Which broker has zero brokerage on equity delivery in India?

Among the four largest discount brokers, Zerodha charges Rs 0 brokerage on equity delivery. Groww, Upstox and Angel One charge up to Rs 20 per delivery order on their standard plans. Statutory charges like STT, exchange fees, stamp duty and DP charges apply at every broker.

Are intraday and F&O brokerage charges the same at all discount brokers?

They are similar but not identical. All four charge a flat cap of about Rs 20 per executed order, but the percentage component differs — for example Zerodha uses Rs 20 or 0.03% whichever is lower on intraday, while some competitors use 0.05%-0.1%. On small order values the percentage rate can make a trade cheaper than the flat Rs 20.

Do government charges like STT and GST differ between brokers?

No. STT, exchange transaction charges, SEBI fees, stamp duty and 18% GST are statutory and effectively the same across brokers. Only brokerage, AMC, DP charges and platform fees differ, which is why comparing those line items is what actually matters.

Broker Charges · 9 min read

Zerodha vs Groww vs Upstox vs Angel One: brokerage charges compared (2026)

Four brokers, four pricing pages, one question: what does a trade actually cost you at each? Here is the side-by-side, in plain English.

India's biggest discount brokers — Zerodha, Groww, Upstox and Angel One — all advertise "₹20 brokerage". But the fine print differs on equity delivery, on the percentage caps for intraday, on demat AMC and on DP charges. Over a year of trading, those small differences quietly compound into thousands of rupees.

Quick answer: on standard plans, Zerodha is the only one of the four with truly ₹0 brokerage on equity delivery; the others charge up to ₹20 per delivery order. For intraday and F&O, all four cap brokerage around ₹20 per executed order, but the percentage component (0.03%–0.1%) differs. Statutory charges — STT, exchange fees, SEBI fee, stamp duty and 18% GST — are the same everywhere. Rates change; always confirm on the broker's official pricing page.

Brokerage charges at a glance (standard plans, 2026)

Charge	Zerodha	Groww	Upstox	Angel One
Equity delivery	₹0	₹20 or 0.1% (lower)	up to ₹20/order	₹20 or 0.1% (lower)
Equity intraday	₹20 or 0.03% (lower)	₹20 or 0.1% (lower)	₹20 or ~0.1% (lower)	₹20 or 0.1% (lower)
Futures & options	flat ₹20/order	flat ₹20/order	flat ₹20/order	flat ₹20/order
Demat AMC (approx.)	₹300/yr	₹0	₹0–₹300/yr	~₹240/yr
Account opening	Free	Free	Free (promos vary)	Free

Rates above are the widely published standard-plan figures as of mid-2026 and can change at any time. Treat them as indicative and verify on each broker's official pricing page before opening an account.

What stays the same at every broker

Brokerage is only one line on your contract note. STT, exchange transaction charges, SEBI turnover fees, stamp duty and 18% GST are statutory — they hit your trade identically whether you use Zerodha, Groww, Upstox, Angel One or a full-service broker. On a delivery round trip, these government and exchange charges are usually a bigger number than the brokerage itself, which is why a brokerage calculator that itemises every charge matters more than the headline "₹20" claim.

A worked example: ₹1,00,000 delivery round trip

Buy and sell ₹1 lakh of shares in delivery. STT at 0.1% on both sides is about ₹200. Exchange transaction charges, SEBI fees and stamp duty add roughly ₹35–₹40. Selling from your demat adds a DP charge of about ₹15–16 per scrip. On top of that base:

Zerodha: ₹0 brokerage — total charges ≈ ₹250–260.
Groww / Angel One: up to ₹20 per side (₹40 round trip) plus 18% GST on it — total ≈ ₹295–310.
Upstox: similar to Groww on standard delivery pricing — total ≈ ₹295–310.

The gap is ₹40–50 per round trip. Fifteen delivery trades a year and the difference already exceeds Zerodha's ₹300 AMC. For a buy-and-hold investor making a couple of trades a year, a zero-AMC broker like Groww can work out cheaper overall. The "cheapest broker" genuinely depends on your trading pattern.

Intraday and F&O: watch the percentage, not the flat fee

All four brokers advertise ₹20 intraday brokerage, but that ₹20 is a cap. The order is billed at a percentage of turnover, whichever is lower. Zerodha's 0.03% reaches the ₹20 cap at about ₹66,667 of order value; a 0.1% rate reaches it at just ₹20,000. For small intraday orders, the percentage broker can actually bill less than ₹20 — and for larger orders they're all identical at ₹20. In F&O, everyone is flat ₹20 per executed order, so cost differences there come almost entirely from statutory charges and your number of orders.

Charges nobody advertises

DP charges (~₹15–16 + GST per scrip per day) whenever you sell delivery holdings — applies at every broker.
Auto square-off penalty (₹50–₹100 typical) if you don't close an intraday position yourself.
Call & trade fees (~₹50 per order) for phone-placed orders.
Payment gateway / pledge / physical statement fees — small, occasional, and easy to miss.

So which broker is cheapest in 2026?

For active delivery investors, Zerodha's ₹0 delivery brokerage usually wins despite the AMC. For beginners making a few small trades and SIPs, Groww's zero AMC and simpler app can net out cheaper. Heavy F&O traders will find the big four nearly identical on cost — pick on platform stability and tools instead. Whatever you choose, run your typical trade through the TradeProfy brokerage calculator first: it itemises brokerage, STT, GST, stamp duty, exchange and DP charges exactly like a contract note, so you compare on your numbers, not marketing pages.

Related guides

Educational content only, not investment advice. TradeProfy is independent and not affiliated with, endorsed by, or sponsored by Zerodha, Groww, Upstox or Angel One. All brokerage figures are indicative published standard-plan rates as of July 2026 and are subject to change — verify with the broker's official pricing page and your contract note.

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