Short answer — check discount brokers (Groww, Zerodha, Upstox, Angel One, 5Paisa and similar) and compare their current pricing pages. In 2025 the lowest overall Demat costs are typically with discount/neo brokers because they offer zero/very low AMC, zero brokerage on delivery and flat low per-order brokerage for intraday/F&O. (Find official pricing pages below — the numbers I cite are what those brokers publish as of Sep 13, 2025.) (groww.in)

Key facts (as published by the brokers):

• Groww: no AMC for Demat accounts (zero AMC stated on Groww help/pricing). (groww.in)
• Zerodha: BSDA (small holdings) can have zero AMC up to a slab; non‑BSDA annual AMC ~₹300 (slabbed), and Zerodha uses ₹0 delivery brokerage + flat ₹20 per executed order for intraday/F&O. (zerodha.com)
• Upstox: publishes low maintenance charges (examples: ₹150/yr or quarterly slabs shown in its help pages for older accounts) — check their help/pricing for the plan that applies to you. (help.upstox.com)
• Angel One: first year AMC often waived; thereafter low quarterly AMC / BSDA exemptions for small holdings — also offers low flat brokerage plans. (angelone.in)
• 5Paisa: publishes BSDA slabs and low AMC/DP charges; it offers several product bundles that change effective brokerage/AMC outcomes. (5paisa.com)

How to find the absolute cheapest for you (quick checklist)

1. Decide your use case: long‑term investor (mostly delivery) vs active trader (intraday/F&O).
2. Compare these specific items (use each broker’s official pricing page):
   • Demat AMC (annual or quarterly) and BSDA eligibility. (zerodha.com)
   • Brokerage model: delivery free or %; intraday/F&O flat ₹20 or % of turnover. (zerodha.com)
   • DP / demat debit charges (per ISIN debit on selling). (5paisa.com)
   • Account opening fees, call‑and‑trade, pledge/unpledge fees and any monthly/pack plans. (brokerage-free.in)
3. Run quick math on your expected annual trades/holding value to see which model costs less (e.g., zero AMC + ₹20 per trade vs small AMC + 0% delivery brokerage).
4. Check for current promotions or bundles (many brokers run limited‑time offers that affect opening fee/AMC). (forbes.com)

Where to compare/prices (official pages I used — check these pages for the broker you’re considering)

• Zerodha charges/pricing. (zerodha.com)
• Groww pricing / help (AMC = ₹0). (groww.in)
• Upstox support/pricing pages. (help.upstox.com)
• Angel One pricing & AMC info. (angelone.in)
• 5Paisa brokerage & AMC page. (5paisa.com)

Bottom line (practical recommendation)

• If you’re a buy‑and‑hold investor: prioritize zero AMC + zero delivery brokerage (Groww, Zerodha BSDA or other brokers with free AMC/zero delivery costs are usually cheapest). (groww.in)
• If you trade frequently: pick a broker with flat low per‑order brokerage (₹15–₹20 or unlimited plans) and low DP charges — Zerodha, Upstox, Angel One, 5Paisa and ProStocks are common low‑cost choices. (zerodha.com)

If you want, I can:

• pull a side‑by‑side cost comparison for the top 4 brokers for a specific annual trading profile you give me (e.g., X delivery trades/year, Y intraday trades/month, average trade size).