Demat & Brokers · Full service
Full-Service Brokers
Bank-backed brokers offering research, advisory, relationship managers + 3-in-1 accounts. Brokerage 0.20-0.50% on delivery (higher than discount). Suit investors who want research desks, model portfolios, advisory calls, and don't mind paying for it. ICICI Direct, HDFC Securities, Kotak Securities, Motilal Oswal lead this segment.
Who needs this
Investors who want broker-published research (with target prices) and don't trust their own stock-picking. HNIs with bank relationships valuing the 3-in-1 (bank + demat + trading) convenience. Anyone needing IPO + bond + structured-product access through one window.
At a glance
Equity delivery
0.20-0.50%
10-25× higher than discount
Intraday brokerage
0.03-0.05%
Or ₹20-25 flat
F&O brokerage
₹20-50 / order
Or 0.02-0.03%
AMC (annual)
₹600-1,000
Higher than discount
Research access
Included
Stock + sector reports
3-in-1 account
Available
Bank + demat + trading linked
Top brokers — Full service
Source: broker rate cards · verified FY26 Q1
| Broker | Delivery | Intraday | F&O | AMC |
|---|---|---|---|---|
ICICI Direct 3-in-1 with ICICI Bank | 0.275% | 0.029% | ₹20 | ₹700 |
HDFC Securities 3-in-1 with HDFC Bank | 0.32% | 0.03% | ₹20 | ₹750 |
Kotak Securities 3-in-1 with Kotak Bank | 0.25% | 0.025% | ₹20 | ₹600 |
Motilal Oswal Strong research desk | 0.20% | 0.02% | ₹20 | ₹400 |
SBI Securities 3-in-1 with SBI | 0.50% | 0.05% | ₹20 | ₹500 |
Axis Direct 3-in-1 with Axis Bank | 0.50% | 0.05% | ₹20 | ₹650 |
Key decisions
Is the higher brokerage of a full-service broker worth it?
Math: on a ₹10L delivery trade, ICICI Direct at 0.275% = ₹2,750 vs Zerodha at ₹0 = ₹0. The full-service broker is worth ~₹2,750 per ₹10L trade only if their research/advice meaningfully changes your outcome by more than that. For most retail investors, it usually doesn't — discount + free Internet research (BSE/NSE filings, Tijori, Screener) is enough.
What is a 3-in-1 account and is it useful?
Bank account + demat + trading account all linked, all from the same provider. Cash moves instantly between them, no transfer time. Convenient for delivery trades and IPO applications (ASBA is automatic). Trade-off: bank's brokerage is much higher than a discount broker. Many investors keep a bank's 3-in-1 for IPOs + a Zerodha account for actual trading.
Can I have both — full-service and discount?
Yes — SEBI allows you to have multiple demat accounts. Common pattern: bank 3-in-1 for IPOs + bonds + advisory access, Zerodha/Groww for actual trading. There's no statutory limit on demat count; just maintain each broker's AMC.
Useful calculators
Regulatory notes — SEBI / NSDL / CDSL
- All listed brokers are SEBI-registered Stock Brokers + DPs under SEBI (Stock Brokers and Sub-Brokers) Regulations 1992.
- Research published by these brokers is regulated under SEBI (Research Analysts) Regulations 2014 — look for the RA registration number on the report.
- Brokerage shown is base rate; actual cost includes STT, exchange transaction charges, SEBI turnover fees, GST, stamp duty.
- 3-in-1 accounts are not statutory products; they are commercial bundlings by bank-owned brokers.