10 Best Stock Brokers For Lowest Brokerage Charges In India

In the world of investing and trading, minimizing costs is a top priority for individuals seeking to maximize their returns. One significant aspect that can impact your profitability is brokerage charges. As an investor, finding a trading app with the lowest brokerage charges in India is crucial to keep transaction costs in check and optimize your investment outcomes.

In this article, we delve into the realm of trading apps in India and explore the options that offer the lowest brokerage charges. We will navigate through various brokerage models, fee structures, and additional costs to help you make an informed decision when selecting a trading app that aligns with your investment goals.

Understanding Lowest Brokerage Charges In India?

Lowest brokerage charges refer to the lowest amount traders or investors must pay to their stockbrokers. Each stockbroker sets their minimum brokerage amount, and if the calculated brokerage falls below this threshold, the lowest brokerage charges are applied. While SEBI sets a maximum limit of 2.5% of the total order value as a brokerage, there are no specific guidelines for minimum brokerage charges. It allows stockbrokers to determine their criteria.

To avoid high brokerage charges, traders and investors can opt for discount stockbrokers or full-service stockbrokers. Discount stockbrokers offer lower rates but may provide limited services or advice. Full-service stockbrokers, on the other hand, may have higher brokerage rates due to the comprehensive services they offer. Regardless of the chosen broker, the stock market remains a lucrative investment avenue, and it is possible to buy stocks even without a brokerage account. The brokerage industry has undergone significant changes, and low-cost stockbrokers have emerged as an alternative option for investors.

To determine the lowest brokerage charges in India you need to do brokerage charges comparison. From the following information you can gain insights into the brokerage charges of various brokers to decide which one suits you better.

Top 10 Stock Brokers With Lowest Brokerage Charges In India 2023

S.No

Stockbroker

Lowest Brokerage Charges

1 Zerodha 0.03% or Rs. 20/executed order whichever is lower
2 Angel One 0 for equity delivery trading
3 5 Paisa Flat Rs. 20 per order
4 Upstox Rs. 20 or 0.05% of the order value
5 ICICI Direct Rs. 35 or 2.5% per trade (whichever is lower)
6 Motilal Oswal 0.02% for Equity Intraday & Futures
7 Kotak Securities 0
8 HDFC Securities 0.05% or min Rs.25
9 Sharekhan 5 paisa per share
10 SBI Securities Rs. 10

Let’s look at the top stockbrokers (full-service and discount brokers) that have the lowest broking charges in India for online trading in 2023.

1. Zerodha

Zerodha is a leading discount broker in India known for offering the lowest brokerage charges in India. They introduced the concept of discount broking and have a flat Rs. 20 brokerage model. Zerodha provides a user-friendly trading platform called Kite, accessible via web browsers and mobile phones.

For different trading categories, Zerodha charges the following brokerage fees:

  • Equity Delivery: Rs. 0 (No brokerage charge)
  • Equity Intraday, Equity Future, Currency Futures, Currency Options, and Commodity: Flat Rs. 20 or 0.03% (whichever is lower) per traded order
  • Equity Options: Flat Rs. 20 per executed order (on Turnover)
  • Mutual Fund: Rs. 0 (No limit on Direct MF)

2. Angel One

Angel Broking, a trusted and cost-effective stock broker in India, offers competitive brokerage charges to its clients. In April 2019, Angel Broking revised its brokerage charges, shifting from a percentage-based model to a flat fee brokerage structure to stay competitive with discount brokers.

Under the revised brokerage model, Angel Broking charges the following fees: 

  • Equity Delivery: Zero brokerage
  • Equity Intraday: Rs. 20 per trade
  • Equity Futures: Rs. 20 per trade
  • Equity Options: Rs. 20 per trade
  • Currency Futures: Rs. 20 per trade
  • Currency Options: Rs. 20 per trade
  • Commodity Futures: Rs. 20 per trade
  • Commodity Options: Rs. 20 per trade

With its advanced and feature-rich trading platform, Angel Broking provides traders and investors with a seamless and technology-driven experience. Since its establishment in 1987, Angel Broking has been a reliable choice for individuals seeking the lowest brokerage charges in India.

3. 5Paisa

5Paisa, a rapidly growing discount broker based in Mumbai, offers competitive brokerage charges to its clients. Despite entering the industry later, it gained quick popularity by acquiring 1 million clients in just 4.5 years. 5Paisa focuses on providing highly advanced online trading platforms that allow seamless trading across BSE and NSE.

Previously, 5Paisa charged a brokerage of Rs. 10 per order, which was lower than competitors like Upstox and Zerodha. However, they later introduced three brokerage plans that typically include Rs. 20 per trade and Rs. 10 per order. It is important to note that their delivery trade is not free.

5Paisa brokerage charges under different trading segments and plans are as follows:

Basic plan:

  • Equity delivery: Rs. 20 per order
  • Equity intraday: Rs. 20 per order
  • Equity futures: Rs. 20 per order
  • Equity options: Rs. 20 per order
  • Currency futures: Rs. 20 per order
  • Currency options: Rs. 20 per order
  • Commodity: Rs. 20 per order

Power investor pack:

  • Monthly charges: Rs. 499
  • Brokerage charges: Rs. 10 per order for all trading segments

Ultra trader pack:

  • Monthly charges: Rs. 999
  • Brokerage charges: Rs. 10 per order for all trading segments

These brokerage charges make 5Paisa an attractive option for traders and investors seeking the lowest brokerage charges in India.

4. Upstox

Upstox, offering a range of services to traders and investors provides the best lowest brokerage charges demat account in India. ince its establishment in 2009, Upstox has built a strong reputation by providing a high-tech trading platform, competitive brokerage charges, reliable customer support, and more. As an active member of BSE, NSE, MCX, and MCX-SX, Upstox offers access to various market segments.

Upstox charges a brokerage of Rs. 20 per executed order or 0.1% (whichever is lower) for equity delivery. In the case of equity intraday trading, the brokerage fee is set at Rs. 20 per executed order or 0.05% (whichever is lower).

Upstox’s brokerage charges across different trading segments:

  • Equity Delivery: Rs. 20 per executed order or 2.5% (whichever is lower)
  • Equity intraday: Rs. 20 per executed order or 2.5% (whichever is lower)
  • Equity futures: Rs. 20 per executed order or 2.5% (whichever is lower)
  • Equity options: Flat Rs. 20 per order
  • Currency futures: Rs. 20 per executed order or 0.05% (whichever is lower)
  • Currency options: Flat Rs. 20 per order
  • Commodity futures: Rs. 20 per executed order or 0.05% (whichever is lower)
  • Commodity options: Flat Rs. 20 per order

5. ICICI direct

ICICI Direct, a part of the renowned ICICI Group, offers a hassle-free online Demat account opening process with no documentation required. It provides the lowest brokerage charges demat account in India. ICICI Direct is known for its innovative brokerage plan called ICICIDirect NEO, which is popular among traders and investors. Additionally, it provides a 3-in-1 account opening facility that includes an ICICI demat account, trading account, and savings bank account.

There are four brokerage plans with ICICI Direct: Prime plan, NEO flat brokerage plan, I-Secure plan, and lifetime prepaid brokerage plan. Under the NEO Plan, the brokerage charges are a flat Rs. 20 for equity intraday, options, commodity, and currency trading, while there is no brokerage charged for trading in futures.

Brokerage charges for different plans offered by ICICI Direct:

NEO Plan:

  • Equity delivery: 0.55%
  • Equity intraday: Rs. 20 per executed order
  • Equity futures: Rs. 0 (Free)
  • Equity options: Rs. 20 per executed order
  • Currency F&O: Rs. 20 per executed order
  • Commodity F&O: Rs. 20 per executed order
  • NCDs/bonds: 0.75%

Prime plan:

Various brokerage rates based on the scheme chosen, ranging from 0.27% to 0.15% for equity cash, 0.027% to 0.015% for equity futures, Rs. 40/lot to Rs. 20/lot for equity options, and Rs. 20/order for currency and commodity futures.

Flat brokerage plan:

  • Equity delivery: 0.55%
  • Equity intraday: 0.275%
  • Equity futures: 0.05%
  • Equity options: Rs. 95 per order
  • Currency F&O: Rs. 20 per executed order
  • Commodity F&O: Rs. 20 per executed order
  • NCDs/bonds: 0.75%

Prepaid brokerage plan:

  • Various brokerage rates based on the prepaid amount, ranging from 0.25% to 0.09% for equity cash, 0.025% to 0.009% for equity futures, Rs. 35/lot to Rs. 10/lot for equity options, and Rs. 20/order for currency and commodity futures.

6. Motilal Oswal

Motilal Oswal Securities Ltd. (MOSL), established in 1987, offers the lowest brokerage charges demat account in India. It provides a wide range of trading options, including equity, commodity, currency, and derivatives, along with additional products such as IPOs, mutual funds, insurance, gold, and fixed deposits.

When it comes to the lowest brokerage charges in India, Motilal Oswal follows a transparent fee structure. The brokerage charges for different segments are as follows:

Breakdown of Motilal Oswal’s brokerage charges:

  1. Equity delivery: 0.20% of the transaction value.
  2. Equity intraday: 0.02% of the transaction value.
  3. Equity futures: 0.02% of the transaction value.
  4. Equity options: Rs 20 per lot.
  5. Commodity futures: 0.02% of the transaction value.
  6. Commodity options: Rs 200 per lot.
  7. Currency futures: Rs 20 per lot.
  8. Currency options: Rs 20 per lot.

7. Kotak Securities

Kotak Securities, the stock broking arm of Kotak Mahindra Bank, offers a diverse range of investment options in equities, commodities, currency, and mutual funds. With a focus on providing comprehensive services, such as portfolio management services, margin trade funding, market research, depository services, and insurance, Kotak Securities caters to the varied needs of investors.

In terms of the lowest brokerage charges in India, Kotak Securities stands out by offering some of the lowest rates in India. For intraday trading, the brokerage is completely waived, allowing traders to execute multiple trades without incurring any additional costs. Additionally, for trading in Futures & Options, Kotak Securities charges a flat fee of Rs. 20 per order, ensuring transparency and affordability for derivative traders.

Kotak Securities offers three distinct brokerage plans to cater to different trading preferences: the Trade Free Plan, Trade Free Max Plan, and No Brokerage Plan. Under these plans, intraday brokerage charges are eliminated, empowering traders to optimize their trading strategies without the burden of brokerage expenses. For equity delivery, Kotak Securities charges 0.25% of the transaction value or a minimum of Rs. 20, providing flexibility and convenience for long-term investors.

8. HDFC Securities

HDFC Securities provides a comprehensive range of investment and trading products to its clients. With offerings that span equity derivatives, stocks, IPOs, currency, commodities, and mutual funds, HDFC Securities ensures that investors have access to a diverse array of options. A notable advantage of choosing HDFC Securities is the option to open a 3-in-1 account, which combines a savings account, trading account, and Demat accounts for seamless transactions. Additionally, it offers the lowest brokerage charges demat account in India.

The trading platforms offered by HDFC Securities are known for their speed and reliability, enabling traders to execute orders swiftly across both BSE and NSE. HDFC Securities follows a standard percentage-based brokerage plan, with the lowest brokerage charges of Rs 25 per trade. However, it’s worth noting that the brokerage charges for Equity Intraday and Options trading are slightly higher.

Brokerage charges under HDFC Securities’ percentage-based brokerage plan:

  • Equity delivery: 0.50% of the transaction value
  • Equity intraday: 0.05% of the transaction value
  • Equity futures: 0.05% of the transaction value
  • Equity options: Higher of 0.1% of the Premium or Rs 100 per lot
  • Currency futures: Rs 23 per lot
  • Currency options: Rs 20 per lot
  • Commodity: Rs 20 per order (Options: Rs 100 per lot)

9. Sharekhan

Sharekhan is one of the oldest full-service stockbrokers and offers the top lowest brokerage charges for options in India. Sharekhan has been catering to the needs of traders and investors for many years. Headquartered in Mumbai, Sharekhan offers a wide range of trading services, including equity cash and derivatives trading across prominent stock exchanges such as BSE, NSE, MCX, and NCDEX. Additionally, Sharekhan facilitates trading in commodities and provides depository services, as well as investment opportunities in IPOs and mutual funds.

The brokerage charges of Sharekhan are as follows:

  • Equity cash intraday trades: 0.10% of the transaction value
  • Equity delivery: 0.50% of the transaction value or 10 paise per share or Rs 16 per scrip (whichever is higher)
  • F&O (Futures and Options): 0.10% on the first leg of the trade and 0.10% if squared off on the next day
  • Options: 2.50% of the premium or Rs 250 per lot (whichever is higher)
  • Currency futures: 0.10% of the transaction value
  • Currency options: 2.50% of the premium or Rs 30 per lot (whichever is higher)
  • Commodity: 0.10% of the transaction value

10. SBI Securities

SBI Securities, the stock brokerage division of the State Bank Group, is a prominent player in the Indian financial market. It provides the lowest brokerage charges demat account in India. As a wholly-owned subsidiary of SBI Capital Markets Ltd., SBI Securities offers a comprehensive range of trading and investment services, including retail equity, institutional equity, broking, derivatives, depository services, and third-party distribution products.

The lowest brokerage charges for trading is Rs. 10 per order, ensuring affordability for both small and large traders.

Brokerage charges levied by SBI Securities 

  • Equity delivery: 0.50% of the transaction value
  • Equity intraday: 0.05% of the transaction value
  • Equity futures: 0.05% of the transaction value
  • Equity options: Rs. 100 per lot
  • Currency futures: 0.03% of the transaction value
  • Currency options: Rs. 30 per lot
  • Commodity: Not applicable

Conclusion

When it comes to choosing from the best stock broker with lowest brokerage rates, another aspect which is the quality of trading services must also be considered. Ideally, there should be a perfect balance between both aspects – brokerage and service quality.

There was a time when trading with stock through full-service stockbrokers was an expensive affair but with the introduction of discount broking, it has become a lot easier and affordable for people to invest in stocks.

With the presence of several companies with the lowest brokerage charges in India, it might be hard to choose the right stock broker. To choose a stock broker that can help you meet your financial objectives and investment horizon, you should pay attention to other things as well apart from brokerage like customer care support, account opening charges, chart availability, research reports, and other investment products.

FAQs

Qu1. Which brokerage has lowest fees in India?
Ans. Paytm Money is the cheapest discount broker in India. It charges Rs 10 for each trade. This is the lowest brokerage rate in intraday. Top discount brokers like Zerodha Upstox Angel One, etc. offer a brokerage charge of Rs 20 for each order.

Qu2. Which app has 0 brokerage in India?
Ans. Upstox, based in Mumbai, is the second largest discount broker. Compare Upstox and Zerodha, Upstox offers Zero brokerage account for the delivery segment.

Qu3. Which brokerage company is free in India?
Ans. Zerodha

Qu4. Which is the No 1 brokerage in India?
Ans. Zerodha is India’s No. 1 broker

Qu5. Which is the cheapest broking app?
Ans. Zerodha is the most popular discount broker, followed by 5paisa. Zerodha, Upstox and other discount brokers offer free brokerage for equity delivery trading as well as direct mutual funds.

Qu6. Which broker is better than Zerodha?
Ans. Upstox is a popular online discount broker. Upstox has the following advantages over Zerodha: Upstox offers access to third party trading software such as Dartstock NEST Trader, Fox Trader and Fox Trader. Zerodha offers Kite only as a trading software.

Qu7. Which demat account is free of cost?
Ans. Upstox, one of India’s largest and most trusted brokers, offers a wide range of stock options. Stock investors and traders can open a Demat account for free with Mr Ratan Tata’s backing.

Qu8. Is Zerodha really brokerage free?
Ans. The brokerage for all equity investments (NSE and BSE) is Rs 0. Directly contacting the Depository Partner will allow you to open your Demat account. This process is not dependent on a third-party or broker. The steps are: Search for a DP via the CDSL or NSDL website.

Qu9. Is there a free demat account?
Ans. So, 5paisa is a free Demat Account. 5paisa charges a fixed brokerage fee regardless of the value of the trade. For intraday and equity delivery, the brokerage fee is Rs 20 or 0.1% (whichever is lower). F&O trades have a 0.05% (whichever one’s lower) or Rs 20 (whichever one’s lower).

Qu10. Which stock broker is best?
Ans. Zerodha, ICICI Direct are the best stockbroker in India

Qu11. What are the top 3 brokerage firms?
Ans. Charles Schwab is the most popular broker, followed by Fidelity Investments and TD Ameritrade.

Qu12. Which is India’s largest broker?
Ans. Since 2019, Zerodha has been the leading stockbroker in India. Zerodha, Upstox and Angel One are followed by ICICIdirect, Groww, ICICIdirect, and Groww.

Qu13. How can I avoid brokerage fees in Zerodha?
Ans. No DP fees are charged for intraday or BTST transactions as shares do not get deposited into your demat account. When you trade the derivatives segment (F&O), there are no DP fees. F&O trading is the same as intraday. There are no demat transactions.
Angel One charges a flat fee of Rs. 20 per order executed across all segments, irrespective of the trade value. You can buy/sell on Intraday and F&O using Angel SpeedPro’s online trading software, Angel One Mobile app, or Angel One Trade.

Qu14. Is Angel Broking costly?
Ans. Angel One charges a flat brokerage fee of Rs. The brokerage fee is Rs. 20 for each executed order, or 0.25 percent of the turnover.

Qu15. Which trading is best for beginners?
Ans. What type of trading would be best for a beginner? Beginners may want to start with swing trading. This involves holding an investment longer than a day but less than two months. This is less stressful and time-consuming than day trading. Stocks are a good way for beginners to get their feet wet.

Qu16. Is Upstox free?
Ans. Do I need to pay for the use of the platform? No. Upstox Pro’s web and mobile platforms are available for free. You only need to open an account when you want to trade. The trading software is free to use.