Demat Account Charges Comparison 2026: Full Fee Breakdown

Hidden charges are the silent wealth destroyers for Indian investors. A broker that looks free upfront can cost you ₹5,000–₹15,000 per year in fees you never knew existed.

This is the complete, no-nonsense fee breakdown for every major Indian demat account in 2026.

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Types of Demat Account Charges — Explained

Before comparing brokers, understand what each charge actually is:

1. Account Opening Charge (One-Time)

The fee to open your demat + trading account. Ranges from ₹0 to ₹500.

2. Annual Maintenance Charge (AMC)

Yearly fee to keep your demat account active. This is where the biggest differences appear — ₹0 to ₹750/year.

3. Brokerage

Fee charged per trade. Discount brokers charge ₹0 for delivery and ₹20 flat for intraday/F&O. Full-service brokers charge 0.3%–0.5% per trade.

4. Depository Participant (DP) Charges

Charged when you sell shares (not buy). This fee goes to CDSL/NSDL for debit of shares from your demat account. Usually ₹13–₹20 per transaction.

5. Securities Transaction Tax (STT)

Government tax on every trade. Non-negotiable — same across all brokers.

6. SEBI Turnover Fees

Regulatory fee charged by SEBI. Tiny (₹10 per crore) but mandatory.

7. Exchange Transaction Charges

NSE and BSE charge a small fee per trade. Included in contract notes.

8. GST (18%)

Applied on brokerage + transaction charges (not STT or stamp duty).

9. Stamp Duty

State-level tax on purchases. Varies by state — typically 0.015% on delivery trades.

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Broker-by-Broker Charges Comparison (2026)

Opening + AMC Fees

Groww's AMC is currently ₹0 but they've announced it may change. Zerodha's ₹300/year is predictable.

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Brokerage Rates

The delivery trade disruption: Zerodha, Groww, Angel One, and Upstox all charge ₹0 for delivery trades. This is standard now for discount brokers.

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DP (Depository Participant) Charges

This charge is per scrip per day (per stock, not per trade) when you sell:

Example: If you sell shares of 3 companies in one day → you pay DP charges 3 times (once per company).

Why this matters: If you're an active trader selling 10 different stocks daily, DP charges of ₹13.5 × 10 = ₹135/day = ₹4,000+/month just in DP charges.

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Government Taxes (Same Across All Brokers)

These are identical regardless of which broker you use:

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Real-World Cost Examples

Example 1: Long-Term Investor (SIP in stocks, holds for years)

Profile: Buys stocks worth ₹5,000/month, never does intraday, sells 2–3 times a year

Winner for long-term investors: Groww or Angel One

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Example 2: Active Intraday Trader (₹2 lakh turnover/day)

Profile: 250 trading days/year, ₹2L turnover/day = ₹5 crore annual turnover

Winner for active traders: Any discount broker (Zerodha/Upstox/Angel One)

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Example 3: F&O Trader (100 orders/month)

All three are nearly identical for F&O — choose based on platform quality (Zerodha wins).

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Hidden Charges to Watch Out For

These are real charges that most brokers don't advertise prominently:

1. Pledge/Unpledge Charges

If you use your stocks as margin collateral, brokers charge ₹30–₹60 per pledge/unpledge (plus GST). Zerodha: ₹30. HDFC: ₹50.

2. Physical Statement Charges

If you request physical contract notes or statements: ₹20–₹50 per request. Avoid this — always use email/app.

3. Call & Trade Charges

Placing trades via phone call instead of app: ₹20–₹50 per trade extra. Some brokers charge ₹0 for this.

4. Margin Funding Interest

If you borrow margin from your broker: 18–24% annual interest. This is common in intraday and F&O.

5. Inactivity Charges

Some brokers charge ₹50–₹300/year if you make no trades for 12 months. Zerodha and Groww don't have this.

6. Off-Market Transfer Charges

Transferring shares from your demat to another person's demat (not through exchange): ₹25–₹50 + 0.03–0.04% of value.

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Which Broker Is Cheapest Overall?

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How to Check Your Actual Charges

On Zerodha:

• Kite → Account → Contract Notes → download any contract note PDF
• Console.zerodha.com → Tax P&L → charges breakdown by year

On Groww:

• Groww app → Stocks → Account → Tax & Reports → Contract Notes

On Angel One:

• Angel One app → Reports → Contract Notes

Zerodha Brokerage Calculator: zerodha.com/brokerage-calculator

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The Bottom Line

For 99% of retail investors, the total brokerage cost difference between Zerodha, Groww, Angel One, and Upstox is ₹0 to ₹300/year (AMC only).

Don't optimise obsessively on broker fees. Choose based on:

1. Platform quality — Zerodha's Kite is the best
2. Reliability — Zerodha and Angle One have the strongest uptime track records
3. Features you need — Coin for MFs, options chains, charts

Open your account:

• Open Zerodha Account → — Best trading platform
• Open Groww Account → — Best for beginners + MF investors
• Open Angel One Account → — Zero AMC option

Disclaimer: RupeeIQ may earn a referral commission if you open an account through our links. Charges listed are accurate as of September 2026 — verify directly with brokers before opening.