HDFC Securities vs Zerodha
A full side-by-side comparison of brokerage charges, demat AMC, margin, platforms, features and user ratings — updated for 2026.
HDFC Securities
VS
Zerodha
HDFC Securities vs Zerodha — quick verdict
Choose HDFC Securities if
You want research and offline support
Invest Right. Invest Now.
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
HDFC Securities is a full-service broker incorporated in 2000; Zerodha is a discount broker incorporated in 2010.
| Parameter | HDFC Securities | Zerodha |
|---|---|---|
| Type of broker | Full-Service Broker | Discount Broker |
| Exchange membership | NSE · BSE · MCX | NSE · BSE · MCX |
| Year of incorporation | 2000 older | 2010 |
| Number of branches | 200+ wider | 0 |
| Active clients | ~14.6 Lakh | ~1.6 crore larger |
Charges & AMC
Account-opening and maintenance charges for HDFC Securities and Zerodha compared side by side.
| Parameter | HDFC Securities | Zerodha |
|---|---|---|
| Trading a/c opening | ₹999 + GST | ₹200 (Online) |
| Trading a/c AMC | ₹0 (Free) | ₹0 (Free) |
| Demat a/c opening | ₹0 (Free) | ₹0 (Free) |
| Demat a/c AMC | ₹750 per year* | ₹300 lower |
| DP charges (per ISIN, sell) | ₹18.50 + GST per debit transaction | ₹13.5 + GST per debit lower |
Brokerage charges
How HDFC Securities and Zerodha price each trading segment, per executed order.
| Parameter | HDFC Securities | Zerodha |
|---|---|---|
| Equity Delivery | 0.10% | ₹0 (Free) |
| Equity Intraday | 0.03% | ₹20 or 0.03% (lower) |
| Equity Futures | ₹20 per executed order or 0.03% (whichever is lower) | ₹20 or 0.03% (lower) |
| Equity Options | ₹20 per executed order | ₹20 / order |
| Currency F&O | ₹20 per executed order | ₹20 or 0.03% (lower) |
| Commodity F&O | ₹20 per executed order | ₹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 HDFC Securities and Zerodha, per segment.
| Parameter | HDFC Securities | Zerodha |
|---|---|---|
| Equity Delivery | NSE ₹297 per Cr (0.00297%) | BSE ₹297 per Cr (0.00297%) | NSE Rs 325 per Cr (0.00325%) | BSE Rs 375 per Cr (0.00375%) |
| Equity Intraday | NSE ₹297 per Cr (0.00297%) | BSE ₹297 per Cr (0.00297%) | NSE Rs 325 per Cr (0.00325%) | BSE Rs 375 per Cr (0.00375%) |
| Equity Futures | NSE ₹173 per Cr (0.00173%) | BSE ₹173 per Cr (0.00173%) | NSE Rs 190 per Cr (0.0019%) | BSE Rs 0 |
| Equity Options | NSE ₹3,503 per Cr (0.03503%) | BSE ₹3,250 per Cr (0.0325%) | NSE Rs 3503 per Cr (0.03503%) | BSE Rs 275 per Cr (on premium) |
| Currency Futures | NSE ₹35 per Cr (0.00035%) | BSE ₹35 per Cr (0.00035%) | NSE Rs 90 per Cr (0.0009%) | BSE Rs 45 per Cr |
| Currency Options | NSE ₹3,100 per Cr (0.0311%) | BSE ₹1,000 per Cr (0.01%) | — |
| Commodity Futures | MCX ₹260 per Cr (0.00260%) | — |
| Commodity Options | MCX ₹5,000 per Cr (0.05%) | — |
Demat & DP charges
Depository (demat) charges for HDFC Securities and Zerodha — AMC, debit transactions, pledging and remat.
| Parameter | HDFC Securities | Zerodha |
|---|---|---|
| Demat Account Opening | ₹0 (Free) | — |
| Transaction Charges (Sell) | ₹18.50 + GST per debit transaction | Rs 13.5 + GST per scrip (per day) |
| Annual Maintenance Charges (AMC) | ₹750 per year* | Rs 300 + GST per year (Rs 75 + GST per quarter) |
| Pledge Creation / Invocation | ₹25 + GST per request | Rs 30 + GST per request |
| Remat | ₹25 per certificate + applicable charges | Rs 150 + GST per certificate + CDSL charges |
| Failed Transactions | Nil | Nil |
| Demat Account Opening Charges | — | Rs 0 (Free) |
Margin & leverage (MTF)
Intraday and delivery margin / leverage offered by HDFC Securities and Zerodha.
| Parameter | HDFC Securities | Zerodha |
|---|---|---|
| Equity Delivery | 100% of trade value (1x) | 100% of trade value (1x) |
| Equity Intraday | As per SEBI peak margin norms (Up to 5x) | Up to 20% of trade value (Up to 5x) |
| F&O (Eq/Curr/Comm) | SPAN + Exposure Margin (1x) | 100% NRML (Span + Exposure) (1x) |
Features & account
Account type and feature availability across HDFC Securities and Zerodha.
| Parameter | HDFC Securities | Zerodha |
|---|---|---|
| 3-in-1 account | ✓ Yes better | ✕ No |
| Automated / API trading | ✕ No | ✓ Yes better |
| Margin Trading (MTF) | ✓ Yes better | ✕ No |
| Trading in SME shares | ✓ Yes | ✓ Yes |
| Trading platforms | HDFC SKY, HDFC Securities Mobile App, ProTerminal, InvestRight | Kite, Console, Coin, Kite Connect |
| Intraday square-off | 3:15 PM | 3:20 PM |
| Other | 3-in-1 account, MTF, research reports, IPO investment, basket orders, option chain, mutual funds, ETFs and bonds. | 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 HDFC Securities and Zerodha.
| Parameter | HDFC Securities | Zerodha |
|---|---|---|
| Trading platforms offered | HDFC SKY, HDFC Securities Mobile App, ProTerminal, InvestRight | Kite, Console, Coin |
| Number of platforms | 4 more choice | 3 |
| Platforms (summary) | HDFC SKY, HDFC Securities Mobile App, ProTerminal, InvestRight | Kite, Console, Coin, Kite Connect |
| Mobile / desktop apps | Web + Mobile, Mobile, Desktop, Web | Web + Mobile, Web, Mobile |
User ratings
User ratings for HDFC Securities and Zerodha across the key parameters.
| Rated on | HDFC Securities | Zerodha |
|---|---|---|
| Fees | 4.3 | 4.5 better |
| Brokerage | 4.4 | 4.6 better |
| Trading platform | 4.7 better | 4.6 |
| Customer service | 4.3 better | 3.8 |
| Research | 4.5 better | 3.6 |
| Overall | 4.4 | 4.5 better |
Investment options
Which investment products HDFC Securities and Zerodha let you access.
| Parameter | HDFC Securities | Zerodha |
|---|---|---|
| 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 HDFC Securities and Zerodha.
| Parameter | HDFC Securities | Zerodha |
|---|---|---|
| Bracket Order | ✕ No | ✕ No |
| Cover Order | ✕ No | ✕ No |
| BTST | ✓ Yes | ✓ Yes |
| After Market (AMO) | ✓ Yes | ✓ Yes |
| GTC / GTT | ✓ Yes | ✓ Yes |
Safety & credibility
SEBI registration, financial strength and complaint record for HDFC Securities and Zerodha.
| Parameter | HDFC Securities | Zerodha |
|---|---|---|
| SEBI registration | INZ000186937 | INZ000031633 |
| NSE member code | 06586 | 13179 |
| Year of incorporation | 2000 longer track record | 2010 |
| Net worth | ₹3,300+ Crore | ₹13,000+ Cr stronger |
| Exchange memberships | NSE · BSE · MCX | NSE · BSE · MCX |
| Latest complaint ratio | 0.175% | 0.030% fewer complaints |
Complaints record
Exchange complaint data for HDFC Securities and Zerodha — the ratio matters more than the raw count.
| Parameter | HDFC Securities | Zerodha |
|---|---|---|
| Latest financial year | 2025-26 | 2025-26 |
| Exchange | NSE | NSE |
| Active clients | 15,39,103 | 80,12,000 larger base |
| Complaints filed | 2,690 | 2,400 |
| Complaint ratio | 0.175% | 0.030% fewer complaints |
Pros & cons
The main advantages and drawbacks of each broker.
HDFC Securities
▲ Pros
- ✓ Integrated 3-in-1 account with HDFC Bank.
- ✓ Comprehensive research reports and expert recommendations.
- ✓ Advanced web, mobile and desktop trading platforms.
- ✓ Investment in Stocks, F&O, IPOs, Mutual Funds, ETFs and Bonds.
- ✓ Margin Trading Facility (MTF) available.
- ✓ Strong brand reputation with nationwide presence.
- ✓ Dedicated relationship manager for eligible customers.
▼ Cons
- ✕ Brokerage charges are higher than discount brokers.
- ✕ Annual Maintenance Charges apply for demat accounts.
- ✕ Call & Trade service is chargeable.
- ✕ Some advanced trading tools are available only to eligible customers.
- ✕ Margin benefits depend on the applicable product and segment.
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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