Kotak vs Motilal Oswal demat account charges compared comes down to three numbers: the annual maintenance charge, the fee on every sell, and whether your plan carries delivery brokerage. Published figures for both brokers conflict, so treat everything below as a range and confirm on each broker’s charges page.
The Short Answer
On the figures most sources agree on, Motilal Oswal is cheaper to hold, and Kotak can match or beat it on specific plans.
- Account opening: ₹0 at both for the demat account, though one comparison lists a ₹99 trading account fee at Kotak
- AMC: Motilal Oswal at ₹199 a year after a free first year, and Kotak at ₹600, or ₹0 on its Trade Free plan according to one source
- DP charge per sell: roughly ₹15 to ₹20 at both, quoted differently by different sources
- Delivery brokerage:20% on current plans at both, with Kotak’s Youth plan listed at ₹0 subject to conditions
Account Opening and AMC
The yearly fee is the clearest difference, and the sources disagree on Kotak.
- Motilal Oswal’s demat AMC is ₹199 a year, free for the first year, according to several 2026 comparisons
- Older comparisons quote Motilal Oswal at ₹300 to ₹400, and one 2026 page says only “₹0 for the first year, then as per applicable plan”
- Kotak’s demat AMC is quoted at ₹600 in several comparisons
- A source updated this year says Kotak’s AMC is ₹0 on the Trade Free plan, so your plan decides it
- A 3-in-1 account with Kotak ties the demat to a Kotak Bank savings account, which has its own balance rules
DP Charges on Every Sell
This fee applies each time shares leave your demat account, even when brokerage is zero.
- Motilal Oswal: quoted at ₹18.50 per scrip flat on the sell side by one source, ₹15.34 plus GST by another, and ₹20 or 0.025% of the value, whichever is higher, by a third
- Kotak: quoted at ₹15 plus GST per scrip on a sell by one source, and 0.04% of the value with a ₹20 minimum by another
- One page puts Motilal Oswal’s debit fee at 0.025% or ₹30 per debit transaction
- A flat fee costs the same on a ₹5,000 sale and a ₹5 lakh sale, while a percentage fee grows with the trade, so a percentage-based quote matters most to large sellers
- The fee is charged per scrip per day, not per share
Brokerage Next to Demat Costs
Demat charges are only part of the bill, and the plan you pick changes the rest.
- Both now list equity delivery brokerage at 0.20% in recent sources, while an older comparison shows Kotak at 0.49% and Motilal Oswal at 0.50%
- Motilal Oswal’s default plan lists intraday at 0.02% in most sources, and one says free for life
- Kotak’s Trade Free plan lists intraday at ₹0 or ₹10 per order, depending on the source, with delivery free on the Youth plan
- Options are ₹20 a lot at Motilal Oswal, while Kotak’s Trade Free Max charges ₹20 per order on carry-forward trades
- Statutory taxes and 18% GST apply on top at both
A Quick Cost Example
A small investor who sells six scrips a year shows how this works, using quoted figures and ignoring GST.
- Motilal Oswal, after the free first year: ₹199 AMC plus six sells at ₹18.50 comes to about ₹310
- Kotak on a ₹600 AMC: ₹600 plus six sells at ₹15 comes to about ₹690
- Kotak on a ₹0 AMC plan: six sells at ₹15 comes to about ₹90
- On brokerage, a ₹50,000 delivery purchase and later sale at 0.20% each way costs about ₹200 in total, or ₹0 if you qualify for Kotak’s Youth plan
- Kotak’s ₹3.50 per sell advantage on DP charges would take about 115 sells to offset a ₹401 AMC gap
Why the Figures Conflict
Several things explain the mismatch, and none is a mistake by one source.
- Plans: both brokers run multiple brokerage plans with different AMC and brokerage
- Dates: one comparison on Kotak is over two years old, and tariffs change
- Wording: some pages quote DP charges with GST included and others without
- Promotions: free first years and youth plans appear on some pages and not others
- Aggregator sites also copy each other, so an old number can spread
Who Each Suits
The better pick depends on how you use the account.
- A buy-and-hold investor who rarely sells: AMC matters most, so Motilal Oswal’s ₹199 or a Kotak plan with ₹0 AMC would beat Kotak’s ₹600
- An active trader: brokerage and DP charges per trade matter more than AMC, and discount brokers may be cheaper than either
- Someone who already banks with Kotak: the 3-in-1 convenience may justify a slightly higher cost
- A researcher who wants a full-service broker’s reports: Motilal Oswal is described as a full-service broker founded in 1987
Checks Before You Open
A few minutes on the broker’s own pages saves money.
- Ask which plan you’re being placed on and what its AMC is
- Ask whether the DP charge is flat or percentage-based and whether GST is included
- Check whether the first-year waiver applies to your account
- Check the delivery brokerage rate in writing, since 0.20% and 0.49% both appear in sources
- Ask whether a BSDA is available if your holdings are small
FAQs
Q1. Which has the lower demat AMC?
A. Motilal Oswal at ₹199 after a free first year, against ₹600 at Kotak, though one source lists Kotak’s Trade Free plan at ₹0 AMC.
Q2. What is the DP charge per sell?
A. Roughly ₹15 to ₹20 per scrip at both, though some sources quote percentage-based fees of 0.025% to 0.04% instead.
Q3. Is delivery brokerage free at either?
A. Kotak’s Youth plan lists delivery at ₹0 with conditions, while both brokers’ standard plans quote 0.20% in recent sources.
Q4. Why do comparison sites show different numbers?
A. Brokers run several plans and change tariffs, and some sites carry old figures, so confirm current charges on each broker’s own page.
