance Charge

₹500 per year

Exchange Membership

BSE, NSE, MCX, NCDEX, CDSL, NSDL

PMS Services

Not Available

Per Transaction Charge

₹15 per transaction

Trading Platforms

Nuvama App

Customer Service

Phone, Email, Chat

Investment Options

Equity, Derivatives, Currency, Commodity, Mutual Funds, IPOs, Bonds

Pros

Cons

Complimentary research, stock tips, and recommendations.

Relatively priced higher

Seamless online IPO investments.

 

Generous leverage options for cash, F&O, and CDS segments.

 

What is it best for?

  • Experienced traders who want in-depth analysis and research reports.

User testimonial that was on point

  • People praised Nuvama for their website usability and affordable brokerage charges.

20. Fyers Demat Account

FYERS Demat account offers easy access to trade and market trends across various segments, like trading Equity, Currency, Mutual Funds, and IPOs. With a wealth of analytics, user data, and educational materials, FYERS prioritises financial education, providing features like heatmaps, stock screeners, market metres, and trend scanners for a comprehensive understanding of market trends. 

Key Features

Annual Maintenance Charge

₹300 per year

Exchange Membership

BSE, NSE, MCX, NCDEX, CDSL, NSDL

PMS Services

Not Available 

Per Transaction Charge

₹20 per transaction

Trading Platforms

Fyers One, Fyers Markets

Customer Service

Phone, Email, Chat

Investment Options

Equity, Derivatives, Currency, Commodity, Mutual Funds, IPOs, Bonds

Pros

Cons

Quick account opening in less than 5 minutes

Server problems during peak trading hours.

Competitive pricing for all trades

 

What is it best for?

  • Individuals seeking advanced market research tools and expert investment advisories.

User testimonial that was on point

  • “Fyers’ brokerage charges are a bit higher than some of the other online brokers in India. However, I feel that the quality of their platform and customer support justifies the higher fees.”

How Do We Shortlist?

  • Reputation and Dependability: Initially, we shortlisted demat account providers based on their reputation and trustworthiness, prioritising those following SEBI's protocol.
  • Charges: We then assessed account opening fees, maintenance costs, and competitive brokerage charges for affordability and additional benefits.
  • Account Opening Ease: Some DPs use e-KYC for streamlined account opening, a preference for our selection.
  • Ease of Use: We explored user-friendly interfaces and features for a seamless experience.
  • Look for Analytics: Our selection included providers offering analytics like real-time pricing, industry density, and thematic concentration, along with comprehensive research and advisory services for informed decisions.
  • Customer Service: Customer feedback reviews guided our understanding of the service quality provided by these companies.
  • Security: After this initial selection, we finalised the list by ensuring robust security measures and compliance with regulations.

Introduction To Demat Account

A Demat account, also referred to as a Dematerialized account, is designed to hold securities such as stocks, bonds, and mutual funds. You can convert your physical and financial assets into digital assets using a Demat account. The process is Dematerialising.

In online trading, investors acquire and store investments in Demat accounts, simplifying the trading process. Demat effectively mitigates risks associated with theft, loss, and other potential issues.

How Does A Demat Account Work?

Once logged into your linked Demat and trading account, you can request to 'buy' or 'sell'. This request goes to the stock exchange through the depository participant. In 'buy' orders, the stock exchange finds a seller willing to sell at the asked price. If the price matches, the request is sent to clearing houses to move shares from the seller's Demat to the buyer's Demat account.

When an investor buys or sells financial securities like stocks and bonds, the changes are reflected electronically, streamlining the process of managing and transferring ownership of financial assets. Nowadays, every Demat account is linked with a trading account, making trading and storage straightforward.

How To Open A Demat Account?

Follow these simple steps:

Choose Your DP:

  • Pick a Depository Participant (DP), which can be a bank, share broker, or financial service provider.
  • Opt for the stockbroker linked to your trading account for seamless transactions.

Complete Forms and Submit Documents:

  • Fill out the account opening form and KYC form, and provide necessary documents like a PAN card, passport-sized photos, proof of address, and proof of identity.
  • Acceptable proof of identity includes documents like voter's ID, income tax returns, passports, and PAN cards. Proof of address can be a bank statement, leave and licence agreement, or electricity bill.

In-Person Verification (IPV):

  • In-person verification is conducted by a representative from your DP's firm.
  • IPV ensures the authenticity of the details you provide and can be done via video meetings with the help of the internet and a webcam.

Receive Beneficiary Owner Identity (BOID):

  • After processing your application, the DP will provide you with a unique Beneficiary Owner Identity (BOID), which is your account number.
  • This BOID facilitates future transactions and grants access to your demat account.

What Documents Are Required To Open A Demat Account?

  • PAN Card and Aadhaar or Passport for identity proof
  • ITR, salary slips, and account statements for the last 6 months
  • Audited business annual accounts
  • Passport-sized photos
  • Additional documents as per the terms and conditions of the Demat account provider.

What Are The Different Types Of Demat Accounts?

  • Standard Demat Account: Tailored for regular investors looking to hold and trade securities for personal wealth growth and long-term investing.
  • Repatriable Demat Account: NRIs investing in Indian stocks can open this account, enabling them to repatriate invested funds and profits to their home country.
  • Non-Repatriable Demat Account: Tailored for NRIs who want to invest in Indian stocks for an extended period but are unable to repatriate the invested amount.

FAQs

1. What is BSDA?

BSDA, which stands for Basic Services Demat Accounts, is a recent offering from SEBI. It functions like a regular Demat account but comes with no maintenance charges if the holding value is below ₹50,000 and incurs an annual fee of ₹100 for holdings between ₹50,000 and ₹2 lakh.

2. Are Demat accounts and trading accounts the same?

No. A Demat account stores your shares and other financial securities, like stock or bonds, digitally, while a trading account lets you purchase and sell shares in the stock market.

3. Is there any eligibility for a demat account opening?

Yes, there are eligibility criteria for opening a demat account. Like -

  • Individuals should be at least 18 years old, or minors can also have a Demat account, but it needs to be operated by a guardian until the minor turns 18.
  • A linked bank account is usually required for seamless fund transfer and settlement.
  • Some DPs may require income proof, especially for derivatives and trading in specific segments.

4. What is the minimum amount to open a Demat account?

You can open an account with no money in it. Just keep an eye on the account opening charges for the Demat account. Some providers let you open one without any charges, while others may ask for Rs. 200, Rs. 400, and so on.

5. Direct vs Regular Mutual Fund?

Direct mutual funds involve investing directly with the fund house, while regular funds involve intermediaries. That's why Direct Mutual Funds provide higher returns on lower expenses.

Conclusion:

With numerous brokers and Demat account providers available, selecting one can be challenging for traders and investors. Whether you're new to investing or an experienced investor, this guide will help you make an informed choice and pick the best Demat account brokers that align with your investment goals.

If you have any queries, feel free to get in touch with us. Sometimes, top brokers conduct workshops to provide clients with a thorough introduction to Demat accounts, emphasising their benefits. You can attend such workshops or check their online tutorials to learn more about their offerings.

To contact the Express Deals team, please drop an email to - expressdeal@newindianexpress.com
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