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Best Demat Account in India 2022


Best Stock Brokers for Demat Account in India 2022

If you are all set to start trading & investing, then the first step is to select the right broker for Demat account. However, among hundreds of discount and full-service brokers, which one is the Best Demat Account in India depends on many factors. A Demat Account is mandatory to keep securities like shares, mutual fund units, government bonds, bonds, etc. in dematerialized form. NSDL and CDSL are two depositories in India, any broker who is a depository participant with either CDSL or NSDL offers online Demat account opening services to customers. Scroll the page further to find out a list of the top Demat accounts for beginners.

How to Choose the Best Demat Account in India?

To enter into the stock market, the very first process is that you have to select a broker to open a Trading & Demat account. There are many parameters to be checked before selecting the best Demat Account provider.

  • Hassle-free online account opening process: In today’s period, most brokers offer an online paperless account opening process. You can open an account instantly online within just a few minutes and it will get activated instantly.
  • Demat Account charges: Demat account is subject to various charges such as account opening fee, annual maintenance charges (AMC), transaction fee, dematerialization charges, etc. Many discount brokerage firms offer free Demat Accounts at 0 account opening charges. Brokers also charge a yearly maintenance fee from customers even if your Demat account is idle and there is no transaction. To choose the Best Demat Account, you should check with the broker who charges minimal yearly maintenance charges on the Demat account.
  • Brokerage charges: All brokerage houses charge brokerage fees from clients on trading & investing in equity, F&O, commodities, and currency segments. Discount brokers follow a flat discount brokerage plan, say Rs. 20 per order whereas full-service brokers follow a percentage-based pricing model. You can open a Demat Account with top discount brokers like Zerodha, Upstox, Groww, 5paisa, etc.
  • Trading Platforms: Check whether your broker offers decent online trading platforms or not. In today’s time, mobile trading app is one of the most preferred platforms therefore, before opening a Demat account, you should check the mobile app’s user interface, functionality, charting features, hassle-free fund transfer, real-time market data, stock fundamentals, news, and more. Zerodha Kite app is one of the best mobile trading platform that allows multi-exchange trading on BSE, NSE, and MCX followed by Upstox Pro mobile app.

Considering the above factors, here is the list of top 10 or the best stock brokers to open Demat account in India 2022.

Best Demat Account in India 2022

Broker Delivery IPO Application Account Opening Demat AMC Debit Charges Review Request Callback
ZerodhaFreeFreeOnline Rs 200 (Eq+Curr), Rs 300 (Eq+Curr+Com)Rs 300 PA₹8 + ₹5.50 (CDSL Charges) per transactionZerodha ReviewOpen Account
Upstox2.5% or Rs 20 whichever is lower FreePromotion offer: FreeFree₹13 + ₹5.50 CDSL chargesUpstox ReviewOpen Account
ProStocksFreeFreeFreeRs 0 (Rs 1000 Refundable Deposit)₹20 per ISINProStocks ReviewOpen Account
Paytm Money2.5% or Rs 15 whichever is lowerFreeFreeFree₹10 per ISINPaytm Money ReviewOpen Account
IIFL SecuritiesFlat Rs 20 per orderFreeFreeRs 250 PA (Free for 1st year)0.04% of transaction value (Min ₹25) + ₹5.50 (CDSL Charges)IIFL Securities ReviewOpen Account
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  • Get 100% Free Delivery Trading
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  • FyersFreeFreeFreeFree₹10 + ₹5.50 (CDSL Charges) per transactionFyers ReviewOpen Account
    EdelweissFlat Rs. 10 per executed orderFreeFreeLite:Rs.300, Elite:Rs.500p.a. [Free 1st Year]0.02% of transaction value or ₹20 per transaction whichever is higherEdelweiss ReviewOpen Account
    Angel OneFreeFreeFreeRs 240 PA (Waived for 1st year)₹20 + ₹5.50 (CDSL Charges) for every transactionAngel One ReviewOpen Account
    Alice BlueFreeFreeFreeRs 400 PA0.04% of the value of the transactionAlice Blue ReviewOpen Account
    5paisaFlat Fee Rs 20FreeFreeRs 300 PA₹12.50 per ISIN5paisa ReviewOpen Account

    Best Demat Account in India – Final Verdict

    Zerodha Demat Account is India’s top rated Demat account at zero account opening charges. Zero brokerage delivery trading and Rs. 20 flat brokerage make Zerodha Demat account as the most popular Demat account. With the growing popularity, the discount broker has been able to capture the largest clientele base and the highest market share in the industry. It offers the Kite ultrafast and feature-rich flagship trading platform in web and app versions to users. Upstox, 5paisa, Prostocks, etc. are the other recommended brokers for beginners to open a Demat account online.

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    Zerodha FAQs

    A Depository Participant (DP) is an agent appointed by the Depository who is authorized to offer depository services to all investors. They are the intermediaries between the depository and the investors. An investor cannot directly open a DEMAT account with the depository. The DP opens the account with the Depository and takes up the responsibility of maintaining the account and updating them as per the instructions are given by the investor from time to time.

     

    Here are the steps to open a demat account:

    1. Select your DP: DPs can be banks, brokers or financial service providers. Select your DP, preferably the stock broker with which you have a trading account, so all your trading transactions will be seamless.
    2. Fill out and submit account opening form, KYC form, and Documents: Fill out and submit the form given to you for opening an account, the KYC form, passport size photographs, your PAN card (Permanent Account Number), and other photocopied documents. The documents required to open a demat account include proof of address and proof of identity. Also, you need to give the name of a person as your nominee.
      • Proof of Identity Documents:
        • Voter’s identity card
        • Income tax returns
        • Bank attestation
        • Electricity bill
        • Passport
        • Driving license
        • PAN card
        • Identity card issued by central or state govt., professional bodies like the Bar Council, Institute of Chartered Accountants of India, and Institute of Cost Accountants of India or by public sector undertakings, regulatory or scheduled authorities, public financial institutions, university-affiliated colleges, or scheduled commercial banks.
      • Proof of Address Documents:
        • Ration card
        • Leave and license agreement
        • Verified copies of the electricity bill
        • Bank statement or passbook
        • Driving License
        • Residential telephone bill
    3. In-Person Verification (IPV): In-person verification (IPV) is conducted by a person from your DP’s firm to find out the existence of the customer by meeting in-person and verifying identity and address proof with original and to ensure that the details provided by you in the form are authentic. This can be done over your pc by video meeting/conferencing with the help of internet and web camera. Before the IPV starts, make sure you have your address proof and PAN card ready to show.
    4. Get Beneficiary Owner Identity (BOID): Once your application has been processed and your DP has facilitated the opening of your account, they will give you a Beneficiary Owner Identity (BOID) – a unique account number – that you can use during future transactions and access your account.

     

    Your unique DP Id is a 16 digit alpha-numeric or just numeric number. For the CDSL depository account, all 16 digits are numbers.

    For NDSL depository account, the first 2 digits are alpha and the next 14 digits are numbers.

    Now, the first 8 digits represent your Demat service provider called DP. It will be the same for all the clients of that broker.

    Next 8 digits represent your individual Demat account number with your Demat service provider which is also called beneficiary ID. It will be unique to you.

     

    Zerodha, India’s number one discount brokerage offers the best Demat account in India. The broker charges Rs. 0 account opening fee and charges Rs. 300 Demat AMC fee on a quarterly basis.

    Zerodha Demat Account Opening Benefits:

    • Single account to keep all shares, securities, and mutual funds in dematerialized form.
    • Easy, fast, and convenient Kite web and app trading platform.
    • Free delivery trading or investment in shares.
    • 20 flat brokerage on equity intraday, F&O, commodity, and currency.
    • Zerodha Varsity, a free stock market education platform for beginners to expert level traders.
    • Free direct mutual fund investment on Zerodha Coin platform.
    • Zerodha console reporting dashboard to get all the reports like transaction report, P&L report, etc.

     

    Groww and Paytm Money offers the cheapest Demat account opening services. Both the broker neither charges any Demat account opening fee nor charges Demat account AMC fee from clients. Paytm Money also has the cheapest brokerage model offering free delivery trading and flat Rs. 10 per order brokerage on intraday and equity F&O trades whereas Groww offers Rs. 20 per order pricing plan. Paytm Money charges Rs. 300 platform fee from customers.

    If you are an equity trader then you can consider these two discount brokers to open a Demat account, however, both the brokerage firms do not offer commodity and currency trading services.

     

    Zerodha and Upstox are the two most poular Demat account in India. You can open a free Demat account with any of these recommended brokers and start online trading in equity, F&O, commodity, and currency segments. Zerodha offers free delivery trading and charges Max Rs. 20 brokerage in other segments and similarly, Upstox also provide Rs. 20 brokerage model. Kite is the mobile trading platform by Zerodha that is available in 10+ languages whereas Upstox offers Pro app that offers superior charting, multi-exchange trading, unlimited customizable watchlist, and real-time stock market price data.

     

    A Demat account provides digital safety where you can hold shares, mutual funds, debentures and bonds in an electronic form. Before trying hands on stock market trading, you must open a Demat Account with your choice of broker to keep shares, mutual funds, and other securities in dematerialized form.

     

    A Demat account requires users to open a following list of documents for verification purpose;

    • PAN Card as an ID Proof.
    • Passport size photograph.
    • Applicant’s signature.
    • Address proof.
    • Bank Account proof

     

    If you are a beginner and looking to start trading and investment then, here are the top brokers who offer the best Demat account opening services to customers.

    1. Zerodha Demat Account
    2. Upstox Demat Account
    3. 5paisa Demat Account
    4. Groww Demat Account
    5. Paytm Demat Account

     


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