Published 2026-09-25 · Last reviewed 2026-09-25 · Charges checked on the brokers' official pricing pages
Short version: Zerodha is the best demat account for most beginners in 2026 because equity delivery and direct mutual funds cost ₹0. Upstox charges the same ₹20 for trading but ₹20 per delivery order, with a smoother app. Angel One costs a little more and adds research and advisory. All three are free to open and waive AMC in the first year.
Quick answer
If you are opening your first account to invest in mutual funds and a few stocks for the long term, open Zerodha. If you have already tried Zerodha and found the app dull, Upstox is the same on price for trading and a bit more polished. Angel One is the pick only if you specifically want research and someone to call.
Zerodha vs Upstox vs Angel One: charges compared (2026)
These are the charges from each broker's official pricing page, checked in September 2026. Promotional offers change often, so treat the first-year waivers as "usually true".
| Charge | Zerodha | Upstox | Angel One |
|---|---|---|---|
| Account opening (online) | Free | Free | Free |
| Equity delivery brokerage | ₹0 | ₹20 per order | ₹20 or 0.1% per order, whichever is lower (min ₹5) |
| Intraday brokerage | ₹20 or 0.03%, whichever is lower | ₹20 or 0.1%, whichever is lower | ₹20 or 0.1%, whichever is lower |
| F&O brokerage | Futures ₹20 or 0.03%; Options flat ₹20 | Futures ₹20 or 0.05%; Options flat ₹20 | Flat ₹20 per order |
| Demat AMC — year 1 | Free | Free | Free |
| Demat AMC — year 2 onwards | ₹300/yr (₹0 if holdings < ₹4 lakh under BSDA) | ₹300 + GST/yr | ₹60 + GST per quarter (≈ ₹283/yr), charged only in quarters you trade |
| Direct mutual funds | ₹0 commission (Coin) | ₹0 commission | ₹0 commission |
| DP charge (per stock sold, per day) | ₹15.34 incl. GST | ₹20 + GST | ₹20 + GST |
| Launch offer | — | Occasional free-brokerage promos | ₹0 brokerage up to ₹500 for first 30 days |
| Active clients (NSE, 2026) | ~68 lakh | ~19 lakh | ~75 lakh (largest) |
| App | Kite + Coin | Upstox | Angel One |
What this means in rupees: if you buy stocks 4 times a month and hold them, Upstox and Angel One cost you about ₹80/month (₹960/year) in brokerage; Zerodha costs ₹0. If you day-trade 20 times a month, all three cost roughly the same (₹400–800/month depending on order size).
Zerodha: the default choice
Zerodha is India's best-known discount broker and the one most beginners end up with. Its pitch is simple: investing should be free, trading should be flat-fee.
- ₹0 brokerage on equity delivery — buy and hold costs nothing
- Coin: direct mutual funds with ₹0 commission, same login
- Varsity — a free, excellent learning course inside the app
- Lowest DP charge of the three (₹15.34 per sell)
- Rarely has outages compared to newer apps
- App (Kite) looks plain; no "research" or stock tips
- Support is ticket-based, no relationship manager
- AMC ₹300 from year two unless holdings are under ₹4 lakh
- Account opening can take 1–3 days if documents need re-checking
Opening takes about 10 minutes online. Keep PAN, Aadhaar (linked mobile), a bank statement or cancelled cheque, and a signature photo ready.
Open Zerodha account →Upstox: same price for trading, nicer app
Upstox is backed by Ratan Tata and Tiger Global and has grown fast on the back of a very smooth onboarding flow — most people are done in under 10 minutes with Aadhaar e-sign.
- Fastest, cleanest signup of the three
- Modern app with good charts and a simple "invest" tab for MF/IPO
- ₹0 commission on mutual funds and IPOs
- Same ₹20 flat fee as Zerodha for intraday and F&O
- ₹20 per order on equity delivery — Zerodha charges ₹0
- DP charge ₹20 + GST per sell (vs ₹15.34)
- AMC ₹300 + GST from year two
- App has had occasional slowdowns on high-volume days
Good if you want a quick, modern app and plan to trade a bit.
Open Upstox account →Angel One: full-service feel at discount prices
Angel One (formerly Angel Broking) is the largest broker by active clients. It sits between a discount broker and a traditional full-service broker: flat ₹20 fees, but with research reports, stock recommendations, advisory and a big offline network.
- Research, stock ideas and "ARQ Prime" recommendations built in
- Relationship managers and 10,000+ sub-brokers if you want to talk to a human
- ₹0 brokerage up to ₹500 for the first 30 days
- AMC charged only in quarters you actually trade
- Delivery brokerage ₹20 or 0.1% — not free like Zerodha
- More upselling (advisory products, margin funding) — say no politely
- App is busier; more to learn for a beginner
- DP charge ₹20 + GST per sell
Pick this if you want guidance and don't mind paying ₹20 per order.
Open Angel One account →How to choose in 30 seconds
| "I just want to start SIPs and buy a few stocks and hold them" | Zerodha — ₹0 delivery, ₹0 MF |
|---|---|
| "I'll trade sometimes and I want a slick app" | Upstox (or Zerodha — same trading fee) |
| "I want stock ideas and someone to call" | Angel One |
| "I only want mutual funds, no stocks" | Any of the three, or a no-demat app like Groww/Kuvera |
| "I'm not sure" | Zerodha. You can always open a second account later. |
What you need to open any of these accounts
- PAN card (mandatory).
- Aadhaar linked to your mobile number, for OTP-based e-KYC and e-sign.
- Bank proof — a cancelled cheque or a bank statement showing your name, account number and IFSC.
- Signature on white paper, photographed.
- Income proof (salary slip, ITR or 6-month bank statement) — only if you want to trade F&O.
Online opening is free at all three; approval usually takes a few hours to 2 working days.
Three beginner mistakes to avoid
- Opening the account and buying a "hot" stock the same day. Start with an index fund SIP; use the SIP calculator to see what ₹2,000 a month does over 10 years.
- Ignoring DP charges. Every time you sell a stock, ₹15–24 goes out regardless of order size. Selling ₹500 worth of shares is not worth it.
- Paying AMC on accounts you don't use. If you open two or three accounts to try them, close the ones you don't use before year two.
Frequently asked questions
Which is the best demat account for beginners in India?
For most beginners Zerodha is the safest pick: ₹0 brokerage on equity delivery, ₹0 commission on direct mutual funds, and the most stable app. Upstox is a close second with a slicker interface; Angel One suits people who want research, advisory and a relationship-manager style experience.
Is Zerodha better than Upstox?
For long-term investing, yes — Zerodha charges ₹0 on delivery while Upstox charges ₹20 per order. For intraday and F&O both charge ₹20 per order, so the difference is small. Upstox has a slightly faster onboarding and a more modern-looking app.
Is Angel One good for beginners?
Angel One is beginner-friendly with research reports, "SmartAPI" and a large offline network. Its charges are ₹20 or 0.1% per delivery order (whichever is lower) and ₹60 + GST per quarter AMC after the first year. If you only want to invest in mutual funds and stocks for the long term, Zerodha or Upstox work out cheaper.
What is the account opening charge for Zerodha, Upstox and Angel One?
All three are free to open online for resident Indian individuals. Zerodha charges ₹500 for offline/NRI/HUF accounts.
What is AMC in a demat account?
AMC (annual maintenance charge) is the yearly fee for keeping your demat account. All three brokers waive it in year one. From year two: Zerodha ₹300 (free under BSDA if holdings are below ₹4 lakh), Upstox ₹300 + GST, Angel One ₹60 + GST per quarter (about ₹283 a year).
Can I have more than one demat account?
Yes, you can open demat accounts with several brokers using the same PAN. Many people keep Zerodha for long-term holdings and another broker for trading. Just remember each account may charge AMC.
Do I need a demat account for mutual fund SIPs?
Not strictly — you can invest through the AMC or an app like Groww or Kuvera without a demat account. But all three brokers here offer direct mutual funds at zero commission through the same login, which is convenient.
Which broker has the lowest charges overall?
For buy-and-hold investors, Zerodha (₹0 delivery, ₹0 direct MF). For active traders, all three cost ₹20 per order; Upstox and Angel One occasionally run lower promotional rates. Check DP charges too: Zerodha ₹15.34 per sell, Upstox and Angel One ₹20 + GST.
Educational content, not investment advice. Charges change — always confirm on the broker's pricing page before opening an account. Some links are affiliate links; see Disclaimer.
