Best Demat Accounts for IPO Applications in 2025

Choosing the right Demat account is crucial for smooth IPO applications. With so many brokers offering different features and charges, how do you pick the best one? This comprehensive guide compares top brokers for IPO investing in 2025.

What to Look for in a Demat Account for IPOs

Before comparing specific brokers, understand what matters most for IPO applications:

Key Factors:

1. Account Opening Charges: One-time fee 2. Annual Maintenance Charges (AMC): Yearly fee 3. UPI Support: Essential for easy IPO applications 4. IPO Application Process: How easy is it to apply? 5. App & Website Quality: User experience matters 6. Customer Support: Help when you need it 7. Additional Features: IPO alerts, GMP tracking, etc.

Top Brokers for IPO Applications (2025)

1. Groww - Best for Beginners

Overall Rating: ★★★★★ (5/5) Pros: ✅ Completely FREE account opening ✅ Zero AMC for Demat account ✅ Very user-friendly app ✅ Smooth UPI integration ✅ Quick KYC process (fully digital) ✅ IPO section clearly visible ✅ Good customer support Cons: ❌ Limited research tools ❌ Basic charting features Charges: - Account Opening: ₹0 - AMC: ₹0 - IPO Application: Free - Trading: ₹20 per order or 0.05% (whichever is lower) Why Choose Groww for IPOs? Groww has the simplest, most intuitive IPO application process. Perfect for first-time investors. The app guides you through each step, making it almost impossible to make mistakes. Best For: Complete beginners, students, first-time IPO investors

2. Zerodha - Best for Active Traders

Overall Rating: ★★★★★ (5/5) Pros: ✅ India's largest broker (trust & reliability) ✅ Advanced trading platform (Kite) ✅ No account opening charges ✅ Excellent IPO application interface ✅ UPI integration works seamlessly ✅ Good educational content (Varsity) ✅ Transparent pricing Cons: ❌ AMC of ₹300/year ❌ No relationship manager for retail ❌ Call-and-trade not available Charges: - Account Opening: ₹0 - AMC: ₹300/year (waived if turnover > ₹1 lakh) - IPO Application: Free - Trading: ₹20 per order (flat) Why Choose Zerodha for IPOs? If you're serious about trading alongside IPO investing, Zerodha's Kite platform is unbeatable. Clean interface, fast execution, and reliable. Best For: Active traders, serious investors, tech-savvy users

3. Upstox - Best for Low Brokerage

Overall Rating: ★★★★☆ (4/5) Pros: ✅ Free account opening ✅ Zero AMC ✅ Lowest brokerage charges ✅ Fast app performance ✅ UPI support for IPOs ✅ Good mobile app Cons: ❌ Occasional app glitches ❌ Customer support can be slow Charges: - Account Opening: ₹0 - AMC: ₹0 (first year), ₹150/year after - IPO Application: Free - Trading: ₹20 per order or 0.05% Why Choose Upstox for IPOs? Great for cost-conscious investors who trade frequently. IPO application is straightforward, though not as polished as Groww. Best For: Price-sensitive investors, frequent traders

4. Angel One (Formerly Angel Broking) - Best for Research

Overall Rating: ★★★★☆ (4/5) Pros: ✅ Free account opening ✅ Excellent research reports ✅ IPO recommendations and analysis ✅ UPI support ✅ Established brand (since 1996) ✅ Good customer service Cons: ❌ AMC charges applicable ❌ App can feel cluttered Charges: - Account Opening: ₹0 - AMC: ₹240/year (₹20/month) - IPO Application: Free - Trading: ₹20 per order Why Choose Angel One for IPOs? If you value expert research and recommendations before applying to IPOs, Angel One's reports are helpful. Best For: Investors who want guided advice, research-oriented users

5. ICICI Direct - Best for Banking Integration

Overall Rating: ★★★★☆ (4/5) Pros: ✅ Seamless if you bank with ICICI ✅ Strong brand trust ✅ Comprehensive services (loans, insurance) ✅ Good customer support ✅ Physical branch support Cons: ❌ Higher charges compared to discount brokers ❌ Account opening fees ❌ Less user-friendly app Charges: - Account Opening: ₹975 (with 3 months brokerage prepaid) - AMC: ₹750/year - IPO Application: Free - Trading: 0.55% or higher Why Choose ICICI Direct for IPOs? If you value relationship management and physical presence, ICICI Direct is reliable. ASBA is easier if you have an ICICI bank account. Best For: ICICI Bank customers, investors preferring full-service brokers

6. Paytm Money - Best for Convenience

Overall Rating: ★★★★☆ (4/5) Pros: ✅ Free account opening ✅ Zero AMC ✅ Super easy UPI integration ✅ Clean, simple app interface ✅ Part of Paytm ecosystem Cons: ❌ Limited advanced features ❌ Newer in the brokerage space Charges: - Account Opening: ₹0 - AMC: ₹0 - IPO Application: Free - Trading: ₹10 per order Why Choose Paytm Money for IPOs? If you already use Paytm for payments, the integration is seamless. IPO application is quick with Paytm UPI. Best For: Paytm users, convenience seekers

7. 5Paisa - Best Value for Money

Overall Rating: ★★★☆☆ (3.5/5) Pros: ✅ Very low brokerage (₹10 flat) ✅ No account opening fee ✅ Reasonable AMC ✅ UPI support Cons: ❌ App needs improvement ❌ Customer support inconsistent Charges: - Account Opening: ₹0 - AMC: ₹150/year - IPO Application: Free - Trading: ₹10 per order (flat) Best For: Budget-conscious investors

Detailed Comparison Table

| Feature | Groww | Zerodha | Upstox | Angel One | ICICI Direct | Paytm Money | |---------|-------|---------|--------|-----------|--------------|-------------| | Account Opening | ₹0 | ₹0 | ₹0 | ₹0 | ₹975 | ₹0 | | AMC (Annual) | ₹0 | ₹300 | ₹150* | ₹240 | ₹750 | ₹0 | | UPI Support | ✅ Yes | ✅ Yes | ✅ Yes | ✅ Yes | ✅ Yes | ✅ Yes | | App Rating | 4.5★ | 4.4★ | 4.3★ | 4.2★ | 3.9★ | 4.3★ | | IPO Ease | ⭐⭐⭐⭐⭐ | ⭐⭐⭐⭐⭐ | ⭐⭐⭐⭐ | ⭐⭐⭐⭐ | ⭐⭐⭐ | ⭐⭐⭐⭐⭐ | | Trading Charges | ₹20 | ₹20 | ₹20 | ₹20 | 0.55% | ₹10 | | Research | Basic | Good | Basic | Excellent | Very Good | Basic | | Customer Support | Good | Good | Average | Excellent | Excellent | Good | *Upstox: ₹0 first year, then ₹150/year

How to Open a Demat Account Online

The process is similar across all brokers:

Step 1: Download App or Visit Website

Choose your preferred broker and download their app.

Step 2: Start Account Opening

Click "Open Account" or "Sign Up"

Step 3: Enter Personal Details

- Mobile number - Email - PAN card number

Step 4: Complete KYC

- Upload PAN card photo - Upload Aadhaar front & back - Upload signature - Record a short video (for verification)

Step 5: E-Sign

Complete Aadhaar-based e-Sign (OTP)

Step 6: Select Segments

Choose Equity, F&O, Commodity (select as needed)

Step 7: Bank Account Linking

- Enter bank account number - Upload cancelled cheque or bank statement - Verification via penny drop

Step 8: Activation

Account activates within 24-48 hours. You'll receive: - Demat account number - Trading account credentials - Login details via email/SMS

IPO Application Process Comparison

Groww: 5 Steps

1. Open app → IPO section 2. Select IPO 3. Enter lots and UPI ID 4. Submit 5. Approve UPI mandate Time taken: 2-3 minutes

Zerodha Kite: 5 Steps

1. Dashboard → IPO tab 2. Choose IPO 3. Fill application (lots, price, UPI) 4. Place order 5. Approve mandate in UPI app Time taken: 2-3 minutes

Other Brokers:

Similar process, typically 3-5 minutes

Special Features to Look For

1. IPO Alerts & Notifications

Best: Angel One, Groww - Push notifications for new IPOs - Reminders for closing dates - Allotment status updates

2. GMP Tracking

Best: Angel One - Live Grey Market Premium updates - Historical GMP trends

3. IPO Calendar

Best: Zerodha, Angel One - Upcoming IPO list - Timeline view - One-click application

4. Research Reports

Best: Angel One, ICICI Direct - Subscribe/Avoid recommendations - Detailed company analysis - Valuation metrics

Which Broker Should YOU Choose?

If You're a Complete Beginner:

Choose Groww - Zero charges - Easiest to use - Best onboarding experience

If You Plan to Trade Actively:

Choose Zerodha - Best trading platform - Transparent pricing - Reliable execution

If You Want Lowest Costs:

Choose Groww or Paytm Money - Zero AMC - No hidden charges

If You Need Research & Guidance:

Choose Angel One - Expert IPO recommendations - Detailed reports - Good support

If You Bank with ICICI:

Choose ICICI Direct - Seamless banking integration - Branch support - Comprehensive services

Common Questions Answered

Q: Can I apply for IPOs from multiple Demat accounts?

A: No. One PAN = One application. Multiple applications will be rejected.

Q: Do I need to keep funds in Demat account for IPO?

A: No. Funds should be in your linked bank account. With UPI, amount is blocked (not debited) until allotment.

Q: Which is better: Discount broker or Full-service broker?

A: For IPOs alone, discount brokers (Groww, Zerodha, Upstox) are sufficient and cheaper. Full-service adds value if you want advisory.

Q: How long does account opening take?

A: 24-48 hours for most brokers if all documents are correct.

Conclusion

For most IPO investors in 2025, we recommend: 🥇 First Choice: Groww - Best for beginners - Zero charges - Easiest experience 🥈 Second Choice: Zerodha - Best platform quality - Great for active investors - Small AMC justified by features 🥉 Third Choice: Angel One - Best research - Good for guided investing - Established brand All three are reliable, SEBI-registered, and millions of users trust them. Choose based on your priority: ease of use (Groww), platform features (Zerodha), or research (Angel One). Open your Demat account today and start applying for IPOs with confidence!