Answered 16 July 2026
In 2026, India's stock broking landscape continues to be highly competitive, with discount brokers leading the charge in offering ultra-low or even zero brokerage.
When looking for the "lowest brokerage," brokers generally fall into two categories: **Zero Brokerage Brokers** (who charge absolutely no brokerage on certain or all segments) and **Flat-Fee Discount Brokers** (who charge a maximum capped fee, typically ₹20 per order).
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## The Lowest Brokerage Platforms in India (2026)
| Broker | Equity Delivery Brokerage | Intraday Brokerage | F&O (Futures & Options) Brokerage | Annual Maintenance Charges (AMC) |
|:--- |:--- |:--- |:--- |:--- |
| **Navia** | **₹0** (Free) | **₹0** (Free) | **₹0** (Free) | **₹0** (Lifetime Free) |
| **m.Stock** | **₹0** (with ₹999 + GST one-time plan) | **₹0** (with ₹999 plan) | **₹0** (with ₹999 plan) | **₹0** (with one-time ₹999 AMC plan) |
| **Kotak Neo** | **0.20% - 0.25%** (Free under Youth plan if under 30) | **₹0** (Free) | **₹0** (Free under trade-free plans) or **₹10/order** | **₹600/year** (billed monthly) |
| **Groww** | **₹20** or **0.01%** (whichever is lower) | **₹20** or **0.01%** (whichever is lower) | Flat **₹20** per order | **₹0** (Lifetime Free) |
| **Zerodha** | **₹0** (Free) | **₹20** or **0.03%** (whichever is lower) | Flat **₹20** per order | **₹300 + GST / year** |
| **Upstox** | **₹20** or **2.5%** (whichever is lower) | **₹20** or **0.05%** (whichever is lower) | Flat **₹20** per order | **₹0** |
| **Angel One** | **₹20** or **0.1%** (whichever is lower) | **₹20** or **0.03%** (whichever is lower) | Flat **₹20** per order | **₹240/year** (First year free) |
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## Detailed Breakdown of Key Players
### 1. Navia (Truly Zero Brokerage)
Navia has emerged as a major disruptor by offering **lifetime zero brokerage** across all major trading segments, including Equity Delivery, Intraday, F&O, and Commodities, with zero AMC.
* **Best for:** Active retail traders and F&O players looking to completely eliminate brokerage fees.
### 2. m.Stock (Mirae Asset)
m.Stock offers a highly popular "Zero Brokerage for Life" account. However, there is a catch: you have to pay a one-time account opening fee of **₹999 + GST** to unlock ₹0 brokerage across all segments forever. If you want to avoid AMC completely, you pay another one-time **₹999 + GST**.
* **Best for:** High-volume traders who want a backed, institutional-grade platform (Mirae Asset) and don't mind paying an upfront fee to save thousands in the long run.
### 3. Kotak Neo
Kotak Neo has targeted intraday traders aggressively by offering **₹0 brokerage on Intraday trades**. They also offer an extremely competitive flat ₹10 or ₹20 per trade for F&O depending on your plan.
* **Best for:** Intraday equity traders who prefer the security of a large, banking-backed ecosystem.
### 4. Groww & Zerodha (The Giants)
While they may not be "absolute zero" across all segments, they remain the most popular due to platform stability and trust:
* **Zerodha** charges **₹0 for Equity Delivery** but charges a flat ₹20/order on F&O and Intraday.
* **Groww** charges **₹0 AMC** but has a low fee of ₹20 or 0.01% on Delivery and Intraday.
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## Important: The "Hidden" Costs of "Zero" Brokerage
Even if a broker advertises "₹0 Brokerage," **no trade is ever 100% free**. You will still have to pay Government and Regulatory charges on every transaction, which are standard across all brokers:
* **Securities Transaction Tax (STT):** 0.1% on Buy & Sell for Delivery; 0.025% on Sell for Intraday.
* **Exchange Transaction Charges:** Charged by NSE/BSE (usually around 0.00345% for equity).
* **SEBI Turnover Fees:** ₹10 per crore (0.0001%).
* **GST:** 18% on the sum of Brokerage + Exchange Charges + SEBI Fees.
* **Stamp Duty:** 0.015% on the Buy side for Delivery.
* **DP (Depository Participant) Charges:** Usually ₹13.5 to ₹20 + GST per company, charged only when you *sell* shares from your demat holdings.