The charge that never stops
Brokerage you pay only when you trade. AMC you pay every year the account exists. That is why a “free” first year is not the same as a free account, and why the BSDA route matters more than any opening offer. Over ten years, ₹300 + GST is about ₹3,540, collected quarterly at most brokers.
How it is collected
Brokers typically debit AMC quarterly from your trading account balance. Angel One collects it only after your first trade each quarter. If your account sits empty, the broker will ask you to pay the arrears before you can use the account again. Closing an account you do not use ends the obligation.
Comparing AMC across brokers
Groww publishes ₹0 AMC with no time limit. Upstox and Zerodha waive the first year, then charge ₹300 + GST on non-BSDA accounts. Angel One charges ₹240 + GST. ICICI Direct lists ₹700 excluding taxes from year two on its account-opening page. These figures were read from each broker’s pricing pages on 16 August 2026 and change; confirm before opening.
How the AMC is collected in practice
Upstox debits non-BSDA AMC quarterly: ₹75 plus 18% GST per quarter from year two. Angel One collects ₹60 plus GST per quarter, and only after your first trade in that quarter. Zerodha charges ₹75 plus GST quarterly from year two for non-BSDA accounts opened from 1 June 2026, with year one free. ICICI Direct lists ₹700 excluding taxes from year two on its account-opening page. Groww publishes no AMC at all. The debit appears in your ledger, and if the balance is short the broker carries the arrears and asks for settlement before the account can be used again.
Why the first year is free
The first-year waiver is an acquisition cost the broker absorbs, the same way a bank waives the first-year fee on a credit card. It is not a feature of the product, which is why every broker’s pricing page states the year-two figure in the same table. Read the AMC row as “₹0 for twelve months, then X per year”, and the comparison between brokers stops being a tie.
A concrete example
You open an account in 2026 and never trade. Year one costs nothing. From year two, ₹75 + GST is debited quarterly (Upstox, non-BSDA). A BSDA conversion, automatic while holdings stay under ₹4 lakh, removes that debit entirely.
The numbers to remember
₹0
Upstox AMC, first year
₹300 + GST
Upstox non-BSDA AMC from year two
₹3,540
Ten years of ₹300 + GST AMC
Questions people ask about AMC (Annual Maintenance Charge)
Two honest routes: keep a single demat account under ₹4 lakh in holdings so the BSDA rules cap your AMC at ₹0, or use a broker that publishes no AMC at all, like Groww. Beyond that, AMC from year two is a cost every non-BSDA account carries.
Brokers debit AMC from your trading account balance or deduct it from sale proceeds. If the account has no funds, the amount sits as arrears and the broker will ask you to clear it before you can use the account again. Closing an unused account is the clean way to stop the obligation.
Per demat account. One person holding demat accounts with two brokers pays two AMCs, which is why the BSDA single-account rule matters and why spare accounts are an avoidable recurring cost.
Yes. Brokers debit AMC from your balance or sale proceeds, and unpaid amounts sit as arrears. A broker can decline new debits, transfers or closure requests until the arrears clear. Closing an account you no longer use ends the obligation for good.
Sources
Figures on this page were read on 16 August 2026. Broker fees change; confirm current rates on the official page before acting.
Ready to put the words to work?
The account costs ₹0 to open, and the first year of AMC is free.