Zerodha vs Kotak Securities (Kotak Neo)
Zerodha charges ₹0 on delivery; Kotak Neo charges ₹10 per order on intraday and F&O. The better choice depends on what you trade.
Fees checked on against each broker's official pricing page.
Zerodha
Discount broker
Kotak Securities
Bank-group broker (Kotak Neo)
Charges side by side
| Charge | Zerodha | Kotak Securities |
|---|---|---|
| Account opening | Free for individual accounts; ₹500 for NRI and corporate accounts. | Free on the Trade Free Plan; Trade Free Youth has a ₹99 one-time fee (for under-30s). |
| Demat AMC | Free for the first year for resident individual accounts opened on or after 1 June 2026 (primary demat). After that, Basic Services Demat Account (BSDA): free for holdings up to ₹4 lakh, ₹100 per year + GST for ₹4–10 lakh; non-BSDA: ₹300 per year + 18% GST, charged quarterly. | BSDA: ₹0 for holdings up to ₹4 lakh; ₹100 + GST a year for ₹4–10 lakh; above ₹10 lakh the account converts to non-BSDA. Non-BSDA: ₹0 in a month when the highest holding value is ₹1,000 or less; otherwise ₹50 + GST per month. |
| Equity delivery | ₹0 (zero brokerage). | Trade Free Plan: 0.20%. Trade Free Youth (under 30): ₹0. Trade Free Pro (₹249/month): 0.10%. |
| Equity intraday | 0.03% or ₹20 per executed order, whichever is lower. | ₹10 or 0.05% per executed order, whichever is lower (all Trade Free plans). |
| Futures | 0.03% or ₹20 per executed order, whichever is lower. | ₹10 per executed order. |
| Options | Flat ₹20 per executed order. | ₹10 per executed order. |
| Commodity | Same pattern as equity: 0.03% or ₹20 for futures, ₹20 flat for options. | — |
| Currency | 0.03% or ₹20 for futures, ₹20 flat for options. | — |
| DP charge (on selling delivery shares) | Once per stock (ISIN) per day. ₹3.50 CDSL + ₹9.50 Zerodha + 18% GST = ₹15.34. Women first holders get a ₹0.25 CDSL discount (₹15.05). Selling the same stock once or several times on one day costs one DP charge. | Once per stock (ISIN) per day. Trade Free plans: 0.04% of the value of securities sold, minimum ₹20, on delivery and BTST sells (mutual funds and ETFs ₹0 on market trades). Kotak's support page says digital plans are charged once per stock per day irrespective of quantity. Kotak's investing guide instead describes a per-sell-trade charge (see conflicts). GST is not stated on the tariff tab; the calculator adds 18%. |
| Margin trading (MTF) | Interest 0.04% per day; MTF brokerage 0.3% or ₹20 per order, whichever is lower. | 14.99% a year (0.041% per day) on the Trade Free Plan; 9.69% a year on Trade Free Pro. |
| Other notable charges | Call & trade: ₹50 per order (also charged for auto square-off). Direct mutual funds on Coin: no commission. A 27 Mar 2026 clarification states an extra ₹20 per F&O order applies only to accounts using collateral margin without at least 50% cash margin when the shortfall exceeds ₹5 lakh. | ₹0 brokerage for the first 30 days on the Trade Free Plan. Call & trade: ₹49 + GST per executed order. Switching fee for existing clients: ₹499 + GST. |
Company, regulation & platforms
| Zerodha | Kotak Securities | |
|---|---|---|
| Type | Discount broker | Bank-group broker (Kotak Neo) |
| Legal entity | Zerodha Broking Limited | Kotak Securities Limited |
| SEBI registration | INZ000031633 | INZ000200137 |
| Mobile app | Kite (Android, iOS) | Kotak Neo app (Android, iOS) |
| Web / desktop | Kite web, Console (reports), Coin (mutual funds), Kite Connect API | Kotak Neo web |
| Best for | Low-cost long-term investing | Low per-order cost for intraday and F&O |
Key differences
Delivery: Zerodha ₹0. Kotak Neo 0.20% on the free Trade Free Plan, ₹0 on Trade Free Youth (under 30) and 0.10% on Trade Free Pro.
Intraday: Zerodha 0.03% or ₹20; Kotak 0.05% or ₹10. For orders above ₹20,000, Kotak's ₹10 cap is lower; for smaller orders Zerodha's 0.03% is lower.
F&O: Zerodha ₹20 on options; Kotak ₹10 on futures and options.
AMC: Zerodha ₹300 + GST a year (non-BSDA; year one free for accounts opened on or after 1 Jun 2026). Kotak's non-BSDA AMC is ₹50 + GST a month, but ₹0 in any month your maximum holding is ₹1,000 or less.
DP: Zerodha ₹15.34 per stock per day. Kotak Trade Free charges 0.04% of the sale value, minimum ₹20, plus GST (we add 18%), so a ₹1 lakh sale costs about ₹47.20. Kotak's support page says once per stock per day; its investing guide describes a per-trade charge, so confirm with Kotak.
The examples above use brokerage alone; statutory charges (GST, STT, exchange, SEBI and stamp duty) apply on top and do not differ much between the two.
Which should you choose?
- Choose Zerodha for buy-and-hold investing with ₹0 delivery (unless you qualify for Kotak Trade Free Youth).
- Choose Kotak Neo for frequent intraday or F&O trading, where ₹10 per order halves the typical ₹20 cap.
Zerodha
Pros
- ₹0 brokerage on equity delivery
- Clearly published, easy-to-read charges page
- Mature in-house platforms (Kite, Console, Coin)
Cons
- No research calls or advisory
- ₹300/year + GST AMC on non-BSDA accounts
- Call & trade costs ₹50 per order
Kotak Securities
Pros
- ₹10 per order on intraday and F&O
- ₹0 delivery on Trade Free Youth (under 30)
- ₹0 brokerage for the first 30 days on the Trade Free Plan
Cons
- 0.20% delivery brokerage on the default free plan
- Percentage DP charge (0.04%, minimum ₹20) costs more than flat-fee DP on large sales
- ₹50 + GST monthly AMC for non-BSDA accounts
Full Kotak Securities review →
Visit Kotak Securities websiteFrequently asked questions
Is Kotak Neo cheaper than Zerodha for F&O?
On published rates, yes: ₹10 per order versus ₹20 on options at Zerodha.
Sources
- Zerodha – official pricing — accessed 30 September 2026
- Kotak Securities – official pricing — accessed 30 September 2026