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Brokerage Charges Comparison

Compare brokerage charges, MTF interest rates, STT, DP charges, and hidden fees across Upstox, Zerodha, Groww & Dhan. Find the cheapest broker for your trading style.

UpstoxZerodhaGrowwDhan
EquityF&OMTFMutual FundsRegulatoryTools
₹0
Equity Delivery
Zerodha & Dhan only
₹20
Per Order (F&O)
Flat rate
12–15%
MTF Interest
Varies by broker
₹0
Mutual Funds
Zero commission
Last updated: 9 May 2026. Rates are scraped daily from each broker’s public pricing page using AI extraction; manual overrides take precedence. For final amounts before placing a trade, check the broker’s official site or use our brokerage calculator.

Equity Trading Charges

Charge TypeUpstoxZerodhaGrowwDhan
Equity Delivery Brokerage₹20/order or 2.5%₹0 (Free)₹20/order or 0.1%₹0 (Free)
Equity Intraday Brokerage₹20/order or 0.05%₹20/order or 0.03%₹20/order or 0.1%₹20/order or 0.03%
Account Opening₹0 (Free)₹0 (Free)₹0 (Free)₹0 (Free)
Annual Maintenance (AMC)₹0₹300/yr₹0₹0
DP Charges (per sell)₹18.50₹15.93₹18.50₹15.93

F&O Trading Charges

Charge TypeUpstoxZerodhaGrowwDhan
Futures Brokerage₹20/order₹20/order₹20/order₹20/order
Options Brokerage₹20/order₹20/order₹20/order₹20/order
STT — Futures (sell)0.0125%0.0125%0.0125%0.0125%
STT — Options (sell)0.0625%0.0625%0.0625%0.0625%
Exchange ChargesNSE: 0.053%NSE: 0.053%NSE: 0.053%NSE: 0.053%

MTF (Margin Trading Facility) Charges

Charge TypeUpstoxZerodhaGrowwDhan
MTF Interest Rate (p.a.)~14.99%~11.99%~14.99%~11.99%
MTF Minimum Margin50% (varies)50% (varies)50% (varies)25-50%
MTF Pledge Charges₹10/scrip₹30 + GST₹10/scrip₹0-10/scrip
Max Holding Period365 days365 days365 days365 days
Auto Square-Off Fee₹50₹50₹50₹0
MTF Eligible Stocks800+900+700+800+

Mutual Fund Charges

Charge TypeUpstoxZerodhaGrowwDhan
Mutual Fund Investment₹0 (Free)₹0 (Free)₹0 (Free)₹0 (Free)
Direct Plan AccessYesYes (Coin)YesYes
SIP Minimum₹100₹100₹100₹100
Switch/Redemption₹0₹0₹0₹0

Regulatory & Government Charges

These charges are the same across all brokers — they are levied by the government, SEBI, and stock exchanges.

ChargeRateApplies To
STT — Delivery (buy + sell)0.1% each sideEquity Delivery
STT — Intraday (sell only)0.025%Equity Intraday
STT — Futures (sell only)0.0125%F&O Futures
STT — Options (sell only)0.0625%F&O Options
Exchange Transaction Charges0.00345% (NSE)All segments
GST18%On brokerage + exchange + SEBI charges
SEBI Turnover Fee₹10 per croreAll segments
Stamp Duty — Delivery0.015% (buy side)Equity Delivery
Stamp Duty — Intraday0.003% (buy side)Equity Intraday
Stamp Duty — Futures0.002% (buy side)F&O Futures
Stamp Duty — Options0.003% (buy side)F&O Options

Real Cost Examples

₹1 Lakh Delivery Trade

Brokerage:
Zerodha/Dhan: ₹0
Upstox: ₹40 (₹20 × 2)
Groww: ₹100 (0.1% × 2)
STT: ₹100 + ₹100
Exchange: ₹6.90
GST: ₹1.24
Stamp Duty: ₹15
DP: ₹15.93
₹239–₹339Zerodha/Dhan cheapest

₹1 Lakh Intraday Trade

Brokerage: ₹20 × 2 = ₹40
STT: ₹25 (sell)
Exchange: ₹6.90
GST: ₹8.44
Stamp Duty: ₹3
SEBI: ₹0.02
~₹83Same across all brokers

₹1 Lakh MTF for 30 Days

Brokerage: ₹0
MTF Interest (30d):
Zerodha/Dhan: ~₹985
Upstox/Groww: ~₹1,232
₹985–₹1,232Zerodha & Dhan tied at ~12% p.a.

Charges Explained

Brokerage
Fee charged by the broker for executing your trade. Zerodha and Dhan charge ₹0 for equity delivery; Upstox and Groww charge ₹20 per order (or a small percentage of trade value, whichever is lower). Intraday and F&O are typically ₹20 flat across all four.
STT (Securities Transaction Tax)
Government tax on stock market transactions. Rates differ by segment — highest for equity delivery (0.1% both sides), lowest for futures (0.0125% sell only).
Exchange Transaction Charges
Fee charged by NSE/BSE for processing your order. NSE charges 0.00345% of turnover for equity.
GST
18% Goods & Services Tax applied on brokerage + exchange charges + SEBI fee. Not on STT or stamp duty.
SEBI Turnover Fee
SEBI charges ₹10 per crore of turnover. Negligible for retail traders but adds up for HNI/institutions.
Stamp Duty
State government charge on buy-side transactions. Rate varies: 0.015% for delivery, 0.003% for intraday, 0.002% for futures.
DP Charges
Depository Participant charge levied per scrip when you sell shares from demat. CDSL charges ₹5.50 + broker markup (~₹10-13).
MTF Interest
Annual interest on the borrowed amount in Margin Trading. Roughly 12% p.a. on Zerodha and Dhan; ~15% p.a. on Upstox and Groww. Charged daily on the outstanding ledger balance.

How to Choose the Cheapest Broker in India

The four major discount brokers in India — Upstox, Zerodha, Groww, and Dhan — diverge meaningfully on equity-delivery brokerage. Zerodha and Dhan still charge ₹0 for equity delivery. Upstox charges ₹20 per executed order (or 2.5% of trade value, whichever is lower) on its default plan, and Groww charges ₹20 per order (or 0.1% of trade value, whichever is lower) — both moved off free delivery in 2023. Intraday and F&O are ₹20 flat across all four. The other levers that matter: MTF interest rates, DP charges, and annual maintenance fees.

If you primarily do delivery trading, Zerodha and Dhan are the cheapest — your only costs are regulatory charges (STT, exchange fees, stamp duty, GST). If you do MTF/margin trading, Zerodha and Dhan are also typically the cheapest at ~12% p.a., versus ~15% p.a. on Upstox and Groww. Verify on each broker’s official pricing page before choosing — rates change.

Use the Downstox MTF Comparison Tool to compare margin rates for any specific stock across all 4 brokers, and the Brokerage Calculator to see your exact charges before placing a trade.

Frequently Asked Questions — Brokerage Charges India

Which broker has the lowest brokerage charges in India?
For equity delivery: Zerodha and Dhan still charge ₹0 (free). Upstox charges ₹20/order or 2.5% (whichever lower) on its default plan, and Groww charges ₹20/order or 0.1% (whichever lower) — both moved off free delivery in 2023. Intraday and F&O are ₹20 flat on all four. MTF interest rates vary: Zerodha and Dhan ~12% p.a., Upstox and Groww ~15% p.a. Use Downstox to compare real-time rates across all 4 brokers.
What are the hidden charges in stock trading in India?
Beyond brokerage, you pay: STT (Securities Transaction Tax), exchange transaction charges (NSE/BSE), GST (18% on brokerage + transaction charges), SEBI turnover fee (₹10 per crore), stamp duty (state-wise), and DP charges (~₹15.93–₹18.50 per sell transaction depending on broker). These regulatory charges apply equally regardless of which broker you use.
Is zero brokerage really free? What's the catch?
Zero brokerage on equity delivery is genuinely free at Zerodha and Dhan — they earn from other sources like F&O trading, MTF interest, and float income. Upstox and Groww moved away from free delivery in 2023 and now charge ₹20/order on delivery too. Regardless of broker, regulatory charges (STT, GST, exchange fees, stamp duty) still apply. For a ₹1 lakh delivery trade, expect ~₹240–₹340 in total charges depending on broker.
What is STT and how much is it?
Securities Transaction Tax (STT) is a government tax on stock market transactions. Rates: Equity Delivery — 0.1% on both buy and sell sides. Equity Intraday — 0.025% on sell side only. F&O Futures — 0.0125% on sell side. F&O Options — 0.0625% on sell side (on premium). STT is the same across all brokers as it's a government charge.
How do MTF (Margin Trading Facility) charges work?
MTF lets you buy stocks by paying only a fraction (margin) while the broker funds the rest. Charges: interest rate (~12% p.a. on Zerodha and Dhan, ~15% p.a. on Upstox and Groww), pledge charges (₹10–₹30 per scrip), and auto square-off fees if margin drops below minimum. Use Downstox MTF comparison to find the cheapest margin rates for any stock across all 4 brokers.
What are DP charges and why do I see them on selling?
Depository Participant (DP) charges are levied when you sell shares from your demat account. CDSL/NSDL charges ₹5.50 per scrip per day, and your broker adds their markup — Zerodha and Dhan charge ~₹15.93 total, Upstox and Groww ~₹18.50. This charge applies per scrip regardless of quantity. Buy-side transactions never attract DP charges.
Upstox vs Zerodha vs Groww vs Dhan — which is cheapest?
For equity delivery: Zerodha and Dhan are cheapest at ₹0 brokerage. Upstox (₹20/order or 2.5%) and Groww (₹20/order or 0.1%) charge for delivery on their default plans. For intraday/F&O: all four charge ₹20/order. MTF rates: Zerodha and Dhan tied at ~12% p.a., Upstox and Groww at ~15% p.a. Account opening is free across all four. Compare stock-by-stock on Downstox for the final answer specific to your trade.
How much tax do I pay on stock market profits?
Short-Term Capital Gains (STCG, <1 year holding): 15% tax. Long-Term Capital Gains (LTCG, >1 year): 10% on gains exceeding ₹1 lakh. F&O profits: Taxed as business income at your income tax slab rate. Intraday profits: Taxed as speculative business income. Dividends: Taxed at your slab rate. TDS of 10% on dividends exceeding ₹5,000.