Dhan Referral Code UEQCL91234 – Open Free Demat Account (September 2026)

Quick answer: current Dhan referral code and invite link

Opening a Dhan demat account for Indian stocks or IPOs? Here’s a straight invite path: referral code UEQCL91234 and the matching official invite link, plus a clear read on what that invite does and does not change in 2026. As of 2026-09-19 (Asia/Calcutta): Dhan’s invite link and referral mapping are active. The old ordinary-user brokerage-share model (including the ~20% of a friend’s brokerage) was discontinued for non-Authorised Person users from 7 September 2024, per Dhan’s own notices. Official pages do not publish a fixed referee signup cash bonus. Public ₹0 account opening, AMC, and equity delivery brokerage are standard published prices on dhan.co/pricing, not exclusives of this code. Anything shown in the Dhan app’s Refer/Rewards section overrides third-party claims.

Use this invite

Referral code	UEQCL91234
Invite link	https://invite.dhan.co/?join=UEQCL91234

Open the invite on the official host invite.dhan.co, or enter UEQCL91234 during registration, then confirm the referrer name on the post-PIN screen before you continue. This page does not claim API-verified or “server-confirmed” validity for the code; confirm mapping yourself on that screen. Already have a Dhan account? Jump to Who is eligible. Existing registered clients are typically ineligible for referral attribution under Dhan’s Referral T&Cs. Safety: never share OTP, PAN, Aadhaar, bank details, or passwords with the person who sent this code. Finish KYC only inside the official Dhan app or website.

If you are the new user (referee)

Using UEQCL91234 correctly maps attribution so you can open a Dhan demat and trading account under standard Dhan pricing and tools. Official pages reviewed on 2026-09-19 do not list a fixed invitee signup cash bonus, so don’t bank on affiliate ₹500 claims. If Refer/Rewards in the app shows something for your account, that display wins. When not to expect a signup cash bonus: you already had a Dhan account, you never confirmed mapping, or you’re reading public ₹0 fees as a code perk (they’re not; see Fees).

If you are the referrer

Invite mapping still matters. Cash or percentage schedules for ordinary retail referrers are not something this page can confirm for 2026. See program status for the Sep 2024 discontinuation, AP path, and selected-user caveats. Check in-app Refer/Rewards or Dhan support before assuming any payout model.

Prefer the invite link (recommended)

1. Open https://invite.dhan.co/?join=UEQCL91234.
2. Confirm the host is invite.dhan.co (official invite domain).
3. Continue signup in official Dhan onboarding.

Or enter the code during registration

If you start signup without the link, enter referral code UEQCL91234 when Dhan asks for one during registration.

Lock attribution on the post-PIN referrer screen

Most affiliate guides skip this step. It’s the one that actually decides who gets credit.

1. After you set your mobile PIN, Dhan shows a screen naming who referred you.
2. You get one edit if the name or code is wrong.
3. Once you proceed, mapping is normally permanent.
4. Confirm the display matches this invite path (UEQCL91234) before continuing.
5. If you used someone else’s code or link, that referrer gets the credit, not this one.

Don’t rely on “auto-apply and forget.” Open the invite, then read the referrer screen.

Complete KYC only inside official Dhan

For the individual online path, KYC typically runs through PAN + Aadhaar (plus live photo, digital signature, and mobile/email verification as Dhan requires). Marketing sometimes says account opening takes “~10 minutes”; for trading or IPO timing, plan on about 1–2 business days of activation after KYC (weekends can be slower). Never share OTP or KYC documents with the referrer or any “helper,” even if they claim to represent Dhan. Already signed up without the code? See How to fix for the discretionary 7-day email path.

Typically eligible to use this invite as a referee

• New Indian-resident individual signup on the online path (typically 18+)
• Opening with invite UEQCL91234 / the publisher invite URL during registration
• Not already registered on Dhan before using the link or code

Stop: not eligible for referral attribution

• Already a registered Dhan client (Referral T&Cs §9): using a link later does not give you referral attribution
• Self-referral / multi-account abuse
• Referring your own or non-individual accounts that share the same contact details
• Treating this Indian Markets invite as the same offer as Dhan’s US Stocks referral program (the same code can appear in both, but links, eligibility, and reward buckets differ)

Referrer side: the person sharing the code needs an active Dhan account. The referral program is framed for Indian residents. HUF / non-individual: the online individual flow is the usual referral path. HUF, LLP, partnership, corporate, and trust often need offline onboarding help via [email protected]; don’t assume this invite covers those account types the same way. If you are eligible: continue with the invite: https://invite.dhan.co/?join=UEQCL91234.

Layer	Status as of 2026-09-19
Invite / attribution infrastructure	Live (invite host, Refer UI docs, support FAQs, live Referral T&Cs)
Ordinary-user (~20%) brokerage-share payouts	Discontinued effective 7 Sep 2024 (Dhan Freshdesk + MadeForTrade notices)
Authorised Partner / AP path	Marketed separately; amounts not published on the AP page
“New referral program coming soon” (2024 promise)	Retail restoration / new % schedule unconfirmed on official Dhan pages
Who gets rewards	Determined solely by Dhan; may be limited to selected users; program can be modified or suspended

NSE had required Authorised Person status for certain incentive/referral schemes (NSE/INSP/63425, Aug 2024); a later circular kept that requirement in abeyance (Jan 2025). That timeline is useful context; it is not proof that Dhan restored ordinary retail payouts. Don’t treat “abeyance” as a relaunch notice from Dhan. Attributions retained after the 2024 notice are not the same as a verified current cash schedule. Check Refer/Rewards in the app and Dhan’s Referral T&Cs. For the short above-the-fold summary, see Quick answer.

These figures are standard published prices on dhan.co/pricing for individuals and HUFs (as of 2026-09-19). They are the same public prices whether or not you use UEQCL91234.

Item	Charge (Individuals & HUFs)	Note
Account opening	₹0	Standard public pricing
AMC	₹0	NRI / corp / LLP / partnership / trust: ₹800 + GST where applicable
Platform fees	₹0	—
Equity delivery / ETF / IPO / MF brokerage	₹0	Statutory charges still apply
Intraday / MTF	₹20 or 0.03% (whichever lower)	Per executed order
F&O	₹20 / executed order	—
DP transaction	₹12.50 / ISIN + GST	Often missed in “zero brokerage” marketing
Pledge	₹15 / ISIN + GST	—
Auto square-off	₹20 / order + GST	Standard public pricing
Call & Trade	₹50 / order + GST	—
Statutory charges	STT, exchange, GST, stamp duty, etc.	As listed on pricing page

Tariffs may change with 15 days’ client notice. Pricing is public; the invite is for attribution, not a secret fee override.

1. Finish KYC inside official Dhan.
2. Plan for typical activation of about 1–2 business days (not marketing “10 minutes” alone).
3. Fund the account and place a first delivery trade, or prepare for IPO apply.

If your goal is IPO

• Dhan’s official IPO FAQs: no charge to apply for an IPO on Dhan.
• You cannot pay the IPO bid from the Dhan wallet or account balance; use a UPI bank mandate from a linked bank.
• There is no verified referral-tied allotment boost or IPO cash from using UEQCL91234.
• Start onboarding before the IPO window closes, and link a UPI-capable bank in time for the mandate.

Problem	What usually went wrong
Code/link didn’t map / wrong referrer shown	Different code/link used, or referrer screen not confirmed before proceed
Missed code after OTP/KYC	Skipped referral step; default permanence after proceed
Expected ₹500 / 20% didn’t appear	See program status and referee vs referrer
Existing user tried the code	T&Cs §9: already registered → ineligible
Referred many people, no reward	Mapping, incomplete signup, selected users, and/or current program status (see How to fix)
Can’t withdraw referral amount	Balance under ₹100, inactive account, or no accrued balance (see withdraw FAQ)
KYC delay / IPO anxiety	Activation SLA vs IPO window; weekend lag
Helper asking for OTP/KYC	Phishing risk; never share

Missed or wrong code

Still on onboarding (best fix): On the post-PIN referrer screen, use the one edit, enter UEQCL91234 if needed, confirm the name, then proceed. Already opened the account: Within 7 days of opening, email [email protected] with your UCC and the desired referral code (UEQCL91234). Dhan reviews and may change mapping if applicable. That’s discretionary, not a guaranteed remapping right. Default T&Cs rule after you proceed: attribution is permanent.

Wrong friend mapped to a referrer

The friend must open using that referrer’s invite or code. If they used someone else’s path, the other referrer gets credit. Existing registered clients who click a link later stay ineligible.

Expected bonus didn’t show

Point back to Quick answer and program status. Check in-app Refer/Rewards before assuming a blog was right.

Referrer: no reward after many invites

Check: correct code/link at the friend’s opening, completed account opening, and selected users criteria. Pair that checklist with program status; don’t assume the old ordinary-user model still pays. Confirm any live accrual in-app or with [email protected].

Withdraw rules (only if a balance exists)

T&Cs/support: withdraw to bank or transfer to ledger if balance is at least ₹100 and the account is active; TDS may apply on bank withdrawal; ledger → bank is not same-day withdrawable the way a direct bank payout is. See also the withdraw FAQ.

IPO payment failed / confused about wallet

Set up the UPI bank mandate. Dhan wallet/balance will not fund the IPO bid.

Always

Use official app/web for KYC. Prefer host invite.dhan.co.

• Status: See Quick answer and program status; check in-app Rewards.
• Fees: See Fees; public prices, not code exclusives.
• Eligibility: Existing Dhan clients should stop; you are likely ineligible for attribution.
• Safety: Never share OTP/KYC with the code sender; complete KYC only in official Dhan.
• Attribution: Confirm the referrer screen before you proceed (one edit, then permanent).
• Source of truth: In-app Refer/Rewards and official pages override third-party articles.

If you’re weighing Dhan against Zerodha, Groww, or Upstox, use dhan.co/pricing for fee honesty rather than treating any referral page’s “free demat” language as exclusive. This page’s job is a clean invite path, not a full broker comparison.