Best Demat Account in India 2026 — Zerodha vs Groww vs Upstox vs Dhan vs ICICI Direct
Last verified: April 2026, against current brokerage and AMC schedules of major Indian brokers, SEBI’s December 2024 transaction-charge revisions, and broker app feature releases (Q1 FY 2025-26).
Choosing a demat account isn’t really about brokerage anymore — most discount brokers charge ₹0 on equity delivery and ₹20/order on F&O. The real differences are in account-maintenance charges, mutual fund support, charting tools, customer service, and platform stability during market crashes. This guide compares the five most-used brokers in India in 2026 across the dimensions that actually matter for different investor profiles.
The headline comparison
| Feature | Zerodha | Groww | Upstox | Dhan | ICICI Direct |
|---|---|---|---|---|---|
| Equity delivery brokerage | ₹0 | ₹0 / 0.1% (whichever lower) | ₹0 | ₹0 | 0.275% (i-secure plan) |
| Intraday brokerage | 0.03% / ₹20 (lower) | 0.05% / ₹20 | 0.05% / ₹20 | 0.03% / ₹20 | 0.275% |
| F&O brokerage | ₹20/order | ₹20/order | ₹20/order | ₹20/order | 0.05% / ₹95 |
| Annual Maintenance Charge (AMC) | ₹300/year | ₹0 | ₹150-300/year | ₹0 | ₹500/year |
| Account opening fee | ₹200 | ₹0 | ₹0-150 | ₹0 | ₹0 |
| Direct mutual funds | Yes (Coin) | Yes (default) | Yes (MF) | Yes | Regular by default; Direct opt-in |
| Charting tools | Excellent (Kite + TradingView paid integration) | Basic | TradingView native | TradingView native | Average |
| Stability rep | Good (occasional crashes during peak market) | Strong | Average | Strong | Excellent (banking-grade) |
| Customer support | Self-service heavy | App support, slow | App + phone | Direct phone | Branch + phone (banking) |
Profile-based recommendation
Long-term mutual fund + occasional stock investor
Best fit: Groww or Dhan. Both have ₹0 AMC, ₹0 equity delivery, easy app, Direct mutual funds. Groww is more polished for beginners; Dhan has better charts. Most people fall in this profile.
Active stock trader / swing trader
Best fit: Zerodha or Dhan. Zerodha’s Kite has the most mature charting + bracket order infrastructure. Dhan offers TradingView with the same brokerage. Zerodha has higher AMC but the platform pays for itself if you trade regularly.
F&O trader
Best fit: Zerodha or Dhan. ₹20/order standard. Zerodha’s Kite has option-chain analytics; Dhan has options strategy builders. Avoid Groww for F&O — slower order placement during high-volume sessions.
Banking + investment under one roof
Best fit: ICICI Direct, HDFC Securities, Kotak Securities. Higher brokerage (~0.275% on delivery) is the cost of integrated banking. Useful for investors who want all-in-one statements, less paperwork at tax time, and bank concierge service.
NRI investor
Best fit: ICICI Direct, HDFC Securities, Kotak Securities. Discount brokers often don’t fully support NRO/NRE-linked NRI demat. Bank-linked brokers handle NRI compliance (PIS forms, repatriation) more smoothly.
Charges to watch beyond brokerage
| Charge type | Typical amount | Applicable to |
|---|---|---|
| STT (Securities Transaction Tax) | 0.1% on delivery, 0.025% on intraday sell | All equity transactions |
| SEBI turnover fee | ₹10/Cr | All trades |
| NSE/BSE transaction fee | ~₹3-5/Cr | All trades |
| Stamp duty | 0.015% on delivery (state-dependent) | Buy side only |
| GST (18%) | On brokerage and exchange charges | All charges |
| DP charges (debit from demat) | ₹13.5-25 per stock per sale | Sell trades only |
| Pledge charges (margin pledge) | ₹30-50 per pledge | If pledging |
For long-term investors selling rarely, brokerage is dwarfed by other charges. For F&O traders, brokerage and STT dominate.
Mutual fund investing — Direct plan support
All discount brokers now support Direct mutual fund plans (no commission). Key differences:
- Zerodha Coin: Cleanest interface, AMC-direct holding, full flexibility. Tightly integrated with Kite for unified P&L view.
- Groww: Default Direct plans. Largest mutual fund retail platform in India. Easy SIP setup.
- Dhan: Direct plans + portfolio analytics. Newer but robust.
- Upstox MF: Direct plans. Smaller MF AUM than Groww/Coin.
- ICICI Direct: Defaults to Regular plans (commission-bearing). Direct plans require separate opt-in. Avoid for MFs unless you specifically opt for Direct.
See our Direct vs Regular MF guide for why this matters.
Account opening — what to expect
- Aadhaar-linked PAN, mobile, email
- Bank account for fund transfers
- Income proof (salary slip, ITR, bank statement) for F&O activation
- In-person verification (now mostly via video KYC)
- Signing of CDSL/NSDL DP agreement
Total time: 1-3 working days for discount brokers, 5-10 days for bank-linked brokers.
The “best” demat in 2026 isn’t a single answer
For 90% of retail investors with a 5-25 year horizon investing primarily in mutual funds + occasional stocks: Groww or Dhan. ₹0 AMC, clean Direct MF, simple stock investing.
For traders and serious stock investors: Zerodha. Best ecosystem (Kite + Coin + Sentinel + Streak).
For NRI / wealth-management feel / banking integration: ICICI Direct, HDFC Securities, or Kotak Securities.
Avoid maintaining 3+ demat accounts unless you have a clear reason — consolidating one demat simplifies tax filing and dividend tracking.
Linked deep-dives
- Index Fund vs ETF vs Active Fund
- Direct vs Regular Mutual Fund
- SIP guide
- IPO application guide
- Capital gains tax
- CIBIL improvement plan
FAQs
Is Zerodha really the largest broker in India?
Zerodha leads on active client count and trading volumes. Groww has more MF clients (smaller average ticket size). Both are dominant; pick based on use-case.
Are demat accounts safe in case the broker fails?
Yes. Demat accounts hold securities at NSDL/CDSL — not with the broker. Even if Zerodha or Groww shut down, your shares remain at the depository, transferable to another broker. Cash in trading account is at slight risk; minimise idle cash.
Can I have multiple demat accounts?
Yes — no regulatory cap. Common pattern: Zerodha for trading + Groww for Direct MFs + bank broker for NRI. Drawback: AMC × N, plus tax-time complexity.
Are demat AMC fees waived for some categories?
Senior citizens (BSDA — Basic Services Demat Account): ₹0 AMC if portfolio under ₹4 L; ₹100/year if ₹4-10 L. Available across all brokers as a regulatory mandate. Apply via the broker.
Which broker has the best charting?
Zerodha Kite (with native + TradingView integration) leads. Dhan offers TradingView Premium-level charting at ₹0. Upstox has TradingView too. Groww and ICICI Direct charts are basic.
Are F&O brokerage charges different on weekly options?
No — most brokers charge ₹20/executed order regardless of weekly/monthly expiry. SEBI-mandated transaction charges differ slightly (typically 5-10 paise per ₹1 L turnover).
Sources & references
- Broker rate cards as of April 2026 — Zerodha, Groww, Upstox, Dhan, ICICI Direct
- SEBI — broker registration and transaction charges
- NSDL / CDSL DP charges schedule
Last verified: April 2026. Brokerage and platform fees change frequently — verify current schedules with the broker before opening an account.
