What is a demat account?

A demat (dematerialised) account holds your shares and bonds in electronic form — the same way a bank account holds money. In India, a demat account is mandatory to buy or sell shares on NSE or BSE. It is opened through a SEBI-registered Depository Participant (DP) such as the brokers listed here.

Are these brokerage charges fixed?

No — brokers can and do revise their fee schedules. Groww, for example, introduced delivery charges in 2024 after years of offering free delivery; Angel One changed its delivery rate in November 2024. The figures on this page were verified in June 2026. Always check the broker's official pricing page before opening an account.

Does WhoHolds recommend any of these brokers?

No. WhoHolds is an information tool, not a SEBI-registered intermediary. This page is a factual comparison to help you do your own research — it is not a recommendation, endorsement, or investment advice. The choice of broker depends on your trading style and needs.

How does WhoHolds earn from this page?

Some links may be affiliate/partner links — if you open an account through them, WhoHolds may receive a commission from the broker at no extra cost to you. This never influences the data shown, the brokers listed, or the order they appear in.

What other charges should I watch for?

Beyond brokerage, every trade attracts STT (Securities Transaction Tax), exchange transaction charges, SEBI charges, stamp duty, and 18% GST on brokerage. These are the same across all brokers (set by SEBI/exchanges) and typically a small fraction of a trade's value. Check each broker's charge schedule for the full breakdown.

Compare demat & trading accounts

To buy any of the stocks or funds you research here, you need a demat and trading account. Below is a neutral, factual comparison of popular Indian brokers — not a recommendation. Verify the latest charges on each broker's own site.

Side-by-side comparison of account opening, demat AMC, equity delivery, intraday, F&O, and direct mutual fund charges for Indian brokers.
Charge	Zerodha Open free →	Groww Open free →	Upstox Open free →	Angel One(full-service) Open free →	Dhan Open free →
Account opening	₹0	₹0	₹249	₹0	₹0
Demat AMC / yr	₹300/yr (yr 2+)	₹0 (lifetime)	₹300/yr (yr 2+)	₹240/yr (yr 2+)	₹0 (lifetime)
Equity delivery	₹0	₹20 or 0.1%	₹20/order	₹20 or 0.1%	₹0
Equity intraday	₹20 or 0.03%	₹20 or 0.1%	₹20 or 0.03%	₹20 or 0.1%	₹20 flat
F&O	₹20 flat	₹20 flat	₹20 flat	₹20 flat	₹20 flat
Direct MFs	Yes	Yes	Yes	Yes	—
Best for	free equity delivery trades	beginners and direct mutual funds	flat-fee active trading	full-service tools with direct funds	zero-fee delivery and demat

Charges as of June 2026— verify on each broker's official site before opening an account. All brokerage amounts exclude 18% GST.

Brokerage calculator

Brokerage only — excludes STT, exchange, SEBI, stamp duty and 18% GST.

Trade value (₹)

Zerodha₹0
Dhan₹0
Groww₹20
Upstox₹20
Angel One₹20

Zerodha Groww Upstox Angel One Dhan

FAQ

What is a demat account?: A demat (dematerialised) account holds your shares and bonds in electronic form — the same way a bank account holds money. In India, a demat account is mandatory to buy or sell shares on NSE or BSE. It is opened through a SEBI-registered Depository Participant (DP) such as the brokers listed here.
Are these brokerage charges fixed?: No — brokers can and do revise their fee schedules. Groww, for example, introduced delivery charges in 2024 after years of offering free delivery; Angel One changed its delivery rate in November 2024. The figures on this page were verified in June 2026. Always check the broker's official pricing page before opening an account.
Does WhoHolds recommend any of these brokers?: No. WhoHolds is an information tool, not a SEBI-registered intermediary. This page is a factual comparison to help you do your own research — it is not a recommendation, endorsement, or investment advice. The choice of broker depends on your trading style and needs.
How does WhoHolds earn from this page?: Some links may be affiliate/partner links — if you open an account through them, WhoHolds may receive a commission from the broker at no extra cost to you. This never influences the data shown, the brokers listed, or the order they appear in.
What other charges should I watch for?: Beyond brokerage, every trade attracts STT (Securities Transaction Tax), exchange transaction charges, SEBI charges, stamp duty, and 18% GST on brokerage. These are the same across all brokers (set by SEBI/exchanges) and typically a small fraction of a trade's value. Check each broker's charge schedule for the full breakdown.

Disclosure: some links above are partner/affiliate links — if you open an account through them, WhoHolds may earn a commission at no extra cost to you. This never affects the factual data we show or the order brokers are listed in. WhoHolds is not a SEBI-registered intermediary and this is not investment or broker advice.
Full disclaimer →

Compare demat & trading accounts

Side-by-side comparison of account opening, demat AMC, equity delivery, intraday, F&O, and direct mutual fund charges for Indian brokers.
Charge	Zerodha Open free →	Groww Open free →	Upstox Open free →	Angel One(full-service) Open free →	Dhan Open free →
Account opening	₹0	₹0	₹249	₹0	₹0
Demat AMC / yr	₹300/yr (yr 2+)	₹0 (lifetime)	₹300/yr (yr 2+)	₹240/yr (yr 2+)	₹0 (lifetime)
Equity delivery	₹0	₹20 or 0.1%	₹20/order	₹20 or 0.1%	₹0
Equity intraday	₹20 or 0.03%	₹20 or 0.1%	₹20 or 0.03%	₹20 or 0.1%	₹20 flat
F&O	₹20 flat	₹20 flat	₹20 flat	₹20 flat	₹20 flat
Direct MFs	Yes	Yes	Yes	Yes	—
Best for	free equity delivery trades	beginners and direct mutual funds	flat-fee active trading	full-service tools with direct funds	zero-fee delivery and demat

Charges as of June 2026— verify on each broker's official site before opening an account. All brokerage amounts exclude 18% GST.

Brokerage calculator

Brokerage only — excludes STT, exchange, SEBI, stamp duty and 18% GST.

Trade value (₹)

Zerodha₹0
Dhan₹0
Groww₹20
Upstox₹20
Angel One₹20

FAQ

What is a demat account?: A demat (dematerialised) account holds your shares and bonds in electronic form — the same way a bank account holds money. In India, a demat account is mandatory to buy or sell shares on NSE or BSE. It is opened through a SEBI-registered Depository Participant (DP) such as the brokers listed here.
Are these brokerage charges fixed?: No — brokers can and do revise their fee schedules. Groww, for example, introduced delivery charges in 2024 after years of offering free delivery; Angel One changed its delivery rate in November 2024. The figures on this page were verified in June 2026. Always check the broker's official pricing page before opening an account.
Does WhoHolds recommend any of these brokers?: No. WhoHolds is an information tool, not a SEBI-registered intermediary. This page is a factual comparison to help you do your own research — it is not a recommendation, endorsement, or investment advice. The choice of broker depends on your trading style and needs.
How does WhoHolds earn from this page?: Some links may be affiliate/partner links — if you open an account through them, WhoHolds may receive a commission from the broker at no extra cost to you. This never influences the data shown, the brokers listed, or the order they appear in.
What other charges should I watch for?: Beyond brokerage, every trade attracts STT (Securities Transaction Tax), exchange transaction charges, SEBI charges, stamp duty, and 18% GST on brokerage. These are the same across all brokers (set by SEBI/exchanges) and typically a small fraction of a trade's value. Check each broker's charge schedule for the full breakdown.