Demat & Brokers · Discount
Discount Brokers
Flat-fee or zero-delivery brokerage. Most charge ₹20/order (or 0.03% on intraday/F&O) and zero on equity-delivery. Suit DIY investors who already know what they want to buy — minimal research, low cost. Top 4 (Zerodha, Groww, Upstox, Angel One) hold ~75% of new Indian demat accounts as of 2026.
Who needs this
DIY investors comfortable picking stocks/funds themselves. Frequent traders (intraday + F&O) where ₹20-flat brokerage compounds into meaningful savings. Anyone wanting to minimise fixed costs.
At a glance
Equity delivery
₹0
Zero brokerage across all top discount brokers
Intraday brokerage
₹20 / 0.03%
Whichever is lower
F&O brokerage
₹20 / order
Flat across all segments
AMC (annual)
₹0-450
Many waive for first year
Account opening
₹0-200
Most are zero
Regulator
SEBI + NSE/BSE
Same as full-service
Top brokers — Discount
Source: broker rate cards · verified FY26 Q1
| Broker | Delivery | Intraday | F&O | AMC |
|---|---|---|---|---|
Zerodha Largest by active clients | ₹0 | ₹20 | ₹20 | ₹300 |
Groww Mobile-first, MF + stocks unified | ₹0 | ₹20 | ₹20 | ₹0 |
Angel One Free advisory layer | ₹0 | ₹20 | ₹20 | ₹240 |
Upstox Lifetime free AMC | ₹0 | ₹20 | ₹20 | ₹0 |
Dhan Trader-focused, advanced charts | ₹0 | ₹20 | ₹20 | ₹0 |
Paytm Money Lowest intraday rate | ₹0 | ₹15 | ₹15 | ₹0 |
Key decisions
Zerodha vs Groww — which is better?
Zerodha is the industry default: deepest charting (Kite + TradingView), best ecosystem (Streak, Sensibull, Smallcase integration), largest active user base. Groww is more beginner-friendly: cleaner mobile UX, unified MF + stocks in one app, zero AMC. For pure trading: Zerodha. For first-time investor with mixed MF + stocks: Groww.
Are discount brokers really safe?
Yes — they're all SEBI-registered and operate through NSDL/CDSL depositories. Funds are held with NSE/BSE clearing corporations, NOT with the broker. Even if the broker goes under, your securities are safe in the depository. The risk is broker-specific operational issues (system outages during expiry day) — not solvency.
Do I need a discount broker if I only invest in mutual funds?
If you ONLY buy MFs, you don't strictly need a demat account — direct-plan MFs can be bought via AMC websites, CAMS/KFin, or MF-only platforms (Coin by Zerodha, Groww MF, ET Money). But a unified demat lets you hold MF units + stocks + ETFs + bonds in one place — usually more convenient.
Useful calculators
Regulatory notes — SEBI / NSDL / CDSL
- All listed brokers are SEBI-registered Stock Brokers + Depository Participants (NSDL or CDSL).
- Funds in your trading account are NOT with the broker — they sit with the exchange's clearing corp.
- Securities are held in your demat account with the depository (NSDL/CDSL), not the broker.
- Brokerage rates shown are advertised pricing — final charges include STT, SEBI fees, GST, stamp duty.