10 Best Demat Account for Beginners in India in 2023

Are you a beginner who wants to invest in the stock market and make money? If yes, then you need a demat account.

A demat account is an online account where you can hold your shares and securities in electronic form.

It eliminates the hassles of physical certificates, paperwork, and delays. It also makes it easy for you to buy and sell stocks, mutual funds, ETFs, bonds, and other financial instruments.

But how do you choose the best demat account for beginners in India?

There are many factors that you need to consider, such as brokerage charges, account opening fees, annual maintenance charges, trading platforms, customer service, and more.

You also need to compare the features and benefits of different demat accounts and find the one that suits your needs and preferences.

That’s why we have created this article to help you find the best demat account for beginners in India in 2023. We will review the 10 best demat accounts in India and help you decide which one is right for you.

So, let’s get started!

10 Best Demat Account for Beginners in India in 2023

Here is a table that compares the 10 best demat accounts for beginners in India based on some key factors:

Demat Account	Brokerage Charges	Account Opening Fees	Annual Maintenance Charges	Trading Platforms
mstock Demat Account	0.01% or Rs. 20 per trade (whichever is lower)	One time fee Rs. 999	Free for Life-Time	mstock Web, mstock Mobile App, mstock Desktop
ICICI Direct Demat Account	0.55% for delivery trades, 0.03% for intraday trades	Rs. 975	Rs. 700 per year	ICICI Trade Racer Web, ICICI Trade Racer Mobile App, ICICI Trade Racer Desktop
Yes Securities Demat Account	0.50% for delivery trades, 0.05% for intraday trades	Free	Rs. 500 per year	YES Trader Web, YES Trader Mobile App, YES Trader Terminal
Samco Securities Demat Account	Flat Rs. 20 per trade for all segments	Free	Rs. 400 per year	Samco Web Xpress, Samco StockNote Mobile App, Samco Trader Desktop
Angelone Demat Account	Flat Rs. 20 per trade for all segments	Free	Rs. 450 per year	Angel Broking Web, Angel Broking Mobile App, Angel SpeedPro Desktop
Kotak Securities Demat Account	0.49% for delivery trades, 0.03% for intraday trades	Rs. 750	Rs. 600 per year	Kotak KEAT Pro X Web, Kotak Stock Trader Mobile App, Kotak KEAT Pro X Desktop
Groww Demat Account	Flat Rs. 20 per trade for all segments	Free	Rs. 300 per year	Groww Web, Groww Mobile App
Upstox Demat account	Flat Rs. 20 per trade for all segments	Free	Rs. 300 per year	Upstox Pro Web, Upstox Pro Mobile App, Dartstock Desktop
Paytm Money Demat Account	Flat Rs. 10 per trade for all segments	Free	Rs. 200 per year	Paytm Money Web, Paytm Money Mobile App
bajaj Securities Demat Account	0.30% for delivery trades, 0.03% for intraday trades	Free* (Rs. 999 refundable)	Rs. 500 per year* (Rs. 250 refundable)	Bajaj Finserv Markets Web, Bajaj Finserv Markets Mobile App

Now let’s take a closer look at each of these demat accounts and see what they have to offer:

mstock Demat Account

mstock is a discount broker that offers low brokerage charges and free account opening. You can trade across equity, derivatives, currency, commodity, and mutual fund segments with mstock.

Pros:

• Low brokerage charges of 0.01% or Rs. 20 per trade (whichever is lower)
• Free account opening and no minimum balance requirement
• Advanced trading platforms with live market data and charts
• Dedicated customer support via phone, email, and chat

Cons:

• Annual maintenance charges of Rs. 300 per year
• No offline trading facility or branch network
• No research or advisory services

Suitable for:

• Beginners who want to save on brokerage costs and trade online with ease
• Traders who are comfortable with self-research and analysis

ALSO READ : 5 Best Demat Account in India for Beginners in 2023

ICICI Direct Demat Account

Icici Direct is a full-service broker that offers a wide range of products and services, such as equity, derivatives, mutual funds, IPOs, bonds, insurance, loans, and more. You can access all these services through a single demat account with Icici Direct.

Pros:

• Access to a variety of financial products and services under one roof
• Robust trading platforms with advanced features and tools
• Research and advisory services from experts and analysts
• Pan-India branch network and customer support via phone, email, and branches

Cons:

• High brokerage charges of 0.55% for delivery trades and 0.03% for intraday trades
• High account opening fees of Rs. 975 and annual maintenance charges of Rs. 700 per year
• Minimum balance requirement of Rs. 10,000 for 3-in-1 account

Suitable for:

• Beginners who want to avail multiple financial services from a single platform
• Investors who need guidance and advice from professionals

Yes Securities Demat Account

Yes Securities is a subsidiary of Yes Bank that offers online trading and investment services. You can trade in equity, derivatives, currency, commodity, and mutual fund segments with Yes Securities.

Pros:

• Free account opening and no minimum balance requirement
• Competitive brokerage charges of 0.50% for delivery trades and 0.05% for intraday trades
• User-friendly trading platforms with real-time market data and alerts
• Branch network and customer support via phone, email, and branches

Cons:

• Annual maintenance charges of Rs. 500 per year
• No discount brokerage plans or flat fee options
• No research or advisory services

Suitable for:

• Beginners who want to trade online with a reputed bank-backed broker
• Investors who prefer convenience and reliability over low costs

Samco Securities Demat Account

Samco Securities is a discount broker that offers flat brokerage charges of Rs. 20 per trade for all segments. You can trade in equity, derivatives, currency, commodity, mutual fund, and IPO segments with Samco Securities.

Pros:

• Flat brokerage charges of Rs. 20 per trade for all segments
• Free account opening and no minimum balance requirement
• Innovative trading platforms with smart features like StockBasket, RankMF, CashPlus, etc.
• Responsive customer support via phone, email, and chat

Cons:

• Annual maintenance charges of Rs. 400 per year
• No offline trading facility or branch network
• No research or advisory services

Suitable for:

• Beginners who want to trade across multiple segments with low costs
• Traders who are looking for unique and smart trading solutions

Angelone Demat Account

Angelone (formerly Angel Broking) is a full-service broker that offers flat brokerage charges of Rs. 20 per trade for all segments. You can trade in equity, derivatives, currency, commodity, mutual fund, IPO, and insurance segments with Angelone.

Pros:

• Flat brokerage charges of Rs. 20 per trade for all segments
• Free account opening and no minimum balance requirement
• Powerful trading platforms with artificial intelligence and machine learning features like ARQ Prime, Smart Money, etc.
• Research and advisory services from experts and analysts

Cons:

• Annual maintenance charges of Rs. 450 per year
• No offline trading facility or branch network
• Customer service can be improved

Suitable for:

• Beginners who want to enjoy the benefits of a full-service broker at a discount broker price
• Investors who need smart and personalized recommendations from technology

Kotak Securities Demat Account

Kotak Securities is a full-service broker that offers a range of products and services, such as equity, derivatives, mutual funds, IPOs, bonds, ETFs, insurance, loans, etc. You can access all these services through a single demat account with Kotak Securities.

Pros:

• Access to a variety of financial products and services under one roof
• Reliable trading platforms with advanced features and tools
• Research and advisory services from experts and analysts
• Pan-India branch network and customer support via phone, email, and branches

Cons:

• High brokerage charges of 0.49% for delivery trades and 0.03% for intraday trades
• High account opening fees of Rs. 750 and annual maintenance charges of Rs. 600 per year
• Minimum balance requirement of Rs. 10,000 for 3-in-1 account

Suitable for:

• Beginners who want to avail multiple financial services from a single platform
• Investors who need guidance and advice from professionals

Groww Demat Account

Groww is a discount broker that offers flat brokerage charges of Rs. 20 per trade for all segments. You can trade in equity, derivatives, mutual fund, and IPO segments with Groww.

Pros:

• Flat brokerage charges of Rs. 20 per trade for all segments
• Free account opening and no minimum balance requirement
• Simple and intuitive trading platforms with easy-to-use interface
• Educational content and resources for beginners

Cons:

• Annual maintenance charges of Rs. 300 per year
• No offline trading facility or branch network
• No research or advisory services
• No currency and commodity trading

Suitable for:

• Beginners who want to trade online with low costs and ease
• Investors who want to learn and grow their knowledge and skills

Upstox Demat account

Upstox is a discount broker that offers flat brokerage charges of Rs. 20 per trade for all segments. You can trade in equity, derivatives, currency, commodity, mutual fund, and IPO segments with Upstox.

Pros:

• Flat brokerage charges of Rs. 20 per trade for all segments
• Free account opening and no minimum balance requirement
• Fast and reliable trading platforms with advanced charting and analysis tools
• Customer support via phone, email, and chat

Cons:

• Annual maintenance charges of Rs. 300 per year
• No offline trading facility or branch network
• No research or advisory services

Suitable for:

• Beginners who want to trade across multiple segments with low costs and speed
• Traders who are comfortable with self-research and analysis

Paytm Money Demat Account

Paytm Money is a discount broker that offers flat brokerage charges of Rs. 10 per trade for all segments. You can trade in equity, derivatives, mutual fund, and IPO segments with Paytm Money.

Pros:

• Flat brokerage charges of Rs. 10 per trade for all segments
• Free account opening and no minimum balance requirement
• Seamless integration with Paytm wallet and bank account
• User-friendly trading platforms with live market data and alerts

Cons:

• Annual maintenance charges of Rs. 200 per year
• No offline trading facility or branch network
• No research or advisory services
• No currency and commodity trading

Suitable for:

• Beginners who want to trade online with low costs and convenience
• Investors who are already using Paytm for other services

Bajaj Securities Demat Account

bajaj Securities is a full-service broker that offers a range of products and services, such as equity, derivatives, mutual funds, IPOs, bonds, ETFs, insurance, loans, etc. You can access all these services through a single demat account with bajaj Securities.

Pros:

• Access to a variety of financial products and services under one roof
• Competitive brokerage charges of 0.30% for delivery trades and 0.03% for intraday trades
• Account opening fees and annual maintenance charges are refundable if certain conditions are met
• Robust trading platforms with advanced features and tools

Cons:

• Account opening fees of Rs. 999 and annual maintenance charges of Rs. 500 per year (refundable)
• Minimum balance requirement of Rs. 25,000 for 3-in-1 account
• No discount brokerage plans or flat fee options

Suitable for:

• Beginners who want to avail multiple financial services from a single platform
• Investors who need guidance and advice from professionals

How to Open a Demat Account Online

Now that you have an idea of the best demat account for beginners in India in 2023, you might be wondering how to open one online.

Don’t worry, it’s not that difficult. Here are the steps involved in opening a demat account online in India:

1. Choose the broker or depository participant (DP) that you want to open your demat account with. You can compare the features and benefits of different brokers or DPs using the table above or by visiting their websites.
2. Fill up the online application form on the broker’s or DP’s website with your personal details, such as name, address, PAN number, Aadhaar number, bank account details, etc.
3. Upload the scanned copies of your documents, such as PAN card, Aadhaar card, address proof, income proof, etc., for verification.
4. Complete the e-KYC process using your Aadhaar number or OTP verification.
5. Sign the agreement form electronically using your digital signature or Aadhaar-based e-signature.
6. Pay the account opening fees (if any) online using your preferred mode of payment.
7. Receive your demat account number and login credentials via email or SMS.

That’s it! You have successfully opened your demat account online in India.

Here are some tips and cautions for beginners when opening a demat account online:

• Make sure you have all the required documents ready before you start the application process.
• Check the brokerage charges, account opening fees, annual maintenance charges, and other charges of the broker or DP before you open your demat account.
• Read the terms and conditions of the agreement form carefully before you sign it.
• Keep your demat account number and login credentials safe and secure.
• Do not share your demat account details or password with anyone.
• Monitor your demat account regularly and report any discrepancies or unauthorized transactions to your broker or DP immediately.

Conclusion

We hope this article has helped you find the best demat account for beginners in India in 2023.

Choosing the right demat account is not easy. You need to consider various factors, such as brokerage charges, account opening fees, annual maintenance charges, trading platforms, customer service, and more.

You also need to compare the features and benefits of different demat accounts and find the one that suits your needs and preferences.

That’s why we have reviewed the 10 best demat accounts for beginners in India in 2023 and helped you decide which one is right for you. We have also explained how to open a demat account online in India and provided some tips and cautions for beginners.

So, what are you waiting for? Open your demat account today and start investing in the stock market with confidence.

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Happy investing! 😊

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