Choosing a broker is one of the first real decisions a new Indian trader or investor makes, and it’s more than just picking the app with the lowest brokerage. Account charges, platform reliability, product range, and even how good the mutual fund or IPO experience is can matter as much as the per-order fee. Here’s how four of India’s largest discount brokers – Zerodha, Groww, Upstox, and Angel One – compare on the numbers that actually affect your returns.
Key Takeaways
- All four brokers charge close to zero or a small flat fee for equity delivery, and around ₹20 per order (or a small percentage, whichever is lower) for intraday and F&O trades.
- Zerodha offers genuinely free equity delivery and has the most mature, battle-tested trading platform (Kite) of the four.
- Groww and Angel One charge ₹0 account opening and ₹0 AMC, which can matter if you’re starting with a very small account.
- Upstox and Angel One both run promotional free-trading windows for new users; read the fine print on how long the promo lasts before you rely on it.
- Brokerage charges change fairly often industry-wide – always check the broker’s own pricing page before opening an account, since third-party comparison sites can lag behind actual changes.
Zerodha vs. Groww vs. Upstox vs. Angel One: Charges Compared
| Charge | Zerodha | Groww | Upstox | Angel One |
|---|---|---|---|---|
| Account opening | Free | Free | Free | Free |
| Annual maintenance (AMC) | Free 1st year; then free up to ₹4L holdings (BSDA), else ₹100–300+GST/year | ₹0 | Free 1st year; then ₹300+GST/year | Free 1st year; then ₹60+GST/quarter |
| Equity delivery | ₹0 (free) | Lower of ₹20 or 0.1% (min ₹5) | ₹20/order flat | Lower of ₹20 or 0.1% (min ₹5)* |
| Equity intraday | Lower of 0.03% or ₹20/order | Lower of ₹20 or 0.1% (min ₹5) | Lower of ₹20 or 0.1% | Lower of ₹20 or 0.1% (min ₹5)* |
| Futures | Lower of 0.03% or ₹20/order | ~₹20/order (check app) | Lower of 0.05% or ₹20/order | ₹20/order flat* |
| Options | Flat ₹20/order | ~₹20/order (check app) | Flat ₹20/order | ₹20/order flat* |
*Angel One and Upstox both run promotional zero-brokerage windows for new accounts (e.g. free trades up to a value cap for the first 30 days) – the rates above are their standard post-promotion charges. Rates sourced from each broker’s own pricing page as of September 2026; brokers revise pricing periodically, so confirm current rates before opening an account.
Zerodha: The Established All-Rounder
Zerodha remains India’s largest broker by active client count, and its Kite platform is widely considered the most stable and full-featured of the major discount brokers. Equity delivery is genuinely free with no minimum, and its intraday/F&O pricing (0.03% or ₹20, whichever is lower) tends to work out cheaper than flat ₹20 pricing for smaller trade sizes. It also owns Coin (direct mutual funds) and Varsity (free market education), which rounds out the ecosystem well for long-term investors.
Best for: traders and investors who want a mature, reliable platform and are comfortable with a slightly more traditional interface.
Groww: Simplicity and Mutual Funds First
Groww built its user base on being the simplest way to invest in mutual funds, and has since expanded into stocks, F&O, and even US stock investing. Zero account opening and zero AMC make it easy to start with a small amount, and the app’s clean design is a common reason beginners pick it as a first broker.
Best for: first-time investors who started with mutual funds and want one app for both funds and stocks.
Upstox: Backed by Ratan Tata, Built for Speed
Upstox has invested heavily in charting and order execution speed, and its flat ₹20 delivery brokerage (rather than free) is offset by a genuinely fast, feature-rich trading terminal that active traders tend to like. Its F&O futures pricing (0.05% or ₹20, whichever is lower) is slightly higher than Zerodha’s but still competitive.
Best for: active traders who prioritize charting tools and execution speed over the absolute lowest delivery brokerage.
Angel One: Advisory Tools Built In
Angel One differentiates itself with a built-in, AI-driven advisory layer that suggests stocks and mutual funds – something the purely execution-focused apps don’t offer. Its ongoing promotional pricing (free brokerage up to a value cap for new users) can make it attractive to start with, though standard charges after the promo are in line with the rest of the market.
Best for: newer investors who want built-in recommendations rather than researching picks entirely on their own.
How to Actually Choose
- Mostly buy-and-hold equity or mutual funds? Zerodha’s free delivery or Groww’s mutual-fund-first design both work well.
- Trade F&O or intraday frequently? Compare the percentage-based rates (Zerodha, Upstox) against your typical trade size – percentage pricing usually beats flat ₹20 fees only above a certain trade value. Run your numbers through our brokerage calculator before committing.
- Want built-in research or advisory? Angel One’s advisory tools are the most built-out of the four.
- Platform reliability during volatile markets matters most? Zerodha and Upstox both have a longer track record of holding up during high-volume trading days than newer entrants.
Brokerage charges, AMC, and promotional offers change frequently across the industry. The figures above reflect each broker’s published rates as of September 2026 – always check the broker’s official pricing page before opening an account or relying on a specific rate.
