Opening a Demat account is one of the first steps towards investing in the Indian stock market. Today, several stockbrokers offer online Demat account opening with zero opening fees. However, investors should compare brokerage, annual maintenance charges (AMC), DP charges and other transaction costs before choosing a platform.

A free Demat account does not necessarily mean that buying and selling shares will be completely free. Some brokers charge brokerage on equity delivery trades, while others offer zero delivery brokerage but collect other applicable charges.

In this guide, we compare popular Demat accounts in India, explain their charges and help investors identify an option that suits their investment needs.

Quick Comparison: Best Free Demat Accounts in India

The following table compares selected brokers using their published pricing information available in October 2026.

Note: Account type, promotional offers and plan conditions may affect charges. Check the official pricing pages before opening an account.

1. Groww Demat Account

Groww is a digital investment platform offering stocks, mutual funds, ETFs and other investment products. It can be a suitable option for investors who prefer a simple mobile interface.

Groww Demat Account Charges

Groww’s pricing page lists zero account opening and maintenance charges. Its equity brokerage and other transaction-related costs are separate.

Who should consider Groww?

• Beginners looking for an easy-to-use investment platform.
• Investors who want zero annual maintenance charges.
• People interested in stocks and mutual funds through one app.

2. Zerodha Demat Account

Zerodha is an established Indian discount broker known for its Kite trading platform and investment tools. It offers zero brokerage on eligible retail individual equity delivery investments.

Zerodha Demat Account Charges

Zerodha’s regular Demat account maintenance charge is ₹300 per year plus GST after the applicable first-year exemption. Eligible Basic Services Demat Accounts (BSDAs) can receive lower maintenance charges based on holdings.

Who should consider Zerodha?

• Investors who want zero brokerage on equity delivery.
• People interested in charting and trading tools.
• Investors who may want to learn more about market analysis.

Important: Zero delivery brokerage does not mean that every transaction is free. Statutory charges and applicable DP charges may still apply.

3. Dhan Demat Account

Dhan offers an online Demat and trading account with zero account opening fees, zero AMC and zero brokerage on equity delivery investments under its published retail pricing.

Dhan Demat Account Charges

Dhan’s pricing page lists zero account maintenance and zero equity delivery brokerage. However, intraday trading and certain account services have separate charges.

Who should consider Dhan?

• Long-term equity investors seeking zero delivery brokerage.
• Investors who want zero AMC under the eligible account category.
• Users interested in charting and trading tools.

4. Upstox Demat Account

Upstox provides digital account opening and access to equity trading, derivatives and other investment products. It advertises zero account opening charges and a first-year AMC exemption for eligible new customers.

Upstox Demat Account Charges

Upstox’s published schedule lists a flat ₹20 equity delivery brokerage per executed order. Its first-year AMC exemption does not mean that the account necessarily remains AMC-free in later years.

Who should consider Upstox?

• Investors who prefer digital account opening.
• Traders who want access to multiple market segments.
• Users who are comfortable comparing per-order brokerage and transaction costs.

5. Angel One Demat Account

Angel One offers online account opening, investment services, market screeners and trading tools. Its charges depend on the selected pricing plan and applicable offers.

Angel One Demat Account Charges

Angel One also publishes separate pricing plans, so investors should check the terms attached to their selected plan. Its account maintenance charges can differ according to BSDA eligibility and trading activity.

Who should consider Angel One?

• Investors who want market screeners and research tools.
• Users interested in an all-in-one investment platform.
• Beginners who compare account maintenance and brokerage before signing up.

What Is the Difference Between Brokerage, AMC and DP Charges?

Understanding these three costs helps investors compare Demat accounts more accurately.

1. Brokerage Charges

Brokerage is the fee a stockbroker charges for executing eligible transactions. It can be a fixed amount per executed order or a percentage of the transaction value.

For example, a broker may charge ₹20 for an equity delivery order, while another may offer zero brokerage for eligible delivery investments.

Your actual brokerage depends on the broker’s pricing schedule and the transaction type.

2. Annual Maintenance Charges (AMC)

AMC is the fee charged for maintaining a Demat account. Depending on the broker and account type, it may be collected annually or quarterly.

A zero-AMC account can help investors who buy and hold shares for the long term because they may not need to pay a regular account maintenance fee.

However, AMC exemptions may be promotional or restricted to eligible account categories.

3. Depository Participant (DP) Charges

DP charges can apply when securities are debited from a Demat account, commonly when shares are sold and delivered from the account.

These charges are different from brokerage. Therefore, even when a broker advertises zero delivery brokerage, an investor may still pay DP charges and statutory levies.

The exact amount depends on the broker’s schedule and the transaction.

What Is a Basic Services Demat Account (BSDA)?

A Basic Services Demat Account is a category designed to reduce maintenance costs for eligible investors.

Under the applicable SEBI framework, eligible individual investors can receive reduced AMC based on the value of their holdings. The current limits and eligibility conditions should be checked against the latest official rules.

A BSDA can be useful if you have relatively small investments and want to avoid unnecessary maintenance costs.

Before opening a new account, ask your broker whether you qualify for BSDA status and how existing Demat accounts held under your PAN may affect eligibility.

You can refer to the SEBI Investor Support portal for official investor resources.

Other Demat Account Charges You Should Know

Apart from brokerage and AMC, investors should check these possible costs:

These charges vary according to the transaction, exchange, instrument and broker. Always review the latest pricing schedule rather than relying only on the advertised account-opening offer.

Which Free Demat Account Is Best for You?

The best option depends on how you intend to invest.

These are options to compare, not personalised investment recommendations. Review the official fee schedules and choose the platform that suits your needs.

How to Open a Free Demat Account Online

Most eligible resident individual investors can apply online by following these general steps:

1. Choose a broker and review its charges.
2. Visit the broker’s official website or app.
3. Enter your mobile number and verify it.
4. Provide your PAN and required KYC details.
5. Complete bank verification and any required electronic signature.
6. Submit the application and wait for account approval.

You may need a PAN card, accepted identity and address proof, bank details and a registered mobile number. Exact requirements depend on the broker and your circumstances.

Before submitting your application, verify that you are using the broker’s official platform and understand the terms of the account.

Frequently Asked Questions

Which Demat account is completely free in India?

Dhan and Groww publish zero account opening and zero AMC for eligible individual accounts. However, other transaction-related charges may still apply. Zerodha offers zero delivery brokerage for eligible retail individual clients, but its regular AMC applies after the applicable first-year exemption unless reduced by BSDA eligibility.

Which Demat account has zero brokerage?

Zerodha and Dhan publish zero brokerage on eligible equity delivery investments. Other transaction charges, taxes and applicable DP charges may still be payable.

Can I open a Demat account without paying AMC?

Yes. Some brokers offer zero AMC, while eligible investors may qualify for reduced charges under the BSDA framework. Check the broker’s current terms before opening an account.

Is a free Demat account safe?

The word free describes pricing, not investment risk. Before opening an account, verify the broker’s registration, review its security and grievance procedures, and understand the risks of investing in securities.

Do I need a Demat account to invest in mutual funds?

A Demat account is generally not required to invest in mutual funds directly through an asset management company or an investment platform. However, it may be required or used for certain exchange-traded products, such as ETFs.

Conclusion

Choosing the best free Demat account in India requires more than checking whether account opening is free. Investors should compare brokerage, AMC, DP charges and other applicable fees before deciding.

Groww and Dhan publish zero AMC, while Zerodha offers zero brokerage on eligible equity delivery investments. Upstox and Angel One also provide online account opening with their own pricing conditions.

For a beginner, the most suitable account is one that combines transparent charges, useful features, reliable support and a straightforward user experience. Always verify current pricing on the broker’s official website before opening an account.