Zerodha Brokerage Review
Zerodha
Zerodha revolutionized Indian retail trading by introducing a flat-fee pricing model that eliminates percentage-based brokerage charges. As India’s largest discount broker, Zerodha charges a maximum of ₹20 per executed order for intraday and F&O trades, regardless of trade size. Equity delivery trading is completely free, making it ideal for long-term investors. This transparent pricing structure has attracted over 1.6 crore active clients who benefit from predictable costs. The broker’s debt-free status and focus on technology-driven trading platforms like Kite ensure reliability. Zerodha targets cost-conscious traders and investors who prefer straightforward pricing without hidden charges, commissions, or advisory fees. Their flat-fee model particularly benefits high-volume traders and those dealing in large order values, as costs remain capped at ₹20 per order.
Account Opening & Maintenance
One-time and recurring charges for trading and demat accounts
Account opening at Zerodha is completely free for Indian residents through the online process. The demat Annual Maintenance Charge (AMC) is tiered based on your portfolio value and is separate from per-trade brokerage fees. Most retail investors with holdings below ₹4 lakh pay zero AMC. These account-level charges do not affect your trading costs, which are calculated separately for each executed order.
Brokerage Charges by Segment
Per-order charges across equity, currency, and commodity trading
Delivery
Long-term
Intraday
Most Popular
Futures
Derivatives
Options
Derivatives
Currency Futures
FX Trading
Currency Options
FX Trading
Commodity Futures
MCX/NCDEX
Commodity Options
MCX/NCDEX
Exchange Transaction Charges
Charges levied by NSE and BSE (paid to exchanges, not the broker)
Exchange transaction charges are mandatory fees set by stock exchanges like NSE and BSE. These charges apply uniformly across all brokers in India. Brokers collect these fees on behalf of the exchanges and remit them directly. These are separate from brokerage and are calculated as a percentage of your trade value.
| Segment | NSE Charges | BSE Charges |
|---|---|---|
| Equity Delivery | 0.00297% | 0.00375% |
| Equity Intraday | 0.00297% | 0.00375% |
| Equity Futures | 0.00173% | 0% |
| Equity Options | 0.0315% | 0.0125% |
| Currency Futures | 0.00035% | 0.00045% |
| Currency Options | 0.0315% | 0.00045% |
Statutory Taxes & Levies
Government-mandated charges including STT, CTT, GST, and SEBI fees
Securities Transaction Tax (STT)
Commodities Transaction Tax (CTT)
Other Statutory Charges
Stamp Duty Charges
State government levy on buy-side transactions
| Segment | Stamp Duty Rate |
|---|---|
| Equity Delivery | 0.015% or ₹1500/crore on buy |
| Equity Intraday | 0.003% or ₹300/crore on buy |
| Equity Futures | 0.002% on buy |
| Equity Options | 0.003% on buy |
| Currency F&O | 0.0001% on buy |
| Commodity Futures | 0.002% on buy |
| Commodity Options | 0.003% on buy |
Stamp duty is a state government levy charged only on the buy side of transactions. The rates vary by trading segment and are calculated as a percentage of transaction value. Delivery trades attract higher stamp duty compared to intraday trades. These charges are mandatory and apply uniformly across all brokers operating in India.
Demat & DP Charges
Depository participant fees for demat services, pledging, and transfers
| Service | Charge |
|---|---|
| Demat Transaction — Buy | ₹0 |
| Demat Transaction — Sell | ₹15.34 per scrip |
| Demat Transaction — Sell (BSDA) | ₹0 |
| Demat Courier Charges | ₹100 + GST |
| Remat Charges | As per depository |
| Pledge Creation | ₹30 + GST per ISIN |
| Pledge Creation (BSDA) | ₹0 |
| Pledge Confirmation | Included |
| Pledge Invocation | ₹30 + GST |
| Failed Transaction | ₹0 |
| Additional DIS | ₹25 |
DP charges become significant for delivery traders and those who frequently pledge securities for margin. The ₹15.34 per scrip charge applies when you sell shares from your demat account. If you hold multiple stocks and sell them all, the charge applies to each unique scrip. BTST traders should factor in these costs. Pledging stocks for margin trading attracts ₹30 per ISIN, which can add up for diversified portfolios. Unpledging is free at Zerodha.
Calculate Your Total Trading Cost
Estimate complete charges including brokerage, taxes, and exchange fees
Zerodha provides a comprehensive brokerage calculator that gives you accurate cost estimates before placing trades. Simply enter your trade details including segment (equity, F&O, commodity, currency), trade type (delivery, intraday, options, futures), buy/sell price, and quantity. The calculator instantly shows your total cost breakdown including brokerage, STT/CTT, exchange transaction charges, GST, SEBI turnover fees, and stamp duty. This transparency helps you plan trades better and understand the complete cost structure. The calculator is available free on Zerodha’s website and is updated with the latest charge structures.
Value-Added Services Impact
How additional features affect your total cost of trading
Zerodha offers margin trading facility through pledging of securities, allowing traders to leverage their existing holdings. While pledging attracts ₹30 per ISIN, it enables you to take larger positions without additional capital. The broker also provides loans against shares for non-trading purposes, though this incurs interest charges. Unlike traditional brokers, Zerodha does not offer advisory services, which keeps costs low as you’re not paying for research calls or tips. The platform provides free educational content through Varsity and integrates with partners like Sensibull for options trading and Tijori for fundamental analysis. These features add value without hidden charges, maintaining Zerodha’s transparent pricing philosophy.
Who Should Choose Zerodha?
Zerodha’s flat-fee pricing model is ideal for active traders, F&O traders, and high-volume market participants. The ₹20 maximum per order cap means that traders dealing in large quantities or high-value stocks save significantly compared to percentage-based brokers. Free equity delivery trading makes it perfect for long-term investors and SIP investors who accumulate stocks gradually. Options traders benefit from the flat ₹20 charge regardless of premium value. Intraday traders executing multiple trades daily find the predictable costs advantageous. However, very small ticket-size traders might find even ₹20 substantial per trade. The platform suits self-directed investors comfortable with technology who don’t require hand-holding or advisory services. Zerodha’s transparent pricing, zero hidden charges, and robust technology infrastructure make it a top choice for cost-conscious traders seeking reliable execution.
Frequently Asked Questions
Yes, Zerodha charges zero brokerage on equity delivery trades. However, you still pay statutory charges including STT at 0.1% on both buy and sell sides, stamp duty at 0.015% on buy side, exchange transaction charges, GST, and SEBI fees. These government-mandated charges apply across all brokers.
The maximum brokerage at Zerodha is capped at ₹20 per executed order for intraday and F&O trades. This benefits high-value trades significantly as you never pay more than ₹20 regardless of order size. For example, a ₹10 lakh futures trade pays only ₹20 brokerage. Note that statutory taxes and exchange fees are calculated separately based on trade value.
Options trading across all segments (equity, currency, commodity) attracts a flat ₹20 brokerage per executed order at Zerodha. Additionally, you pay STT at 0.1% on the sell side for equity options, 18% GST on brokerage, SEBI charges at ₹10 per crore, exchange transaction charges, and stamp duty at 0.003% on buy side. Total cost varies by trade value but brokerage remains fixed at ₹20.
No, pure intraday trades that are squared off before market close do not attract DP charges. DP charges of ₹15.34 per scrip apply only to delivery-based transactions where shares move in or out of your demat account. This includes delivery sells, BTST trades upon settlement, and off-market transfers but not intraday positions closed the same day.
Beyond standard brokerage, watch for call and trade charges at ₹50 per order if you place orders via phone. Physical contract notes cost ₹20 plus ₹100 courier charges after the first free request. Payment gateway deposits attract ₹9 plus GST though UPI is free. Position squareoff by risk management costs ₹50 plus GST per order. Demat AMC varies by portfolio value starting at zero for holdings under ₹4 lakh.
