Best Demat Account in India – Top Picks for You

If you are looking to invest in the stock market, having a Demat account is the first step towards it. A Demat account serves as a digital repository that securely holds your shares and securities in electronic form, making trading easy, convenient, and secure. Choosing the right demat account is a must for a seamless investing experience.

But how do you choose the best Demat account in India? So many options are available, each with its features, charges and benefits. How do you compare them and find the one that suits your needs and preferences?

Don't worry; we have got you covered. In this blog, we will help you find the Best Demat Account in India by comparing some of the most popular ones on various parameters. We will also give you some tips on how to open a demat account and what to look for when choosing one.

So, let's get started!

8 Best Demat Accounts in India

1. Zerodha

Zerodha provides a Demat account that allows you to trade in various segments at low or zero brokerage rates. The trading platform offers several online tools and platforms, such as Kite, Coin, Varsity, Console, etc. and has one of the most reliable customer support systems. Kite, built in-house, is India's simplest stock trading app, featuring a user-friendly interface, advanced features like 100+ indicators, cover/GTT orders, and multilingual support, making it an ideal platform for traders.

Read about 'How to use Zerodha Kite?'

Pros: 

• Zero brokerage for equity delivery trades, which means you don't have to pay any commission for buying and selling shares in the cash segment.
• Low brokerage for other segments, such as equity intraday, futures, options, and currency, which is 0.03% or ₹20 per executed order, whichever is lower.
• Kite - a trading and investing platform accessible on desktop and mobile devices with an intuitive interface.
• Zerodha Coin to invest in mutual fund direct plans without paying any commission or fees.
• Responsive and helpful customer support is available via email and chat.

Cons: 

• It covers only the Indian market, so you can't trade or invest in foreign markets or currencies through it.
• An annual maintenance charge of ₹300 is applicable.
   

2. Groww

Groww is a popular Indian fintech platform designed to simplify your financial journey. It offers a comprehensive suite of products and services, making it a one-stop solution for all your financial needs. Whether you're a seasoned investor or just starting out, Groww has something for you.

Read about 'How to use Groww App?'

Pros: 

• Zero account opening and maintenance charges.
• Instant and paperless online account opening.
• Commission-free investment for customers on Mutual Funds.
• The mobile app and website are beginner-friendly and intuitive.
• Invest in stocks, ETFs, IPOs, mutual funds, and even apply for loans.

Cons: 

• No commodity or currency derivative products are available.
• No physical branches or call & trade facilities.
• Lacks advanced research tools and advisory services.
• Not available for Non-Resident Indians.

3. Bajaj Broking

Bajaj Broking, a subsidiary of the renowned Bajaj Finance Limited, offers a feature-rich Demat account tailored to meet the needs of both beginner and experienced traders. With its seamless interface, the platform provides easy access to equity delivery trades, derivatives (F&O), intraday trading, and more.
Bajaj Broking stands out with its flat and highly competitive brokerage structure, designed to suit traders of all levels. For equity delivery trades, there’s ₹0 brokerage, making it a cost-effective solution for long-term investors. The professional pack offers trading at ₹10 per order for intraday and F&O, while the freedom pack provides a flat rate of ₹20 per order.

Opening a Demat account with Bajaj Broking is a fast and hassle-free process, with zero account maintenance charges (AMC), making it an appealing choice for cost-conscious investors. Backed by a highly responsive and reliable customer support team, Bajaj Broking ensures that users experience smooth and seamless trading across multiple segments.

Pros:

• Zero brokerage for equity delivery trades, enabling long-term investments without commission fees.
• Flat brokerage fees for intraday and F&O trades at ₹10 per order under the professional pack, and ₹20 per order in the freedom pack.
• Hassle-free and fast account opening with zero AMC charges, making it easy and cost-effective for new traders.
• Physical branches are available across India, providing a full-service brokerage experience.
• User-friendly trading platform with an intuitive interface accessible on both desktop and mobile devices.
• Responsive customer support is available to assist users through email and chat for a smooth experience.

Cons:

• Commodities trading not available, which may limit some traders looking for broader market options.
• Plans are priced differently based on trading frequency and volume, which could be less appealing to occasional traders.

4. Kotak Securities

Kotak Securities is a full-service broker backed by the reputed Kotak Mahindra Bank. Established in 1994, the company has become a reliable stock brokerage firm that provides a combination of traditional brokerage services and modern online trading features. It offers multiple brokerage plans catering to different investor needs. Its research-based recommendations and personalised advisory services set it apart in the stock brokerage industry.

Pros:

• Provides multiple trading platforms, such as the Nest Trading Terminal and Kotak Neo App & Web.
• Offers 3-in-1 account integration of banking, trading, and Demat accounts for easy fund transfers.
• Wide range of investment options, including stocks, mutual funds, futures and options, IPOs, ETFs, commodities, SGBs, bonds, etc.
• Provides margin trading facilities and derivative trading options.
• Has a “Trade Free Youth” plan offering zero brokerage for delivery trades to attract young traders (below 30 years).
• Allows investing in US stock markets, so you can invest in stocks like Google, Apple, Amazon, etc.
• Easy account opening for NRIs
• Extensive research support by providing detailed reports and market analyses.
• Availability of customer care services (both call and email) to address queries and provide assistance.
• Offers some premium features and call & trade services to the users.
• Provides a Demat account with secure storage for your holdings.
• Online account opening is convenient and can be done smoothly.

Cons:

• Additional charges need to be paid for those premium features, and access to call & trade services also comes with extra costs.
• Although secure, its Demat account typically has annual maintenance charges ranging from ₹300 to ₹800 per annum.
• Its brokerage charges are relatively higher compared to other full-service and even discount brokers.
• The account opening process is restricted to scheduled bank accounts, and offline account opening can be time-consuming.

5. Upstox

Upstox is a leading discount broking firm in India, aiming to make investing simple, affordable, and accessible for everyone. Founded in 2009, they've grown from a small operation to serve over 1 crore investors across the country. They offer a user-friendly platform for trading in equities, commodities, currencies, and mutual funds, all with a focus on low brokerage fees. 

Pros: 

• They offer a flat ₹20 per trade fee across all segments, which is attractive for active traders.
• Margin trading facility to trade with borrowed funds.
• It provides you with different kinds of knowledge resources, from technicals to fundamentals of investing.

Cons: 

• No monthly trading plans.
• It is an online-only broker, which might not suit investors who prefer face-to-face interaction.
• Limited customer support hours.

6. 5paisa

5paisa is a rapidly growing discount stock broking company based in India. Founded in 2016, they offer online trading and investment services across various segments like equities, derivatives, commodities, currencies, and mutual funds. Their core principle is "A Paisa Saved is a Paisa Earned," reflected in their flat fee of ₹20 per order, regardless of the segment. This makes them a popular choice for cost-conscious investors.

Pros: 

• Whether you're a beginning trader, investor, or expert trader, 5paisa offers different brokerage plans for you.
• All-in-one account for stock, mutual fund, commodity, currency, research, and advisory investments.
• 5paisa offers traders a cutting-edge trading platform and free technical, derivative, and fundamental research.

Cons:

• Their free "Optimum" plan doesn't include research and advisory services, which may be crucial for some investors.
• It doesn't provide services for NRI traders.
• Some users have reported challenges reaching customer support or receiving timely assistance.
• Higher exchange transaction charges.

7. HDFC Securities

HDFC Securities, a subsidiary of the renowned HDFC Bank, has established itself as a leading full-service stockbroker in India. Launched in 2000, they cater to investors of all levels, offering a comprehensive suite of features to manage your finances seamlessly.

Pros: 

• Invest in equities, derivatives, mutual funds, IPOs, bonds, and more, all under one roof.
• Multiple platforms and trading options, including advanced features like GTT orders and basket trading.
• 3-in-1 account to simplify your finances with a combined Demat, trading, and bank account.
• Access research reports, investment recommendations, and relationship manager support.

Cons:

• You cannot trade on commodity exchanges like MCX or NCDEX through HDFC Securities.
• Services and features may cater more towards experienced investors with larger portfolios.

8. Axis Direct

Axis Direct, a subsidiary of Axis Bank, is a prominent online brokerage firm in India offering a diverse range of investment and trading solutions. From beginners to seasoned investors, Axis Direct caters to various financial needs with its 3-in-1 account and multiple platforms.

Pros:

• Simplifies investing and trading by combining Demat, Savings, and Trading accounts.
• Wide investment options like equities, derivatives, mutual funds, IPOs, ETFs, bonds, and more.
• Detailed research reports and professional advice on stocks and investing.
• Supports diverse order types for risk management.
• Offers comprehensive support channels.

Cons:

• Plans are priced differently based on trading frequency and volume.
• Brokerage, account opening cost, and maintenance charges are very high compared to other brokers.
• Some users have experienced longer wait times and less satisfactory support when seeking assistance from Axis Direct's customer service team.

Here is the comparison table:

Broker	Account Opening Fees	Annual Maintenance Charges	Equity Delivery	Equity Intraday	Free Research Reports
Zerodha	Free	₹300	Zero	0.03%	No
Groww	Free	Free	₹20	₹20	No
Bajaj Broking	Free	Free	₹0/order	Freedom: ₹20/order Professional Pack: ₹10/order	No
Kotak Securities (Trade Free Youth Plan)	₹99	₹0	₹0	₹10 per order or 0.05%, whichever is lower	Yes
Upstox	Free	₹150	₹20	₹20	No
5paisa	Free	₹300	₹20	₹20	Yes
HDFC Securities	Free	Free	₹25	₹25	Yes
Axis Direct	₹999	₹750	0.50%	0.05%	Yes

Conclusion

If you want to invest in the stock market, it's important to have a Demat account. However, choosing the best can be overwhelming since there are many options available in India. 
Don't worry! You can visit Finology Select today, compare brokers, and receive help opening your account. This way, you can confidently take your first step towards investing in the stock market. 
Remember, before investing, it's essential to assess your goals, research thoroughly, and choose the account that best suits your needs.

Frequently Asked Questions

1. What are the top 10 Demat accounts in India?

The top 10 Demat accounts in India are:

1. Zerodha
2. Upstox
3. Angel One
4. ICICI Direct
5. Groww
6. HDFC Securities
7. Kotak Securities
8. Sharekhan
9. Motilal Oswal
10. 5paisa

These accounts are popular for their user-friendly platforms, competitive brokerage charges, and extensive research tools.

2. Which Demat account is best in India?

The best Demat account in India depends on your trading and investment needs. Zerodha is often considered the best for beginners and frequent traders due to its low brokerage and seamless interface. For full-service features, ICICI Direct and Angel One are highly recommended.

3. What is the best trading account in India?

The best trading account in India is Zerodha, known for its low-cost structure and excellent trading tools like Kite. However, Upstox is another great choice for traders seeking advanced charting and analytics at affordable prices.

4. Which is the best platform to open a Demat account?

The best platform to open a Demat account is Groww if you're a beginner looking for a simple and intuitive interface. For active traders, platforms like Zerodha Kite and Upstox Pro offer advanced tools and high performance.

5. Which is the best free Demat account in India?

Groww, Zerodha and Shoonya offer free account opening, making them ideal for cost-conscious investors seeking reliable, feature-rich services.