Broker charges compared: Zerodha, Groww, Angel One, Upstox, Dhan and Fyers

Every broker advertises low brokerage, but brokerage is only one line on a contract note. This guide puts six of India's main discount brokers side by side on what a whole trade costs, in rupees, from each broker's own pricing page as published on 20 October 2026.

In short, on a ₹1 lakh delivery trade the most and least expensive of the six are about ₹55 apart, because most of the bill is government charges that every broker collects alike. The gap matters most on small trades, on frequent trading, and on margin.

What every broker charges the same

The government, the exchange and SEBI set these, and they are identical at every broker:

• STT. 0.1% of the buy and 0.1% of the sell on delivery; 0.025% of the sell on intraday.
• Stamp duty. 0.015% of the buy on delivery; 0.003% on intraday.
• NSE transaction charge. About 0.003% of each side.
• SEBI fee. ₹10 a crore.
• GST. 18% on brokerage, exchange and SEBI charges.

On a ₹1 lakh delivery round trip these come to about ₹222. STT alone is ₹200. No broker can reduce them.

What each broker sets

"0.1% or ₹20" means whichever is lower, per executed order. DP charges include GST and are charged once per stock per day you sell from your demat, whatever the quantity. AMC figures are for regular demat accounts; small accounts that qualify as a basic services demat account (BSDA) pay less or nothing at most brokers.

What a whole trade costs

Buying and selling at the same price, all charges included:

At ₹1 lakh intraday every broker hits its ₹20 cap, so they cost the same. Below about ₹67,000 an order, the 0.03% brokers are cheaper for intraday. Intraday trading charges goes through every charge on an intraday trade.

Where the gap adds up

Small delivery trades. On ₹10,000, Upstox's flat ₹20 a side and a ₹23.60 DP charge make a round trip cost 0.93%, against 0.37% at Dhan or Zerodha. A swing trade has to rise almost a full percent at Upstox before it makes anything.

Trading often. 200 delivery round trips of ₹50,000 a year cost about ₹25,000 at Dhan or Zerodha and about ₹36,000 at Groww, Angel One or Upstox. The ₹11,000 difference is real money, but it is still smaller than the STT on those trades, which no broker can change.

Margin (MTF). Interest is where brokers differ most. On ₹2 lakh of funding held for 30 days:

Margin also brings pledge charges and its own brokerage at most brokers. The charges calculator works out the interest and the break-even move on a margin trade at Zerodha, and MTF explained covers how the loan, the interest and the margin calls work.

What this comparison leaves out

It covers price only, for a resident individual trading NSE stocks on each broker's standard plan. Paid plans (such as Upstox Plus or Fyers Prime), introductory offers, account opening processing fees, and charges for F&O, call-and-trade or auto square-off are not included, and a few DP figures are slightly lower for women account holders. Order tools, app reliability and support matter as much as a few rupees a trade, and this guide does not rate them.

Zerodha vs Groww vs Dhan compares the three most asked about, with what a year of trading costs at each. To compare just two of them, see the broker comparisons, such as Zerodha vs Groww or Dhan vs Fyers.

Brokers change their rates. Check the broker's own page before you decide: Zerodha, Groww, Angel One, Upstox, Dhan, Fyers. ZenTrader is independent of these brokers, and no referral changes any figure here.