Best Demat Account in India 2024 – Free Demat Account Opening Online

A dematerialized or Demat account is an electronic account where financial instruments such as shares, bonds, securities, and mutual funds can be stored. This account serves as a digital alternative to physically holding these instruments. Similar to a savings account that holds your money, a Demat account is used for holding shares. We will explore the importance and advantages of having a Demat account. To begin trading online, it is important to open a Demat and trading account through a stockbroker. Choosing the right depository and Demat account is essential for a successful trading journey. Although a Demat account is simply a place to hold shares, it is important to do some research to ensure you open the best Demat account for a smooth and profitable trading experience.

Key Factors to Consider when Choosing a Demat Account

• Fees: You should consider the charges associated with the account when choosing a demat account. This includes the cost of opening and maintaining the demat account, as well as any charges associated with buying & selling securities. You should also look at any additional fees that may be charged for services such as account transfers, statement requests, or for holding physical copies of certificates.

• Ease of opening: The next factor to consider when selecting a Demat account is how easy it is to open. SEBI has set out a procedure for opening these accounts that service providers must adhere to, but some providers have simplified the process. For instance, the e-KYC process allows for the account opening to be verified using your Aadhaar data and completed entirely online. The client only needs to do a final self-identification using a video camera or in-person verification. This process should take no more than two trading days, whereas traditional physical account opening can take up to five days.

• Security measures: you should also look at the security measures that are in place to protect your assets. This includes things like two-factor authentication, encryption of sensitive data, and regular security audits to ensure that the platform is secure from cyber-attacks.

• Research and analysis tools: the availability of research and analysis tools helps you make informed investment decisions. This includes tools like real-time stock quotes, market news and analysis, and other data that can help you stay informed about market trends and make smart investment decisions. Choosing a provider that offers these tools can help you stay ahead of the curve and make more profitable trades.

• Customer service: the level of customer service that you can expect from the service provider is also a factor to consider. This includes the availability of customer support, the responsiveness of the support team, and the quality of the assistance that they provide. A provider that offers excellent customer service can make a big difference in your overall trading experience.

List of 8 Best Demat Accounts in India with Brokerage Charges and account opening charges

Open a Free Demat Account Now!

Zerodha Demat Account:

Zerodha is a leading discount broker in India with over 3 million clients, offering exceptional customer support, competitive brokerage, and outstanding trading platforms. The brokerage model charges a standard Rs. 20 or 0.03% per stock traded, with equity delivery being free. The maximum charge is Rs. 20 per order. The Demat account opening charges are Rs. 200 for Trading & Demat A/C, with a Zerodha AMC charges of Rs. 300 per year for the Demat Account and Rs. 0 for the Trading Account. This makes Zerodha a great choice for those looking to open the best Demat account in India, especially given its reputation as one of the most trusted discount brokers in the industry.

Zerodha Demat account Features:

• Comprehensive market data and advanced charts for well-informed trading decisions.
• Zerodha Varsity mobile app designed for trading education.
• Customizable trading platform to suit individual preferences.
• Zerodha is the best demat account lowest brokerage.
• Coin by Zerodha app enabling direct mutual fund trading.

Pros:

• Robust and high-quality market research tools.
• Customized trading platform to create a personalized experience.
• Competitive and cost-effective fee structure.
• Learning app offering valuable trading education.

Cons:

• Initial account opening charges of ₹200.

Prices:

• Brokerage charges: No brokerage charges for equity delivery.
• Zerodha Account opening charges: Rs. 200

Why should you consider this app?

Zerodha stands out by offering extensive market research tools, a customizable trading platform, and a dedicated educational app, making it a compelling choice for both seasoned traders and newcomers.

Key Specifications:

• Android ratings: Rated 5/5 stars.
• Android downloads: Downloaded by over 5 million users.
• iOS ratings: Rated 3.3/5 stars (1,700+ ratings).
• Price: Zero brokerage charges for equity delivery.

ICICI Direct Demat Account:

ICICI Direct is a popular retail stockbroker in India that offers trading services for equity, commodity, and currency across BSE, NSE, and MCX, with the option to invest in IPOs, mutual funds, NCD, fixed deposits, home loans, and loans against securities. The brokerage firm offers a 3-in-1 account opening and the ICICIdirect Neo Plan, which features brokerage-free equity trading, free trading tips, and a charge of Rs. 20 per trade. The account opening charges are nil, and the account AMC charges are also free. ICICI Direct has a Demat AMC charge of Rs. 300 from the second year onwards. The equity delivery brokerage fee is 0.55%, and equity futures have no brokerage fee, whereas equity intraday trading has a fee of Rs. 20 per order, and other segments have a brokerage fee of Rs. 20 per order.

ICICI Direct Demat Account Features:

• Access to a diverse range of trading options including equities, mutual funds, currencies, IPOs, and commodities.
• Valuable market insights and research reports.
• Learning resources for improving trading knowledge.
• Offering a 3-in-1 account for seamless banking, trading, and Demat services.

Pros:

• A unique feature allowing fractional shares trading.
• No minimum balance requirement.
• Access to global shares for a broader investment scope.

Cons:

• Elevated brokerage charges for small-scale investors.

Prices:

• Brokerage charges: Margin funding starts at 8.9% per annum.
• AC opening charges: Rs. 35 per order

Why should you consider this app?

ICICI Direct provides a holistic trading experience encompassing various trading avenues, fractional shares trading, and global market exposure, all coupled with insightful market analysis.

Key Specifications:

• Android ratings: Rated 5/5 stars.
• Android downloads: Downloaded by over 1 million users.
• Price: Starting margin funding at 8.9% per annum, ₹35 per order brokerage.

Angel One Demat Account:

Angel Broking, founded in 1987, is a full-service retail stockbroker in India with over 100 branches and 11,000 sub-broker offices across 1,800+ cities. The firm offers a wide range of trading and investment services including stock and commodity, investment advisory, margin funding, loans against shares, and other financial products. The firm’s top features include free Online/ Offline Services, a new-age trading platform, an extended network of franchises and sub-brokers, and ARQ-based investment vehicles. Angel Broking offers a free Demat account with no account opening charges and zero annual maintenance charges, with a maintenance fee of Rs. 240. The firm charges a flat brokerage fee of Rs. 20 per executed order for Equity Intraday, Equity Futures, Equity Options, Currency Futures, Currency Options, Commodity Futures, and Commodity Options.

Angel One Features:

• An extensive array of trading options catering to diverse preferences.
• Streamlined transaction process that enhances user convenience.
• Convenient and hassle-free online account opening process.
• Portfolio management service facilitated by seasoned experts.

Pros:

• Exceptional benefit of zero brokerage across all trading segments.
• Lifelong provision of free equity delivery trading.
• Novel fractional investment feature and curated portfolios.
• No AMC for the first year.

Cons:

• Reports of subpar customer service quality.

Prices:

• Angel One Brokerage charges: Free equity delivery trade for a lifetime.
• AC opening charges: Free for the first year

Why should you consider this app?

Angel Broking proves to be a valuable choice, particularly for beginners seeking professional portfolio management. The availability of fractional share investment options caters to those with limited investment capital.

Key Specifications:

• Android ratings: Rated 4.8/5 stars.
• Android downloads: Downloaded by over 10 million users.
• iOS ratings: Rated 3.5/5 stars (14,000+ ratings).
• Price: No charges for equity delivery trades, flat ₹20 or 0.25% (whichever is lower) for other segments.

Sharekhan Demat Account:

Sharekhan is a reputed full-service stockbroker in India, with over 18 lakh clients. Sharekhan offers trade execution services for equity cash and derivatives categories, commodities trading facilities, and mobile trading services through the ShareMobile app. The Demat account of Sharekhan is one of the best Demat accounts in India, offering free call & trade service, online training, and seminars for stock investors. Sharekhan also provides an option to use the fixed deposit as collateral for F&O trading and allows online fund transfers from any bank. The Demat account opening charges are nil, and the Demat AMC is Rs 400, which is free for the first year. The brokerage charges for equity delivery are 0.50%, while for equity intraday, equity futures, and currency futures, the charges are 0.10%. Equity options charge Rs 50 per lot, currency options charge Rs 30 per lot, and commodity futures and options charge 0.03%.

Sharekhan Demat Account Features:

• Rich multimedia resources including audio and video content for comprehending market trends.
• Expert predictions on market movements.
• Accessible learning resources for trading education.

Pros:

• Convenient price alerts for tracking preferred stocks.
• Round-the-clock customer service availability.
• No obligatory minimum deposit.
• Portfolio management service with expert rebalancing.

Cons:

• The account opening process was reported to be time-consuming.

Prices:

• Brokerage charges: 3 paise for every 100 paise in each intraday transaction.
• AC opening charges: Rs. 400

Why should you consider this app?

Sharekhan offers an all-encompassing trading platform replete with educational materials, expert forecasts, and portfolio management, catering proficiently to both novice traders and seasoned investors.

Key Specifications:

• Android ratings: Rated 4.6/5 stars.
• Android downloads: Downloaded by over 1 million users.
• iOS ratings: Rated 2.8/5 stars (2,400+ ratings).
• Price: Annual maintenance charges ₹400 (first year free), variable brokerage charges for different segments.

Groww Demat Account:

Groww is a Bengaluru-based online discount broker in India, which started as a mutual fund platform, offering a standard brokerage across various instruments like IPO, Equity, and Mutual Funds. It offers digital gold, fixed deposits, and US stocks for investors to invest seamlessly. The Demat account opening facility is paperless and there are no charges for opening a Demat account. With a maximum brokerage limit of Rs. 20, it offers an option to convert the external regular mutual fund into a direct mutual fund. However, Groww does not provide any tips, recommendations, or research services. It is a great choice for the best online Demat account in India.

Groww Features:

• Offers a built-in mutual funds calculator.
• Provides analytics & statistics for stocks, mutual funds, and other investments.
• Well-built API for integration with other apps/services.
• Swift one-click order placements.

Pros:

• Paperless account opening with no charges for account setup or maintenance.
• Zero commission on SIP purchases.
• Permits investment in foreign markets like the US Stock Market.
• User-friendly interface with simple navigation.

Cons:

• Lacks support for IPO investments.

Groww charges:

• Equity delivery: Rs. 0 (Free).
• Equity intraday: 0.05% or Rs. 20 per order (Whichever is lower).
• Equity futures: 0.05% or Rs. 20 per order (Whichever is lower).

Why should you consider this app?

Groww excels in being the go-to choice for individuals entering the investment world, offering free Demat account opening and minimal fees. Its integration capabilities, along with analytical tools and news updates, facilitate informed financial decisions.

Key Specifications:

• Exchange membership: BSE, NSE, and MCX.
• Demat AMC: Rs. 0 (Free).
• PMS services: No.
• Per transaction charge: NSE 0.00325% | BSE 0.003%.
• Trading platforms: Web and App (Android + iOS).
• Customer service: Website.

5Paisa Demat Account:

5Paisa is one of the top discount brokers in India that offers a range of investment and trading services across various segments including stocks, derivatives, and currency. With over 1.2 million clients, 5Paisa provides detailed research and advisory services on more than 4000 firms, making it a great choice for investors. It offers a Demat account with no opening charges and only Rs. 540 yearly maintenance charges. The brokerage fee for all trading categories is Rs. 20 per trade, making it one of the most cost-effective choices in India. 5Paisa is a registered member of BSE and NSE, and its parent organization IIFL has over two decades of experience in the retail broking landscape.

5Paisa Features:

• Diverse trading options including mutual funds, gold, commodities, and US stocks.
• Utilitarian market research and portfolio analysis tools.
• Simplified educational courses for a better understanding of market dynamics.
• Option for a joint Demat account accommodating up to three members.

Pros:

• No commission is applied to mutual fund investments.
• Abundant learning resources and access to market research.
• Comprehensive portfolio analysis tools.

Cons:

• Occasional server issues during peak trading hours.
• Trading through calls can incur higher costs.

Prices:

• Brokerage charges: Rs. 20 per order brokerage charges (Stocks, commodities, currencies).
• AC opening charges: Rs. 0

Why should you consider this app?

5Paisa stands as a superior choice for traders seeking versatility with its wide array of trading options, robust research capabilities, and in-depth portfolio analysis.

Key Specifications:

• Android ratings: Rated 4.6/5 stars.
• Android downloads: Downloaded by over 5 million users.
• iOS ratings: Rated 4/5 stars (10,500+ ratings).
• Price: ₹20 per order brokerage charges, ₹0 commission on mutual funds, various subscription packs available.

Edelweiss Demat Account:

Edelweiss Broking Ltd is a full-service stockbroker in India established in 2008 that offers various trading and investment services in asset categories like debt, equity, IPOs, mutual funds, currency, and commodities. They have a wide presence across India, over 475 offices across 200 footprints, and serve over 15 lakh clients. They offer paperless online account opening, web-based IPO investment, and free stock research and advisory services. The Demat account opening charges are nil, and the AMC is Rs. 240. The brokerage charges are Rs. 10 per trade for all categories and Rs. 20 per executed order.

Edelweiss Features:

• Part of Edelweiss Group, a renowned financial services firm.
• Offers a diverse range of financial services including investment advisory, wealth management, and more.
• Listed on BSE, NSE, NCDEX, MCX, and AMFI.
• Offers both full-service and discount brokerage plans.
• High-speed trading platform for seamless trading experiences.
• Stock advisory services with expert recommendations.

Pros:

• The rich history and a strong foundation within the financial services industry.
• An extensive array of asset classes is available for trading.
• Well-researched fundamental and analytical reports.
• High-speed trading platforms, including mobile apps with a 4.2-star rating.
• The guided Investing tool assists new investors with personalized portfolios.
• Offers online and offline advisory services for diversified client support.
• Opportunity to avail of various financial services from the Edelweiss Group.

Cons:

• Doesn’t provide a 3-in-1 trading, Demat, and bank account combo.
• Some services like call and trade come with extra charges.
• Elite plan brokerage charges might be comparatively higher.

Prices:

Elite plan brokerage charges

• Equity delivery: Rs. 10 per executed order or 0.30%.
• Equity intraday: Rs. 10 per executed order or 0.03%.
• Equity futures: Rs. 10 per executed order or 0.03%.
• Equity options: Rs. 10 per executed order or Rs. 75 per lot.
• Currency futures: Rs. 10 per executed order or 0.02%.
• Currency options: Rs. 10 per executed order or Rs. 20 per lot.

Why should you consider this broker?

Edelweiss Broking Limited, backed by Edelweiss Group’s expertise, offers a comprehensive range of financial services and asset classes for trading. Their diverse platform options, guided investing tools, and well-researched reports make them a competitive choice for investors and traders looking for a full-service experience.

Key Specifications:

• Exchange membership: BSE, NSE, NCDEX, MCX, and AMFI.
• Diverse asset class coverage: Equity, derivatives, mutual funds, currency, commodities, ETFs, debt, IPO.
• Trading platforms: High-speed trading platform, Terminal X3 (desktop-based), Mobile trader app, Investology learning page, Smallcase thematic portfolio service, Guided Investing tool.
• Customer service: Online and offline advisory services, relationship managers.

Paytm Money Demat Account:

Paytm Money is a discount broking firm in India and a subsidiary of One97 Communications. It is registered under SEBI and is a member of BSE and NSE. Paytm Money offers a Demat account with zero account maintenance charges and a paperless account opening. It charges a maximum brokerage of Rs.10 and offers free equity delivery trading, making it an excellent choice for investors. The brokerage charges for equity intraday trading and equity options are Rs.10 per executed order or 0.05%, whichever is lower. It also provides 0 commission on direct mutual funds, making it a popular choice for investors seeking a low-cost trading platform.

Paytm Money Features:

• Offers in-depth insights into your portfolio.
• Equips users with market analysis tools to identify top-rated mutual funds and stocks.
• Provides historical data and risk evaluations for all mutual funds.
• The auto-pay feature ensures timely investment payments.

Pros:

• Facilitates easy and low-cost investing with minimal commissions and a starting investment of just Rs. 100.
• Rich investment insights for informed decision-making.
• Supports UPI-based fund transfers to/from trading accounts.
• Employs a robust search with advanced filters.

Cons:

• Does not support commodity and currency trading.

Prices:

• Equity delivery: Rs. 0 (Free).
• Equity intraday: 0.05% or Rs. 10 per order (Whichever is lower).
• Equity futures: Flat Rs. 10 per executed order.

Why should you consider this app?

Paytm Money emerges as a premier choice for cost-effective investing, offering user-friendly mobile apps suitable for novices. It furnishes valuable investment insights and supports various trading categories, including stock market, mutual funds, ETFs, IPOs, F&O, and NPS retirement funds.

Key Specifications:

• Exchange membership: BSE, NSE, and MCX.
• Demat AMC: Plans start at Rs. 300/year.
• PMS services: Yes.
• Per transaction charge: NSE 0.00325% | BSE 0.003%.
• Trading platforms: App (Android + iOS).
• Customer service: Email and In-app customer support.

How to open a Demat Account

• Visit the demat account website and find open a demat account
• Enter your mobile number and select the “open account now” option.
• You will receive a verification code on your phone, which you need to insert and click on the “apply now” button.
• Enter your mailing address and then the verification code is sent to your mail inbox.
• Provide your PAN number and date of birth, and click on “Proceed”.
• Complete the E-KYC (know your customer) process.
• Complete the verification procedure, which involves uploading a real-time selfie.
• To finalize the process of opening an account, electronically sign the form.

Conclusion

In conclusion, opening a Demat account is a must for anyone looking to invest in the stock market. With several brokers offering a range of services, it can be challenging to choose the best Demat account. However, based on the above information, it is clear that Angel Broking, Edelweiss, and Sharekhan offer some of the best Demat accounts in India. Each broker has its features and lowest brokerage charges that cater to different investors’ needs.

FAQs – Best Demat Account in India