A free Demat accountis real.Here is what it costs.
₹0 to open. ₹0 for the first year. Free means three specific things: free opening, free first-year maintenance, free mutual fund and IPO commission. It does not mean free trades. This page lists both sides so the account never surprises you.
- SEBI-regulated broker partner
- ₹0 account opening
- NSDL & CDSL depositories
- Paperless KYC
₹1,24,580
+12.8% this yearIllustrative portfolio. Not a projection of returns.
What is genuinely free
Three things, each verifiable on the broker’s published pricing page.
Account opening: ₹0
The Demat and trading account open together for ₹0 through Upstox, with paperless KYC from your phone. No courier, no cheque, no branch.
First-year AMC: ₹0
Annual maintenance is waived for the first year for newly onboarded users. From year two, non-BSDA accounts pay ₹300 + GST, and BSDA accounts pay ₹0 while holdings stay under ₹4 lakh.
Mutual funds and IPOs: ₹0
Commission on mutual fund orders and IPO applications is ₹0. SIPs start at ₹100 a month, and fund transfers through UPI are free.
What is not free, anywhere
Every broker in India carries these four costs. Anyone who hides them is selling something.
Brokerage on stock orders
Every executed stock order carries brokerage: ₹20 or 0.1% on delivery (whichever is lower), ₹20 or 0.05% on intraday at Upstox. “Free account” never means “free trades”.
Statutory charges on every order
STT, stamp duty, exchange transaction charges, SEBI fees and GST are set by regulation and apply at every broker in India. They show on your order confirmation before you confirm.
DP charges when you sell
When shares leave your Demat account on a sell, the depository participant charges ₹20 + GST per scrip per day at Upstox. You never pay it when buying or holding.
AMC from year two
The free year ends. After that, ₹300 + GST per year for non-BSDA accounts, or ₹0 for BSDA accounts under ₹4 lakh holdings. The BSDA route is how a free account stays free.
The test that never lies
Before you open any “free” account, find the broker’s pricing page and read three rows: AMC, delivery brokerage and DP charges. If those rows are missing or buried, the account is not free, it is just quietly priced.
Every charge, out in the open
The numbers below come from Upstox's published pricing. No surprises, no fine print.
Account opening
₹0
Demat + trading account
No commitmentAMC
₹0*
Account maintenance
*Free for the first yearBrokerage
₹20*
Per order, maximum
*Intraday, F&O, commoditiesDelivery
₹20 or 0.1%*
Whichever is lower
*Per executed order₹0 mutual fund and IPO commission
Invest in funds and apply to IPOs without a fee.
SIPs from ₹100 a month
Start a mutual fund SIP with a cup of chai.
Free money transfers
Add funds via UPI or netbanking at no cost.
*Whichever is lower per executed order. GST, STT and exchange charges apply as per regulation and are shown before every order.
Compare the big brokers
Published charges for a basic equity account. Confirm current rates on the broker's pricing page before you open.
| Charge | UpstoxOUR PARTNER | Zerodha | Groww | Angel One | ICICI Direct |
|---|---|---|---|---|---|
| Account opening | ₹0 | ₹200 | ₹444 | ₹0 | ₹975 |
| AMC, first year | ₹0 | ₹300 | ₹240 | ₹300 | ₹600 |
| Equity delivery | ₹20 or 0.1%* | ₹0 | ₹20 or 0.1% | ₹20 or 0.1% | 0.55% |
| Intraday & F&O | ₹20 max | ₹20 | ₹20 | ₹20 | 0.05% |
| Mutual funds | ₹0 | ₹0 | ₹0 | ₹0 | ₹25/order |
| IPO application | ₹0 | ₹0 | ₹0 | ₹0 | ₹25 |
Upstox
OUR PARTNER
Zerodha
Groww
Angel One
ICICI Direct
*Whichever is lower per executed order. Figures as published by the brokers at the time of writing. Confirm current rates on the broker's pricing page.
Open your account in four steps
Fully digital and paperless. Keep these documents nearby and you will finish in about 15 minutes.
Keep these handy
Enter your mobile and email
Verify both with an OTP. This takes two minutes.
Fetch your PAN and Aadhaar
DigiLocker pulls them in automatically. No typing, no uploads.
Link your bank account
Funds move in and out through this account. UPI works fine.
Complete e-sign and video KYC
A short selfie video and an Aadhaar OTP finish the check.
Done. Buy your first share.
Add money via UPI and place your first order. Start with as little as ₹100.
Your shares, held the safe way
The broker behind this page is SEBI-regulated, and your shares sit with India's central depositories.
SEBI-regulated broker
Upstox is registered with SEBI (reg. no. INZ000185137) as RKSV Securities India Pvt Ltd.
ISO 27001 certified
The international standard for information security management.
NSDL & CDSL depositories
Shares sit with India's central depositories, not with any single broker.
Bank-grade encryption
Every session and every order runs over encrypted connections.
1.3Cr+ investors
India's retail investors use the platform every market day.
Segregated client funds
Your money is kept separate from the broker's own accounts.
2FA + biometric login
Password, OTP and fingerprint before any order goes out.
Questions about free accounts
The fine print, answered directly.
Opening it is free, keeping it for the first year is free, and mutual fund and IPO commission is ₹0. What costs money later: brokerage when you trade, DP charges when you sell, statutory charges on every order, and AMC from year two if your account is not BSDA-eligible. “Free” describes the opening, not the lifetime.
Zero brokerage means the broker charges nothing on certain order types. Zerodha charges ₹0 on equity delivery, for example. Statutory charges still apply on those orders. At Upstox, delivery costs ₹20 or 0.1%, whichever is lower, and mutual funds and IPOs carry ₹0 commission.
Stay within BSDA limits. If you hold one demat account and your holdings stay under ₹4 lakh, SEBI rules cap your AMC at ₹0, and between ₹4 lakh and ₹10 lakh at ₹100 + GST per year. The conversion to BSDA happens automatically unless you opt out.
No. A demat account that sits with a few holdings does not need activity. The only recurring cost to plan for is the AMC from year two, which the BSDA route removes for small portfolios.
A Demat account stores your shares in digital form, the way a bank account stores money. SEBI made it mandatory for buying or selling shares in India. You also need a trading account, which places the orders. You get both when you sign up.
The platform is safe: your shares sit with NSDL or CDSL, central depositories backed by the government, and the broker is SEBI-regulated. Share prices themselves move up and down, sometimes sharply. Investing in companies you understand and holding for years is how most retail investors manage that risk.
As little as ₹100. Some shares cost less than that, and mutual fund SIPs start at ₹100 a month. You do not need a minimum balance to open the account.
PAN card, Aadhaar linked to your mobile number, bank details and a signature. Everything uploads digitally through DigiLocker.
A free account, with the costs written down.
₹0 to open, ₹0 for the first year, and every charge after that is listed on this page. That is what an honest “free” looks like.
- ₹0 opening
- 15 min setup
- SEBI-regulated partner
Investments in securities markets are subject to market risks. Read all relevant documents carefully before investing.