Anand Rathi vs Zerodha

A full side-by-side comparison of brokerage charges, demat AMC, margin, platforms, features and user ratings — updated for 2026.

Anand Rathi
Anand Rathi
Full-Service Broker · since 1994
VS
Zerodha
Discount Broker · since 2010
Zerodha

Anand Rathi vs Zerodha — quick verdict

Choose Anand Rathi if

You want research and offline support

Powered by Trust. Driven by Research.

Choose Zerodha if

You want low-cost, self-directed trading

India's largest discount broker — ₹0 equity delivery, flat ₹20 intraday/F&O and the clean, reliable Kite platform.

Company overview

Anand Rathi is a full-service broker incorporated in 1994; Zerodha is a discount broker incorporated in 2010.

ParameterAnand RathiZerodha
Type of broker Full-Service Broker Discount Broker
Exchange membership NSE · BSE · MCX · NCDEX · MSEI NSE · BSE · MCX
Year of incorporation 1994 older 2010
Number of branches 1,200+ wider 0
Active clients 6 Lakh+ ~1.6 crore larger

Charges & AMC

Account-opening and maintenance charges for Anand Rathi and Zerodha compared side by side.

ParameterAnand RathiZerodha
Trading a/c opening ₹0 (Online) ₹200 (Online)
Trading a/c AMC ₹0 ₹0 (Free)
Demat a/c opening ₹0 ₹0 (Free)
Demat a/c AMC ₹450 + GST per year ₹300 lower
DP charges (per ISIN, sell) ₹15.93 per debit transaction (including GST) ₹13.5 + GST per debit lower

Brokerage charges

How Anand Rathi and Zerodha price each trading segment, per executed order.

ParameterAnand RathiZerodha
Equity Delivery 0.30% ₹0 (Free)
Equity Intraday 0.03% ₹20 or 0.03% (lower)
Equity Futures 0.03% ₹20 or 0.03% (lower)
Equity Options ₹20 per executed order ₹20 / order
Currency F&O 0.03% ₹20 or 0.03% (lower)
Commodity F&O 0.03% ₹20 or 0.03% (lower)
Call & Trade ₹20 per executed order +₹50/order

Transaction charges (exchange turnover)

Exchange turnover and clearing charges passed through by Anand Rathi and Zerodha, per segment.

ParameterAnand RathiZerodha
Equity Delivery NSE: 0.00297% • BSE: 0.00375% NSE Rs 325 per Cr (0.00325%) | BSE Rs 375 per Cr (0.00375%)
Equity Intraday NSE: 0.00297% • BSE: 0.00375% NSE Rs 325 per Cr (0.00325%) | BSE Rs 375 per Cr (0.00375%)
Equity Futures NSE: 0.00173% NSE Rs 190 per Cr (0.0019%) | BSE Rs 0
Equity Options NSE: 0.03503% (on premium) NSE Rs 3503 per Cr (0.03503%) | BSE Rs 275 per Cr (on premium)
Currency Futures NSE: 0.00035% NSE Rs 90 per Cr (0.0009%) | BSE Rs 45 per Cr
Currency Options NSE: 0.03110% (on premium) —
Commodity Futures MCX: 0.00210% —
Commodity Options MCX: 0.04180% (on premium) —

Demat & DP charges

Depository (demat) charges for Anand Rathi and Zerodha — AMC, debit transactions, pledging and remat.

ParameterAnand RathiZerodha
Demat Account Opening ₹0 —
Annual Maintenance Charges (AMC) ₹450 + GST per year Rs 300 + GST per year (Rs 75 + GST per quarter)
Debit Transaction Charges ₹15.93 per debit transaction (including GST) —
Pledge / Unpledge Charges ₹25 + GST per request —
Dematerialisation (Demat) ₹150 per certificate + GST —
Rematerialisation (Remat) ₹150 per certificate + GST —
Failed Transactions Nil Nil
Demat Account Opening Charges — Rs 0 (Free)
Transaction Charges (Sell) — Rs 13.5 + GST per scrip (per day)
Pledge Creation / Invocation — Rs 30 + GST per request
Remat — Rs 150 + GST per certificate + CDSL charges

Margin & leverage (MTF)

Intraday and delivery margin / leverage offered by Anand Rathi and Zerodha.

ParameterAnand RathiZerodha
Equity Delivery 100% of trade value (1x) 100% of trade value (1x)
Equity Intraday VAR + ELM Margin (Up to 5x*) Up to 20% of trade value (Up to 5x)
Equity Futures SPAN + Exposure Margin (As per available margin) 100% NRML (Span + Exposure) (1x)
Equity Options (Buy) Premium Value (Not Applicable) —
Equity Options (Sell) SPAN + Exposure Margin (As per available margin) —
Currency Futures & Options SPAN + Exposure Margin (As per available margin) —
Commodity Futures & Options SPAN + Exposure Margin (As per available margin) —

Features & account

Account type and feature availability across Anand Rathi and Zerodha.

ParameterAnand RathiZerodha
3-in-1 account ✕ No ✕ No
Automated / API trading ✓ Yes ✓ Yes
Margin Trading (MTF) ✓ Yes better ✕ No
Trading in SME shares ✓ Yes ✓ Yes
Trading platforms AR Invest Web, AR Invest Mobile App, Anand Rathi Trade Mobi / Desktop Kite, Console, Coin, Kite Connect
Intraday square-off 3:15 PM 3:20 PM
Other Research Reports, Trading Calls, Advanced Charting, Option Chain, Basket Orders, Price Alerts, eDIS, Margin Trading Facility (MTF), PMS, AIF, Wealth Management GTT orders, Coin (free direct mutual funds), Varsity education. No MTF, Bracket or Cover orders.

Trading platforms & apps

Trading terminals, web platforms and mobile apps offered by Anand Rathi and Zerodha.

ParameterAnand RathiZerodha
Trading platforms offered AR Invest Web, AR Invest Mobile App, Anand Rathi Trade Mobi / Desktop Kite, Console, Coin
Number of platforms 3 3
Platforms (summary) AR Invest Web, AR Invest Mobile App, Anand Rathi Trade Mobi / Desktop Kite, Console, Coin, Kite Connect
Mobile / desktop apps Web, Mobile, Desktop Web + Mobile, Web, Mobile

User ratings

User ratings for Anand Rathi and Zerodha across the key parameters.

Rated onAnand RathiZerodha
Fees 4.1 4.5 better
Brokerage 4.2 4.6 better
Trading platform 4.5 4.6 better
Customer service 4.6 better 3.8
Research 4.8 better 3.6
Overall 4.4 4.5 better

Investment options

Which investment products Anand Rathi and Zerodha let you access.

ParameterAnand RathiZerodha
Stocks / Equity ✓ Yes ✓ Yes
Commodity ✓ Yes ✓ Yes
IPO ✓ Yes ✓ Yes
Mutual Funds ✓ Yes ✓ Yes
Bonds / NCD ✓ Yes ✓ Yes

Order types offered

Advanced order types supported by Anand Rathi and Zerodha.

ParameterAnand RathiZerodha
Bracket Order ✓ Yes better ✕ No
Cover Order ✓ Yes better ✕ No
BTST ✓ Yes ✓ Yes
After Market (AMO) ✓ Yes ✓ Yes
GTC / GTT ✕ No ✓ Yes better

Safety & credibility

SEBI registration, financial strength and complaint record for Anand Rathi and Zerodha.

ParameterAnand RathiZerodha
SEBI registration INZ000170832 INZ000031633
NSE member code 09280 13179
Year of incorporation 1994 longer track record 2010
Net worth ₹2,300+ Cr ₹13,000+ Cr stronger
Exchange memberships NSE · BSE · MCX · NCDEX · MSEI NSE · BSE · MCX
Latest complaint ratio 0.003% fewer complaints 0.030%

Complaints record

Exchange complaint data for Anand Rathi and Zerodha — the ratio matters more than the raw count.

ParameterAnand RathiZerodha
Latest financial year 2025–26 2025-26
Exchange NSE NSE
Active clients 6,48,217 80,12,000 larger base
Complaints filed 22 2,400
Complaint ratio 0.003% fewer complaints 0.030%

Pros & cons

The main advantages and drawbacks of each broker.

Anand Rathi

▲ Pros

  • ✓ Strong equity and commodity research with expert advisory.
  • ✓ Comprehensive wealth management and investment solutions.
  • ✓ Supports stocks, F&O, commodities, currencies, IPOs, mutual funds, bonds, PMS, AIFs, and insurance.
  • ✓ Large nationwide branch and relationship manager network.
  • ✓ Advanced web, mobile, and desktop trading platforms.
  • ✓ Personalized investment recommendations for retail and HNI clients.

▼ Cons

  • ✕ Brokerage charges are generally higher than discount brokers.
  • ✕ Annual Demat AMC is applicable.
  • ✕ Advanced wealth management services are primarily targeted at premium clients.
  • ✕ Call & Trade charges may apply.
  • ✕ Frequent traders may find discount brokers more economical.
Zerodha

▲ Pros

  • ✓ Free (₹0) equity delivery investing.
  • ✓ Clean, fast and reliable Kite web & mobile platform.
  • ✓ GTT (Good Till Triggered) orders and Coin for free direct mutual funds.
  • ✓ Strong educational content through Varsity.
  • ✓ India's largest retail broker — bootstrapped, profitable and debt-free.
  • ✓ Transparent flat pricing with no hidden charges.

▼ Cons

  • ✕ No MTF / margin funding (pay-later) facility.
  • ✕ No 3-in-1 account and no Bracket or Cover orders.
  • ✕ No in-house stock research, tips or relationship manager.
  • ✕ Support is largely ticket-based; no branch network.
  • ✕ ₹200 account opening charge and ₹50 Call & Trade fee.
  • ✕ Occasional load on the platform during high-volatility sessions.
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Anand Rathi vs Angel One Anand Rathi vs Upstox Anand Rathi vs Groww Anand Rathi vs ICICI Direct Anand Rathi vs Kotak Neo Anand Rathi vs HDFC Securities Anand Rathi vs SBI Securities Anand Rathi vs Motilal Oswal Anand Rathi vs Paytm Money Anand Rathi vs Mirae Asset Sharekhan Anand Rathi vs Axis Direct Anand Rathi vs 5paisa Anand Rathi vs Choice Broking Anand Rathi vs m.Stock Anand Rathi vs Sahi Anand Rathi vs FYERS Securities Anand Rathi vs SMC Global Anand Rathi vs Jainam Broking Limited

Compare Zerodha with

Zerodha vs Angel One Zerodha vs Upstox Zerodha vs Groww Zerodha vs ICICI Direct Zerodha vs Kotak Neo Zerodha vs HDFC Securities Zerodha vs SBI Securities Zerodha vs Motilal Oswal Zerodha vs Paytm Money Zerodha vs Mirae Asset Sharekhan Zerodha vs Axis Direct Zerodha vs 5paisa Zerodha vs Choice Broking Zerodha vs m.Stock Zerodha vs Sahi Zerodha vs FYERS Securities Zerodha vs SMC Global Zerodha vs Jainam Broking Limited
Disclaimer: Investments in the securities market are subject to market risks; read all related documents carefully before investing. This page is for information only and is not investment advice. Brokerage, AMC and other charges change frequently — always verify against the broker's official website before opening an account. Affiliate disclosure: "Open account" links are affiliate links and we may earn a commission at no extra cost to you; this does not influence our ratings.