Getting the best deal in terms of brokerage fees in India seems like a straightforward thing until you see the detail of a contract note. Some brokers might offer to have zero delivery brokerage while some might have a fixed rate of say Rs.10 for each order, or some might have a percentage with a maximum. Then there are STT (selling transaction tax), exchange transaction charges, gst, stamp duty, sebi charges and DP charges.
This is an updated guide of the lowest brokerage charges in India for 2026, comparing the various brokerage charges declared by the major Indian brokers. Not only is the smallest headline number being focused on. We examine delivery, intraday, futures, options, account maintenance, product coverage and the additional costs that will alter your true trading costs.
The bottom line is that there’s no one broker that’s the absolute cheapest for all investors. Zerodha and Dhan are specifically competitive in the area of equity delivery, with zero brokerage.The ₹10 per order flat price is being offered on all major segments of equity and derivatives products after the initial period with a stock. In the case of Kotak Neo, the intraday and F&O pricing is at ₹10 in the Trade Free plan. Groww, Upstox, Angel One and 5paisa continue to be competitive at their flat or capped rates.
Brokerage plans vary, so check each broker’s official tariff before opening an account or trading, and be sure to consult the most current tariff.
Lowest Brokerage Charges in India: Quick Comparison 2026
| Broker / App | Equity Delivery | Intraday | Futures | Options | Key account/AMC point |
|---|---|---|---|---|---|
| Zerodha | ₹0 | ₹20 or 0.03%, lower | ₹20 or 0.03%, lower | ₹20/order | ₹0 opening; first-year AMC free for qualifying new resident individuals |
| m.Stock | ₹10/order* | ₹10/order* | ₹10/order* | ₹10/order* | ₹0 opening, AMC and platform fee; *after first 30 days |
| Punch Trade | ₹1/order | ₹1/order | ₹1/order | ₹1/order | ₹0 |
| Dhan | ₹0 | ₹20 or 0.03%, lower | ₹20/order | ₹20/order | ₹0 opening, AMC and platform fee |
| Kotak Neo Trade Free | 0.20% | ₹10 or 0.05%, lower | ₹10/order | ₹10/order | ₹0 opening; first 30 days promotional ₹0 brokerage |
| Groww | ₹20 or 0.1%, lower; min ₹5 | ₹20 or 0.1%, lower; min ₹5 | ₹20/order | ₹20/order | ₹0 opening and AMC |
| Upstox | ₹20/order | ₹20 or 0.1%, lower | ₹20 or 0.05%, lower | ₹20/order | AMC free for first year for qualifying new users |
| Angel One | ₹0 up to ₹500 intro offer* | ₹0 up to ₹500 intro offer* | ₹20/order | ₹20/order | Introductory offer; standard pricing applies afterward |
| 5paisa | ₹20/order | ₹20/order | ₹20/order | ₹20/order | Plan-dependent; current standard materials show flat brokerage |
What Does “Lowest Brokerage” Actually Mean?
Brokerage: a stock broker’s charge for making a trade. This is only one of the overall expenses. There are Govt levies and Exchange related levies for every trade and a broker with ₹0 delivery brokerage can still earn a charge on a delivery sale through DP charges.
Indian trading apps typically have three pricing models:
- Zero brokerage: Typically has to do with equity delivery or selected products, not all trades.
- Flat brokerage: It is a fixed charge, like ₹10 or ₹20 per executed order.
- Percentage or capped brokerage: A brokerage amount computed as a percentage on top of the turnover or capped at a maximum amount per order – ₹20 or 0.03% whichever is lesser.
If you’re an active trader, it’s easier to figure out what flat brokerage is. The zero delivery brokerage could be more important for a long-term investor. So the first element of the comparison should be your trading behaviour, not your broker’s advertisement.
Zerodha: One of the Lowest-Cost Brokers for Delivery
Zerodha is still one of the best platforms for equity delivery investors to consider for low-cost investment. Presently, it charges no brokerage on equity delivery trades, ₹20 or 0.03% per executed intraday and futures order, whichever is less, and ₹20 per executed option order.
If the account is opened by the new individual with the current terms, the first-year AMC for demat provides free service. While the AMC of a non-BSDA demat account is a yearly ₹300 plus applicable taxes, eligible BSDA accounts can enjoy a zero AMC provided the specified holding period.
The benefit is that it’s easy. Zerodha’s Kite trading platform also has inbuilt advanced charts, advanced market depth, GTT, baskets, and alerts, as well as an API ecosystem. The zero-brokerage is especially appealing for a delivery investor.
But with ₹0 brokerage it doesn’t imply that the overall transaction cost is ₹0 either. Other taxes such as STT, exchange taxes, stamp duty, etc. are still applicable.
m.Stock: Flat ₹10 Brokerage After the First 30 Days
m.Stock is one of the clearest flat-brokerage options in 2026. Its current pricing page states ₹0 brokerage for the first 30 days, followed by ₹10 per order for equity delivery, intraday, futures and options.
The site also features ₹0 account opening, ₹0 AMC, ₹0 platform charges and ₹0 call-and-trade charges. It has an MTF offering that offers interest rates as low as 8.99% per annum on eligible stocks, where the broker will have their own terms and conditions.
As such, stock can be appealing to the more active trader who desires a certain brokerage number without having to pay a percentage of a big order. Delivery investors must also consider DP charges in case of selling demat held shares.
Punch Trade
Punch Trade applies a uniform ₹1 per executed order across equity delivery, intraday, futures, and options — no segment-based pricing tiers, no percentage-of-turnover calculations, and no subscription plans. The effective cost including 18% GST is ₹1.18 per order. Account opening is free, and there is no annual maintenance charge for either the demat or trading account.
Beyond pricing, the platform includes a native in-house charting engine built by the Market Pulse team, whose charting technology powers broker integrations reaching 80 Lac+ traders. The charting suite covers 100+ technical indicators, Smart Money Concepts (FVG, BOS/ChoCh), and trade-from-chart execution on both mobile and web — enabling traders to place orders, adjust stop-loss and target levels, and manage positions without leaving the chart.
Other trading tools include Scalper Joystick for preset SL/TP with one-tap execution, multi-layout charting (up to 8 charts on desktop), and Protection Orders that default stop-loss and target on every trade. The platform’s development is community-driven through Builder’s Lab, where 500+ feature requests have been processed. Punch Trade publishes live execution metrics — 0.01-second order speed and 99.99% order reliability — at punch.trade/status.
Punch Trade does not yet support commodities, currency, mutual funds, or IPO applications, and an iOS app is not yet available.
Best For: F&O and intraday traders who want pro-grade charting tools bundled with their brokerage account — without paying for a separate charting subscription or platform fee.
Fees & Charges:
| Broker | Delivery | Equity Intraday | Futures | Options | Account Opening | AMC |
|---|---|---|---|---|---|---|
| Punch Trade | ₹1/order | ₹1/order | ₹1/order | ₹1/order | Free (₹0) | ₹0 |
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Dhan: Zero Delivery Brokerage and Strong Derivatives Pricing
Currently, Dhan has ₹0 brokerage for equity delivery, ETFs, IPOs and mutual funds. It trades equity intraday and MTF at a rate of ₹20 / trade value / Order (or 0.03%) whichever is lower, and trades equity and commodity F&O at ₹20 / order.
The platform also promises to waive ₹0 account opening, AMC and platform fees. The Dhan product design is particularly relevant for active traders as they emphasize heavily on charts, options, and trading workflows.
Dhan’s ZERO delivery brokerage is competitive for a long term equity investor. The ₹20-per-order trading pattern is fairly similar to some major discount brokers that are popular among F&O traders.
Kotak Neo: Low-Cost Trading with Multiple Plans
Kotak Neo’s latest Trade Free plan provides 0% brokerage for the initial 30 days, followed by 0.20% brokerage for delivery trades, ₹10 or 0.05% brokerage for intraday (whichever is lower), and ₹10 brokerage on F&O trades. It has a brokerage free policy for traders with a youth of less than 30 years of age called Trade Free Youth, which charges them ₹10 for F&O transactions.
Kotak Neo also offers a Trade Free Pro option at ₹249 per month, which has a delivery brokerage of 0.10%, and MTF of 9.69% per annum. The fees for API brokers and platforms are advertised at zero at the moment.
For the investors who wish to avail of low F&O brokerage along with a wider bank connected ecosystem, Kotak Neo is an interesting option. The disadvantage is that it doesn’t offer the lowest delivery rate of zero-brokerage providers.
Groww: Simple Capped Brokerage and ₹0 AMC
The minimum brokerage charge on Groww is ₹5 and the brokerage charge is ₹20 or 0.1% of the equity order executed, whichever is lower. Listed price of futures and options is ₹20/order. Currently, the account opening and maintenance fee is displayed as ₹0.
The user-friendliness of Groww is one of the reasons for its being a prominent trading platform in India. It may be a good option for investors looking for stocks, mutual funds, and derivatives in an easy-to-use consumer app.
An aspect that investors would not want to ignore is that of DP charges on delivery sales. Groww has also recently introduced MTF rates on its pricing page (14.95% per annum +0.1% per order). This is why it is important to include financing costs in the lowest brokerage comparison.
Upstox: ₹20 Maximum Brokerage Model
Upstox has the following order execution charges currently: ₹20 for equity delivery orders, ₹20 or 0.1% for intraday orders, ₹20 or 0.05% for equity futures orders and ₹20 per order for equity options orders. Mutual Funds & IPOs are listed with ₹0 brokerage.
Currently, the broker has announced AMC is free for users, who joined the platform after 14 February 2025, for a one-year period, subject to the applicable terms. The delivery sales can bring in a ₹20 DP charge per scrip per day.
Upstox offers a familiar flat ₹20 model to traders, but is not the most cost-effective delivery broker among those charging ₹0 brokerage.
Angel One: Competitive Introductory Offer and Flat F&O Pricing
At present, Angel One is offering an introductory brokerage offer that waives up to ₹500 of brokerage fee for the initial 30 days after you join. Standard equity and derivatives offer pricing should be done after the offer since the broker has modified its pricing over time, hence the need to check the current tariff.
For currency and commodity derivatives, the current pricing page also displays the ₹0-up-to-₹500 benefit during the first day and ₹20 for each order executed. Although this is a major platform, it still offers a wide product range, research and advanced trading features, which is Angel One.
The key thing to remember is that you don’t want to publish “zero brokerage” without the qualifying period. The promotional ₹0 rate is not a permanent plan with zero brokerage rate.
5paisa: Flat ₹20 Model
Under its existing pricing model, 5paisa charges ₹20 brokerage per order for equity delivery, intraday and F&O trades. It also provides an exclusive platform for F&O, trading instruments and MTF facilities.
5paisa will make you useful in case you are a trader who wants a more predictable brokerage strategy which is per order. It can be planned in a variety of ways and have different AMC, though, so it is important for the user to confirm the exact tariff used during the user onboarding process.
Best Brokerage by Trading Segment
| Trading activity | Low-cost options to compare | Why |
|---|---|---|
| Equity delivery | Zerodha, Dhan | ₹0 brokerage on delivery |
| Delivery with flat fee | m.Stock | ₹10/order after first 30 days |
| Intraday | m.Stock, Kotak Neo, Zerodha, Dhan | Flat/capped models can keep brokerage predictable |
| Equity futures | m.Stock, Kotak Neo | ₹10/order under current listed plans |
| Equity options | m.Stock, Kotak Neo | ₹10/order under current listed plans |
| Mutual funds | Zerodha, Dhan, Groww, Upstox | Direct/zero-brokerage structures |
| IPO applications | Zerodha, Dhan, Groww, Upstox | ₹0 brokerage for applications |
| MTF | Compare interest, not brokerage | Funding rate and eligible stocks matter more |
Which Broker Has the Lowest Brokerage Charges in India?
“lowest” translates to the smallest regular equity-delivery brokerage, and currently, Zerodha and Dhan have a brokerage fee of ₹0 for eligible retail equity delivery trades. If it means the lowest flat brokerage, across delivery and derivatives, m.The model’s pricing of ₹10 per order is very competitive after its first 30 days.
For F&O, m.The more prominent stock and Kotak Neo use plans of ₹10 per order, while Zerodha, Dhan, Groww, Upstox, Angel One and 5paisa have mostly adopted plans that charge ₹20 or less per order.
The lowest cost broker is based on your trading volume, though. Suppose you purchase delivery shares worth of ₹5 lacs. The obvious advantage of a zero-brokerage plan is… If you have a lot of small options orders, the ₹10 flat fee may be more important. When using MTF, the interest rate may make the difference in the brokerage seem insignificant.
That is, an accurate comparison in 2026 should be “lowest brokerage for a particular use case” and not by referring to one clear winner.
Brokerage vs Total Trading Charges
There are several costs involved in a trade other than brokerage. Common components include:
- STT/CTT: Government tax that depends on the transaction side and segment.
- Exchange transaction charges: Charges levied by exchanges and passed on to the client.
- SEBI turnover charges: Regulatory charge based on turnover.
- Stamp duty: Tax levied under relevant provisions, usually at the time of Purchase.
- GST: Charges levied on specified service/transaction, brokerage charges.
- DP charges: This is usually applicable when selling delivery shares from the demat account.
- Other broker charges: Pledge, call and trade, automatic square-off, delayed payment, MTF interest and special service fee may apply.
- STT treatment was also affected for some derivatives, effective from 1 April 2026. The current broker charge pages show that 0.05% STT is applied to equity-futures sell-side turnover, and 0.15% STT is applied to option sales on premium, but it is not applicable for option exercise. These fees are not the profit of the broker, and are typically consistent among all brokers.
How to Calculate the Real Cost of a Trade
Do not make a brokerage line comparison between brokers. A more effective approach is to know your average order value and number of monthly trades and make an estimate of the annual brokerage cost, ANC, DP and any financing or platform costs.
If the investor is buying a couple of long-term pieces, delivery brokerage and DP charges might be more important. An intraday trader who trades many dozens of orders a day may want to pay attention to the per order brokerage limit, execution quality and the overall statutory charges. The interest amount should be calculated for the actual holding period for an MTF user.
Most brokers have a calculator or contract-note information. Once you’ve opened an account, check your first contract notes and compare the actual debit that had been incurred with the broker’s posted tariff.
Pros and Cons of Choosing a Low-Brokerage Broker
Advantages
- Reducing the cost of recurrent trade can enhance the net returns from the trade in the long run.
- With flat brokerage, it’s simpler to calculate the costs of active trading.
- Investors who hold on to their stocks for the long haul can be better served by a zero delivery brokerage.
- Advanced charts, APIs and options tools are now available for many discount brokers.
- The competitive prices stimulate brokers to invest in better technology and services.
Disadvantages
- Low brokerage does not equate to low overall charges.
- There are some low cost plans that are promotional or have requirements to qualify.
- MTF is not cheap, even low brokerage.
- DP, pledge, call and trade and square off fees may be ignored.
- Ultra-low brokerage fees and services may not offer the same research, banking environment, etc., as a full-service broker.
Are Zero Brokerage Trading Apps Really Free?
Typically, no, “zero brokerage” usually refers to a particular segment or product where the broker does not charge its own brokerage. There is no removal of Government taxes, exchange charges, GST, stamp duty or depository charges.
A Zerodha or a Dhan, for instance, can charge ₹0 for equity delivery transactions while the same equity delivery transaction, when sold, will incur STT, exchanges, stamp duty and a DP charge. The correct question, then, is not “Is there no brokering in the total cost?” but, “What is my total estimated cost?”
How to Choose the Cheapest Trading App for You
| If you are… | Look for… | Brokers worth comparing |
|---|---|---|
| Long-term equity investor | ₹0 delivery brokerage, low AMC, reasonable DP charges | Zerodha, Dhan, m.Stock |
| Frequent intraday trader | Low per-order cap and stable execution | m.Stock, Kotak Neo, Zerodha, Dhan |
| Options trader | Flat F&O fee, strong option chain and order tools | m.Stock, Kotak Neo, Dhan, Zerodha |
| MTF investor | Low annual interest and transparent pledge rules | Compare m.Stock, Kotak Neo and others |
| Beginner | Simple app, education, support and transparent pricing | Groww, Zerodha, Dhan, Angel One |
| Bank-linked investor | 3-in-1 account and research | Kotak Neo / bank-backed brokers |
| Algo trader | API cost, limits, WebSocket, static-IP and SEBI compliance | Zerodha, Dhan, Kotak Neo, m.Stock |
Security and Regulation: Do Not Sacrifice Trust for ₹5
The sole basis for selecting a brokerage should not be the brokerage. Your securities and money broker should be properly regulated—and have established grievance and compliance processes.
SEBI mandates that the stock brokers give the investors a tariff sheet which gives details about the charges that are to be levied on the investors. Investors need to check whether or not the broker is registered with SEBI and exchange in the official apps or websites. SEBI also last year released a verified labelling mechanism for eligible stock-trading apps on Google Play for investors to identify any potential impersonation risks in the broker apps.
Do NOT share OTPs, Passwords, API secrets and trading credentials. Do not allow remote access software to be installed by an unknown person who says he’s from “Broker Support”. Go through contract notes, ledger and demat statements on a regular basis.
2026 Changes That Affect Brokerage Comparisons
Indian brokerage market is getting more fragmented. Rather than a single “standard” tariff, brokers are more likely than ever to provide youth plans, subscription plans, flat brokerage, zero-delivery plans and specialist options products.
The new Kotak Neo structures on m. are named Trade Free, Trade Free Youth and Trade Free Pro.After the initial period, stock is now in a flat ₹10 model. Dhan offers intraday trading with a fixed price of ₹20 and has zero delivery brokerage. Changes in these prices may cause articles that are based on 2024 or 2025 prices to become inaccurate in a short matter of time.
Additional costs associated with trading are also impacted by regulatory and tax shifts. The current broker charge pages show the STT applicable for derivatives post April-2026 and transaction charges applicable with the exchanges have been updated in 2026. Before making a cost comparison, always check the latest calculation of the contract-note.
FAQs about Lowest Brokerage Charges in India 2026
Which broker has the lowest brokerage charges in India in 2026?
There is no single winner for every segment. Zerodha and Dhan offer ₹0 brokerage on eligible equity delivery transactions, while m.Stock currently charges ₹10 per order after the first 30 days across equity delivery, intraday, futures and options.
Which broker has zero brokerage on equity delivery?
Zerodha and Dhan currently list ₹0 brokerage for equity delivery. Other brokers may also offer zero delivery brokerage under selected plans or promotions, so investors should check the current tariff.
Is m.Stock cheaper than Zerodha?
It depends on the trade. Zerodha is cheaper on brokerage for equity delivery because it charges ₹0, while m.Stock’s ₹10 flat model can be attractive for traders who want the same per-order fee across delivery and derivatives.
Which trading app has the lowest options brokerage in 2026?
m.Stock and Kotak Neo currently list ₹10-per-order options brokerage under their applicable plans. Zerodha, Dhan, Groww, Upstox, Angel One and 5paisa generally list ₹20-per-order or capped structures.
Is ₹0 brokerage really free trading?
No. ₹0 brokerage usually removes the broker’s brokerage fee for a particular segment. STT, exchange charges, stamp duty, GST and other applicable charges can still be payable.
Which broker is best for low-cost intraday trading?
m.Stock, Kotak Neo, Zerodha and Dhan are worth comparing because they offer flat or capped intraday brokerage. The cheapest choice depends on order size, monthly trade count and other charges.
Does low brokerage mean low total trading cost?
Not necessarily. DP charges, AMC, MTF interest, pledge charges, exchange fees and taxes can materially affect the final cost. Compare contract-note totals rather than brokerage alone.
Which broker has the lowest AMC in India?
Several major brokers currently advertise ₹0 AMC or have zero-AMC conditions, including m.Stock, Dhan and Groww. Zerodha provides first-year AMC free for qualifying new resident individual accounts and BSDA investors can have reduced or zero AMC subject to eligibility.
Is it safe to choose a broker only because it has the lowest brokerage?
No. Investors should also check SEBI registration, exchange memberships, platform security, grievance handling, order reliability, product suitability and the broker’s complete tariff sheet.
What is the cheapest stock broker for beginners in India?
For beginners, low cost should be balanced with usability, education, support and product simplicity. Zerodha, Groww, Dhan, m.Stock and Angel One are all worth comparing rather than choosing solely on the smallest brokerage number.
Final Verdict: Lowest Brokerage Charges in India 2026
If you are searching for a brokerage fee that is the cheapest in India, it will depend on what you trade. Zerodha and Dhan are two of the best low cost equity delivery options as they currently have a 0 brokerage on their eligible delivery investment. Traders who are interested in trading without having to pay any fee for delivery, intraday and derivatives, m.Stock’s ₹10 order value model is very competitive.
Kotak Neo is another good choice to invest in intraday and F&O, especially for those who prefer a wider financial platform. Groww and Upstox continue to be simple ₹20-or-less options, while Angel One and 5paisa offer a competitive flat/capped pricing with their own plan structures.
It is not necessarily true that the lowest advertised brokerage is the best broker. It’s the one that helps you get the most reasonable overall price for your trading method without losing their platform quality, security, regulation and support.
Work out the approximate annual brokerage, AMC, DP charges and MTF interest before opening an account. Then refer to the current official tariff of the broker. The brokerage promotions and market charges may alter, so be sure to always compare a 2026 shoot-out as a snapshot of the costs, and not an assurance.
