Looking for the best demat account refer and earn programs in India for 2026? Stockbroking and investment platforms offer some of the highest affiliate payouts in the country. Depending on the discount broker you choose, participating in a demat account refer and earn scheme allows you to earn anywhere from ₹150 to ₹750+ in direct bank cash or Amazon vouchers per successful signup, plus lifetime recurring brokerage sharing (10% to 20%) on every trade your referrals place.
Whether you have friends entering the stock market, investing in mutual funds, or trading options, recommending the right demat account refer and earn apps provides significant recurring passive income. Below is our verified, tested list of the top Demat referral programs for 2026.
Also explore other earning categories: Check our master guide on Best Refer and Earn Apps in India and our guide on the Best UPI Refer and Earn Apps.
Quick Comparison: Demat Account Refer and Earn Programs (2026)
| Broker / Demat App | Referral Reward | Brokerage Sharing | Program Status | Payout Type |
|---|---|---|---|---|
| Angel One | ₹300 – ₹750 Voucher | Promotional offers | Active | Amazon / Flipkart Voucher |
| Upstox | ₹150 – ₹500 Cash | Varies by promo | Active | Direct Bank Transfer |
| Dhan | 20% Lifetime Sharing | 20% on all trades | Active | Direct Bank Transfer |
| FYERS | 1,000 – 2,000 FYERS Credits | Brokerage Offsets | Active (Zero AMC) | Direct Link |
| Zerodha | 300 Points + 10% Share | 10% Lifetime | Active | Bank Transfer / Rewards |
| 5paisa | ₹100 – ₹200 Cash | 12.5% Lifetime | Active | Bank Account |
| Sharekhan | ₹400 per refer | Brokerage credits | Active | Vouchers / Brokerage |
| Teji Mandi | ₹300 per refer | N/A | Active | Direct Bank / UPI |
| Reliance Smart Money | ₹500 Voucher | Promotional | Active | Gift Voucher |
| Multipl | Up to ₹1,000 | N/A | Active | Investment Credits |
| Groww | Currently Paused | N/A | Inactive | Groww Balance / Bank |
Demat Account Refer and Earn Without Trading: How It Works
One of the most common questions beginners ask is whether you can participate in a demat account refer and earn campaign without requiring your friend to place a trade. In India, brokers generally follow two models:
- Account Activation Model (No Trade Needed): Brokers like Upstox and Angel One often release a major portion of your referral incentive simply upon successful paperless Aadhaar KYC and account opening.
- First Trade Model: Certain brokers require the referee to place a nominal first trade (even buying 1 share worth ₹10) within 30 days to release the complete referral payout.
- Lifetime Brokerage Model: Platforms like Dhan and Zerodha share 10% to 20% of the brokerage fees paid by your referral for life, providing true recurring passive earnings.
Documents Required to Open a Demat Account Online
Opening a Demat and trading account in India is 100% digital and paperless under SEBI regulations. Ensure your referrals have the following ready to complete KYC in 5 to 10 minutes:
- PAN Card: Mandatory for all financial market accounts in India.
- Aadhaar Card: Must be linked to an active mobile number to complete Aadhaar e-Sign OTP.
- Bank Proof: Cancelled cheque, bank passbook front page, or latest 3-month bank statement with clear IFSC and account numbers.
- Signature: A clear photo of your signature penned on a white paper.
- Income Proof (Optional): Required only if you intend to activate Futures & Options (F&O) trading (latest 6-month bank statement or salary slip).
1. Angel One — Highest Voucher Demat Account Refer and Earn
Angel One is one of India’s largest and most established retail stock brokers. Their demat account refer and earn program consistently offers some of the highest shopping vouchers in the market, ranging from ₹300 up to ₹750 per successful referral.
- Referral Reward: ₹300 to ₹750 Amazon / Flipkart shopping voucher
- Friend Welcome Offer: Free Demat account opening + zero brokerage on delivery for the first 30 days
- Full Guide: Angel One Referral Code & Voucher Terms
2. Upstox — Direct Bank Cash Demat Referral
Backed by Ratan Tata, Upstox is renowned for its speed, stability, and direct bank cash referral rewards. Unlike voucher-only platforms, Upstox lets you withdraw your referral earnings straight to your bank account via NEFT/IMPS.
- Referral Reward: ₹150 to ₹500 direct bank cash per account
- Payout Speed: 3 to 5 business days after account activation
- Full Guide: Upstox Referral Code & Bank Withdrawal Guide
3. Dhan — Best 20% Lifetime Brokerage Sharing
If you are looking for lifetime compounding income, Dhan is the top demat account refer and earn app for traders. Built specifically for F&O and active equity traders with TradingView integration, Dhan shares 20% of all brokerage generated by your referrals for life.
- Referral Reward: 20% lifetime brokerage sharing
- Payout Mode: Monthly direct credit to your bank account or trading ledger
- Full Guide: Dhan Referral Code & Brokerage Sharing
4. FYERS — Best Zero AMC & 2,000 Credits Demat Referral
FYERS is a top-tier discount stockbroker built specifically for active intraday and F&O traders. Unlike conventional brokers that charge annual account fees, FYERS provides a 100% Lifetime Zero AMC Demat account and native server-level integration with TradingView Pro charts at zero cost.
FYERS Refer and Earn Program Overview:
- Reward Structure: Milestone-based FYERS Credits (1 Credit = ₹1).
- First Trade Milestone: Both referrer and referee receive 1,000 FYERS Credits upon the new user’s first eligible trade.
- Prime Milestone: Both receive an additional 1,000 FYERS Credits if the referee subscribes to FYERS Prime.
- How to Claim: FYERS uses an automated tracking link. No promo code is required—simply register via the FYERS Referral Link.
Read our in-depth FYERS Referral Code & Review for detailed fee schedules and setup tutorials.
Frequently Asked Questions: Demat Account Refer and Earn
Which demat account refer and earn program gives the highest reward in India?
For direct shopping vouchers, Angel One gives up to ₹750. For direct bank cash, Upstox pays up to ₹500. For long-term passive income, Dhan offers a flat 20% lifetime brokerage sharing on every trade.
Can I participate in demat account refer and earn without trading?
Yes. Several leading brokers like Upstox and Angel One credit the referral reward as soon as your invited friend completes their digital KYC and account opening, without requiring an immediate high-value trade.
Does Groww currently offer a demat account refer and earn program?
No. Groww has currently paused its continuous referral cash program. If you want active, guaranteed referral earnings, focus on Angel One, Upstox, Dhan, and 5paisa.
Can I open a Demat account without a PAN card?
No. Under SEBI regulations, a valid PAN card is strictly mandatory for all Demat and trading accounts in India. If you don’t have a PAN card, explore our guide on UPI refer and earn apps.