AI Overview
Best demat accounts in India 2026:
- Zerodha: Best overall for serious investors largest broker by active clients, reliable platform, ₹0 brokerage on equity delivery, ₹200 one-time account opening fee
- Upstox: Best for beginners and cost-conscious investors ₹0 account opening (often), lowest AMC, clean app
- Angel One: Best for research, advisory, and full-service features at discount prices
- 5Paisa: Best for ultra-low-cost active traders flat ₹20/order across all segments, ₹0 account opening, very low AMC
All four support UPI-based IPO applications. Choose based on your priorities: Zerodha for reliability and ecosystem, Upstox for lowest overall cost, Angel One for in-app research, 5Paisa for active trading at the lowest flat fee.
Introduction: Choosing the Right Demat Account Matters More Than You Think
Your demat account is the foundation of every investment you make in India. Every share you buy, every IPO you apply for, every stock you sell it all flows through your demat account. Choosing the wrong one means slow apps, hidden charges, poor IPO support, or customer service that disappears when you need help.
In 2026, four brokers dominate the Indian retail investing landscape: Zerodha, Upstox, Angel One, and 5Paisa. Each has strengths that suit different types of investors. This guide breaks down their charges, platforms, IPO application experience, and overall suitability so you can pick the one that matches how you actually invest.
What is a Demat Account?
A demat account (dematerialised account) is a digital repository for your financial securities. Just as a savings account holds money, a demat account holds shares, mutual fund units, bonds, and ETFs in electronic form.
To buy or sell shares on NSE or BSE, you need:
- A demat account (to hold securities)
- A trading account (to place buy/sell orders)
- A bank account (to fund transactions)
Most modern brokers including Zerodha, Upstox, Angel One, and 5Paisa open all three as a linked bundle.
For a complete explanation, see our What is a Demat Account? guide.
Zerodha India’s Largest Discount Broker
Overview
Zerodha was founded in 2010 and is consistently India’s largest broker by active client base on NSE. It pioneered the discount brokerage model in India and built Kite widely considered the best trading platform in the country for retail investors.
Charges (2026)
| Charge | Amount |
| Account Opening | ₹200 (one-time) |
| Annual Maintenance (Demat) | ₹300/year (waived for first year) |
| Equity Delivery Brokerage | ₹0 |
| Intraday / F&O Brokerage | ₹20 per order or 0.03%, whichever is lower |
| IPO Application | Free |
Platform
Zerodha’s Kite is the benchmark against which all other broker platforms are measured. The web version and mobile app are fast, reliable, and clean. For IPO applications, you use Zerodha Console a separate dashboard for portfolio tracking, IPO applications, and reports.
IPO Application Experience
Zerodha’s IPO application process is among the smoothest available. Console lists all open IPOs clearly, the UPI mandate flow is well-tested, and bid status updates are reliable. The pre-apply feature (available one day before the IPO opens) lets you lock in your bid early.
Who Should Choose Zerodha
Zerodha is ideal for investors who want the most reliable platform, the largest ecosystem (Coin for mutual funds, Kite for trading), and zero brokerage on equity delivery. It may feel slightly less beginner-friendly than Upstox or Groww on first use, but most investors adjust quickly.
Zerodha Affiliate Link
Open a Zerodha Account Use our referral link to support iposhareprice.com at no extra cost to you.
Upstox Best for Beginners and Cost Savings
Overview
Upstox (formerly RKSV) is backed by Tiger Global and has grown rapidly to become one of India’s top three brokers by active clients. Its app is clean, beginner-friendly, and frequently updated. In 2026, Upstox often runs promotions with zero account opening charges.
Charges (2026)
| Charge | Amount |
| Account Opening | ₹0 (frequently waived) |
| Annual Maintenance (Demat) | ₹150/year (first year sometimes free) |
| Equity Delivery Brokerage | ₹0 |
| Intraday / F&O Brokerage | ₹20 per order or 0.05%, whichever is lower |
| IPO Application | Free |
Platform
Upstox Pro Web and the Upstox mobile app are polished and easy to navigate. The home screen surfaces IPO opportunities prominently, making it one of the friendliest platforms for investors who primarily apply for IPOs rather than actively trade.
IPO Application Experience
Upstox’s IPO section is well-integrated into the main app. Selecting an IPO, entering bids, and entering a UPI ID takes less than two minutes. UPI mandate notifications arrive promptly in most cases. The app also shows subscription status data for open IPOs, which is a useful addition.
Who Should Choose Upstox
Upstox is ideal for first-time investors, students, and anyone who wants the lowest possible cost to get started. The lower AMC and frequent zero-opening-charge offers make it the most affordable entry point.
Upstox Affiliate Link
Open an Upstox Account Use our referral link to support iposhareprice.com at no extra cost to you.
Angel One Best for Research and Full-Service Features
Overview
Angel One (formerly Angel Broking) is one of India’s oldest retail brokers, having operated since 1987. It has successfully transitioned from a full-service model to a tech-first discount broker while retaining strong research and advisory capabilities.
Charges (2026)
| Charge | Amount |
| Account Opening | ₹0 |
| Annual Maintenance (Demat) | ₹240/year |
| Equity Delivery Brokerage | ₹0 |
| Intraday / F&O Brokerage | ₹20 per order or 0.25%, whichever is lower |
| IPO Application | Free |
Platform
The Angel One app (SmartTrade) is feature-rich. It includes in-app IPO reviews, subscription data, analyst recommendations, and research reports features that Zerodha and Upstox do not match. For investors who want data and guidance alongside execution, Angel One provides more in one place.
IPO Application Experience
Angel One’s IPO application is fully integrated into the main app. One standout feature is the in-app IPO analysis you can read a brief review and check subscription status without leaving the platform. This is particularly useful for newer investors who want context before applying.
Who Should Choose Angel One
Angel One suits investors who want research, analysis, and advisory features alongside their demat account. The SmartAPI also makes it popular among algo traders. For pure IPO investors, Angel One’s in-app data makes decision-making easier.
Angel One Affiliate Link
Open an Angel One Account Use our referral link to support iposhareprice.com at no extra cost to you.
5Paisa Best for Ultra-Low-Cost Active Traders
Overview
5Paisa is a SEBI-registered discount broker operated by IIFL Finance Limited one of India’s established financial services groups. Launched in 2016, it has carved out a strong position as one of India’s most affordable brokers, with a flat ₹20 per order brokerage across all segments and a no-frills, fast platform. It is particularly popular among high-frequency intraday traders and F&O traders who execute many orders per day and want to minimize per-trade costs.
Charges (2026)
| Charge | Amount |
| Account Opening | ₹0 |
| Annual Maintenance (Demat) | ₹200/year (first year free on select plans) |
| Equity Delivery Brokerage | ₹0 |
| Intraday / F&O Brokerage | ₹20 per order (flat, all segments) |
| IPO Application | Free |
| Mutual Fund Investment | ₹0 (via 5Paisa app) |
5Paisa Ultra Trader Plan: For very active traders, 5Paisa offers subscription-based pricing plans where a monthly fee unlocks unlimited or discounted orders making it even more cost-effective than the flat ₹20 model for high-volume traders.
Platform
The 5Paisa trading app and web platform are designed for speed and simplicity. The interface is cleaner and less feature-heavy than Zerodha Kite which is a deliberate trade-off: 5Paisa prioritizes fast execution and low cost over advanced charting features.
Key platform features:
- Real-time quotes and streaming prices
- Basic charting with essential indicators
- Direct mutual fund investments
- Portfolio tracking and P&L summary
- Robo-advisory feature (automated portfolio suggestions based on risk profile)
- Research reports and analyst recommendations a differentiator vs purely execution-focused brokers
The 5Paisa app is available on Android and iOS and is consistently rated well for performance and stability.
IPO Application Experience
5Paisa fully supports UPI-based IPO applications through its app and web platform. The IPO section is clearly accessible in the Invest tab. Application involves selecting the IPO, entering lot quantity, submitting a UPI ID, and approving the mandate the same standard process as other discount brokers.
5Paisa also provides IPO details issue price band, lot size, subscription status, and GMP (where available) within the app, making it a reasonable one-stop experience for IPO investors.
Who Should Choose 5Paisa
5Paisa is the right choice for:
- Active intraday and F&O traders who execute many orders daily the flat ₹20 model is competitive, and subscription plans reduce costs further
- Cost-sensitive investors who want zero account opening charge and low AMC
- Investors who want basic research alongside execution the robo-advisory and analyst reports add value without the complexity of Angel One’s full platform
- Investors already in the IIFL ecosystem IIFL Finance customers find integration seamless
5Paisa may not be ideal for:
- Investors who want the most advanced charting (Zerodha Kite is better)
- Beginners who want the most intuitive app experience (Upstox’s UX is cleaner for newcomers)
5Paisa Affiliate Link
Open a 5Paisa Account Use our referral link to support iposhareprice.com at no extra cost to you.
Side-by-Side Comparison: Zerodha vs Upstox vs Angel One vs 5Paisa
| Feature | Zerodha | Upstox | Angel One | 5Paisa |
| Account Opening | ₹200 | ₹0 (often) | ₹0 | ₹0 |
| Annual Demat Charges | ₹300/yr | ₹150/yr | ₹240/yr | ₹200/yr |
| Delivery Brokerage | ₹0 | ₹0 | ₹0 | ₹0 |
| Intraday Brokerage | ₹20/order | ₹20/order | ₹20/order | ₹20/order |
| F&O Brokerage | ₹20/order | ₹20/order | ₹20/order | ₹20/order |
| Platform Quality | Excellent (Kite) | Very Good | Good | Good |
| IPO Application | Excellent | Excellent | Excellent | Good |
| In-App Research | Limited | Limited | Strong | Moderate |
| Robo-Advisory | No | No | No | Yes |
| Customer Support | Good | Good | Good | Good |
| Beginner Friendly | Moderate | High | High | Moderate |
| Active Clients (2026) | Largest | Top 3 | Top 3 | Growing |
Which is Best for IPO Applications Specifically?
All four brokers support UPI-based IPO applications and are reliable for retail applications up to ₹5 lakh. The differences are minor:
- Zerodha is the most tested IPO platform it has handled the largest volume of IPO applications in India for years. If reliability under heavy load (during highly anticipated IPOs) matters most, Zerodha has the strongest track record.
- Upstox has the cleanest IPO discovery interface and is the easiest to navigate for someone applying for their first IPO.
- Angel One is the only one that provides in-app IPO analysis alongside the application useful if you want one fewer tab open.
- 5Paisa supports IPO applications fully and also displays GMP and subscription data in-app making it a reasonable all-in-one experience, though its IPO interface is slightly less polished than Zerodha or Upstox.
For most investors applying for IPOs as their primary activity, any of the four will serve you well. For lowest annual cost, Upstox (₹150 AMC) edges out 5Paisa (₹200 AMC) over the long run.
How to Open a Demat Account: The Basic Process
All four brokers offer fully online account opening. The process typically takes 10 to 30 minutes and requires:
- PAN card (mandatory)
- Aadhaar card (for KYC)
- Bank account details (cancelled cheque or bank statement)
- Signature (uploaded as image)
- A selfie or video KYC step
For a complete step-by-step walkthrough, see our How to Open a Demat Account guide.
Frequently Asked Questions
Which demat account is best for beginners in India 2026?
Upstox is the most beginner-friendly in terms of app design and lowest cost to start. Zerodha is the most reliable overall. 5Paisa is a good option if you plan to trade actively from the start the flat ₹20/order model keeps costs predictable.
Can I have accounts with multiple brokers?
Yes. There is no rule preventing you from having demat accounts with more than one broker. Many active investors maintain two accounts to apply for IPOs from multiple family members’ accounts each under a different PAN.
Is Zerodha safe?
Yes. Zerodha is a SEBI-registered broker, a member of NSE and BSE, and regulated by CDSL/NSDL. Your shares are held in the depository (CDSL or NSDL), not with the broker so they are safe even if the broker faces operational issues.
Does demat account have monthly charges?
The charges are typically annual (AMC), not monthly. Zerodha charges ₹300/year, Upstox ₹150/year, Angel One ₹240/year, and 5Paisa ₹200/year for demat maintenance.
Which broker has the best customer support?
All four have improved significantly. Zerodha’s support ticket system is thorough but can be slow during peak periods. Upstox, Angel One, and 5Paisa all offer in-app chat support that tends to be faster for routine queries.
Is 5Paisa good for IPO applications?
Yes. 5Paisa supports UPI-based IPO applications fully and displays subscription status and GMP data in-app. It is a fully functional IPO application platform slightly behind Zerodha and Upstox in interface polish but completely reliable for the application process itself.
Summary
- Zerodha: Best overall reliability, largest ecosystem, best for serious and active investors
- Upstox: Best for beginners, lowest annual AMC (₹150/yr), clean IPO application experience
- Angel One: Best for research-oriented investors, strong in-app analysis, zero opening charge
- 5Paisa: Best for active traders wanting flat ₹20/order across all segments, zero account opening, robo-advisory feature
For IPO-focused investors, all four work well. Choose Zerodha for platform trust, Upstox for lowest annual cost, Angel One for in-app research and advisory, or 5Paisa for active trading with low flat-fee brokerage.
