Best Discount Brokers in India
Flat-fee brokers compared on delivery, intraday and F&O charges, AMC and DP fees — using each broker's official pricing.
Fees checked on against each broker's official pricing page.
Our lists are editorially independent. Some links may be sponsored — how we make money.
Our shortlist
Zerodha
Discount broker · ₹0 delivery
₹0 delivery; 0.03% or ₹20 intraday/futures; ₹20 options.
- Delivery
- ₹0
- Intraday
- 0.03% or ₹20
- F&O
- ₹20/order
- AMC
- Free yr 1; ₹300/yr + GST
Kotak Securities
Bank-group broker (Kotak Neo) · ₹10 trading
₹10 or 0.05% intraday and ₹10 F&O; delivery 0.20% (free plan).
- Delivery
- 0.20% (₹0 Youth)
- Intraday
- 0.05% or ₹10
- F&O
- ₹10/order
- AMC
- ₹50/month + GST (non-BSDA)
Groww
Discount broker · ₹0 AMC
0.1% or ₹20 equity; ₹20 F&O; ₹0 AMC.
- Delivery
- 0.1% or ₹20
- Intraday
- 0.1% or ₹20
- F&O
- ₹20/order
- AMC
- ₹0
Angel One
Discount broker with research · With research
0.1% or ₹20 equity; ₹20 F&O; research arm.
- Delivery
- 0.1% or ₹20
- Intraday
- 0.1% or ₹20
- F&O
- ₹20/order
- AMC
- Free yr 1; ₹60/qtr + GST
Upstox
Discount broker · Free API
₹20 delivery; ₹20 caps on trading; free API.
- Delivery
- ₹20/order
- Intraday
- 0.1% or ₹20
- F&O
- ₹20/order
- AMC
- Free yr 1; ₹300/yr + GST
5paisa
Discount broker · One flat fee
₹20 on every order across segments.
- Delivery
- ₹20/order
- Intraday
- ₹20/order
- F&O
- ₹20/order
- AMC
- Free yr 1; ₹25/month + GST
What is a discount broker?
A discount broker executes your trades for a low flat fee (typically ₹20 per executed order, sometimes ₹0 for delivery) instead of a percentage of trade value. In return, you usually get no personal advice or relationship manager. Discount brokers are SEBI-registered stock brokers just like full-service firms; the difference is the service model, not the regulation.
How the flat fees compare
| Broker | Delivery | Intraday | F&O |
|---|---|---|---|
| Zerodha | ₹0 | 0.03% or ₹20 | ₹20 (options), 0.03% or ₹20 (futures) |
| Kotak Neo (Trade Free) | 0.20% | 0.05% or ₹10 | ₹10 |
| Groww | 0.1% or ₹20 | 0.1% or ₹20 | ₹20 |
| Angel One | 0.1% or ₹20 | 0.1% or ₹20 | ₹20 |
| Upstox | ₹20 | 0.1% or ₹20 | ₹20 (options), 0.05% or ₹20 (futures) |
| 5paisa | ₹20 | ₹20 | ₹20 |
"0.1% or ₹20" means you pay whichever is lower. On an order of ₹20,000 or more, you pay the ₹20 cap; on a ₹5,000 order you pay ₹5.
What discount brokers don't give you
Most discount brokers do not provide stock recommendations, portfolio advice or a dedicated relationship manager. Some charge extra for services that full-service brokers bundle, such as call & trade (₹20–₹75 per order depending on the broker) and auto square-off of intraday positions.
Full charges
| Broker | Account opening | AMC | Delivery | Intraday | Options | DP charge |
|---|---|---|---|---|---|---|
| Zerodha | ₹0 | Free yr 1; ₹300/yr + GST | ₹0 | 0.03% or ₹20 | ₹20/order | ₹15.34/scrip/day |
| Kotak Securities | ₹0 (₹99 Youth) | ₹50/month + GST (non-BSDA) | 0.20% (₹0 Youth) | 0.05% or ₹10 | ₹10/order | 0.04% (min ₹20) + GST/day |
| Groww | ₹0 | ₹0 | 0.1% or ₹20 | 0.1% or ₹20 | ₹20/order | ₹23.60/sell order |
| Angel One | ₹0 | Free yr 1; ₹60/qtr + GST | 0.1% or ₹20 | 0.1% or ₹20 | ₹20/order | ₹23.60/sell txn |
| Upstox | ₹0* | Free yr 1; ₹300/yr + GST | ₹20/order | 0.1% or ₹20 | ₹20/order | ₹23.60/scrip/day |
| 5paisa | ₹0 | Free yr 1; ₹25/month + GST | ₹20/order | ₹20/order | ₹20/order | ₹23.60/ISIN debit |
How we chose these discount brokers
We paid nothing for inclusion. We took the published tariff of each flat-fee broker, worked out a realistic annual bill for an active investor (brokerage, AMC and DP charges together) and checked what the platform gives back in tools and reliability.
- Flat-fee maths — the per-order cap, delivery charge and where a percentage still applies.
- Recurring costs — the yearly AMC and the DP charge that bites every time you sell.
- Tools for self-directed traders — charts, order types, margin and API access.
- Fee transparency — whether the broker lists every charge or leaves gaps.
Discount does not automatically mean cheapest once AMC and DP charges are counted. Check your own pattern with the brokerage calculator.
Worked example: what 100 round trips cost
Discount brokers look alike because most advertise "₹20 per order". The difference shows up in the percentage part of each rule, which matters for small orders. Brokerage for 100 round trips (200 orders):
| Broker | Intraday, ₹10,000 per side | Intraday, ₹1 lakh per side | Futures, ₹5 lakh per side |
|---|---|---|---|
| Zerodha | ₹600 | ₹4,000 | ₹4,000 |
| Kotak Securities | ₹1,000 | ₹2,000 | ₹2,000 |
| Groww | ₹2,000 | ₹4,000 | ₹4,000 |
| Angel One | ₹2,000 | ₹4,000 | ₹4,000 |
| Upstox | ₹2,000 | ₹4,000 | ₹4,000 |
| 5paisa | ₹4,000 | ₹4,000 | ₹4,000 |
At ₹10,000 per side, a 0.03% rule costs ₹3 per order while a flat ₹20 costs ₹20, so small-ticket intraday traders pay very different amounts. At ₹1 lakh and above, nearly every discount broker hits its cap and the figures converge — except Kotak Neo's ₹10 cap.