Before we dive deeper into the topic, it is necessary for you to understand what the lowest brokerage charge means.
Lowest Brokerage Charges in India for Online Trading 2023
What are the lowest brokerage charges?
The lower brokerage charge refers to the minimum amount a trader or investor pays to the stockbroker. As every stockbroker has its own minimum brokerage amount set, the lowest brokerage charges tend to incur when the calculated brokerage amount goes below the minimum brokerage amount set by the stockbroker.
According to SEBI, “no stock broker can charge more than 2.5% of total order value as brokerage.” However, it is important to note that there are no defined guidelines by SEBI on minimum brokerage which means each stockbroker can have his own criteria for setting a minimum brokerage amount.
Choosing From The Top Companies That Offer the Lowest Brokerage Charges in India
If you are a trader or investor looking to avoid paying hefty brokerage charges, choosing discount stockbrokers is a wise choice. Another option involves stock broking through full-service stockbrokers which may not provide very competitive brokerage rates due to the full-scale services being offered by them. In the long run, the stock market is one of the finest places to put your money. Even if you don’t have an account with a brokerage firm, you can still buy a stock using your bank account or by phoning the company and ordering shares. Over the past two decades, the brokerage sector has undergone a dramatic change, which is excellent news for most investors.
Full-service brokers once charged a percentage of the trading value as a brokerage fee from their clients. Finally, a low-cost stockbroker in India was proposed.
Discounted trading rates are offered to investors by a cheap broker. Brokers try to help their clients by offering their services at the lowest feasible brokerage cost. Discount brokers, which may be individuals or organizations, carry out clients’ purchase and sell orders. In spite of this, they do not provide any specialized trading advice or other services to their customers. A discount broker’s primary attraction is to investors who are responsible for their own money management. In India, you’ll discover all of these brokers and their plans, as well as the lowest-priced brokers in other countries.
Discount brokers allow traders and investors to take a DIY approach to stock trading as their main job is to provide a platform for stock trading. They typically don’t provide deeper insights into the market. However, in today’s competitive landscape, discount brokers have started offering more value to their clients by giving additional services like advanced charts, research, advisory, and others.
Top Companies with Lowest Brokerage Charges in India
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.
Zerodha – Brokerage Charges
Zerodha appears on top when it comes to determining top discount brokers in India that offer the lowest brokerage charges in India. In fact, Zerodha is one broker which brought the concept of discount broking in India by introducing flat Rs. 20 brokerage model for the first time. Apart from offering lowest brokerage charges in India, the stock broker is also known for its swift and easy-to-use Kite trading platform that can be accessed from both web browsers and mobile phones.
Zerodha is counted among the top discount brokers that levy a brokerage charge of Rs. 20 per order or 0.03% on equity intraday, equity derivatives, commodity, and currency trading segments. However, it charges 0 brokerage for the equity delivery segment. For more details about Zerodha brokerage charges, look at the table below:
Trading Category |
Brokerage |
| Equity Delivery | Rs 0 (Free) |
| Equity Intraday | Flat Rs 20 or 0.03% (whichever is lower) per traded order |
| Equity Future | Flat Rs 20 or 0.03% (whichever is lower) per traded order |
| Equity Options | Flat Rs 20 per executed order (on Turnover) |
| Currency Futures | Flat Rs 20 or 0.03% (whichever is lower) per traded order |
| Currency Options | Flat Rs 20 or 0.03% (whichever is lower) per trader order |
| Commodity | Flat Rs 20 or 0.03% (whichever is lower) per trader order |
| Mutual Fund | Rs 0 (No Limit on Direct MF) |
Angel Broking Brokerage Charges
Started operating in 1987, Angel One is one of the most reliable and affordable stock brokers in India. The best thing about the stock broker is its trading platform which is amazingly high-tech and loaded with multiple features.
Angel Broking brokerage charges were revised in April 2019. Previously, the stockbroker was used to charge brokerage on a certain percentage of total traded values, which is common among full-service stock brokers. However, due to the intense competition posed by discount brokers, Angel Broking switched to the flat fee brokerage model.
Angel One brokerage charges are defined below:
| Trading Category | Brokerage |
| Equity Delivery | 0 |
| Equity Intraday | Rs 20/Trade |
| Equity Futures | Rs 20/Trade |
| Equity Options | Rs 20/Trade |
| Currency Futures | Rs 20/Trade |
| Currency Options | Rs 20/Trade |
| Commodity Futures | Rs 20/Trade |
| Commodity Options | Rs 20/Trade |
5Paisa Brokerage Charges
Based out of Mumbai, 5 Paisa is among the fastest-growing discount brokers in India. Though it started late in the industry, it gained fast popularity in the stock broking industry after acquiring 1 million clients in just 4.5 years. The major focus of 5Paisa is on providing highly-advanced online trading platforms to investors and traders who can trade seamlessly across BSE and NSE.
Previously, 5Paisa was charging a brokerage of Rs10/order which is lower than Upstox and Zerodha. But, then they launched 3 brokerage plans that typically have Rs 20 per trade and Rs. 10 per order. Their delivery trade is not free.
S. No. |
Trading Segment |
Basic Plan |
Power Investor Pack |
Ultra Trader Pack |
| 1 | Monthly Charges | 0 | Rs. 499 | Rs. 999 |
| 2 | Equity Delivery | Rs. 20 per order | Rs. 10 per order | Rs. 10 per order |
| 3 | Equity Intraday | Rs. 20 per order | Rs. 10 per order | Rs. 10 per order |
| 4 | Equity Futures | Rs. 20 per order | Rs. 10 per order | Rs. 10 per order |
| 5 | Equity Options | Rs. 20 per order | Rs. 10 per order | Rs. 10 per order |
| 6 | Currency Futures | Rs. 20 per order | Rs. 10 per order | Rs. 10 per order |
| 7 | Currency Options | Rs. 20 per order | Rs. 10 per order | Rs. 10 per order |
| 8 | Commodity | Rs. 20 per order | Rs. 10 per order | Rs. 10 per order |
Upstox Brokerage Charges
Earlier known as RKSC Securities, Upstox is one of the top discount brokers in India. Since their inception in 2009, the discount broker has come a long way by offering the best of everything to traders and investors like a high-tech trading platform, reasonable brokerage, reliable customer care support, and others. Upstox is an active member of BSE, NSE, MCX, and MCX-SX.
The brokerage charges of Upstox for equity delivery is Rs 20 or 0.1% per order (whichever is lower). In the case of equity intraday, the brokerage is set at Rs 20 per executed order or 0.05% (whichever is lower).
Segment |
Brokerage |
| 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 |
ICICI Direct Brokerage Charges
Being a part of the prestigious ICICI Group, ICICI Direct is among the top stock brokers in India. It offers a free online Demat account opening facility with zero documentation. ICICI Direct’s revolutionary brokerage plan, ICICIDirect NEO is very popular among traders and investors. Above all, it offers a 3-in-1 account opening facility which is inclusive of an ICICI Demat Account, Trading Account, and Savings Bank Account.
There are four brokerage plans by ICICI Direct – Prime Plan, Neo flat brokerage plan, I-Secure plan, and Lifetime Prepaid brokerage plan. The brokerage charges under NEO Plan are flat Rs. 20 on equity intraday, options, commodity, and currency trading while there is no brokerage for trading in futures.
NEO Plan
Segment |
Brokerage |
| Equity Delivery | 0.55% |
| Equity Intraday | Rs 20 per executed order |
| Equity Future | 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
Scheme |
Equity Cash |
Equity Futures |
Equity Options |
Currency F&O |
Commodity Futures |
| Rs 299 | 0.27% | 0.027% | Rs 40/lot | Rs 20/order | Rs 20/order |
| Rs 999 | 0.22% | 0.022% | Rs 35/lot | Rs 20/order | Rs 20/order |
| Rs 1,999 | 0.18% | 0.018% | Rs 25/lot | Rs 20/order | Rs 20/order |
| Rs 2,999 | 0.15% | 0.015% | Rs 20/lot | Rs 20/order | Rs 20/order |
Flat Brokerage Plan
Segment |
Brokerage |
| Equity Delivery | 0.55% |
| Equity Intraday | 0.275% |
| Equity Future | 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
Equity Cash |
Equity Future |
Equity Options |
Currency F&O |
Commodity Futures |
|
| Rs 5,000 | 0.25% | 0.025% | Rs 35/lot | Rs 20/order | Rs 20/order |
| Rs 12,500 | 0.22% | 0.022% | Rs 30/lot | Rs 20/order | Rs 20/order |
| Rs 25,000 | 0.18% | 0.018% | Rs 25/lot | Rs 20/order | Rs 20/order |
| Rs 50,000 | 0.15% | 0.015% | Rs 20/lot | Rs 20/order | Rs 20/order |
| Rs 100,000 | 0.12% | 0.012% | Rs 15/lot | Rs 20/order | Rs 20/order |
| Rs 150,000 | 0.09% | 0.009% | Rs 10/lot | Rs 20/order | Rs 20/order |
Motilal Oswal Brokerage Charges
Set up in 1987, Motilal Oswal Securities Ltd. (MOSL) is a financial services firm based out of Mumbai. The stock broker allows traders and investors to trade in Equity, Commodity, Currency, and Derivatives. It also has several other products like IPOs, Mutual Funds, Insurance, Gold, and Fixed Deposits.
The brokerage charges of Motilal Oswal are 0.20% for Equity Delivery, 0.02% for Equity Intraday & Futures, and Rs 20 per lot for Equity and Currency Options. The commodity brokerage charges are 0.02% for Futures and Rs 20 per lot for Options.
Segment |
Brokerage |
| Equity Delivery | 0.20% |
| Equity Intraday | 0.02% |
| Equity Futures | 0.02% |
| Equity Options | Rs 20 per lot |
| Commodity Futures | 0.02% |
| Commodity Options | Rs 200 Per Lot |
| Currency Futures | Rs 20 per lot |
| Currency Options | Rs 20 per lot |
Kotak Securities Brokerage charges
Kotak Securities is the stock broking arm of the country’s renowned Kotak Mahindra Bank and offers easy and quick investment options in equities, commodities, currency, and mutual funds. The full-service stockbroker offers a wide range of services like Portfolio Management services (PMS), margin trade funding, market research, depository services, and insurance.
In regard to brokerage, Kotak Securities offers the lowest brokerage charges in India including zero brokerage for intraday trading and flat Rs. 20 per order for trading in Futures & Options.
There are three plans offered by Kotak Securities – Trade Free Plan, Trade Free Max Plan, and No Brokerage Plan. Intraday brokerage in all three plans is totally FREE. For equity delivery, the brokerage charges are 0.25% or Rs. 20 (whichever is higher).
HDFC Securities
HDFC Securities is among the best full-service stock brokers in India and offers nearly all kinds of investment and trading products. It offers investments in equity derivatives, stocks, IPOs, currency, commodities, and mutual funds. With HDFC Securities, one can open a 3-in-1 account which includes a savings account, trading account, and Demat account.
Its trading platforms are super-fast and promise a seamless trading experience across BSE and NSE. HDFC Securities follows a standard percentage base brokerage plan, in which minimum brokerage is set at Rs 25 per trade. However, the brokerage charges for Equity Intraday & Option are a bit higher.
Segment |
Value |
| Plan Name | Percentage-based brokerage plan |
| Monthly Plan | NA |
| Equity Delivery | 0.50% |
| Equity Intraday | 0.05% |
| Equity Futures | 0.05% |
| Equity Options | Higher of 0.1% of 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 |
Sharekhan
Sharekhan is one of the oldest full-service stockbrokers in India. Based out of Mumbai, Sharekhan offers trading services for equity cash and derivatives segments across BSE, NSE, MCX, and NCDEX. It also offers to trade in commodities. Sharekhan also offers depository services and investments in IPOs and mutual funds.
Sharekhan brokerage charges are mentioned in the following table:
Segment |
Brokerage Charges |
| Equity Cash Intra-day Trades | 0.10% |
| Equity Delivery | 0.50% or 10 paise per share or Rs 16 per scrip (whichever is higher)
|
| F&O | 0.10% on the first leg and 0.10% if squared off on the next day
|
| Options | 2.50% or Rs 250 per lot on the premium (whichever is higher) |
| Currency Future | 0.10%
|
| Currency Options | 2.50% or Rs 30 per lot on the premium (whichever is higher)
|
| Commodity | 0.10% |
SBI Securities
SBICAP Securities Ltd (SSL) is the stock brokerage division of the State Bank Group. It is a wholly-owned subsidiary of SBI Capital Markets Ltd. The full-service stock broker offers a wide range of trading and investment services including retail equity, Institutional equity, broking, derivatives, depository services, and third-party distribution products.
The minimum brokerage for trading is Rs. 10 per order by SBI Securities.
Segment |
Brokerage |
| Equity Delivery | 0.50% |
| Equity Intraday | 0.05% |
| Equity Futures | 0.05% |
| Equity Options | Rs 100 per lot |
| Currency Futures | 0.03% |
| Currency Options | Rs 30 per lot |
| Commodity | NA |
IIFL
IIFL Securities’ iServe program is a basic cheap brokerage service. A fixed-rate of Rs 20 per trade is charged for intraday and F&O equity, currency, and commodity trading at the BSE, NSE, and MCX exchanges.
Starting a Demat account costs 295 whereas opening a trading account with India Infoline is free. Demat account holders must pay 450 in Demat account maintenance costs beginning in the second year, following which the first year is free. Trading account holders do not have to pay any fees. You can start trading with a 75% margin account.
Angel broking
Angel Broking is one of India’s best and most affordable brokers. Is a full service retail broker that provides online discount brokerage services in India. It was formed in 1987. The company’s investment and trading services include stock and commodity broking, acquisition advice, margin finance, lending against shares, and financial product allocation.
The leading trading tools and financial guidance provided by Angel Broking are well-known. For the first time, a significant full-service broker is offering lower brokerage fees to its clients. Invest in the stock market by opening a brokerage account at Angel Broking’s website. You’re now ready to start investing after cleaning out your account.
Kotak Securities
The Kotak Mahindra Bank is the parent company of Kotak Securities Ltd. It was established in 1994. It provides stockbroking and financial product distribution in India. More than 11.5 million clients are served by its 1209 franchisees and satellite offices. And in addition to that, they’re a major player on the Bombay stock exchange and the National Stock Exchange of India. In addition, they are members of the National Securities Depository Limited (NSDL) and Central Depository Services Limited (CDSL) (CDSL).
Kotak Mahindra Bank Limited also offers a three-in-one account, which includes a Demat account, a trading account, and a bank account. ETFs, IPOs, mutual funds, ETFs, tax-free bonds and currency derivatives may all be traded swiftly and easily by customers.
5Paisa
5Paisa, based in Mumbai, is a low-cost broker in India. One of the fastest-growing and lowest-cost brokerage firms in the business is this brokerage firm. As one of the earliest and most popular Indian stock brokers, 5 paisa has more than one million mobile app downloads.
In addition to being one of India’s biggest discount brokers, 5Paisa is also the country’s first publicly traded fintech business to be listed on the BSE and NSE. After only 4.5 years in business, this stockbroker had amassed a clientele of 1 million. Currently, 5Paisa is the country’s 6th-largest stock broker. Exactly one year after it was created, the firm went into operation.
Motilal Oswal
India-based financial services organization ICICI Prudential established in Mumbai, India, in 1987. Equity, Commodities, Forex, and Derivatives trading are some of the services offered by Motilal oswal And they’re also involved in a variety of other goods, such mutual funds and IPOs as well as gold, insurance, and fixed-income securities. The company’s discretionary Portfolio Management Service is generally regarded (PMS).
Financial institutions, mutual funds, international institutional investors, and corporations are among the many types of clients served by Motilal Oswal. 2,200+ Business Locations are run by the firm and its Business Partners in more than 500 locations.
Upstox
In 2011, Upstox was founded. Zerodha and Upstox employ similar trading strategies. You may start a trading account at Upstox for only Rs. 200. Upstox costs 20 rupees every transaction after the first five trades in a month are free of charge. A mobile trading platform with numerous features, including trend analysis, option chain, and options strategies is also available as part of the Upstox Pro service. Upstox offers its services and technology solutions for NSE options trading at one of the lowest brokerage prices.
Sharekhan
In February 2000, Sharekhan was established as one of India’s leading brokers. In third place (after HDFC Securities and ICICI Direct). Through its Sharekhan.com trading website and its 1800 offices in over 550 locations around India, including expansions and franchisees, Sharekhan provides brokerage services in India.
Sharekhan, India’s oldest discount broker, has launched Sharekhan Espresso, the country’s lowest discount broker. The NSE and BSE’s derivatives and equity cash divisions rely on Espresso for transaction execution services. Commodity trading on NCDEX and MCX is also available, as well as currency trading.
NSDL and CDSL are both members of Espresso. By removing trading fees on intraday trades that result in a loss, Espresso aims to increase capital gains for traders, making it one of the cheapest stock brokers in India This new discount broking service from Sharekhan is based on the “pay-when-you-profit pricing” philosophy.
Trade Smart Online :
The third-lowest brokerage fees in NSE options trading are provided by Trade Smart Online. The commission for each deal is Rs.15. The annual maintenance fee is Rs. 400/year, and you must also pay Rs. 300 to start an account. One of the best trading platforms and algo trading is provided by Trade Smart Online, which has more than 20 years of expertise under its wing.
SBI Securities, Inc
SBICAP Securities Ltd (SSL) is a stockbroking business that provides a variety of services, including trading in stocks.
India’s lowest brokerage fees. SBI Capital Markets Ltd. is a subsidiary of the State Bank Group. As a full-service stockbroker, the firm was created in 1986 and provides a wide range of goods and services to institutional and retail investors in addition to third-party distribution of securities. Investors and traders may also take use of their internet trading services.
In addition, it provides a comprehensive set of services to NRIs in the United States, the United Kingdom, Canada, and Japan. A 3-in-1 account is available, but it is not solicited by the company because of regulatory limits.
Final Thoughts – India’s Lowest Brokerage Fees
It’s still difficult for many new and experienced traders to choose the best stock broker in India that also has the lowest trading fees.
A wide range of factors must be considered when deciding on the finest stock broker for your financial needs. These are the account opening charges, lowest brokerage charges, lowest brokerage demat account charges, call n trade facility, trading platforms, and other services supplied by the stock broker. Don’t rush through the process of finding the finest stock broker for you because it is a significant decision.
The Verdict
When it comes to choosing from the companies with the 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.