ReferBest Demat Account Referral Offers in India (July 2026)
💡 Disclaimer: Referral programs, card rewards, and fintech services terms change frequently. The information below is for educational and general informational purposes only and does not constitute formal financial advice. Always verify terms on the official banking or provider website before signing up or applying.
If you're planning to start investing in stocks, mutual funds, or ETFs — or you already have a demat account and want to earn some extra cash — referral programs from India's top trading platforms are worth paying attention to. Most major brokers now offer solid sign-up bonuses for new users and per-referral rewards for existing ones.
We've put together a detailed comparison of the best demat account referral offers available in July 2026. For each platform, we break down exactly what you earn, what it costs to open an account, and what makes the platform worth using. Whether you're a first-time investor or someone looking to switch brokers, this guide will help you pick the right one.
1. Groww
Referral Bonus: Up to ₹100 in stocks or mutual fund units for both referrer and referee
Groww has become one of India's most popular investment apps, especially among beginners. The app's clean design makes it easy to buy stocks, mutual funds, gold, and even fixed deposits without feeling overwhelmed.
Account Opening Charges: ₹0 (completely free)
Brokerage Fees:
- Equity delivery: ₹20 per order or 0.05% (whichever is lower)
- Intraday & F&O: ₹20 per order
- Mutual funds: Zero commission (direct plans)
Key Features:
- Simple, beginner-friendly interface with stock and MF research tools
- IPO applications directly from the app
- Digital gold and US stock investing
- Quick KYC — account active within minutes using Aadhaar-based eKYC
Who Should Use Groww: If you're a beginner who wants to start with mutual funds or small stock investments, Groww is hard to beat. The free account opening and minimal learning curve make it a great first platform.
2. Angel One (formerly Angel Broking)
Referral Bonus: Up to ₹1,000 per successful referral (credited to your Angel One wallet)
Angel One runs one of the most generous referral programs among Indian brokers. The exact reward per referral varies based on periodic campaigns, but it consistently stays among the highest in the industry.
Account Opening Charges: ₹0 for the demat + trading account
Brokerage Fees:
- Equity delivery: ₹0 (free)
- Intraday: ₹20 per order or 0.25% (whichever is lower)
- F&O: ₹20 per order
- Commodity: ₹20 per order
Key Features:
- SmartAPI for algo trading enthusiasts
- ARQ Prime — an AI-driven recommendation engine for stock picks
- Comprehensive research reports and market analysis
- Supports stocks, commodities, currency, and mutual funds on a single platform
Who Should Use Angel One: A solid choice for active traders and intermediate investors who want free delivery trades, decent research tools, and don't mind a slightly busier interface. The high referral bonus also makes it attractive if you plan to refer friends and family.
3. Upstox
Referral Bonus: Up to ₹1,000 per referral (varies by campaign; typically ₹200–₹500 in brokerage credits)
Upstox, backed by Tiger Global and Ratan Tata's investment firm, has grown rapidly by offering competitive pricing and a fast trading experience. Their referral program rewards you with brokerage credits that offset your trading costs.
Account Opening Charges: ₹0
Brokerage Fees:
- Equity delivery: ₹20 per order or 2.5% (whichever is lower)
- Intraday & F&O: ₹20 per order
- Mutual funds: Zero commission
Key Features:
- Upstox Pro Web and Pro App with advanced charting (TradingView charts built-in)
- One-click order placement for fast execution
- Instant fund withdrawal
- Paper trading mode for practice
Who Should Use Upstox: Best for traders who want speed and advanced charting without paying a premium. The TradingView integration alone makes it stand out for technical analysis. Beginners can also start here, though the interface leans more toward active traders.
4. Zerodha
Referral Bonus: Up to ₹500 per referral (10% of the referee's trading fees, capped at ₹500 per referral, for 3 months)
Zerodha pioneered the discount broking model in India and remains the country's largest stockbroker by number of active clients. Their referral model is revenue-share based — you earn a percentage of the trading fees generated by the people you refer.
Account Opening Charges: ₹300 (one-time, non-refundable)
Brokerage Fees:
- Equity delivery: ₹0 (free)
- Intraday: ₹20 per order or 0.03% (whichever is lower)
- F&O: ₹20 per order
- Mutual funds (via Coin): Zero commission
Key Features:
- Kite — widely regarded as the best trading platform in India for its speed and reliability
- Console — detailed portfolio analytics and tax P&L reports
- Varsity — a free, in-depth stock market education platform
- Coin — direct mutual fund investments with zero commission
- Sentinel — price alerts across instruments
Who Should Use Zerodha: The gold standard for serious, long-term investors and active traders who value platform stability and a mature ecosystem. The ₹300 account opening fee is the only real barrier, but the free delivery trades and best-in-class tools more than justify it.
5. 5Paisa
Referral Bonus: Up to ₹500 per referral (varies; often ₹100–₹250 in cash or brokerage credits)
5Paisa positions itself as one of India's cheapest full-service discount brokers. The referral rewards are modest but consistent, and they frequently run campaigns that bump up the per-referral amount.
Account Opening Charges: ₹0
Brokerage Fees:
- Flat ₹20 per order across all segments (equity, F&O, commodity, currency)
- Mutual funds: Zero commission on direct plans
- Some plans offer ₹10 per order for high-volume traders
Key Features:
- Flat fee structure — simple and predictable costs
- Auto-invest feature for SIPs in stocks (not just mutual funds)
- Margin trading facility at competitive interest rates
- Research-backed stock baskets curated by experts
- Robo advisory for hands-off investing
Who Should Use 5Paisa: Good for cost-conscious investors who want rock-bottom brokerage across all segments. The stock SIP feature is a unique perk if you prefer regular stock investing over lump-sum purchases. The app experience is functional but not as polished as Groww or Zerodha's Kite.
6. mStock by Mirae Asset
Referral Bonus: Up to ₹500 per referral (brokerage credits or cash rewards depending on campaign)
mStock is the discount broking arm of Mirae Asset Financial Group, one of the largest asset managers in India. It's a relatively newer player in the discount broking space but has made waves with its zero-brokerage delivery model.
Account Opening Charges: ₹0
Brokerage Fees:
- Equity delivery: ₹0 (lifetime free)
- Intraday: ₹20 per order
- F&O: ₹20 per order
- Mutual funds: Zero commission
Key Features:
- Zero brokerage on delivery trades — permanently, not as a limited-time offer
- Backed by Mirae Asset, a trusted global financial brand
- MTF (Margin Trading Facility) at interest rates as low as 6.99%
- Pledge and unpledge shares for margin directly from the app
- Clean, no-frills trading interface
Who Should Use mStock: A strong pick for long-term, buy-and-hold investors who primarily do delivery trades. The permanent zero-brokerage on delivery is hard to ignore, and the Mirae Asset backing adds institutional credibility. Active F&O traders won't find any cost advantage over other discount brokers, though.
Quick Comparison Table
| Platform | Referral Bonus (Up To) | Account Opening | Delivery Brokerage | Best For |
|---|---|---|---|---|
| Groww | ₹100 | Free | ₹20/order | Beginners |
| Angel One | ₹1,000 | Free | ₹0 | Active traders, referrers |
| Upstox | ₹1,000 | Free | ₹20/order | Charting & technical analysis |
| Zerodha | ₹500 | ₹300 | ₹0 | Serious investors & traders |
| 5Paisa | ₹500 | Free | ₹20/order | Budget-conscious investors |
| mStock | ₹500 | Free | ₹0 (lifetime) | Long-term investors |
How to Make the Most of These Referral Programs
Here are a few practical tips from our team:
- Stack your referrals. Most platforms don't cap the number of people you can refer. If you're active on social media or in investing communities, the referral income can add up quickly — especially with Angel One's ₹1,000 per referral.
- Time it right. Platforms often boost referral rewards during IPO season, Diwali campaigns, or financial year-end. Keep an eye on our referral codes page for updated offers.
- Open multiple accounts. There's no rule against having accounts with more than one broker. You can use Groww for mutual funds, Zerodha for F&O trading, and mStock for long-term stock holdings. Pick up the sign-up bonus from each.
- Complete KYC quickly. Most referral bonuses are credited only after the referred person completes KYC and sometimes makes a first trade. Nudge your referrals to finish the process.
Which Demat Account Should You Open?
There's no single "best" platform — it depends on what you need:
- Just starting out? Go with Groww. The interface is built for people who've never traded before, and you won't pay anything to open the account.
- Want to actively trade and earn from referrals? Angel One gives you free delivery trades, strong research tools, and the highest referral payouts.
- Need advanced charts and fast execution? Upstox with its built-in TradingView charts is hard to beat for technical traders.
- Want the most reliable, mature platform? Zerodha is the industry benchmark. Pay the ₹300, and you get the best trading and education ecosystem in India.
- Watching every rupee in brokerage? 5Paisa keeps it dead simple with flat fees and stock SIPs.
- Long-term investor who rarely sells? mStock's lifetime free delivery brokerage means you'll never pay brokerage on buy-and-hold trades.
Final Thoughts
The Indian broking industry has never been more competitive, and that's great news for investors. Free account opening, zero delivery brokerage, and referral bonuses mean you can start investing with almost no upfront cost — and earn a little on the side by sharing your referral link.
We keep our referral codes and bonus amounts updated regularly on ReferBenefits. If any of these offers change or a platform launches a new campaign, we'll update this post. Bookmark it, share it with friends who are looking to open a demat account, and make sure you're getting the best deal available.
Disclaimer: Referral bonus amounts and brokerage rates mentioned above are based on information available as of July 2026. These may change based on platform policies and ongoing campaigns. Always verify the latest terms on the respective platform's website before signing up. Investing in the stock market involves risk — please do your own research before making investment decisions.