A demat account is similar to a bank account that is used to hold financial securities electronically. It is the first mandatory step towards investing in mutual funds and other securities in India. For a trader willing to invest in the stock market, he/she is required to have a user ID and password to access transactions. It is necessary to quote the demat account number for any sale and purchase of securities.
In this account, a holder deposits shares or mutual funds or bonds in electronic form and an annual maintenance charge is levied to keep the account active. However, some brokerage houses offer lifetime free demat and trading accounts, an interface where one can purchase and sell shares on stock exchanges like BSE and NSE.
Here’s a list of companies offering free demat accounts:
Prostocks is a Sunlight Broking LLP venture which was founded by SP Toshniwal and Saurabh Ranka in February 2016. Pro stocks provide services like currency trading, equity and derivatives trading, and depository services. Prostocks offers a free account opening through an online paperless account and lifetime AMC free demat account. A user can avail flat Rs 15 per trade brokerage for intraday and F&O trades.
With iTradeOnline, there is no need to pay upfront brokerage and customers have to pay Rs 20 or 0.03 percent per executed order, whichever is lower. It provides modern trading tools built with ease of trading in mind. The discount broker trades across all segments.
Finvasia is another discount broker that offers a range of financial services ranging from zero brokerage, zero account opening, zero clearings, zero AMC and other services. Finvasia is one of the FinTech companies in India that provides free lifetime demat and trading accounts.
RMoney provides a single platform for its customers looking to invest in commodity, equity, mutual funds, insurance, PMS. It provides a personalised evening dealer support for commodity trading.
Trustline is a full-service broker based out of Chennai and is equity research and asset management company. Trustline has its core competence in financial research with a focus on mid and small cap space.