Best Demat Accounts in India 2026

Quick Answer

Zerodha, Groww, and Upstox dominate Indian retail broking in 2026 with flat Rs 20 brokerage or free-on-equity-delivery models. Full-service brokers like Angel One and ICICI Direct are worth considering only if you want research reports and relationship support.

Last updated: 2026-04-06 · 6 picks · Category: Investing

How We Ranked

We ranked demat/broking platforms on brokerage and AMC cost (30%), platform stability during market hours (20%), order execution speed and tools (15%), research and education quality (10%), customer support (10%), and additional products like mutual funds, bonds, IPOs (15%).

#1

Zerodha

9.6/10CalcCrack Score
Account Opening
Rs 200 (equity)
AMC
Rs 300 per year
Delivery Brokerage
Rs 0
Intraday/F&O
Rs 20 or 0.03% (lower)
Mutual Funds
Free direct (via Coin)

Pros

  • +Zero brokerage on equity delivery
  • +Industry-leading Kite trading platform
  • +Most liquid ecosystem for options traders
  • +Transparent fee schedule

Cons

  • −Customer support via tickets only (no phone)
  • −Occasional outages on ultra-volatile days

Best for

Self-directed investors and active options traders

Open Zerodha Account
#2

Groww

9.2/10CalcCrack Score
Account Opening
Rs 0
AMC
Rs 0
Delivery Brokerage
Rs 20 or 0.1%
Intraday/F&O
Rs 20 or 0.1%
Mutual Funds
Free direct

Pros

  • +Simplest onboarding in the industry
  • +Unified app for stocks, mutual funds, US stocks, and fixed income
  • +Strong beginner-friendly UI

Cons

  • −Fewer advanced charting tools than Kite
  • −Options trading UX behind Zerodha

Best for

New investors and mutual-fund-first users

Open Groww Account
#3

Upstox

8.8/10CalcCrack Score
Account Opening
Rs 0
AMC
Rs 150 per year
Delivery Brokerage
Rs 20 or 2.5% (lower)
Intraday/F&O
Rs 20 or 0.05%
Mutual Funds
Free direct

Pros

  • +Very competitive F&O brokerage
  • +Clean, fast mobile app
  • +Good IPO allotment UX

Cons

  • −AMC Rs 150 (free alternatives exist)
  • −Smaller community vs Zerodha

Best for

Active intraday and F&O traders looking for a backup broker

Open Upstox
#4

Angel One

8.5/10CalcCrack Score
Account Opening
Rs 0
AMC
Rs 240 per year
Delivery Brokerage
Rs 0
Intraday/F&O
Rs 20 or 0.03%
Mutual Funds
Free direct

Pros

  • +Free equity delivery plus research reports
  • +ARQ advisory engine for personalised recommendations
  • +Phone-based support

Cons

  • −Higher AMC than Zerodha
  • −More cross-selling of products

Best for

Investors who want research support alongside low-cost execution

Open Angel One
#5

ICICI Direct (iDirect Neo)

8.1/10CalcCrack Score
Account Opening
Rs 0 (Neo plan)
AMC
Rs 700 per year
Delivery Brokerage
Rs 0 (Neo)
Intraday/F&O
Rs 20 flat
Mutual Funds
Free direct

Pros

  • +3-in-1 account integration with ICICI bank
  • +Strong research and IPO access
  • +Wide range of products including bonds and NCDs

Cons

  • −Brokerage higher than discount peers on older plans
  • −Neo plan requires switching from legacy plan

Best for

ICICI bank customers who want seamless 3-in-1 investing

Check ICICI Direct
#6

Paytm Money

7.8/10CalcCrack Score
Account Opening
Rs 0
AMC
Rs 0
Delivery Brokerage
Rs 20 or 2.5%
Intraday/F&O
Rs 20
Mutual Funds
Free direct

Pros

  • +Low-cost F&O brokerage
  • +Integrated with Paytm ecosystem
  • +Easy SIP and mutual fund setup

Cons

  • −Equity platform still maturing
  • −Smaller ecosystem vs top 3

Best for

Paytm users who want a consolidated money app

Open Paytm Money

Frequently Asked Questions

Which demat account is best for beginners in India?+

Groww is the easiest for first-time investors thanks to its simple UI, zero account opening fee, and zero AMC. Zerodha is a close second and better for users who plan to grow into active trading or options.

Is Zerodha really the cheapest broker in India?+

For equity delivery, Zerodha charges zero brokerage, matching Angel One and ICICI Direct Neo. For intraday and F&O, Zerodha charges Rs 20 or 0.03%, which is at the lowest end of the market. AMC at Rs 300 is moderate; free-AMC alternatives include Groww and Paytm Money.

Can I have multiple demat accounts in India?+

Yes, you can open multiple demat accounts across different brokers. Each account has a unique client ID and separate AMC. Many active investors keep two accounts - one discount broker for execution and one full-service broker for research.

Are demat account charges tax deductible?+

Brokerage and STT on trades that result in capital gains or losses are factored into your cost basis and sale proceeds. AMC and platform fees are not separately deductible for most individual investors in India.

Disclosure: Rankings based on publicly available data as of April 2026. Rates and terms change; verify with the provider. CalcCrack may earn a commission from some links at no cost to you.