Finance
Choosing a demat account in India — Zerodha, Groww, or full-service?
Discount brokers (Zerodha, Groww, Upstox) charge ₹0-300 AMC. Full-service (ICICI Direct, HDFC) charge ₹500-750 but include 3-in-1 banking. Pick by use case.
10 May 2026 · 2 min read
Quick frame: The right demat account depends on what you do. Discount brokers (Zerodha, Groww, Upstox, Dhan) — best for cost-conscious traders. Full-service (ICICI Direct, HDFC Securities) — best for 3-in-1 (bank + demat + trading) integration. NRI accounts are different — most discount brokers don't support NRO/NRE seamlessly.
Discount brokers (the no-frills route)
| Broker | AMC | Account Open | Trading | Best for |
|---|---|---|---|---|
| Zerodha | ₹300 | ₹200 | Best UI, robust | Pro traders, options |
| Groww | ₹0 | ₹0 | Beginner-friendly | First-time investors |
| Upstox | ₹150 | ₹200 | Decent app | Active traders |
| Dhan | ₹0 | ₹0 | Modern | Mobile-only users |
| Angel One | ₹240 | ₹100 | Insurance + advisory | Cross-sell willing |
| Fyers | ₹0 | ₹0 | Free | Tech-savvy |
Full-service brokers
| Broker | AMC | Use case | Catch |
|---|---|---|---|
| ICICI Direct | ₹700 | 3-in-1 with ICICI Bank | Higher brokerage |
| HDFC Securities | ₹750 | 3-in-1 with HDFC Bank | Premium pricing |
| Kotak Securities | ₹600 | Kotak account holders | Limited research vs ICICI |
Pick by use case
Casual investor (1-2 trades/month): Groww or Dhan. ₹0 AMC, simple app. Ignore advisory.
Active trader (10+ trades/week): Zerodha. Best terminal (Kite), robust order placement, good options chain.
Long-term holder of mutual funds + occasional stocks: Coin / MFCentral for MFs, Groww for stocks. Or use Zerodha for both.
Bank-integrated convenience: ICICI Direct (if ICICI Bank), HDFC Securities (if HDFC Bank). 3-in-1 means instant fund transfer.
NRIs: Direct AMC route + ICICI Direct NRI account. Most discount brokers don't support NRI smoothly.
Use the comparator
Demat Account Comparison — side-by-side AMC, fees, services.
FAQ
Q. Do I need to maintain balance in demat? A. No. Zero balance allowed. AMC is the only fixed annual cost.
Q. Multiple demat accounts allowed? A. Yes. Many investors keep one for delivery (Zerodha) and one for F&O (Dhan).
Q. Switching brokers — process? A. Open new account at new broker. They submit Closure Cum Transfer (CCT) request to old broker. Holdings transfer in 7-15 days. Old broker AMC stops.
Q. Best for NRI? A. ICICI Direct (full NRI / NRE support) or HDFC Securities. Discount brokers limited.
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Demat Account Comparison
AMC, transaction fees, services across major brokers.
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