Brokerage Charges Compared

Everyone reads the delivery column first. It is usually the least important number on the page.

What do Indian brokers charge, side by side?

Broker published tariff sheets, as of 15 August 2026.

How much does the difference actually cost you?

Take one ₹1,00,000 delivery trade, bought and sold. The arithmetic below uses only the brokerage rates in the table above.

That is the whole point. A buy-and-hold investor placing six trades a year saves ₹240 on brokerage and can lose ₹3,000 to maintenance charges over a decade.

Why is zero brokerage not zero cost?

Because most of what you pay is statutory, and identical at every broker. Securities transaction tax, exchange transaction charges, SEBI turnover fees, stamp duty and GST are set by law, not by your broker.

Then there are depository charges. You pay a fixed amount per scrip every time you sell from your demat account, whatever the trade size. On a small sale, that single charge can exceed the brokerage.

We do not print those rates here. They change with each Finance Act. A stale rate would misprice your trade. Your contract note lists every charge for the trade you did. Read it once, properly.

What else should you check before switching broker?

Payment and withdrawal costs. Some brokers charge for adding funds by certain methods. Some charge for a physical statement or for a call-and-trade order.

Then the punitive charges. Auto square-off of an open intraday position carries a fee. So does a short delivery leading to auction. These are the charges that hurt the people who never expected to pay them.

Finally, service. A discount broker with ticket-only support is fine until an order fails on a volatile day. Our broker reviews cover that side.

How do brokerage costs fit into your actual return?

They are a drag, but usually a smaller one than tax and behaviour. Selling early triggers a higher capital gains rate, and that dwarfs any brokerage saving. Model it with our capital gains calculator.

To see what your portfolio truly returned after all costs, use a money-weighted measure. Our XIRR calculator does that.

And if you are buying government bonds directly rather than through a broker, the cost structure is different again. See government securities.

Common questions

Which broker is cheapest for delivery trading in India?

On the tariffs we hold, Zerodha and Dhan charge ₹0 delivery brokerage. Dhan also charges no annual maintenance. On those two lines alone it is the cheapest of the six. Cheapest is not the same as best. Platform reliability and support differ sharply.

Are demat annual maintenance charges avoidable?

Sometimes. Groww and Dhan charge nothing. Some brokers offer a basic services demat account. It carries reduced or nil charges below a holdings limit. If you hold little and trade rarely, ask whether you qualify for it.

What are DP charges and why are they not in the brokerage table?

They are charged per scrip on every sell from your demat account. The trade size does not change them. They come from the depository and the broker’s tariff, so they sit outside the brokerage line. Check them on their own, especially if you sell in small lots.

Is a full service broker ever worth the extra cost?

Only if you use the research and the relationship. ICICI Direct is materially more expensive than the discount brokers unless you are on a prepaid plan. If you place your own orders after your own reading, you are paying for something you are not consuming.

Does switching brokers cost anything?

Closing an account is usually free. Moving holdings from one demat account to another can cost you. You can also leave the old account open and stop trading in it. But the annual charge keeps running. Work out which is cheaper before you move.