Best Demat Account for Students in India 2026: Zero-Fee Picks Compared

Key numbers before you pick an app

Why we put the F&O number up top: a demat account is for owning things. If an app nudges you towards options trading, remember that nearly nine in ten individual traders lost money there in FY26. Please don’t learn that one the expensive way.

What is a demat account (and who charges for it)?

When you invest, three accounts work together: your bank account (where the cash sits), your trading account with the broker (where you tap Buy or Sell), and your demat account, which holds your shares and ETFs in electronic form. That demat account sits with a depository; India has two, NSDL and CDSL. You never deal with them directly. You go through a depository participant (DP), which is usually your broker.

On any charges page, you’ll see four kinds of fees:

• Account opening: paid once.
• AMC (annual maintenance charge): a repeating fee just for keeping the account open. It can be billed yearly, quarterly or monthly, so “annual” doesn’t always mean once a year.
• DP charges: a flat fee each time shares leave your demat, like when you sell.
• Brokerage: the broker’s fee per order.

AMC is the sneaky one. It keeps ticking even in the months you forget the app exists, and on a ₹2,000 portfolio it can eat a real slice of your returns.

Best demat accounts for students: the fee table

This table decides our order, not anything else. We ranked for a typical student: holds for the long term, buys a few times a month, sells rarely, and keeps one account. Charges are as shown on each broker’s own pricing page on 14 Oct 2026; GST is extra unless stated.

Sources: dhan.co/pricing (checked 14 Oct 2026); zerodha.com/charges (checked 14 Oct 2026); groww.in/pricing (checked 14 Oct 2026); angelone.in/pricing (checked 14 Oct 2026).

Why this order: Dhan and Zerodha both charge ₹0 on delivery; Dhan edges ahead because its AMC is ₹0 from day one and its DP charge is a little lower. Groww’s ₹0 AMC is lovely, but the minimum ₹5 brokerage on every delivery order adds up if you buy small amounts often. Angel One comes last because, after the first 30 days, its delivery brokerage matches Groww’s, and its non-BSDA AMC kicks in after year one.

The four brokers, one by one

1. Dhan: cheapest on paper for buy-and-hold

Dhan’s pricing page lists ₹0 account opening and ₹0 AMC for individuals, ₹0 brokerage on equity delivery, and a DP charge of ₹12.50 + GST per ISIN when you sell. If you plan to buy index ETFs or a few shares and sit tight, there’s very little here that can surprise you. Source: dhan.co/pricing (checked 14 Oct 2026).

2. Zerodha: ₹0 delivery, watch the AMC after year one

Zerodha’s charges page now shows free account opening for individuals and ₹0 brokerage on equity delivery. AMC is free for the first year. After that, a BSDA account pays nothing up to ₹4 lakh and ₹100 + GST a year from ₹4–10 lakh, while a non-BSDA account pays ₹300 + GST a year whatever its value. So the one thing to check: make sure your account is a BSDA. The DP charge is ₹15.34 per scrip including GST. Source: zerodha.com/charges (checked 14 Oct 2026).

3. Groww: ₹0 AMC, but you pay to buy

Groww lists ₹0 account opening and ₹0 maintenance. The catch is delivery brokerage: ₹20 or 0.1% per executed order, whichever is lower, with a ₹5 minimum. Buy ₹1,000 of a share and 0.1% is ₹1, so you pay the ₹5 minimum (plus GST). That’s fine once in a while, but it stings if you buy tiny amounts every week. Selling costs ₹20 + GST in DP charges. Source: groww.in/pricing (checked 14 Oct 2026).

4. Angel One: free to start, read the small print

Angel One works well if you trade regularly, but for a first, low-activity account, the three above are simpler.

The BSDA rule, straight from SEBI

This is the part most ads skip. SEBI’s circular SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2024/91 dated 28 June 2024 (PDF, checked 14 Oct 2026), “Facility for Basic Services Demat Account (BSDA) for Financial Inclusion and Ease of Investing”, took effect on 1 September 2024. Here’s what it actually says.

Who is eligible

• You have, or plan to have, only one demat account where you’re the sole or first holder.
• You have only one BSDA in your name across all depositories.
• Your holdings (debt and non-debt combined) don’t go above ₹10 lakh at any point of time.

So, honest older-sibling advice: if you open accounts on three apps as sole holder just to try them out, you fail the first condition and lose BSDA protection altogether. One account keeps things cheap and simple.

The maximum AMC

The ₹100 is SEBI’s cap; brokers’ pages may show GST on top (Zerodha and Angel One both list “₹100 + GST”).

BSDA is the default if you’re eligible

DPs must open only a BSDA for eligible people, unless you agree by email from your registered email ID to have a regular account. They had to recheck existing accounts and convert eligible ones, and must repeat that check at the end of every billing cycle. (In November 2025 SEBI floated a draft to make this quarterly and allow other consent channels; that’s a proposal for public comment, not the rule.)

How your holding value is measured

DPs use the daily closing price or NAV. Where that isn’t available, the last traded price; for unlisted securities other than mutual fund units, face value. Suspended securities may be left out. If your holdings cross the limit on any date, the DP may charge regular rates from that date onwards.

Other protections, and what BSDA doesn’t do

• Apart from AMC, a BSDA must be charged the same as a regular account. DPs can’t charge BSDA holders more for other services.
• Electronic statements are free; a physical statement can cost at most ₹25.
• BSDA caps AMC only. Brokerage, DP charges on selling and statutory charges still apply.

How to read any broker’s charges page (6-step checklist)

1. Use the official page, usually called “Pricing” or “Charges” on the broker’s own site, not a reel or a blog.
2. Find the AMC row. Note the amount, how often it’s billed, and whether GST is extra.
3. Look for a separate BSDA line showing nil up to ₹4 lakh and ₹100 up to ₹10 lakh.
4. Read the small print. “Free for the first year” or “charged after your first trade each quarter” decide whether you pay.
5. Check the DP charge on selling. It’s flat per scrip, so selling a ₹200 holding can cost you a big chunk of it.
6. If two numbers don’t match, ask in writing and keep the reply. Then add up a year: AMC + expected DP charges + brokerage.

Quick decision guide for students

• Small, long-term portfolio? Keep one demat account as sole holder so BSDA can apply, and confirm with support that it’s marked BSDA.
• Want to “just try” a second app? As sole or first holder, that breaks BSDA condition 1.
• Buying tiny amounts often? Prefer ₹0 delivery brokerage (Dhan, Zerodha in our table).
• Selling small bits of many shares on one day? Don’t. Each scrip pays its own DP charge.
• Stopped using the account? Don’t just delete the app. If AMC applies to you, close the account properly through your broker.

How to open your account

Most brokers run a fully online process. Keep these ready: PAN, Aadhaar linked to your mobile number (for OTP e-sign), a savings account in your own name (a zero-balance student account works), and your phone for a quick selfie or video check. You need to be 18+. Want somewhere to start once it’s open? Try our SIP calculator or read how to start a ₹500 SIP.

Sources (checked 14 Oct 2026)

1. SEBI circular SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2024/91, 28 June 2024 (BSDA), PDF
2. SEBI PR No. 50/2026, Profitability of Individual Traders in the Equity Derivatives Segment (FY25–FY26), 20 Aug 2026
3. CDSL – Our Business (data as of 30 Sep 2026)
4. NSDL at a Glance (30 Sep 2026)
5. Dhan pricing · Zerodha charges · Groww pricing · Angel One pricing

Educational content only, not investment advice. Investments in securities are subject to market risks. Broker charges change; always check the broker’s current official charges page before opening an account.

Before following a finfluencer: read SEBI’s warning about live trading tips on social media and verify the adviser independently.