While everyone’s chasing dropshipping trends and ad revenue, savvy investors are quietly earning thousands of rupees just through best stock broker referral programs, and that too without trading a single stock.
That’s right! In the booming fintech space, some of the best money-making opportunities are hiding inside your demat account. Participate in the demat account refer and earn programs, a seriously underrated source of passive income that can outperform traditional affiliate links, especially in India’s growing investor ecosystem.
In this post, we’ve uncovered the 10 best stock broker referral programs to earn free money online! Whether you’re a finfluencer, a beginner investor, or someone with a strong social media following, this guide will help you learn exactly how much you can earn with a demat account referral and how to start today.
So, ready to stop recommending apps that pay ₹10 per referral and start earning up to ₹1,000 or more? Let’s dive in.
Best Refer and Earn Demat Account Programs in India
Unlike full-service brokers like Motilal Oswal or HDFC Securities, a new wave of emerging stock trading platforms in India is shaking things up with demat referral programs that are not just rewarding but incredibly generous. Many of these stock trading platforms go beyond the basics by offering exciting signup bonuses, free Demat account openings, zero AMC charges, advanced trading tools, and much more.
By simply referring your friends, family, or colleagues to these platforms, you can earn lucrative referral rewards along with lifetime brokerage commissions. In fact, some of the best demat referral programs in India offer up to ₹1,000 per successful referral, making it possible to earn as much as ₹30,000 or more every month by promoting just one app.
Below, we’ve compiled an updated list of the best stock broker referral programs. Explore these offers, compare benefits, and find out which platforms offer the best return for your referrals.
Best Stock broker Referral Programs List
| Referral Program | Referral Amount* | Commission* |
| Angel One Refer and Earn | Upto ₹1000 Gift Voucher | No |
| Dhan Refer and Earn | No | 20% Brokerage |
| Upstox Refer and Earn | ₹150 | No |
| InCred Money Refer and Earn | ₹200 Gift Voucher | ₹200 GV + 1% of Investment |
| 5Paisa Refer and Earn | ₹300 | No |
| HDFC SKY Refer and Earn | ₹200 | No |
| Zerodha Refer and Earn | 300 Reward Points | 10% Brokerage |
| PhonePe Share.Market Refer and Earn | ₹200 | No |
| mStock Refer and Earn | ₹151 | No |
| INDmoney Refer and Earn | ₹150 Cashback | No |
*Note: Referral amounts or commission earnings may change under the new referral program.
1. Angel One Refer and Earn
| Angel One Refer and Earn | Details |
| Referral Code | STEZ |
| Referral Link | Click Here to Join |
| Signup Benefits | ₹300 Gift Voucher |
| Referral Amount | Up to ₹750 Gift Voucher |
| Demat Account Opening Charges | Nil |
| Annual Maintenance Charges (AMC) | Free for 1st Year |
Angel One is widely recognized as one of the top stock trading apps in India, and it also offers one of the most rewarding stock broker referral programs to date.
With the Angel One Refer & Earn program, you can earn up to a ₹750 gift voucher per successful referral (₹1,000 for some users). New users also receive a ₹300 gift voucher as a welcome bonus upon opening a free Demat account online.
However, the Annual Maintenance Charge (AMC) is waived for the first year only.
Angel One Refer and Earn Process:
- Step 1: Open Angel One app and go to the ‘Profile’ section.
- Step 2: On the top of your profile, click on ‘Get ₹500’. (For some accounts, it will be ₹300 or ₹750 or ₹1000).
- Step 3: Your Angel One refer and earn section will be opened. Share your unique Angel Referral link with friends and family.
- Step 4: Promoto Angel One referral and earn rewards.
2. Dhan Refer and Earn
| Dhan Refer and Earn | Details |
| Referral Code | AMAN30 |
| Referral Link | Click Here to Join |
| Signup Benefits | Nil |
| Referral Amount | 20% Brokerage Commission |
| Demat Account Opening Charges | Nil |
| Annual Maintenance Charges (AMC) | Nil |
Dhan is a rising stockbroking platform that continues to offer one of the best stock broker referral programs in India. While the earlier ₹250 sign-up bonus and 50% brokerage discount for women investors have been discontinued, the referral program remains highly rewarding.
Referrers earn a 20% brokerage commission every time their referred friends trade on the Dhan app. Plus, Dhan offers free Demat account opening, zero AMC, and provides access to advanced stock charts and trading tools, making it an attractive platform for both new and experienced investors.
Dhan Refer and Earn Process:
- Step 1: Open Dhan app and go to the ‘Money’ tab.
- Step 2: Find Dhan ‘Refer and Earn’ section. From their you’ll find your unique Dhan referral code/link.
- Step 3: Copy code/link and share it with your friends, family and social network channels.
- Step 4: Track your referrals and earned rewards.
3. Upstox Refer and Earn
| Upstox Refer and Earn | Details |
| Referral Code | GF6960 |
| Referral Link | Click Here to Join |
| Signup Benefits | ₹300 |
| Referral Amount | 20% Brokerage |
| Account Opening Charges | Nil |
| AMC | Nil |
Upstox was once known for offering one of the best stock broker referral programs in India. While the sign-up bonus has been reduced from ₹1200 to ₹300, it still remains one of the best refer and earn demat account programs in India. Under the Upstoc refer and earn, referrers can earn a 20% brokerage commission for the first 12 months, making it a rewarding option for active networks. Additionally, Demat account opening and AMC charges are completely waived, and there’s no trading requirement to earn referral rewards.
Upstox Refer and Earn Process:
- Step 1: Open Upstox trading app, go to the right corner and click on your Name.
- Step 2: Click on the Upstox ‘Refer and Earn’ and copy your Upstox refer code/link.
- Step 3: Share it with your friends, family members & colleagues and start earning Upstox referral amount today.
4. InCred Money Refer and Earn
| InCred Money Refer and Earn | Details |
| Referral Code | JAIN244436 |
| Referral Link | Click Here to Join |
| Signup Benefits | ₹200 Amazon Voucher |
| Referral Amount | ₹200 Amazon Voucher + 1% of investment |
| Account Opening Charges | Nil |
| AMC | Nil |
InCred is a futuristic fintech platform that offers one of the best stock broker referral programs. It enables hassle-free investments in pre-IPOs and unlisted shares, making it a go-to choice for modern investors.
New users receive a ₹200 Amazon voucher as a welcome gift upon opening a Demat account. For referrers, InCred Money referral and earn program offers ₹200 Amazon vouchers as well as an accelerated 1% of the referee’s investment (previously it was 0.25%).
InCred Money Refer and Earn Process:
- Step 1: Open the InCred Money app and look for ‘Refer and Earn’ located in your profile section.
- Step 2: Copy and share your InCred Referral Code/Link with your friends & family through WhatsApp, SMS, Social Media, or other methods.
- Step 3: Track your referral earnings.
5. 5paisa Refer and Earn
| 5paisa Refer and Earn | Details |
|---|---|
| Referral Code | 50925415 |
| Referral Link | Click Here to Join |
| Signup Benefits | Free Brokerage for 30 Days |
| Referral Amount | ₹300 |
| Account Opening Charges | Nil |
| Annual Maintenance Charges (AMC) | Nil |
5Paisa has recently revised its Refer & Earn program, changing the rewards from a ₹250 referral bonus plus 12.5% brokerage commission to a flat ₹300 referral bonus. While the brokerage commission benefit is no longer available, the program still stands out as one of the best stock broker referral programs. There are no account opening charges or AMC, and trading is not mandatory to activate your referral benefits.
5Paisa Money Refer and Earn Process:
- Step 1: Open 5Paisa app go to the ‘Profile’ section.
- Step 2: Find ‘Refer and Earn’ section to get your unique 5Paisa referral code/link.
- Step 3: Now share your referral code/link through WhatsApp, SMS, Email or other social media platform.
- Step 4: Once your referred friend opens a 5Paisa demat account using your referral code/link, you’ll receive a referral reward of ₹300.
6. HDFC SKY Refer and Earn
| HDFC Sky Refer and Earn | Details |
| Referral Code | REFAMAN7EBY |
| Referral Link | Click Here to Join |
| Signup Benefits | Free Demat + Trading Account |
| Referral Amount | ₹300 Commission |
| Account Opening Charges | Nil |
| AMC | Free for 1st Year; ₹20/month from 2nd year onwards |
HDFC Sky, the latest offering from HDFC Securities, comes with one of the best stock broker referral programs. While it provides a limited-time offer of a free Demat account with zero AMC as a sign-up benefit, its standout feature is the rewarding referral program. Earn a ₹300 bonus for every friend or family member who opens a free Demat account through your referral.
HDFC Sky Refer and Earn Process:
- Step 1: Login to the HDFC Sky app and navigate to the ‘Refer and Earn’ section.
- Step 2: Enter your client/AP code to generate your unique HDFC Sky referral code/link.
- Step 3: Now share it with your friends and family and earn referral rewards.
7. Zerodha Refer and Earn
| Zerodha Refer and Earn | Details |
| Referral Code | YY4258 |
| Referral Link | Click Here to Join |
| Signup Benefits | ₹300 Zerodha Rewards |
| Referral Amount | ₹300 Zerodha Rewards |
| Account Opening Charges | Nil |
| AMC | Nil |
Zerodha, one of India’s most trusted stockbroking platforms, offers the best refer and earn demat account programs with a series of benefits, including Zerodha reward points, brokerage commissions, and more.
New users receive ₹300 worth of Zerodha Reward Points as a welcome gift upon opening a free Demat account online, with zero annual maintenance charges (AMC). For referrers, the program offers 300 reward points and a 10% share of the brokerage earned from the referred user’s trades.
Zerodha Refer and Earn Process:
- Step 1: Log in to your Zerodha Console or Z-Connect.
- Step 2: Navigate to the ‘Rewards & Referrals’ section.
- Step 3: Find your personalised affiliate link (referral link) or generate one.
- Step 4: Now share the link with your friends and family through WhatsApp, SMS, Email, Social Media or any preferred method.
8. PhonePe Share.Market Refer and Earn
| Share.Market Refer and Earn | Details |
| Referral Code | AMANBJZP |
| Referral Link | Click Here to Join |
| Signup Benefits | Free Demat + Trading Account |
| Referral Amount | ₹200 Gift Voucher |
| Account Opening Charges | Nil |
| AMC | Free for 1st Year |
PhonePe, a leading digital payments and financial services platform, has entered the stock investment space with the launch of its Share.Market app. To accelerate adoption among new and existing investors, the company has also introduced a lucrative Share.Market referral program designed to incentivize user growth and engagement.
Join the PhonePe Share.Market Refer & Earn Program today and start earning a ₹200 gift voucher for every friend who opens a free Share.Market Demat account through your referral. With this exciting program, you can earn up to ₹9,999 in rewards per financial year!
Share.Market Refer and Earn Process:
- Step 1: Open the Share.Market app and go to the ‘Refer and Earn’ section.
- Step 2: Copy your unique Share.Market referral code/link.
- Step 3: Share the referral link with your friends and family.
9. m.Stock Refer and Earn
| mStock Refer and Earn | Details |
| Referral Code | REF815081 |
| Referral Link | Click Here to Join |
| Signup Benefits | Zero Brokerage on Delivery, Mutual Funds & IPO |
| Referral Amount | ₹151/Account Opening |
| Account Opening Charges | Nil |
| AMC | ₹219 + GST (per quarter) or one-time fee of ₹1,299 + GST |
m.Stock, a popular app under the Mirae Asset brand, offers the best stock broker referral programs to encourage users to invite others to open a free Demat account. However, similar to Upstox, m.Stock has reduced its referral reward from ₹555 per Demat account opening to ₹151.
One downside of the m.Stock app is its Annual Maintenance Charges (AMC), which are ₹219 + GST per quarter or a one-time fee of ₹1,299 + GST. Additionally, referrers can earn a maximum of 10 referral rewards per month.
m.Stock Refer and Earn Process:
- Step 1: Open the m.Stock app and navigate to the ‘Refer and Earn’ section.
- Step 2: There you’ll find your unique m.Stock referral code/link. Share it via Social Media, Email, SMS, WhatsApp or any preferred method.
- Step 3: Once your friend successfully opens the account, you will receive a referral reward of ₹151.
10. INDmoney Refer and Earn
| INDmoney Refer and Earn | Details |
| Referral Code | ANKB1KJ9IND |
| Referral Link | Click Here to Activate |
| Signup Benefits | Free Demat + Trading Account |
| Referral Amount | 5% Cashback (Up To ₹150) |
| Account Opening Charges | Nil |
| AMC | Zero (Free for lifetime) |
INDmoney is an all-in-one financial solution and investment platform that allows users to invest in Indian Stocks, US Stocks, Direct Mutual Funds, Fixed Deposits, NPS, EPF, Bonds, and PPF, all from a single app. Additionally, it offers services like credit card bill payments and the ability to avail personal loans, making it a comprehensive financial hub.
INDmoney also features one of the best stock broker referral programs in India, offering users ₹250 cashback for every successful Demat account opening. Notably, it’s the only app that provides referral rewards for US stocks Demat account openings.
However, recent updates have reduced the scope of their referral program, limiting rewards to first credit card bill payments. For some users, the app still offers referral rewards for US stocks Demat account openings.
INDmoney Refer and Earn Process:
- Step 1: Open the INDmoney app and Go to the ‘Refer & Earn’ section available on top of the app header.
- Step 2: Share the referral link/code for INDmoney with your friends via WhatsApp, Social Media or any preferred method.
- Step 3: Earn referral rewards when your referred friend opens an INDmoney account and completes the first credit card bill payment.
What Is a Refer and Earn Demat Account?
A Refer and Earn Demat Account is part of a referral program offered by stockbroking platforms like Zerodha, Angel One, 5Paisa, Dhan, and others. These programs allow you to earn rewards, such as cashback, vouchers, or brokerage commissions, when someone opens a Demat account using your unique referral code or link. It’s a simple way to monetize your network while helping others start their investing journey.
How Does the Demat Account Refer & Earn Program Work?
The Demat Refer & Earn program is simple and rewarding. Once you create your Demat account through a participating stockbroker app, you’ll receive a unique referral code or link that you can share with others. Here’s how it works:
1. Open a Demat Account
Sign up on a stockbroker platform that offers a Refer & Earn program, such as Angel One, Dhan, or Zerodha.
2. Get Your Referral Code/Link for Sharing
Once you sign up on the app, copy your unique referral code/link for sharing.
3. Share & Earn Rewards
Share your referral code or link with friends, family, or colleagues. When they open a Demat account using your referral, you’ll receive referral rewards such as cashback, vouchers, or brokerage commissions.
Also read, 5 Best Cashback Credit Cards in India 2025
Final Words
In this post, we explored the 10 best stock broker referral programs in India, highlighting platforms that offer generous rewards through their Refer and Earn Demat account programs. Whether you’re looking for the best refer and earn Demat account without trading or want to maximize your passive income through brokerage commissions and bonuses, these platforms offer a great opportunity to do just that.
From Angel One to Dhan, each of the stockbrokers listed provides unique benefits, making this Refer and Earn Demat account list a valuable resource for anyone looking to earn money online. So, pick the best Demat referral program that suits your needs, start sharing your referral link with your network, and turn your connections into cash!
Ready to get started? Explore the best demat referral programs and start earning today!