Choosing a demat account is an important decision for investors because the account is used to hold shares, ETFs, bonds and other securities electronically. In India, Zerodha, Groww and ICICI Direct are among the well-known platforms offering demat and trading services.
Although all three allow investors to buy and hold investments, their charges, trading platforms, banking integration, research tools and investment options are different.
This Zerodha vs Groww vs ICICI Direct comparison explains their major demat account features, charges and differences to help investors understand which type of platform may suit their requirements.
Zerodha vs Groww vs ICICI Direct: Quick Comparison
| Feature | Zerodha | Groww | ICICI Direct |
| Account opening | Free | Free | Free |
| Demat AMC | First year free for eligible new resident individual accounts; regular AMC applies thereafter | ₹0 maintenance charges as currently published | ₹700 + applicable taxes from second year under standard account |
| Equity delivery brokerage | ₹0 | ₹20 or 0.1%, whichever is lower, subject to minimum ₹5 | Depends on selected brokerage plan |
| Intraday brokerage | 0.03% or ₹20, whichever is lower | ₹20 or 0.1%, whichever is lower, subject to minimum ₹5 | Depends on selected plan |
| IPO investment | Yes | Yes | Yes |
| Mutual funds | Yes | Yes | Yes |
| ETFs | Yes | Yes | Yes |
| F&O | Yes | Yes | Yes |
| 3-in-1 banking | No | No | Yes |
| Research services | Through associated/value-added services | Investment and market information tools | Extensive research offerings |
| Mobile app | Kite | Groww | ICICI Direct |
| Bank integration | Requires linked bank account | Requires linked bank account | Integrated with ICICI Bank for 3-in-1 accounts |
Charges and plans can change. Brokerage and statutory charges should always be checked on the respective broker’s current pricing page before opening an account.
- Zerodha Demat Account Features
Zerodha offers a demat and trading account through its Kite platform. It is designed around online investing and trading and provides access to equities, ETFs, mutual funds, IPOs, derivatives and other products.
For resident individual accounts opened on or after June 1, 2026, Zerodha states that the first year of AMC is free. From the second year, a regular non-BSDA demat account attracts ₹300 plus GST annually, while BSDA charges depend on the value of holdings.
Key Zerodha features
- Free online account opening for individual accounts
- ₹0 brokerage on equity delivery
- Intraday and F&O brokerage of 0.03% or ₹20, whichever is lower
- Flat ₹20 brokerage for options
- Direct mutual fund investing
- IPO applications
- ETF investing
- Portfolio and tax reporting tools
- Kite mobile and web platforms
- Console for reports and account information
Zerodha also supports BSDA accounts. For eligible resident individuals, holdings up to ₹4 lakh can have zero AMC under the BSDA structure.
Who may consider Zerodha?
Zerodha can be considered by investors who want a dedicated stock-market platform with transparent brokerage and a wide range of market-related tools.
- Groww Demat Account Features
Groww provides a demat account through its investment platform. The account can be used for stocks, mutual funds, ETFs, IPOs and other investment products.
Groww currently states that opening a demat account is free and lists maintenance charges as ₹0 on its pricing page.
Key Groww features
- Free demat account opening
- No account maintenance charge according to its current pricing page
- Stocks
- Mutual funds
- ETFs
- IPOs
- Commodities and bonds
- Digital account opening
- Portfolio tracking
- Mobile-first investment experience
Groww’s published equity brokerage is ₹20 or 0.1% per executed order, whichever is lower, with a minimum brokerage of ₹5. Its pricing page also separately lists applicable DP and statutory charges.
Groww also supports IPO applications through its app using an active UPI setup.
Who may consider Groww?
Groww may appeal to investors who prefer a simple app-based investing experience and want to manage different investment products from one platform.
- ICICI Direct Demat Account Features
ICICI Direct is part of the ICICI group and offers demat, trading and banking integration.
Its major distinction is the 3-in-1 account, which combines a savings account, trading account and demat account. This can make movement of money between banking and investment accounts more integrated for customers using the ICICI Bank ecosystem.
Key ICICI Direct features
- Demat and trading account
- ICICI Bank 3-in-1 integration
- Stocks
- ETFs
- Mutual funds
- IPOs
- Futures and options
- Bonds and other investment products
- Research services
- MTF
- Web and mobile trading
- Call-and-trade facility
- eATM facility for eligible transactions
ICICI Direct currently lists multiple brokerage plans. Its Prime plans can offer reduced delivery brokerage, while the iValue plan provides ₹20-per-order pricing for specified intraday, F&O and commodity trades.
The standard demat AMC is currently listed as ₹700 plus applicable taxes from the second year, although selected plans can have different charges.
Zerodha vs Groww vs ICICI Direct: Brokerage Comparison
Brokerage is one of the most important factors when comparing trading accounts.
| Type of transaction | Zerodha | Groww | ICICI Direct |
| Equity delivery | ₹0 brokerage | ₹20 or 0.1%, whichever is lower | Plan dependent |
| Equity intraday | 0.03% or ₹20, whichever is lower | ₹20 or 0.1%, whichever is lower | Plan dependent |
| Equity futures | 0.03% or ₹20, whichever is lower | Plan/pricing applicable | Plan dependent |
| Equity options | ₹20 per executed order | Plan/pricing applicable | Plan dependent |
| DP charges | Applicable when securities are sold | Applicable as per published pricing | Applicable as per published pricing |
Zerodha’s current published pricing clearly provides zero brokerage for equity delivery. Groww publishes a ₹20 or 0.1% model for equity orders, while ICICI Direct uses multiple plans rather than one simple brokerage structure.
Demat AMC Comparison
Account Maintenance Charge, or AMC, is the recurring charge associated with maintaining a demat account.
| Broker | Current AMC information |
| Zerodha | First year free for eligible new resident individual accounts opened from June 1, 2026; ₹300 + GST annually for regular non-BSDA accounts thereafter |
| Groww | ₹0 maintenance charges listed currently |
| ICICI Direct | ₹700 + applicable taxes from second year under the standard account |
Zerodha also offers BSDA pricing where eligible investors can pay lower or zero AMC depending on their holdings.
Investment Products Available
All three platforms provide access to several common investment categories.
| Investment | Zerodha | Groww | ICICI Direct |
| Stocks | Yes | Yes | Yes |
| Mutual Funds | Yes | Yes | Yes |
| ETFs | Yes | Yes | Yes |
| IPOs | Yes | Yes | Yes |
| Futures & Options | Yes | Yes | Yes |
| Bonds | Available | Available | Available |
| Commodities | Yes | Available | Yes |
| Research | Market tools/value-added services | Investment information/tools | Extensive research services |
ICICI Direct’s 3-in-1 platform specifically lists stocks, derivatives, mutual funds, ETFs, IPOs, overseas investing and other offerings.
Banking Integration: A Major Difference
One of the biggest differences between these platforms is their relationship with banking services.
Zerodha
Zerodha operates primarily as a brokerage and investment platform. Investors link their bank account to transfer money for investing and trading.
Groww
Groww also requires a linked bank account for investment-related transactions and provides a digital investment experience rather than a bank-linked 3-in-1 structure.
ICICI Direct
ICICI Direct offers a 3-in-1 structure combining savings, demat and trading accounts. This allows customers to manage banking and investments within the same ecosystem.
Research and Investment Tools
Research can be important for investors who want company information, market analysis and investment ideas.
Zerodha: Its ecosystem includes market and portfolio tools, with additional services such as Tickertape and other integrations.
Groww: The platform focuses heavily on an easy-to-use investment interface, portfolio tracking and investment information.
ICICI Direct: It offers research services covering stocks, mutual funds, derivatives and other investment areas.
The availability of research does not mean that an investor should blindly follow recommendations. Investment decisions should be based on the investor’s own objectives, risk tolerance and research.
Instant Payout Feature
ICICI Direct has an additional feature called eATM for eligible stock sales. According to ICICI Direct, investors can receive up to 99% of the sale value within five minutes, subject to the applicable limits and eligibility.
This is different from the normal settlement process and can be useful for investors who value faster access to eligible sale proceeds.
Which Demat Account Features Should You Compare?
Instead of comparing only brokerage, check these factors before opening an account:
- Account opening charges
- AMC
- Equity delivery brokerage
- Intraday and F&O charges
- DP charges
- IPO application facility
- Mutual fund availability
- Research and analysis tools
- Mobile app experience
- Customer support
- Bank integration
- Additional services such as MTF
A low brokerage rate does not necessarily mean the overall cost will always be lower because statutory charges, DP charges, AMC and other applicable fees can also affect the total cost.
Zerodha vs Groww vs ICICI Direct: Key Differences
| Area | Zerodha | Groww | ICICI Direct |
| Main focus | Trading and investing | Simple digital investing | Integrated banking + investing |
| Delivery brokerage | ₹0 | ₹20/0.1% lower model | Plan dependent |
| AMC structure | BSDA and regular options | Currently ₹0 listed | Standard AMC ₹700 + taxes from second year |
| Banking integration | Separate bank relationship | Separate bank relationship | Strong 3-in-1 integration |
| Research | Available through ecosystem | Investment information/tools | Strong research offering |
| Platform style | Trading-focused | Beginner-friendly digital interface | Full-service financial ecosystem |
| Advanced trading | Yes | Yes | Yes |
| Instant sale payout | Standard settlement | Standard settlement | eATM for eligible transactions |
Frequently Asked Questions
Is Zerodha better than Groww for a demat account?
There is no single answer for every investor. Zerodha and Groww have different pricing structures and platform features. Zerodha currently offers ₹0 brokerage on equity delivery, while Groww publishes ₹20 or 0.1% per executed order, whichever is lower, subject to its minimum brokerage.
Is Groww demat account free?
Groww currently states that demat account opening is free and its pricing page lists ₹0 account maintenance charges. Other transaction-related charges can still apply.
Is Zerodha demat account free?
Opening an individual Zerodha account is free. For resident individual accounts opened on or after June 1, 2026, the first year of AMC is also free. Applicable AMC is charged thereafter depending on the account type and BSDA eligibility.
Does ICICI Direct offer a 3-in-1 account?
Yes. ICICI Direct’s 3-in-1 account combines savings, demat and trading accounts.
Can I apply for IPOs through all three platforms?
Yes. Zerodha, Groww and ICICI Direct provide IPO investment facilities, subject to their respective application processes and eligibility requirements.
Which factors matter most when selecting a demat account?
Look at brokerage, AMC, DP charges, investment products, app features, research tools, customer support and banking integration. Your investment frequency and the products you intend to use can significantly affect which fee structure is suitable.
Conclusion
Zerodha, Groww and ICICI Direct all provide demat and trading services, but they follow different approaches. Zerodha has a transparent discount-brokerage structure, Groww focuses on a simple digital investing experience, while ICICI Direct combines investment services with a broader banking and research ecosystem.
Before opening an account, compare the current brokerage plan, AMC, DP charges and the features you actually intend to use rather than looking only at the account-opening fee.
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