Lowest brokerage in India 2026

If your goal is **lowest total cost**, the answer depends on how you trade: | Type of user | Best low-cost broker | |---|---| | Long-term investor (buy & hold) | Dhan | | Beginner investor | Groww | | Active trader / F&O trader | mStock | | Best balance of cost + reliability | Zerodha | | Lowest-cost "no-frills" trading | Shoonya | ### Major brokers (2026) | Charges | Dhan | Zerodha | Groww | Upstox | |---|---:|---:|---:|---:| | Equity delivery | ₹0 | ₹0 | ₹0–20 (varies by plan) | ₹0–20 | | Intraday | ₹20 or 0.03% | ₹20 or 0.03% | ₹20 | ₹20 or 0.05% | | F&O | ₹20/order | ₹20/order | ₹20/order | ₹20/order | | AMC | ₹0 | ~₹300/year | ₹0 | ~₹150/year | | DP charge (sell) | ~₹12.5–15 | ~₹13–15 | ~₹20 | ~₹20 | Sources consistently show that the real differences in 2026 are often **AMC, DP charges, and MTF interest**, not the headline brokerage. Most discount brokers now charge ₹0 delivery and around ₹20 per order for trading. ### My practical ranking **1. Dhan** - ₹0 AMC - ₹0 delivery brokerage - Lower DP charges than many competitors - Strong features for traders and investors Community discussions frequently highlight Dhan as one of the cheapest overall when all charges are included. **2. Zerodha** - ₹0 delivery - Reliable pricing structure - Lowest intraday percentage cap among major brokers - Excellent platform quality (Kite) Costs slightly more because of AMC, but many traders consider it worth it. **3. Groww** - ₹0 AMC - Very beginner-friendly - Good for SIPs and occasional investing However, several comparisons note that total charges can be higher than Zerodha or Dhan for active users because of DP and delivery-related costs. **4. mStock** - Often cited as the cheapest for heavy F&O traders with ₹5/order plans and lifetime AMC options. ### Simple recommendation - **New investor:** - **Serious long-term investor:** - **Lowest overall cost in 2026:** - **Heavy F&O trader:** If you tell me **your style (long-term investing, intraday, F&O, swing trading, or SIPs)** and **monthly trading volume**, I can calculate which broker will actually cost you the least per year.

The Indian stock broking space remains highly competitive. The "industry standard" flat fee of ₹20 per order pioneered by discount brokers is no longer the lowest option available. Brokers are categorized below by their pricing models to help find the lowest brokerage structure for a specific trading style. --- ## 1. Absolute Zero-Brokerage Platforms (True Zero) These brokers charge **₹0 brokerage** across all major segments (Delivery, Intraday, and F&O). You only pay mandatory statutory government charges like STT, GST, and Exchange Transaction fees. * **Shoonya (by Finvasia):** Continues to be a disruptor by offering completely free trading. * * **Brokerage:** ₹0 for Equity Delivery, Mutual Funds, and IPOs. For Intraday and F&O, it charges an ultra-low **₹5 per order** (or 0.03%, whichever is lower). * **Account Opening & AMC:** ₹0 * **m.Stock (by Mirae Asset):** Offers a lifetime zero-brokerage plan, but it requires an upfront payment. * * **Brokerage:** ₹0 across all segments (Delivery, Intraday, F&O, Currency) for life if you opt for their paid onboarding tier, or a flat **₹10 per order** on their free account structure. * **Account Opening:** Flat one-time fee (typically ~₹999) to unlock the lifetime zero-brokerage option. --- ## 2. Age-Centric & Segment-Specific Disruptors Some established institutional brokers offer hyper-discounted models targeted at specific demographics or trading styles. * **Kotak Neo (Trade Free Youth Plan):** * * **Eligibility:** For traders **under 30 years old**. * **Brokerage:** ₹0 on Equity Delivery. A heavily discounted **₹10 per order** for Intraday and F&O trades (compared to the usual ₹20 standard). * **Algos/API:** Remarkably, Kotak Neo provides **₹0 brokerage on all trades routed via their API**, making it highly popular for algorithmic traders of any age. --- ## 3. Flat Discount Brokers (The ₹20 Standard) If platform stability, advanced charting tools, and massive liquidity pools are preferred over saving the last few rupees, the market leaders utilize a flat-fee model. * **Groww & Zerodha:** * * **Equity Delivery:** ₹0 (Free) * **Intraday & F&O:** Flat **₹20 per executed order** (or 0.03% / 0.05% whichever is lower). * **Angel One:** * * **Equity Delivery:** ₹0 (Free) * **Intraday & F&O:** Flat **₹20 per executed order**. --- ## Summary Comparison Table | Broker | Equity Delivery | Intraday | Futures & Options (F&O) | Account Maintenance (AMC) | |:--- |:--- |:--- |:--- |:--- | | **Shoonya** | ₹0 | ₹5 or 0.03% (Lower) | ₹5 per order | ₹0 | | **m.Stock** | ₹0 | ₹0 (with upfront plan) or ₹10 | ₹0 (with upfront plan) or ₹10 | ₹0 (with upfront plan) | | **Kotak Neo (Under 30)** | ₹0 | ₹10 per order | ₹10 per order | ₹0 | | **Zerodha / Groww** | ₹0 | Flat ₹20 or 0.03% | Flat ₹20 | ₹300/year (Zerodha) / ₹0 (Groww) | > **A Quick Reminder on "Hidden" Costs:** Even with a "Zero Brokerage" account, the broker is legally required to collect government taxes. For a high-volume intraday or options trader, **STT (Securities Transaction Tax)** and **Exchange Transaction Charges** will always make up the bulk of the contract note. Always check the **DP Charges** (usually ₹9 to ₹18 + GST) which apply whenever an equity delivery stock is sold from the Demat account.

The lowest brokerage options in India for **2026** are divided into two main categories: **True Zero-Brokerage Models** (which require a upfront subscription or specific conditions) and **Flat ₹20 Discount Models** (the industry standard led by volume heavyweights). For long-term investors, dominant platforms like and offer **₹0 brokerage on Equity Delivery**, while active traders can access completely zero-fee intraday and F&O trading through newer platforms like m.Stock and. Here is a comprehensive breakdown of the cheapest stock brokers in India, categorized by fee structure. Category 1: True Zero-Brokerage Plans (Best for High-Volume Traders) These platforms completely eliminate the per-order cost across all trading segments, though some require a one-time onboarding fee. - **m.Stock by Mirae Asset**: Offers a **₹0 flat fee across all segments** (Delivery, Intraday, F&O) for life. It requires a one-time account opening fee of ₹999. If you choose their free account opening instead, they charge a reduced tier of ₹10 per order. - **Flattrade**: A rising discount broker providing **₹0 brokerage on all orders** across Equity, F&O, and Commodities without charging an upfront subscription package. - **Shoonya by Finvasia**: Keeps a **strict ₹0 brokerage policy** on all segments alongside a lifetime zero Annual Maintenance Charge (AMC) plan. Category 2: Flat ₹20 Discount Brokers (Industry Standard) The most popular platforms in India utilize a hybrid model: they charge absolutely **nothing for delivery** but place a flat ceiling cap on intraday and derivatives. | Stock Broker | Equity Delivery Fee | Intraday / F&O Fee | Key Advantage | |---|---|---|---| | **Zerodha** | ₹0 (Free) | Flat ₹20 or 0.03% *(whichever is lower)* | Best-in-class tech stability (Kite App ) and transparency. | | **Groww** | Flat ₹20 or 0.05% | Flat ₹20 per executed order | Simplest app interface; perfect for retail beginners. | | **Upstox** | ₹0 (Free) | Flat ₹20 or 0.05% *(whichever is lower)* | Exceptional charting speed and multi-monitor web layouts. | | **Dhan** | ₹0 (Free) | Flat ₹20 per executed order | 50% discount on brokerage for female traders; advanced Options Trader app. | | **Angel One** | ₹0 (Free) | Flat ₹20 or 0.25% *(whichever is lower)* | Integrates full-service research tools with low discount pricing. | Critical "Hidden Costs" to Anticipate When looking for the lowest brokerage, remember that "zero brokerage" does not mean trading is 100% free. The broker has to levy mandatory government taxes and physical platform maintenance charges: 1. **DP (Depository Participant) Charges**: Every time you sell a share from your holdings (Delivery), you are charged roughly **₹13.5 to ₹20 + GST per company** by CDSL/NSDL and the broker. This is billed daily, not per order. 2. **Statutory Government Taxes**: These are exactly the same across all brokers in India and often cost more than the brokerage itself: - **STT (Securities Transaction Tax)**: 0.1% on delivery buy/sell; 0.0625% on option sell. - **Stamp Duty**: Charged only on the buy side. - **SEBI Turnover Fees & Exchange Transaction Charges**. 3. **AMC (Annual Maintenance Charges)**: Some platforms advertise zero brokerage but charge ₹300–₹500 annually to keep the account open. Look for "Lifetime Free AMC" platforms if you hold shares long-term. To help tailor a recommendation, what **segment** do you plan to trade most frequently (e.g., long-term delivery, fast intraday, or F&O options)? Let me know if you also require **advanced algorithmic trading APIs**.