Which is the Best bank for Demat Account?

With the growing competition in the Indian Stock Market, the race to be the best has also taken place among stockbrokers, especially the discount stockbrokers. However, we know in terms of trust and reliability no one can ignore bank-based stock brokers. But wait! before choosing the bank for services, there is a question that needs to be answered. Which is the Best bank for Demat Account in the first place?

In this article, we are providing the list of banks offering the top most demat account services in India.

Wondering what defines them as the best?

Well! it is the demat account opening charges, customer support, offline presence and of course the trading platform provided by them.

So, without any further delay let’s dive in.

Best Bank to Open a Demat Account

Almost everyone among you knows why demat account is required?

Simply to secure the shares, right? So what defines the security and safety of the shares and holdings in the demat account. It is of course the stockbroker or the firm with which you open a demat account.

Along with this the one looking forward to investing in Sovereign gold bonds must consider the security.

Thinking is Demat account required for Sovereign Gold bond? Well if security is your top priority then YES! However, you can also invest in the bonds through any of the banks without a demat account.

Now jumping to the participant of the stock market.

We know with the emerging engagement in the stock market, discount brokers have taken among the top positions in the list. 

But are these stockbrokers reliable enough?

Looking at the oldest members of the family who have sustained in the changing scenarios over the decades and are still offering tremendous services to their clients, definitely proves their reliability. And these are none other than the Bank based stock brokers.

We are well aware of the fact that these brokers follow a full-service brokerage module, but with growing demand, there are many such stockbrokers who are in talks of bringing a discount brokerage concept for their customers.

Which indeed is great news for traders and investors! Back to the question – Which is the Best bank for Demat Account?

So in our list of the best banks to open a demat account with, we have:

• ICICI Direct
• HDFC Securities
• Kotak Securities
• Axis Direct
• SBI Securities
• IDBI Direct
• PNB Demat

Know more details about each of these brokers and the respective demat account to make your account opening decision accordingly.

We hope you get the answer to the question of Which is the Best bank for Demat Account post going through these names and their respective details.

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ICICI Demat Account 

Active Clients: 15,56,314

Well starting from the history, incorporated in 1995 as ICICI Brokerage Services Ltd.

The broker is a popular tech-based firm that offers a wide range of financial services to its customers and is worth mentioning, this organization is one of the pioneers in the e-brokerage concept in India. 

And clearly, from the name, you must have got an idea that ICICI Securities, also called I-Sec is one of the subsidiaries of ICICI Bank. ICICI Direct being its award-winning e-brokerage platform of I-Sec. 

Ever since 2014, the company has been one of the largest equity brokers in India with a huge active client base and seamless brokerage services.

Demat account opening Charges in ICICI Bank 

Talking about demat account opening, ICICI Direct platform offers 3 in 1 account opening facility, which includes a demat account integrated with a trading account and of course savings bank account. 

The best part about this bank-based stockbroker is that, with the membership of both NSE and BSE under CDSL and NSDL, this stockbroker offers absolutely free demat account opening as you can see in the table below.

This means ICICI Direct should definitely be on your list if you are planning to go for a bank-based stockbroker to enter into stock market space or even if you’re already into it.

Furthermore, the ICICI Direct Registration process is not that difficult either.

Well, the reason is not limited to the charges and application process but it’s trading app too.

The broker provides web and mobile-based application (ICICI Trade Racer and Trade Racer Web) that makes it easier for you to analyze the market and trade seamlessly.

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Open your account with the broker online for Free without any hassle!

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HDFC Securities Demat Account 

Active Clients: 6,38,457

Established in the year 2000, HDFC securities are among the top bank-based full services stockbrokers that have seen immense growth and popularity over the years.

Just like other bank-based brokers, this firm is also formed by the HDFC Group to facilitate brokerage services to its customers and with growing fame, we know so far it has done a pretty amazing job!

HDFC Securities is registered with both NSDL and CDSL with a membership of  4 stock exchanges;

• NSE
• BSE
• MSEI
• MCX

This clearly means that this stockbroker offers trading not only in equity or currency but also in commodities along with investment in Mutual Funds as well. 

So when we talk about demat account opening, it has a 3 in 1 account opening concept in which the customer gets a demat account along with a trading account with an HDFC savings bank account. 

This broker with all these facilities definitely helps to answer the question – Which is the Best bank for Demat Account!

HDFC Demat Account Charges

The interesting part of being an HDFC Securities customer is that you don’t have to pay any fee for your account opening. Here is the detail of fees associated with the demat account in HDFC Securities.

 

Also, the broker offers offline services with around 216 branches across the nation. This makes it easier for the clients to grab its services and operate the demat account without any hassle.

Talking about the online services, the broker provides an easy-to-use and advanced trading app. This app opens the gate to trade in different segments and further to apply for IPO or reap the benefit of other investment options in India. 

Moving on with the list.

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Kotak Securities Demat Account 

Active Clients: 4,21,767

Now if you are looking for some elder and experienced in the family of stockbrokers, Kotak Securities will definitely strike your mind. 

Founded in 1994, this bank-based full-service stockbroker of Kotak Mahindra Bank has grown widely and evolved with growing technology and demand in the Indian capital market. 

Kotak Securities is registered with both CDSL and NSDL and is a verified member of NSE, BSE, MCX, and NCDEX.  This implies that the investor or trader gets to trade in equity, currency, commodities, MFs, and even in other derivatives. 

Kotak Securities Demat Account opening charges 

Now coming to the demat account of Kotak Securities, it facilitates the Trinity Account feature which is nothing but 3 in 1 account facility, and as you know that you’ll get a demat account, a trading scout and a savings bank account clubbed into one. 

Like many other bank-based brokers, this broker also offers completely free demat account opening, however, in terms of account maintenance charges, Kotak charges ₹50 per month.

You can also refer to the table below. 

 

Let’s now skip to our fourth bank to open a demat account;

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Axis Direct Demat Account 

Active Clients: 4,18,860

Comparatively new bank-based full-service stockbroker, Axis direct is among the top brands of Axis Securities Limited established in 2011. 

And similar to other bank-based stockbrokers mentioned in the list this broker being new in the market managed to get to the top in the list to top stockbrokers in India through its impeccable services that lead to customer satisfaction.

Axis Direct is also a member of CDSL and NSDL with the membership of NSE, BSE, MCX, NCDEX, and MSEI; letting the investors and traders trade in various segments such as equity, currency, commodities, mutual funds, bonds, etc.

Axis Demat Account Opening Charges 

Well, now you know almost all bank-based full-service stockbrokers offer 3 in 1 account opening, and in that case, Axis is no different.

You get a demat account, a trading account along with a savings bank account.

And again Axis Direct offers free account opening and clearly charges zero fees for offering a demat account with a trading account, not to forget a savings bank account as well.

 

But in the case of account maintenance charges, Axis imposes ₹750 per annum from the second year onwards, meaning for the first year there are absolutely no AMC charges.

But there’s a catch!

The above-mentioned AMC is valid only for Axis bank customers. But what about the non-Axis bank customers? As you can see in the table above,  Non-Axis bank users will be charged ₹2500 per annum from the first year onwards.

Now you can choose to get the 3 in 1 account or the 2 in 1 account in which you’ll get only a demat account with an integrated trading account. 

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Experience the service of one of the best demat account service providers by opening an account online for FREE!

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SBI Securities Demat Account 

Active Clients: 4,04,143

SBI, we are well aware is one the most trusted brand in India. This broker was established in 1944 and its growth over the decades is transparent and that is the reason why many investors and traders still believe in its services.

However, SBICAP Securities which is the brokerage platform of SBI started its stockbroking services in 2001. This bank-based stockbroker is registered with both the depositories CDSL and NSDL, with the membership of  NSE and BSE.

SBI Demat Account Opening Charges 

Like others, this also offers 3 in 1 account facility.  This means as an investor or trader you get a demat account, a trading account along with a savings bank account, to smoothen the process to trade transactions. 

But when it comes to the account opening charges again, you get a free demat account opening, as you can refer to the table below. 

 

While in terms of AMC, SBICAP imposes ₹350 per year. 

Apart from the charges, when it comes to the reliability and security of investment, you can completely rely on bank-based stockbrokers like SBI. The broker offers tech-savvy services and an easy-to-reach offline presence to its clients.

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Conclusion

Finally, now that we have learned about demat account opening charges of top bank-based stockbrokers and if you were confused about Which is the Best bank for Demat Account, then this article must have helped you in clearing your confusion to some extent. 

However, it becomes pretty important to look into other factors as well while selecting your long-term trading partner. 

Make a choice of the stockbroker as per your need and requirements and trade smartly using its trading app.

Still confused, which broker to choose, get the free stockbroker suggestion now.

 

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