Brokerage charges are the most direct, most recurring, and most mathematically significant cost that any active investor or trader in India’s stock market faces. Every rupee paid in brokerage is a rupee that does not compound — and the difference between a high-brokerage and low-brokerage account, across thousands of trades over years of investing, can translate into lakhs or even crores of rupees in accumulated wealth difference. In 2026, India’s brokerage landscape has been comprehensively transformed by the rise of discount brokers — making the lowest-brokerage Demat account more accessible, more feature-rich, and more reliable than ever before. This article identifies and compares the best Demat accounts with the lowest brokerage in India — across delivery trading, intraday trading, F&O, and other key categories.
Understanding Brokerage in a Demat Account
Before comparing the lowest brokerage options, it is important to understand what brokerage is, how it is calculated, and what types of trades attract which brokerage structure.
| Trade Type | Definition | Brokerage Model |
| Delivery Trading | Buy shares and hold beyond same day | ₹0 at most discount brokers |
| Intraday Equity | Buy and sell within the same day | ₹20 flat or 0.03% to 0.05% |
| Futures (F&O) | Buy/sell futures contracts | ₹20 flat at discount brokers |
| Options (F&O) | Buy/sell option contracts | ₹20 flat per order at discount brokers |
| Currency Derivatives | Currency F&O | ₹20 flat at discount brokers |
| Commodity | Commodity futures | ₹20 flat at discount brokers |
The shift from percentage-based brokerage to flat ₹20 per order — pioneered by Zerodha and adopted by all major discount brokers — is the single most investor-friendly pricing innovation in Indian brokerage history. It makes the cost of trading virtually independent of trade size, benefiting all investors with moderate to large per-trade amounts.
Top Demat Accounts with Lowest Brokerage in India (2026)
1. Zerodha — Pioneer of Lowest Brokerage in India
Zerodha invented the flat-fee brokerage model in India and remains the benchmark — its ₹20 or 0.03% per order (whichever is lower) pricing ensures that traders at every scale pay the minimum possible brokerage.
| Trade Type | Zerodha Brokerage |
| Equity Delivery | ₹0 (zero) |
| Equity Intraday | ₹20 or 0.03% per executed order |
| Equity Futures | ₹20 or 0.03% per executed order |
| Equity Options | ₹20 per executed order |
| Currency Futures | ₹20 or 0.03% per executed order |
| Currency Options | ₹20 per executed order |
| Commodity | ₹20 or 0.03% per executed order |
Account Opening Fee: ₹200 (one-time) | AMC: ₹300/year
Total annual brokerage on 500 intraday trades at ₹20 each: ₹10,000 — fixed and predictable.
2. Groww — Zero Delivery + ₹20 Intraday
Groww matches Zerodha’s brokerage structure and adds zero account opening fee — making it the lowest total-cost option when upfront costs are factored in.
| Trade Type | Groww Brokerage |
| Equity Delivery | ₹0 (zero) |
| Equity Intraday | ₹20 or 0.05% per order |
| Equity F&O | ₹20 per order |
Account Opening Fee: ₹0 | AMC: ₹0 (year 1); ₹250 (year 2+)
3. Upstox — Zero Delivery + Competitive Intraday
| Trade Type | Upstox Brokerage |
| Equity Delivery | ₹0 |
| Equity Intraday | ₹20 or 0.05% per order |
| Equity F&O | ₹20 per order |
Account Opening Fee: ₹0 | AMC: ₹0 (year 1); ₹150–₹300 (year 2+)
4. Angel One — Zero Delivery + ₹20 Flat Intraday
| Trade Type | Angel One Brokerage |
| Equity Delivery | ₹0 |
| Equity Intraday | ₹20 flat |
| Equity F&O | ₹20 flat |
Account Opening Fee: ₹0 | AMC: ₹0 (year 1); ₹240 (year 2+)
5. 5Paisa — Lowest Total Cost (Zero AMC + ₹20 Flat)
| Trade Type | 5Paisa Brokerage |
| Equity Delivery | ₹0 |
| Equity Intraday | ₹20 flat |
| Equity F&O | ₹20 flat |
Account Opening Fee: ₹0 | AMC: ₹0 (lifetime)
5Paisa is the absolute lowest total cost platform — zero opening fee, lifetime zero AMC, and ₹20 flat brokerage — making it the mathematically cheapest Demat account in India for investors who primarily need low cost over platform features.
Full Brokerage Comparison
| Platform | Delivery | Intraday | F&O | Opening Fee | AMC |
| Zerodha | ₹0 | ₹20 or 0.03% | ₹20 | ₹200 | ₹300/yr |
| Groww | ₹0 | ₹20 or 0.05% | ₹20 | ₹0 | ₹250/yr (yr 2+) |
| Upstox | ₹0 | ₹20 or 0.05% | ₹20 | ₹0 | ₹150–₹300/yr (yr 2+) |
| Angel One | ₹0 | ₹20 flat | ₹20 | ₹0 | ₹240/yr (yr 2+) |
| 5Paisa | ₹0 | ₹20 flat | ₹20 | ₹0 | ₹0 (lifetime) |
| HDFC Securities | ₹0 (plan) | 0.3–0.5% | 0.3–0.5% | ₹999 | ₹750/yr |
| ICICI Direct | Variable | 0.25–0.5% | Variable | ₹0 | ₹700/yr |
Additional Charges Beyond Brokerage
Every investor must understand that brokerage is only one of several charges on each transaction. Statutory charges apply regardless of broker choice.
| Charge | Description | Who Levies It |
| STT (Securities Transaction Tax) | 0.1% on delivery sell; 0.025% on intraday sell | Government of India |
| Exchange Transaction Charges | 0.00297% (NSE) or 0.00375% (BSE) | NSE / BSE |
| GST | 18% on brokerage + exchange charges | Government of India |
| SEBI Turnover Charges | ₹10 per crore of turnover | SEBI |
| Stamp Duty | 0.015% on buy (delivery); 0.003% on buy (intraday) | State Government |
| DP Charges | ₹13 to ₹25 per sell transaction | Depository Participant |
These statutory charges are identical across all brokers — only brokerage itself varies by platform choice.
The True Cost of Brokerage Over 10 Years
An intraday trader making 15 trades per day, 250 trading days per year:
| Platform | Brokerage per Trade | Annual Trades | Annual Brokerage | 10-Year Total |
| Zerodha / Groww / Upstox / Angel One | ₹20 flat | 3,750 | ₹75,000 | ₹7,50,000 |
| HDFC Securities (0.4% on ₹50,000 avg) | ₹200 per trade | 3,750 | ₹7,50,000 | ₹75,00,000 |
| ICICI Direct (0.25% on ₹50,000 avg) | ₹125 per trade | 3,750 | ₹4,68,750 | ₹46,87,500 |
The 10-year difference between flat ₹20 brokerage and 0.4% brokerage — for a moderately active trader — is approximately ₹67,50,000 (₹67.5 lakh). Even if invested conservatively at 8% annual returns, the brokerage savings on a flat-fee platform compound to over ₹1 crore over the same period. This single calculation explains why the entire Indian retail trading community has migrated to flat-fee discount brokers since 2010.
Which Lowest-Brokerage Platform Is Right for You?
| Investor Profile | Best Platform |
| Active intraday trader — platform quality priority | Zerodha (Kite) |
| Active intraday trader — zero fees priority | Upstox or 5Paisa |
| Long-term delivery investor | Groww or Zerodha |
| F&O option seller / buyer | Zerodha |
| Absolute lowest total cost (all-in) | 5Paisa |
| Beginner wanting zero brokerage | Groww |
| High-volume algo trader | Zerodha (Kite Connect API) |
Frequently Asked Questions (FAQs)
Q1. Which Demat account has the lowest brokerage in India?
All major discount brokers — Zerodha, Groww, Upstox, Angel One, and 5Paisa — charge zero delivery brokerage and ₹20 flat per order for intraday and F&O. 5Paisa additionally offers lifetime zero AMC, making it the lowest total annual cost platform.
Q2. Is zero delivery brokerage genuinely free at all discount brokers?
Yes — delivery brokerage is ₹0 at all major discount brokers in India in 2026. Statutory charges (STT, exchange charges, GST, stamp duty) still apply as they are government-mandated and not within the broker’s control.
Q3. Does lower brokerage mean lower platform quality?
No — Zerodha demonstrates that the lowest brokerage and the highest platform quality are not mutually exclusive. Platform quality is a technology investment decision — not a function of brokerage pricing.
Q4. Why do full-service brokers still charge percentage-based brokerage?
Full-service brokers’ higher brokerage subsidises their research, advisory, relationship manager, and branch infrastructure. The pricing model reflects a service bundle — not merely trade execution. This model is being progressively displaced by discount brokers as investor self-confidence and digital literacy grow.
Q5. Are there any hidden charges at zero-brokerage discount brokers?
DP charges (₹13 to ₹25 per sell transaction), AMC (from the second year at most platforms), and statutory government charges (STT, exchange fees, GST, stamp duty) apply at all brokers — including zero-brokerage ones. Always review the complete charge schedule on the broker’s official website before committing.
