Zero AMC Demat Account (2026): Brokers with ₹0 AMC
Groww, Dhan, Shoonya, INDmoney, Fyers and mStock charge ₹0 AMC on an individual demat account. Angel One, Zerodha, Upstox, IIFL, Sharekhan and HDFC Sky waive it only for the first year. BSDA accounts, for holdings up to ₹4 lakh, pay no AMC at several brokers.
Last updated: October 2026
AMC (annual maintenance charge) is the yearly fee for keeping a demat account open. Many brokers advertise a free account but start charging after the first year, so the headline matters less than the charge in year two. This page sorts brokers by what they publish for AMC, using each broker’s official pricing page checked in October 2026.
Brokers with ₹0 AMC
| Broker | AMC |
|---|---|
| Groww | ₹0 |
| Dhan | ₹0 for individuals and HUFs; ₹800 + GST for NRI, corporate, LLP, partnership and trust accounts |
| Shoonya | ₹0 for individuals; ₹900 for corporate, trust and LLP accounts |
| INDmoney | ₹0 |
| Fyers | ₹0 |
| mStock | ₹0; no operating charges |
Brokers that charge AMC after the first year
| Broker | AMC |
|---|---|
| Angel One | Free for the first year, then ₹20 + GST a month (₹240 + GST a year) for non-BSDA accounts |
| Zerodha | Free for the first year on resident individual accounts, then ₹300 + GST a year (non-BSDA), charged quarterly |
| Upstox | No charge in the first year for new customers, then ₹300 + GST a year for non-BSDA users |
| HDFC Sky | ₹20 a month, free for the first year |
| IIFL | ₹0 in the first year, then ₹250 a year |
| Sharekhan | Free for the first year, then ₹400 a year for non-BSDA accounts |
| ICICI Direct | ₹700 a year on the regular MoneySaver account; ₹300 + GST for iValue plan subscribers |
| 5paisa | ₹25 a month + GST for BSDA clients holding more than one demat account, per 5paisa |
| Motilal Oswal | ₹0 AMC and admin charges for the first year; check the charge from year two |
| Kotak Securities | ₹0 for BSDA accounts with holdings up to ₹4 lakh; check other accounts |
| Axis Direct | Axis Bank customers: nil in the first year, then ₹750 + GST a year. Non-Axis Bank customers: ₹350 + GST in the first year, then ₹750 + GST a year |
SBI Securities sets DP AMC by plan, so check its plan terms.
What BSDA means for AMC
A Basic Services Demat Account (BSDA) is a low-cost demat account for small investors. Zerodha and Angel One publish these slabs: no AMC for holdings up to ₹4 lakh, and ₹100 + GST a year for holdings between ₹4 lakh and ₹10 lakh; above that, the regular AMC applies. BSDA is meant for investors with a single demat account and has conditions, so check with your broker. Axis Bank lists the same slabs, while Sharekhan’s page lists different, lower ones, so read the broker’s current page.
Free AMC is not the whole cost
- DP charges still apply on every sell, and they differ by broker. See the DP charges comparison.
- Brokerage differs more than AMC for active traders. See the lowest F&O brokerage ranking.
- Zero AMC does not rule out other fees such as pledge charges, call and trade, or auto square-off.
Compare brokers one to one on the broker comparisons hub, or test your own order sizes in the brokerage calculator.
Zero AMC demat account: FAQs
Which demat accounts have zero AMC?
Groww, Dhan (individuals and HUFs), Shoonya (individuals), INDmoney, Fyers and mStock list ₹0 AMC.
Is a free first-year AMC the same as zero AMC?
No. Angel One, Zerodha, Upstox, HDFC Sky, IIFL and Sharekhan waive AMC only for the first year, then charge.
What is the AMC on a BSDA account?
Zerodha and Angel One list no AMC for holdings up to ₹4 lakh and ₹100 + GST a year for ₹4 lakh to ₹10 lakh.
Do zero AMC brokers have other charges?
Yes. Brokerage, DP charges on sells, pledge charges and statutory charges still apply.
Does Dhan charge AMC?
Dhan lists ₹0 AMC for individuals and HUFs, and ₹800 + GST for NRI, corporate, LLP, partnership and trust accounts.
Is STT different between brokers?
No. STT is set by the government: 0.1% on buy and sell for delivery, 0.025% on the sell side for intraday, 0.05% on the sell side for futures and 0.15% on the sell premium for options. It is the same at every broker.
Sources
Official pages checked in October 2026: Groww: groww.in/pricing; Dhan: dhan.co/pricing; Shoonya: shoonya.com/pricing; INDmoney: indstocks.com/pricing; Fyers: fyers.in/charges-list; mStock: mstock.com/pricing; Angel One: angelone.in charges; Zerodha: zerodha.com/charges; Upstox: upstox.com brokerage charges; HDFC Sky: hdfcsky.com/pricing; IIFL: indiainfoline.com brokerage charges; Sharekhan: sharekhan.com/pricing; ICICI Direct: icicidirect.com/brokerage; 5paisa: 5paisa.com/pricing; Motilal Oswal: Motilal Oswal demat page; Kotak Securities: Kotak Neo pricing; Axis Direct: Axis Bank demat charges. STT, stamp duty, SEBI turnover fee and exchange transaction charges follow the rates set by the government, SEBI and the exchanges.
Charges change. This page is for information and education only, not investment advice. Confirm on the broker’s site before you open an account or trade.
