MTFTerminalFII/DIIMarketsFunds

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
All 4 brokers
₹20
Per Order (F&O)
Flat rate
11-18%
MTF Interest
Varies by broker
₹0
Mutual Funds
Zero commission

Equity Trading Charges

Charge TypeUpstoxZerodhaGrowwDhan
Equity Delivery Brokerage₹0 (Free)₹0 (Free)₹0 (Free)₹0 (Free)
Equity Intraday Brokerage₹20/order or 0.05%₹20/order or 0.03%₹20/order or 0.05%₹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₹15.93₹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%~18%~14%~11%
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: ₹0
STT: ₹100 (buy) + ₹100 (sell)
Exchange: ₹6.90
GST: ₹1.24
Stamp Duty: ₹15
DP: ₹15.93
~₹239Same across all brokers

₹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):
Dhan: ₹904
Upstox: ₹1,151
Groww: ₹1,151
Zerodha: ₹1,479
₹904–₹1,479Dhan cheapest for MTF

Charges Explained

Brokerage
Fee charged by the broker for executing your trade. Discount brokers charge ₹0 for delivery and ₹20 flat for intraday/F&O.
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. Ranges from 11% (Dhan) to 18% (Zerodha) per annum, charged daily.

How to Choose the Cheapest Broker in India

All major discount brokers in India — Upstox, Zerodha, Groww, and Dhan — offer zero brokerage on equity delivery and ₹20 per order for intraday and F&O trading. The real difference lies in MTF (Margin Trading Facility) interest rates, DP charges, and annual maintenance fees.

If you primarily do delivery trading, all four brokers are essentially free — your only costs are regulatory charges (STT, exchange fees, stamp duty, GST). If you do MTF/margin trading, Dhan is typically cheapest at ~11% p.a., followed by Upstox and Groww at ~14% p.a., and Zerodha at ~18% p.a.

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, Groww, Upstox, and Dhan all offer zero brokerage. For intraday and F&O, most discount brokers charge a flat ₹20 per order. MTF (Margin Trading Facility) interest rates vary significantly — Dhan charges ~11% p.a., Upstox ~14%, while Zerodha charges ~18% 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 per sell transaction for CDSL). These regulatory charges apply to all brokers equally.
Is zero brokerage really free? What's the catch?
Zero brokerage on equity delivery is genuinely free — brokers earn from other sources like F&O trading, interest on margin funding (MTF), and float income. However, regulatory charges (STT, GST, exchange fees, stamp duty) still apply even with zero brokerage. For a ₹1 lakh delivery trade, you'll still pay ~₹200-300 in regulatory charges.
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 (11-18% p.a. depending on broker), 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 Upstox, Zerodha, Groww, and Dhan.
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 charges ₹5.50 per scrip per day, and your broker adds their markup — typically ₹13.50, making the total ~₹15.93-₹18.50. This charge applies per scrip regardless of quantity. Some brokers (like Groww) charge slightly different DP fees.
Upstox vs Zerodha vs Groww — which is cheapest?
For equity delivery: All three offer zero brokerage. For intraday/F&O: All charge ₹20/order. The real difference is in MTF rates — Upstox charges ~14% p.a., Zerodha ~18% p.a., and Groww ~14% p.a. For MTF traders, Dhan (11% p.a.) is often cheapest. Account opening is free across all platforms. Compare stock-by-stock on Downstox.
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.