Every time you buy or sell a stock, buy a mutual fund, or hold shares in your demat account, you're paying charges — some visible, many hidden. Understanding the full cost of a demat account is not just academic; it directly impacts your investment returns. A trader executing 20 trades a month with hidden charges they don't account for can lose 1–2% of their portfolio annually to fees alone — quietly, invisibly, compounding against them year after year.
This guide is your definitive reference for every charge associated with a demat account in India — from the obvious AMC and brokerage to the lesser-understood STT, SEBI turnover charges, IPFT, and DP charges. We provide a 2026 comparison table of Zerodha, Groww, Upstox, and Angel One with real numbers, show you how these charges erode returns over time, and share seven specific strategies to minimise your total cost of trading and investing in India.
Calculate Your Exact Demat Charges
Enter your broker, trade frequency, and portfolio size to see a complete annual charge breakdown — and compare how much you'd save with a different broker.
What is a Demat Account and What Are the Charges?
A Demat (Dematerialised) Account is the electronic equivalent of a physical share certificate locker. It holds your securities — stocks, bonds, ETFs, mutual fund units, gold bonds — in digital form. In India, demat accounts are managed through two depositories: CDSL (Central Depository Services Ltd) and NSDL (National Securities Depository Ltd).
You can't trade directly with CDSL or NSDL — you access them through a Depository Participant (DP), which is your broker (Zerodha, Groww, HDFC Securities, etc.). The broker is also typically your trading account provider — and this is where the charge structure gets layered.
Complete Map of Demat-Related Charges
| Charge Type | Who Levies | Nature | Frequency |
|---|---|---|---|
| Account Opening Fee | Broker | One-time | Once |
| Annual Maintenance Charge (AMC) | Broker + Depository | Fixed annual | Yearly |
| Brokerage | Broker | Per trade | Each buy/sell |
| STT (Securities Transaction Tax) | Govt of India | % of trade value | Each buy/sell |
| DP Charges (Debit) | Depository via Broker | Per-scrip fixed charge | Each sell transaction |
| Exchange Transaction Charges | NSE/BSE | % of turnover | Each buy/sell |
| SEBI Turnover Fee | SEBI | % of turnover | Each buy/sell |
| GST | Govt of India | 18% on brokerage + exchange charges | Each buy/sell |
| Stamp Duty | State Govt | % of buy-side trade value | Each buy only |
| IPFT (Investor Protection Fund) | NSE/BSE | % of turnover | Each buy/sell |
Zerodha vs Groww vs Upstox vs Angel One: Charge Comparison Table (2026)
All charge data below is as of March 2026. These are retail investor (non-HNI) charges for equity delivery, intraday, and F&O segments.
Account Opening and Annual Maintenance Charges
| Broker | Account Opening Fee | Demat AMC (per year) | Trading AMC | DP with |
|---|---|---|---|---|
| Zerodha | ₹200 (one-time) | ₹300 (CDSL) | Free | CDSL |
| Groww | Free | Free (currently) | Free | CDSL |
| Upstox | Free | ₹150 (CDSL) | Free | CDSL |
| Angel One | Free | ₹240 (CDSL) | Free | CDSL |
| HDFC Securities | ₹999 | ₹750 | ₹999/year | NSDL |
| ICICI Direct | ₹975 | ₹700 | ₹975/year | NSDL |
Brokerage Charges — Equity Delivery, Intraday, F&O
| Broker | Equity Delivery | Equity Intraday | Futures | Options |
|---|---|---|---|---|
| Zerodha | Zero | ₹20 or 0.03% (lower) | ₹20 per order | ₹20 per order |
| Groww | Zero | ₹20 per order | ₹20 per order | ₹20 per order |
| Upstox | Zero | ₹20 or 0.05% (lower) | ₹20 per order | ₹20 per order |
| Angel One | Zero | ₹20 or 0.25% (lower) | ₹25 per order | ₹25 per order |
| HDFC Securities | 0.5% (min ₹25) | 0.5% (min ₹25) | 0.05% | 1% or ₹100 (higher) |
| ICICI Direct | 0.55% (min ₹35) | 0.275% | 0.05% | 0.5% or ₹35 |
Transaction Charges, AMC, and DP Charges: Complete Breakdown
Let's break down each charge with exact 2026 numbers:
DP (Depository Participant) Charges
DP charges are levied every time you sell shares from your demat account. They are per-scrip — meaning if you sell 5 different stocks in one day, you pay DP charges 5 times, regardless of the quantity sold.
| Broker | DP Charge per Scrip Sold | CDSL/NSDL Charge (included?) | Notes |
|---|---|---|---|
| Zerodha | ₹13.5 + ₹5.5 (CDSL) = ₹19.5 per scrip | Yes (CDSL ₹5.5) | Only on sell, not buy |
| Groww | ₹13.5 + ₹5.5 (CDSL) = ₹19.5 per scrip | Yes (CDSL ₹5.5) | Same as Zerodha |
| Upstox | ₹15.93 + ₹5.5 (CDSL) = ₹21.43 per scrip | Yes (CDSL ₹5.5) | Slightly higher broker component |
| Angel One | ₹20 + ₹5.5 (CDSL) = ₹25.5 per scrip | Yes (CDSL ₹5.5) | Higher broker component |
Annual Maintenance Charges (AMC)
AMC covers the cost of maintaining your demat account over the year. Most discount brokers have free or low AMC to attract accounts, but the situation is changing:
- Groww: Currently free AMC — but this is a promotional offer. CDSL mandates a minimum ₹100/year, which Groww absorbs. This may change.
- Zerodha: ₹300/year charged by CDSL, passed directly to the customer. No markup.
- Upstox: ₹150/year — among the lowest in the industry.
- Angel One: ₹240/year — moderate.
- HDFC Securities: ₹750/year — significantly higher but includes research, relationship manager, and call-and-trade services.
Real Cost Comparison: 1-Year Equity Delivery Investor (₹5L Portfolio, 10 Trades)
| Charge Type | Zerodha | Groww | Angel One | HDFC Securities |
|---|---|---|---|---|
| Brokerage (10 trades) | ₹0 | ₹0 | ₹0 | ₹2,500 (0.5% of ₹5L) |
| AMC | ₹300 | ₹0 | ₹240 | ₹750 |
| DP Charges (5 sells) | ₹97.5 | ₹97.5 | ₹127.5 | ₹150 + NSDL |
| STT (5 buys + 5 sells) | ₹500 | ₹500 | ₹500 | ₹500 |
| Exchange + SEBI + Stamp | ~₹510 | ~₹510 | ~₹510 | ~₹510 |
| GST (18% on brokerage + exchange) | ~₹92 | ~₹92 | ~₹92 | ~₹542 |
| Total Annual Cost | ~₹1,500 | ~₹1,200 | ~₹1,470 | ~₹5,002 |
| Cost as % of portfolio | 0.30% | 0.24% | 0.29% | 1.00% |
How Demat Charges Affect Your Investment Returns Over Time
Small charges don't sound alarming in isolation — ₹20 brokerage here, ₹100 STT there. But compounded over years, they form a significant drag on portfolio growth. Here's the maths:
Annual Charge Impact: ₹10L Portfolio, Different Activity Levels
| Investor Profile | Trades/Year | Total Annual Charges | As % of Portfolio | 10-Year Drag (12% base CAGR) |
|---|---|---|---|---|
| Buy-and-hold investor | 4 (quarterly) | ~₹850 | 0.085% | ~₹1.5L lost |
| Moderate trader | 24 (2/month) | ~₹3,800 | 0.38% | ~₹7.2L lost |
| Active trader (delivery) | 100 | ~₹15,000 | 1.5% | ~₹32L lost |
| Active intraday trader | 500 | ~₹45,000 | 4.5% | Portfolio depleted in 8–10 yr |
The Compounding Effect of Charges
A ₹10 lakh portfolio growing at 12% CAGR over 20 years becomes ₹96.5 lakh. The same portfolio with 0.5% annual charge drag grows to only ₹88.2 lakh — a difference of ₹8.3 lakh. With 1% annual drag: ₹80.6 lakh — ₹15.9 lakh less. The number gets worse with higher drag rates.
Discount Broker vs Full-Service Broker: Total Cost of Ownership
The choice between a discount broker (Zerodha, Groww, Upstox) and a full-service broker (HDFC Securities, ICICI Direct, Kotak Securities) is ultimately a cost vs service trade-off. Let's quantify it properly:
5-Year Total Cost of Ownership: ₹10L Portfolio, 2 Trades/Month
| Cost Component | Zerodha (5yr) | Groww (5yr) | HDFC Securities (5yr) | ICICI Direct (5yr) |
|---|---|---|---|---|
| AMC | ₹1,500 | ₹0* | ₹3,750 | ₹3,500 |
| Brokerage (120 trades) | ₹0 | ₹0 | ₹30,000 (0.5%) | ₹33,000 (0.55%) |
| DP Charges (60 sells) | ₹1,170 | ₹1,170 | ₹2,400 | ₹2,100 |
| STT (same for all) | ₹12,000 | ₹12,000 | ₹12,000 | ₹12,000 |
| Exchange + Stamp + SEBI | ₹6,120 | ₹6,120 | ₹6,120 | ₹6,120 |
| GST (on broker + exchange) | ₹1,100 | ₹1,100 | ₹6,500 | ₹7,050 |
| Total 5-Year Cost | ₹21,890 | ₹20,390* | ₹60,770 | ₹63,770 |
*Groww AMC is currently free but subject to change. Use ₹750 as conservative estimate for comparison.
What Full-Service Brokers Offer for the Extra Cost
- Dedicated relationship manager for large accounts
- Research reports and analyst recommendations
- Call-and-trade facility (order via phone)
- Three-in-one accounts (savings + demat + trading with one bank)
- Better customer support with physical branch access
- Portfolio management advisory (for large accounts)
How to Minimise Your Demat and Brokerage Charges
Here are seven concrete, immediately applicable strategies to reduce your demat and brokerage costs in 2026:
Strategy 1: Use a Discount Broker for Pure Equity Investing
This alone saves ₹6,000–12,000/year on a ₹10L portfolio compared to full-service brokers. Zerodha, Groww, and Upstox all offer zero brokerage on equity delivery. There is no quality difference in execution.
Strategy 2: Reduce Trade Frequency — Especially for Delivery
Every sell transaction incurs DP charges (~₹20/scrip) regardless of quantity or profit. A buy-and-hold investor who holds 10 stocks and sells them once a year pays ₹200 in DP charges annually vs an active trader selling 200 scrips who pays ₹4,000.
Strategy 3: Batch Your Sells — Sell All Shares of One Stock Together
DP charges are per-scrip, not per-unit. Selling 100 shares of TCS in one transaction = ₹20 DP charge. Selling 50 shares today and 50 tomorrow = ₹40 DP charge. Always sell your full position in one transaction.
Strategy 4: Use Direct Mutual Funds, Not Stocks, for Long-Term Goals
Mutual funds through platforms like Groww, Kuvera, or MFCentral have zero transaction charges (for direct plans), zero STT, zero DP charges, and AMC is already embedded in the fund's expense ratio. For 5–20 year goals, equity mutual funds via SIP are far more cost-efficient than direct stock trading.
Strategy 5: Minimise Options Trading — It's the Most Expensive Segment
Options have the highest charge density: 0.0625% STT on buy premium + 0.125% on exercise, plus 0.03503% exchange charge on NSE. A trader turning over ₹1 crore in options monthly pays approximately ₹10,000–15,000 in charges regardless of whether they profit. Very few retail options traders make consistent money after charges.
Strategy 6: Tax-Loss Harvesting to Offset LTCG
If you're realising LTCG on profitable stocks (taxed at 12.5% above ₹1.25L), sell loss-making stocks in the same financial year to offset gains. Then repurchase after 24 hours. This reduces your LTCG tax bill — which is often larger than all your annual trading charges combined.
Strategy 7: Negotiate AMC and Brokerage for Large Accounts
If your portfolio is above ₹50 lakh, call your broker's relationship management team. Many brokers — including Angel One and some HDFC Securities accounts — offer reduced brokerage, waived AMC, and other concessions for large-value clients. The standard published charges are not always the final word.
| Strategy | Annual Saving Estimate | Effort Required |
|---|---|---|
| Switch to discount broker | ₹8,000–25,000 | Low (one-time switch) |
| Reduce trade frequency | ₹2,000–10,000 | Low (behaviour change) |
| Batch your sells | ₹500–3,000 | Very Low |
| Use mutual funds for long-term | ₹3,000–8,000 | Low |
| Avoid options | ₹10,000–50,000+ | Medium |
| Tax-loss harvesting | ₹5,000–50,000+ | Medium |
| Negotiate with broker | ₹5,000–15,000 | Low |
How to Use the Tool (Step by Step)
- 1
Select Your Broker and Account Type
Choose your broker from the dropdown (Zerodha, Groww, Upstox, Angel One, HDFC Securities, or ICICI Direct). The calculator automatically loads their 2026 AMC, DP charges, and brokerage schedule. Select equity delivery, intraday, or F&O as your primary trading mode.
- 2
Enter Your Trading Volume
Input the number of trades you make per month and the average trade value. Also enter how many different stocks (scrips) you typically sell per month — this determines your DP charge, which is per-scrip, not per trade value.
- 3
Enter Your Portfolio Value
Enter your current portfolio value. This is used to calculate STT (percentage of trade value) and express your total annual charges as a percentage of portfolio — giving you a clear picture of your fee drag.
- 4
Review the Charge Breakdown
The calculator shows a complete breakdown: brokerage, STT, exchange charges, DP charges, AMC, stamp duty, SEBI fee, and GST. Each is shown separately so you can see exactly where your money goes.
- 5
Compare Brokers and Decide
Use the side-by-side comparison feature to see your total annual cost at different brokers. The calculator also shows your 10-year return projection with and without the charge drag — quantifying the true long-term cost of your broker choice.
Frequently Asked Questions
What is a DP charge and why am I paying it?+−
DP (Depository Participant) charge is levied by your broker on every sell transaction. When you sell shares, they are electronically debited from your demat account — this process costs the depository (CDSL/NSDL) and the broker a small administrative fee. In 2026, the CDSL component is ₹5.5 per scrip, and brokers add their own markup — total ₹19.5 to ₹25.5 per scrip sold depending on the broker.
Which broker is cheapest for long-term equity investing in 2026?+−
For long-term delivery investors who trade infrequently (less than 2 trades per month), Groww is currently cheapest (zero AMC, zero brokerage, standard DP and statutory charges). Zerodha and Upstox are close behind. If Groww's AMC policy changes, Upstox at ₹150/year becomes the cheapest. HDFC Securities and ICICI Direct are significantly more expensive for the same activity level.
Is STT deductible from income tax in India?+−
For traders treating trading income as business income (F&O and intraday), STT paid is fully deductible as a business expense. For investors treating stock gains as capital gains, STT is NOT deductible — it cannot be added to your cost of acquisition for calculating capital gains. This is a commonly misunderstood rule.
What is AMC in demat account and can I avoid it?+−
AMC (Annual Maintenance Charge) is the yearly fee for maintaining your demat account. You cannot avoid it entirely — CDSL and NSDL charge a minimum to all DPs. Currently, Groww absorbs the CDSL fee and offers free AMC, but this promotional offer may not last. Upstox's ₹150/year is the lowest charged AMC among major discount brokers.
Do I pay charges if I only hold shares and don't trade?+−
Yes, but minimal. If you hold shares in a demat account without buying or selling, you still pay: (1) AMC — ₹0 to ₹300/year depending on broker, and (2) The CDSL/NSDL connectivity fee (usually included in AMC). You do NOT pay brokerage, STT, DP charges, exchange charges, or stamp duty if you make no transactions.
What are the STT rates for options in India 2026?+−
For options in 2026: on the buy side, STT is 0.0625% on premium paid. On the sell/exercise side, STT is 0.125% of the intrinsic value on exercise, or 0.0625% on premium if selling in market. Budget 2023 increased STT on futures to 0.0125% and options to 0.0625% — a 25% increase, which significantly impacted F&O traders.
Can I have two demat accounts in India?+−
Yes, you can have multiple demat accounts. There is no SEBI restriction on the number of demat accounts an individual holds, across different DPs. Some investors maintain a Zerodha account for active trading and a Groww account for long-term holdings to take advantage of each platform's strengths. However, each account has its own AMC.
What is the difference between Zerodha and Groww charges?+−
In 2026, brokerage charges are identical (zero for delivery, ₹20/order for intraday/F&O). The main difference is AMC: Zerodha charges ₹300/year while Groww currently offers free AMC. DP charges are the same at ₹19.5/scrip. All statutory charges (STT, exchange, SEBI, stamp duty, GST) are identical across all brokers. The real differentiator is platform features, reliability, and customer support.
Calculate Your Exact Demat Charges
Enter your broker, trade frequency, and portfolio size to see a complete annual charge breakdown — and compare how much you'd save with a different broker.
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