HDFC vs ICICI demat account charges side by side shows ICICI Direct usually costing less than HDFC Securities on annual fees and per-sell charges, while HDFC’s Sky platform can undercut both on brokerage, and published figures for all of these conflict. Treat every number below as a range and confirm it on the broker’s own charges page.
The Short Answer
The name on the account matters less than the plan inside it.
- Account opening: ₹0 for the demat account at both
- AMC: ₹750 plus GST at HDFC Securities, with the first year free, and ₹700 at ICICI Direct on the standard plan, though other pages quote ₹300
- DP charge per sell: about ₹18.50 to ₹25 at HDFC Securities and ₹13.50 to ₹20 at ICICI Direct
- Delivery brokerage:50% on HDFC Securities’ standard plan, against 0.25% to 0.29% at ICICI Direct, with HDFC Sky at a flat ₹20 per order
Account Opening and AMC
The yearly fee is similar on standard plans and diverges once you look at plan variants.
- HDFC Securities lists AMC at ₹750 plus GST, free in the first year
- ICICI Direct lists ₹700 for an individual account, though several pages quote ₹300, one linked to a one-time ₹299 iValue subscription and others without explanation
- A third comparison quotes ₹500 for ICICI Direct and ₹300 for HDFC Securities, which conflicts with the rest
- HDFC Sky, the discount-style platform, is quoted at ₹240 a year from the second year in one source, ₹300 in another, and ₹750 in a third
- An earlier comparison I saw said Sky’s basic plan had zero AMC, so check which plan you’re offered
DP Charges on Every Sell
This fee applies each time shares leave your demat account.
- HDFC Securities: ₹25 per scrip in one comparison and ₹18.50 in another
- HDFC Sky: ₹20 per scrip on a sell
- ICICI Direct: ₹13.50 per scrip in two comparisons, and ₹20 plus GST per ISIN per day on CDSL in a third
- For NSDL accounts, ICICI Direct is quoted at ₹20 for the first debit of a scrip each day and ₹4 plus GST for later ones
- The fee is per scrip per day, not per share, so selling one share or a thousand costs the same
Brokerage Next to Demat Costs
Brokerage can dwarf demat charges, so it belongs in the comparison.
- HDFC Securities Standard:5% on delivery with a ₹25 minimum, falling to 0.3% on the ₹999-a-year Optima pack and 0.1% on the ₹9,999 Platina pack
- HDFC Sky: ₹20 or 0.01%, whichever is lower, per order on delivery in one comparison
- ICICI Direct default plan:29% on delivery in an older listing, 0.25% in another, and 0.27% on the Neo plan, which lists intraday at a flat ₹20
- ICICI Direct Prime plans: as low as 0.07% on the ₹9,999 plan, according to one comparison
- Statutory taxes and 18% GST apply on top
A Worked Example
A small investor who buys and sells six scrips a year, with ₹50,000 per order, shows how much plan choice matters. This ignores GST and uses quoted figures.
- HDFC Securities Standard: ₹750 AMC, six sells at ₹18.50 for ₹111, and twelve orders at 0.5% for ₹3,000, totalling about ₹3,860
- ICICI Direct default: ₹700 AMC, six sells at ₹13.50 for ₹81, and twelve orders at 0.29% for ₹1,740, totalling about ₹2,520
- HDFC Sky: ₹240 AMC, six sells at ₹20 for ₹120, and twelve orders at ₹20 for ₹240, totalling about ₹600
- ICICI Direct Neo: ₹300 to ₹700 AMC, ₹81 in DP charges and twelve orders at 0.27% for ₹1,620, totalling about ₹2,000 to ₹2,400
- The first year is cheaper by the AMC if it’s waived
Other Demat Services
Occasional services carry their own fees.
- Demat of paper certificates: ₹50 per request form at ICICI Direct, with a per-certificate fee quoted at ₹3 to ₹10, and ₹5 per certificate plus ₹35 per request at HDFC Sky
- Courier: quoted separately and varies
- These matter only if you hold physical shares
Banking Link
Both are bank-backed, which affects convenience more than price.
- ICICI Direct offers a 3-in-1 account with an ICICI Bank savings account, and HDFC Securities works with HDFC Bank
- Savings accounts carry their own minimum balances and fees, so check them if you don’t already bank there
- An older comparison says HDFC’s setup needs a savings account with a quarterly minimum balance of ₹5,000, which I couldn’t confirm for 2026
Why the Figures Conflict
None of these sources is necessarily wrong.
- Both brokers run several brokerage plans and subscription packs
- One ICICI Direct listing is over two years old, and one HDFC comparison is from 2025
- Some quote DP charges with GST and some without
- Sky and HDFC Securities are different products from the same group, and pages often mix them
- Aggregator sites also copy each other
Who Should Pick Which
A few patterns help.
- A buy-and-hold investor with a bank relationship: ICICI Direct’s lower DP charge and delivery brokerage may suit better than HDFC Securities Standard
- A cost-focused investor: HDFC Sky’s flat ₹20 per order is far cheaper than percentage-based plans on larger trades
- A frequent trader: a subscription pack lowers brokerage, but it needs enough trades to repay the annual fee
Checks Before You Open
A few minutes on each broker’s own pages saves money.
- Ask which plan you’re being placed on and what the AMC is
- Ask for the delivery brokerage in writing, including the minimum per order
- Ask whether the DP charge includes GST and CDSL charges
- Check whether the first-year waiver applies
- Re-check the charges page each year
FAQs
Q1. Which is cheaper, HDFC or ICICI?
A. On standard plans, ICICI Direct usually costs less, but HDFC Sky’s flat ₹20 per order can be cheaper than both, so compare plans.
Q2. What are HDFC Securities’ DP charges?
A. Sources quote ₹18.50 or ₹25 per scrip on a sell, so confirm which applies to your plan.
Q3. Is ICICI Direct’s AMC ₹700 or ₹300?
A. Both appear. ₹700 is the standard individual rate, and ₹300 appears with a subscription plan or in some comparisons, so ask.
Q4. Does HDFC Sky have zero AMC?
A. Not consistently. One source says ₹240 a year from the second year, another ₹300, and an earlier one said zero on the basic plan.
