Top 8 Best Demat Accounts in India (2026 Ranking)
Finding the right broker is the first step to wealth creation. In 2026, the Indian market is divided into two clear categories: Discount Brokers (low fees, tech-first) and Bank-Based Brokers (3-in-1 accounts, high trust).
At WatchIPO GMP, we have analyzed fees, hidden charges, and app performance to rank the top 8 platforms for you.
Jump to Category:
🏆 Top 4 Discount Brokers (Best for Low Fees)
🏦 Top 4 Bank-Based Brokers (Best for Trust)
💡 Final Verdict & Comparison Table
🏆 Top 4 Discount Brokers
Best for: Traders, Beginners, and Fee-Conscious Investors.
1. Zerodha (Kite)
India's No. 1 Broker by Volume| Account Opening | ₹0 (Free) |
|---|---|
| Annual Fees (AMC) | ₹300 + GST |
| Delivery Brokerage | ₹0 (Free) |
| Intraday/F&O | ₹20 per order |
Why Choose Zerodha?
- Cleanest, glitch-free app (Kite).
- Industry standard for charting and analysis.
- Best for long-term investors (Zero brokerage on delivery).
2. Groww
Simplest App for Beginners| Account Opening | ₹0 (Free) |
|---|---|
| Annual Fees (AMC) | ₹0 (Lifetime Free) |
| Delivery Brokerage | ₹20 or 0.05% |
| Intraday/F&O | ₹20 per order |
Why Choose Groww?
- No AMC Charges ever. Perfect for small portfolios.
- One app for Stocks, Mutual Funds, and IPOs.
- Instant paperless account opening.
3. Angel One
Tech + Advisory Hybrid| Account Opening | ₹0 (Free) |
|---|---|
| Annual Fees (AMC) | ₹240 (Free for 1st Year) |
| Delivery Brokerage | ₹0 (Free) |
| Intraday/F&O | ₹20 per order |
Why Choose Angel One?
- Free stock recommendations and advisory.
- SmartAPI for automated trading.
- Robust "Super App" experience.
4. Upstox
Backed by Ratan Tata| Account Opening | ₹0 (Free) |
|---|---|
| Annual Fees (AMC) | ~₹150 (Varies by plan) |
| Delivery Brokerage | ₹20 or 2.5% |
| Intraday/F&O | ₹20 per order |
Why Choose Upstox?
- Powerful charts (TradingView integration).
- Fastest execution for F&O traders.
- Margin Trading Facility (MTF) available.
🏦 Top 4 Bank-Based Brokers
Best for: High Net-Worth Individuals (HNIs) needing 3-in-1 Accounts (Bank + Demat + Trading linked).
5. HDFC Sky
Discount Broking from HDFC Bank| Account Opening | ₹0 (Free) |
|---|---|
| Annual Fees (AMC) | ₹240 (Free for 1st Year) |
| Brokerage (All Segments) | Flat ₹20 per order |
Why HDFC Sky?
- Trust of HDFC Bank with Discount Broker pricing.
- One app for Global Investing (US Stocks) and Indian Stocks.
- Flat fee structure unlike traditional HDFC Sec.
6. ICICI Direct
Best 3-in-1 Account| Account Opening | ₹0 (Free) |
|---|---|
| Annual Fees (AMC) | ₹300 - ₹700 (Plan dependent) |
| Brokerage | Avg 0.55% (Prime Plans available for lower rates) |
Why ICICI Direct?
- Instant fund transfer (funds don't leave your bank until trade).
- "Prime Plan" offers instant payouts (within 30 mins of selling).
- Excellent research reports.
7. Kotak Securities
Trade Free Plan Pioneer| Account Opening | ₹0 (Free) |
|---|---|
| Annual Fees (AMC) | ₹50 per month (Only for months you trade) |
| Intraday Brokerage | ₹0 (Free) |
Why Kotak Securities?
- Zero Brokerage on Intraday Trades (Trade Free Plan).
- Backed by Kotak Mahindra Bank safety.
- Good for high-volume intraday traders.
8. SBI Securities
The Trusted PSU Choice| Account Opening | ₹850 (Often waived in offers) |
|---|---|
| Annual Fees (AMC) | ₹750 (approx) |
| Brokerage | ~0.50% (Delivery) |
Why SBI Securities?
- Highest trust factor (Govt backed).
- Ideal for pensioners and ultra-conservative investors.
- Wide branch network for offline support.
🏆 Final Verdict: Which One for You?
| Category | Winner | Reason |
|---|---|---|
| Best Overall | Zerodha | Best tech, zero delivery brokerage. |
| Best for IPOs (Free) | Groww | Lifetime Free AMC saves money. |
| Best Banking App | HDFC Sky | Bank trust + Flat ₹20 fees. |
| Best for Intraday | Kotak | Zero brokerage on intraday. |
Disclaimer: Brokerage charges, AMCs, and plan details are subject to change by the brokers. Data verified as of 2026. Please check the official websites for the latest terms.