Finance · Free tool
Demat Account Comparison
Annual maintenance (AMC) varies from ₹0 (Groww, Dhan) to ₹750 (HDFC Sec). DP charges (per debit) ₹13.5-30. Services like 3-in-1 (bank + demat + trading) vs trading-only.
| Broker | Annual AMC | DP Charges | Account Open | Services |
|---|---|---|---|---|
| Zerodha | ₹300 | ₹13.5 | ₹200 | Trading, IPO, MFs, Bonds |
| Groww | ₹0 | ₹18.5 | Free | Trading, IPO, MFs, US stocks |
| Upstox | ₹150 | ₹18.5 | ₹200 | Trading, IPO, MFs |
| Angel One | ₹240 | ₹22 | ₹100 | Trading, IPO, MFs, Insurance |
| ICICI Direct | ₹700 | ₹25 | Free | Trading, IPO, MFs, Bonds, 3-in-1 |
| HDFC Securities | ₹750 | ₹30 | Free | Trading, IPO, MFs, 3-in-1 |
How it works
We collate published rate cards from each broker: account opening fee, annual maintenance charge (AMC), equity delivery brokerage, intraday and F&O brokerage, DP (depository participant) charges per debit, call & trade fees, and any account-type-specific perks (3-in-1, IPO ASBA, MF Direct, free TradingView). Numbers are reviewed against each broker's tariff page — Zerodha's Z-Connect, Groww's pricing page, ICICI Direct's brokerage schedule, etc.
Worked example
A long-term equity investor doing one buy and one sell per month at ₹1 lakh ticket through Zerodha: ₹0 brokerage on delivery, ~₹13.5 + GST DP charge on each sell, AMC ₹300 — total ~₹500/year. Same activity through ICICI Direct iValue at 0.55% brokerage on delivery: ₹1,100 per round trip × 12 = ₹13,200 + AMC ₹700. Discount brokers (Zerodha, Groww, Dhan, Upstox) win for self-directed investors; full-service (ICICI Direct, HDFC Sec, Motilal Oswal) win for those who want research + relationship.
When to use this
- Opening a fresh demat account for SIPs or direct equity
- Switching from a full-service broker after seeing 5-year brokerage drag
- Setting up a second account for F&O trading where brokerage matters most
See our demat account India comparison guide, and compute round-trip cost with the brokerage calculator.
FAQ
3-in-1 worth it?
Integrates funds for instant trading. Convenient but expensive AMC. Discount brokers are cheaper.
AMC waiver?
Many brokers (Groww, Dhan, Fyers) have ₹0 AMC. Pick zero-AMC if low-volume investor.
Multiple demat accounts?
Allowed. Each has its own AMC. Consolidate if AMC eats into returns.