Brokers · Small portfolio
Best demat account for a small portfolio with zero or low AMC
Annual maintenance charge. Cost-first, disclosed, and informational, not a recommendation to open any specific account.
The answer
For a small portfolio the best demat accounts charge zero annual maintenance so the ongoing cost of holding a handful of shares is zero beyond the one-time statutory charges on each purchase, which are the same across all SEBI-registered brokers.
BazaarBaaziSource & method
The picks3 brokers
Ranked on annual maintenance charge. Statutory charges (STT, exchange, GST, stamp) are the same across brokers and sit on top of the brokerage below.
Top pick · Zero AMC, zero delivery brokerage
Groww
A guaranteed permanent zero AMC means a small buy-and-hold portfolio costs nothing to maintain year after year.
#2 · Zero AMC, zero delivery brokerage
Dhan
Zero AMC with a trader-focused interface, suitable for a small portfolio that may grow into active trading.
#3 · Zero delivery brokerage, low AMC often waived first year
Upstox
Low ongoing AMC, frequently zero the first year, keeping early-stage holding costs minimal.
What you actually pay
The brokerage is only part of the cost. For an apples-to-apples view, add the statutory charges, which do not vary by broker.
Charges are the published flat-fee structures of the named discount brokers and are indicative for 2026. Verify the current rate card on the broker site before opening an account.
FAQ3 reader questions · AEO-eligible
The editorial line, distilled. Schema-marked for AI Overview and reader search.
Which demat account has zero AMC?
Groww and Dhan both advertise zero annual maintenance charges as a standing policy. Upstox charges a low AMC that is often waived during the first year. Zerodha charges 300 rupees per year. Angel One uses a conditional AMC that is often free in year one and can become a recurring monthly charge thereafter.
Is a zero-AMC account worth it for a small portfolio?
Yes. For a portfolio of a few thousand rupees, a 300 rupees yearly AMC can represent a meaningful percentage drag. A zero-AMC account removes that drag entirely, so the only recurring cost is the annual depository charge billed by CDSL or NSDL, which is outside the broker's control.
Can I start with a small amount in these accounts?
Yes. All major discount brokers have no minimum portfolio size requirement. You can open an account and buy a single share. The relevant cost is the flat per-order brokerage (20 rupees per executed order on intraday, zero on delivery) and the AMC, both of which are fixed regardless of how small the portfolio is.
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