[Latest Update: 24th Sep, 2022]

If you trade large volumes without the need for research and investment advisory services then you should open an account with discount brokers. Discount brokers charge a flat fee of Rs. 20 per order.  

Full-service brokers charge brokerage in percentage terms that range from 0.3% to 0.55% of the trade volume and offer a host of research and investment advisory. 

List of Top 20 stock brokers in India

1. Zerodha
2. Upstox
3. 5Paisa
4. Angel Broking
5. Paytm Money
6. Groww
7. Wisdom Capital
8. IIFL
9. Alice Blue
10. Sharekhan
11. ICICI Direct
12. Kotak Securities
13. HDFC Securities
14. Axis Direct
15. Motilal Oswal
16. SBI Securities
17. Edelweiss
18. Religare
19. Geojit
20. Anand Rathi

Our Top Picks Demat Accounts in India

Detailed Review of 10 Best Stock Brokers in India

#1. Zerodha

Zerodha is a Bengaluru based stockbroker that brought the concept of the discount broking model to India. Zerodha now contributes over 15% of the total retail trading volumes in India having more than 3 million client base.

Zerodha is best for placing high volume trades with minimal margin requirements. The broker charges a flat Rs. 20 for intraday and F&O trades. 

You can invest in mutual funds, bonds and IPO (through Bhim UPI). Equity delivery and direct mutual fund investment are free.

Why Zerodha is at #1

• Most trusted stockbroker by the traders
• Fix brokerage of Rs 20/trade on intraday 
• Zero brokerage on delivery  
• Good customer support 
• Advanced charts and tools for trading & technical analysis

Zerodha Brokerage Charges 

Trading Type	Brokerage Charges
Equity Delivery	Rs. 0
Equity Intraday	Lower of Rs. 20 per executed order or 0.03%
Equity Futures	Lower of Rs. 20 per executed order or 0.03%
Equity Options	Rs. 20 per executed order
Currency Futures and Options	Lower of Rs. 20 per executed order or 0.03%
Commodity F&O	Lower of Rs. 20 per executed order or 0.03%

Zerodha Account Opening & AMC Charges 

Particulars	Charges
Trading and Demat account opening charges	Rs. 200
Commodity Account	Rs. 100
Trading account annual maintenance charges	Rs. 0
Demat account annual maintenance charges	Rs. 300

#2. Upstox

Upstox is the fastest growing discount broker in India. Upstox is the best choice for high volume traders looking for high margins (up to 15X), low brokerages, and decent trading platforms.

You only pay brokerage of Rs. 20 to do an intraday, F&O, currencies, and commodities trading irrespective of the trade volume. The stock delivery is free.

Why Upstox

• Free brokerage credit of Rs 1000
• Fix brokerage of Rs 20/trade
• Zero brokerage on stock deliver 
• Advance trading platforms with charts & tools 

Upstox Brokerage Charges

There are two trading plans – namely the Basic plan and the Priority plan. 

Trading Type	Brokerage Charges for Basic Plan
Equity Delivery	Rs. 0
Equity Intraday	Lower of Rs. 20 per executed order or 0.05%
Futures (Equity, Currency & Commodity)	Lower of Rs. 20 per executed order or 0.05%
Options (Equity, Currency & Commodity)	Rs. 20 per executed order

Upstox Account Opening & AMC Charges 

• Demat & Trading account opening – Rs 299
• Account maintenance charges – Rs 25/month

#3. 5Paisa

5Paisa is a top stock broker that charges the lowest brokerage of flat Rs. 10 per order under the Power Investor & Ultra Trader pack. But you need to pay up to Rs. 20 per order for stock delivery trades.

You get a common account for stock trading, mutual funds and insurance investment.

5paisa mobile app is the best mobile trading app till now in India. The app is really easy to use and provide great experience.

If you are looking for the cheapest brokerage charges and having a requirement for the mobile trading app then you should go with 5Paisa.

Why 5Paisa is at #3

• Charge the lowest brokerage of Rs 10/trade
• Fastest account opening process 
• Best trading app with easy to use. 

5Paisa Brokerage Charges 

5Paisa offers two addon packs with lower brokerage charges

Transaction	Without Addon Pack	With Power Investor Pack	With Ultra Trader Pack
Stock Delivery	Rs. 20 per order	Rs. 10 per order	Rs. 10 per order
Stock Intraday Trading	Rs. 20 per order	Rs. 10 per order	Rs. 10 per order
Stock F&O	Rs. 20 per order/lot	Rs. 10 per order/lot	Rs. 10 per order/lot
Commodity F&O	Rs. 20 per order/lot	Rs. 10 per order/lot	Rs. 10 per order/lot
Currency F&O Trades	Rs. 20 per order/lot	Rs. 10 per order/lot	Rs. 10 per order/lot

Under the Ultra Trader pack, the first 100 trades are free every month after which you need to pay Rs. 10 per executed order.

5Paisa Account Opening & AMC Charges 

The Demat and Trading account opening is free. The account maintenance charges are up to Rs. 25 per month.

#4. Wisdom Capital

Wisdom Capital is a discount broker best for derivatives (Equity and commodity F&O) trading. 

The broker charges one of the lowest flat brokerages of Rs. 9 per trade for derivative trading under the Pro plan.  

Wisdom Capital is based out of Noida and has 1000 franchises all over India.

Wisdom Capital Brokerage Charges 

Wisdom Capital has three trading plans – Freedom Plan, Pro Plan and Ultimate Plan;

Trading Type	Freedom Plan	Pro Plan	Ultimate Plan
Equity Delivery	Rs. 0	0.01%	0.02%
Equity Intraday	Rs. 0	0.01%	0.02%
Equity Futures	Rs. 0	Rs. 9 per trade	0.005%
Equity Options	Rs. 0	Rs. 9 per trade	Rs. 15 per lot
Commodity F&O – MCX	Rs. 0	Rs. 9 per trade	0.005%

Wisdom Capital Account Opening & AMC Charges 

Charges for opening an account online with Wisdom Capital under various plans are as under.

Particulars	Freedom Plan	Pro Plan	Ultimate Plan
Demat & Trading account opening charges	Rs. 0	Rs. 0	Rs. 0
Trading account annual maintenance charges	Rs. 0	Rs. 0	Rs. 0
Demat account annual maintenance charges	Lifetime AMC by paying – Rs. 999	Lifetime AMC by paying – Rs. 999	Lifetime AMC by paying – Rs. 999

#5. IIFL Securities

India Infoline is an ISO certified diversified financial arm of the IIFL group. IIFL Securities is a full-service stockbroker with other value-added services like

• Mutual Funds
• IPO
• Portfolio Management Service
• Loans (home, personal, gold, property and business)
• Wealth & portfolio management
• Asset management, Investment banking

IIFL Brokerage Charges 

• Stock delivery – Free 
• Intraday, futures & options – Flat Rs 20/trade

IIFL Account Opening & AMC Charges 

Particulars	Charges
Trading & Demat account opening charges	Free (limited time offer)
Annual maintenance charges	First Year – Free From Second Year onwards – Rs. 250

#6. Angel Broking

Angel Broking (full Angel Broking review) is a 30+-year-old full-service broking company that offers discount brokerage rates of Rs. 20 per trade.

You can invest in IPO, OFS, bonds and even avail loans against shares. Angel Broking has a pan India presence covering 18,649 pin codes with over 2.15 million operational broking accounts.

Angel Broking Brokerage Charges

Angel Broking does not have different trading plans. You need to pay a maximum of Rs. 20 per trade across the trading segment irrespective of the trading volume.

Trading Segment	Brokerage Charges
Equity Delivery	Rs. 0
Equity Intraday	Rs. 20 per trade or 0.25% (whichever is lower)
Futures – Equity / Commodity / Currency	Rs. 20 per trade or 0.25% (whichever is lower)
Options – Equity / Currency / Commodity	Rs. 20 per order or 0.25% (whichever is lower)

Angel Broking Account Opening & AMC Charges

Charges related to account opening are as under

Particulars	Charges
Trading account opening charges	Rs. 0
Demat Account	Rs. 0
Annual maintenance charges	First Year – Free. Second Year onwards – Rs. 20 per month

#7. Sharekhan

Sharekhan is a full-service stockbroker having two decades of industry presence with 2+ million clients and pan India presence across 541 cities.  

The value-added services include mutual fund investment and portfolio management services. New traders can benefit from various stock trading courses on Sharekhan Education.

Sharekhan offers research advisory customized for traders, investors and for mutual fund investment separately. 

Sharekhan Brokerage Charges 

Trading Type	Brokerage Charges
Equity Delivery	0.50% (minimum 10 paise per share)
Equity Intraday (on both legs)	0.10% (minimum 5 paise per share)
Equity Futures (1st leg) Equity Futures (2nd leg)	0.10%  0.02%
Equity Options (both legs)	2.5% (minimum Rs. 100 per lot)
Currency Futures (1st leg) Currency Futures (2nd leg)	0.10% (minimum 0.01 paise) Nil
Currency Options (1st leg) Currency Options (2nd leg)	2.5% or a minimum of Rs. 30 per lot Nil
Commodity Futures (1st leg) Commodity Futures (2nd leg)	0.10% Nil
Commodity Options	2.5%, maximum brokerage – Rs. 250 per lot

Sharekhan Account Opening & AMC Charges 

Particulars	Charges
Trading account opening charges	Rs. 0
Demat account opening charges	Rs. 0
Trading account annual maintenance charges	Rs. 0
Demat account annual maintenance charges	Up to Rs. 500 depending on the scheme

#8. Edelweiss

Edelweiss broking has over two decades of industry presence where you can invest & trade in shares, derivatives (F&O), mutual funds, insurance Gold ETF and IPO. 

Presently, they have a team of 11,938 professionals across 200 locations in India handling more than a million clients.

Edelweiss offers guided investing through portfolio organizer and research reports. 

Edelweiss Brokerage Charges 

Edelweiss has two brokerage plans

Particulars	Edelweiss Lite	Edelweiss Elite
Equity Delivery	Rs. 10 per executed order	0.30%
Equity Intraday	Rs. 10 per executed order	0.03%
Equity Futures	Rs. 10 per executed order	0.03%
Equity Options	Rs. 10 per executed order	Rs. 75 per lot
Currency Futures	Rs. 10 per executed order	0.02%
Currency Options	Rs. 10 per executed order	Rs. 20 per lot

You have the flexibility to switch accounts. Account switch is free when you switch from Lite to Elite. Whereas a fee of Rs. 2,500 is charged when you switch from the Elite to the Lite plan. 

Edelweiss Account Opening & AMC Charges 

Particulars	Edelweiss Lite	Edelweiss Elite
Account Opening	Rs. 0	Rs. 0
AMC Charges	First Year – Free Second Year onwards – Rs. 300	First Year – Free Second Year onwards – Rs. 500

#9. Kotak Securities

Backed by Kotak Mahindra Bank, Kotak Securities is a full-service stockbroker having presence in 393 cities with 1539 branches, franchisees. 

Services offered include investment in stocks, derivatives, mutual funds, IPOs and ETFs. You can also look for portfolio management and in house research advisory services. 

Kotak Securities Brokerage Charges 

Kotak Securities offers four plans, namely Fixed Brokerage plan, Dynamic Brokerage plan, Advance Brokerage plan and Shubh Trade plan.

#1. Fixed Brokerage Plan

Segment	Brokerage
Equity Delivery	0.49%, Min 4 paise per share
Intraday (both sides)	0.049%or Rs. 21 per executed order, whichever is higher Min 3 paise per share
Futures (both sides)	0.049%Min 3 paise per share subject to ceiling of 2.5% of contract value
Options	Rs. 300 per lot

#2. Dynamic Brokerage plan

For Delivery Trades

Slabs	Brokerage (both sides)
< Rs. 1 Lakh	0.59%
Rs. 1 Lakh to Rs. 5 Lakh	0.55%
Rs. 5 Lakh to Rs. 10 Lakh	0.45%
Rs. 10 Lakh to Rs. 20 Lakh	0.36%
Rs. 20 Lakh to Rs. 60 Lakh	0.27%
Rs. 60 Lakh to Rs. 2 Crores	0.23%
> Rs. 2 Crores	0.18%

For Intraday Trade

Slabs	Brokerage (both sides)
< Rs. 25 Lakh	0.06%
>Rs. 25 Lakh	0.05%

Futures 

Slabs	Brokerage (both sides)
< Rs. 25 Lakhs	0.06%
Rs. 25 Lakhs to Rs. 2 Crores	0.05%
Rs. 2 Crores to Rs. 5 Crores	0.04%
> Rs. 5 Crores	0.03%

Options – Brokerage is applicable on both sides

Monthly Premium Volume	Intraday Brokerage	Settlement Brokerage	Minimum Brokerage per lot
Up to Rs. 4 Lakhs	2.5%	2.5%	Rs. 300
Rs. 4 Lakhs to Rs. 11 Lakh	2.25%	2.5%	Rs. 240
> Rs. 11 Lakhs	1.8%	2.3%	Rs. 180

Currency Derivatives 

Monthly Volume Slab	Currency Futures	Currency Options
Rs. 0 to Rs. 3 Crores	0.040% or Rs. 20 whichever is higher	Rs. 20 per lot
Rs. 3 Crores to Rs. 8 Crores	0.036% or Rs. 18 whichever is higher	Rs. 18 per lot
Rs. 8 Crores to Rs. 15 Crores	0.030% or Rs. 15 whichever is higher	Rs. 15 per lot
Rs. 15 Crores to Rs. 30 Crores	0.020% or Rs. 10 whichever is higher	Rs. 10 per lot
> Rs. 30 Crores	0.015% or Rs. 7.5 whichever is higher	Rs. 7.5 per lot

#10. Motilal Oswal

Motilal Oswal is a full-service stockbroker with over three decades of industry presence and is known for solid research advisory. 

The broker has an in-house research team that covers 260+ companies & stocks in over 21 sectors. In fact, they spend almost 10% of the revenue on research and on hiring & training for research.

Motilal Oswal offers daily, weekly, monthly, quarterly and annual reports on stock markets, companies, various sectors, market analysis reports and thematic reports.

Brokerage, Admin and AMC Charges

Motilal offers three types of plans. The brokerage details under each plan are as under

#1. Value Pack

Value Amount	Delivery	Intraday (on each leg)	Futures Equity & Currency (on each leg)	Futures Commodity (on each leg)	Options Equity (per lot on each leg)	Options Currency (per lot on each leg)
Rs. 2000	0.40% (min 2 paise)	0.040%	0.040%	0.030%	Rs. 50	Rs. 20
Rs. 3000	0.35% (min 2 paise)	0.035%	0.035%	0.025%	Rs. 45	Rs. 18
Rs. 5000	0.30% (min 2 paise)	0.030%	0.030%	0.020%	Rs. 40	Rs. 15
Rs. 10,000	0.25% (min 2 paise)	0.025%	0.025%	0.015%	Rs. 30	Rs. 12
Rs. 30,000	0.20% (min 2 paise)	0.020%	0.020%	0.010%	Rs. 25	Rs. 11
Rs. 50,000	0.15% (min 2 paise)	0.015%	0.015%	0.008%	Rs. 25	Rs. 10
Rs. 1,00,000	0.10% (min 2 paise)	0.010%	0.010%	0.007%	Rs. 20	Rs. 8

• Admin charges under the value pack for all the slabs is Rs. 199 from the first year itself.

• The AMC charges are NIL for the first year. From the second year onwards the charges are Rs. 299 per annum.  

#2. Margin Scheme

Margin Up to	Delivery	Intraday (on each leg)	Futures Equity (on each leg)	Options Equity (per lot)	Currency F&O (per lot)	AMC Fee p.a	Admin Fee p.a
Rs. 9,999	0.50% (min 5 paise)	0.050%	0.050%	Rs. 100	Rs. 20	Rs. 800	Rs. 199
Rs. 10,000 to 24,999	0.50% (min 5 paise)	0.050%	0.050%	Rs. 100	Rs. 20	Rs. 299	Rs. 199
Rs. 25,000 to 49,999	0.40% (min 3 paise)	0.040%	0.040%	Rs. 75	Rs. 20	Free	NIL
Rs. 50,000 to 99,999	0.03% (min 3 paise)	0.030%	0.030%	Rs. 70	Rs. 20	Free	NIL
Rs. 1 lakh to 2,99,999	0.25% (min 3 paise)	0.025%	0.025%	Rs. 50	Rs. 20	Free	NIL
Rs. 3 lakh to 4,99,999	0.02% (min 2 paise)	0.020%	0.020%	Rs. 40	Rs. 20	Free	NIL
Rs. 5 Lakh	0.015% (min 1 paise)	0.015%	0.015%	Rs. 25	Rs. 20	Free	NIL

Margin Up to	Commodity Futures(on each leg)
Rs. 9,999	0.04%
Rs. 10,000 to 24,999	0.04%
Rs. 25,000 to 49,999	0.04%
Rs. 50,000 to 99,999	0.03%
Rs. 1 lakh to 2,99,999	0.02%
Rs. 3 lakh to 4,99,999	0.02%
Rs. 5 Lakh	0.01%

#3. AMC 999 Plan

Trading Type	Brokerage Charges
Equity Delivery	0.50%
Equity Intraday	0.05% on each leg
Equity Futures	0.05% on each leg
Equity Options	Rs. 100 per lot
Currency Futures and Options	Rs. 20 per lot
Commodity F&O	0.50% on each leg

Admin Charges – Rs. 199 annually

AMC Charges – Rs. 800 annually

Motilal Oswal Account Opening Charges

Particulars	Charges
Trading account opening charges	Rs. 0
Demat account opening charges	Rs. 999 (currently waived off)

#11. ICICI Direct

ICICI Direct research covers stock, companies, market and mutual funds. The research reports are available on the website and on the trading page. 

The research products include

• Pre-market views on momentum pick and derivatives
• Intraday recommendations on derivatives strategies and trends
• Monthly outlook on technicals, derivatives and mutual funds
• Long-term recommendations on companies, investments & model portfolio 

The period of different reports is from daily to yearly. 

ICICI Direct Brokerage Charges 

ICICI has an i-Secure plan, Prepaid brokerage plan, ICICI Direct Prime plan and ICICI Direct Neo plan. 

#1. Brokerage charges for the i-Secure plan

A variable percentage of brokerage is charged on the basis of quarterly turnover.  

Trading Type	Brokerage Charges
Equity Delivery	0.55% (including buy and sell)
Equity Intraday	0.275% ( the second leg is not charged)
Equity Futures	0.050% plus a flat brokerage of Rs. 50 on the second leg
Equity Options	Rs. 95 per lot plus a flat brokerage of Rs. 50 on the second leg
Currency / Commodity Futures	Rs. 20 per order
Currency Options	Rs. 20 per order

The brokerage for Margin and Margin Plus under the i-Secure Plan is 0.050%.

#2. Brokerage charges under Prepaid Brokerage plan

Prepaid value	Delivery brokerage	Intraday/ Futures	Equity Options	Currency F&O	Commodity Futures
Rs. 5,000	0.25%	0.025%	Rs. 35 per lot	Rs. 20 per order	Rs. 20 per order
Rs. 12,500	0.22%	0.022%	Rs. 30 per lot	Rs. 20 per order	Rs. 20 per order
Rs. 25,000	0.18%	0.018%	Rs. 25 per lot	Rs. 20 per order	Rs. 20 per order
Rs. 50,000	0.15%	0.015%	Rs. 20 per lot	Rs. 20 per order	Rs. 20 per order
Rs. 1,00,000	0.12%	0.012%	Rs. 15 per lot	Rs. 20 per order	Rs. 20 per order
Rs. 1,50,000	0.09%	0.009%	Rs. 10 per lot	Rs. 20 per order	Rs. 20 per order

Both buy and sell legs of Intra-day Futures & Options will be charged as per applicable brokerage rates

#3. Brokerage charges under ICICI Direct Prime plan

Prime Plan	Scheme validity	Delivery brokerage	Intraday/ Futures	Equity Options	Currency F&O	Commodity Futures
Rs. 299	365 days	0.27%	0.027%	Rs. 40 per lot	Rs. 20 per order	Rs. 20 per order
Rs. 999	365 days	0.22%	0.022%	Rs. 35 per lot	Rs. 20 per order	Rs. 20 per order
Rs. 1,999	365 days	0.18%	0.018%	Rs. 25 per lot	Rs. 20 per order	Rs. 20 per order
Rs. 2,999	365 days	0.15%	0.015%	Rs. 20 per lot	Rs. 20 per order	Rs. 20 per order

#4. ICICI Direct Neo Plan

Segment	Brokerage
Equity Intraday	Rs. 20 per order
Equity Futures	Rs. 0 per order
Equity Options	Rs. 20 per order
Currency F&O	Rs. 20 per order
Commodity F&O	Rs. 20 per order

You need to pay Rs. 299 as one time subscription fee for Neo plan. The brokerage in F&O will be charged on both legs.

ICICI Direct Account Opening & AMC Charges 

Particulars	Charges
Trading and Demat account opening charges	Rs. 0
Trading account annual maintenance charges	Rs. 0
Demat account annual maintenance charges	Rs. 700

ICICI Direct Trading Platforms 

#1. ICICI Trade Racer

ICICI Trade Racer trading platform is available in the web version, desktop version and on mobile devices.

Trade Racer comes with a market and Trend Scanner, Live Scanner to help analyze and trade. Trade Racer also offers “Heat maps” for spotting price movements. 

Best For

ICICI Direct is best if you already have an existing banking relationship with ICICI bank. You also benefit from their trading tips, research advisory and wealth management services.

Conclusion 

If you ask me which is the best stock broker in india then I would recommend you to open Zerodha account