Discount Brokers in India: Everything You Need to Know 2026

Compare the discount brokers we review — account opening charges, demat AMC, delivery and intraday brokerage, segments and ratings, side by side.

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Zerodha (4.5)
Discount Broker ✔ Equity ✔ Commodity ✔ Currency ✔ Futures ✔ Options
Account Opening Charge₹200 (Online)
Account Maintenance Charge₹300
Equity Delivery Brokerage₹0 (Free)
Equity Intraday Brokerage₹20 or 0.03% (lower)
Full Details
Upstox (4.4)
Discount Broker ✔ Equity ✔ Commodity ✔ Currency ✔ Futures ✔ Options
Account Opening Charge₹0 (Online)
Account Maintenance Charge₹300 + GST/year (applicable after promotional period for eligible accounts)
Equity Delivery Brokerage₹20 per executed order
Equity Intraday Brokerage₹20 or 0.1% (whichever is lower)
Full Details
Groww (4.6)
Discount Broker ✔ Equity ✔ Commodity ✔ Currency ✔ Futures ✔ Options
Account Opening Charge₹0 (Free)
Account Maintenance Charge₹0 (Free)
Equity Delivery Brokerage₹20 or 0.1% per executed order (whichever is lower, minimum ₹5)
Equity Intraday Brokerage₹20 or 0.1% per executed order (whichever is lower, minimum ₹5)
Full Details
Paytm Money (4.4)
Discount Broker ✔ Equity ✔ Commodity ✔ Currency ✔ Futures ✔ Options
Account Opening Charge₹0 (Free)
Account Maintenance Charge₹0 (Lifetime Free)
Equity Delivery Brokerage₹20 per executed order
Equity Intraday Brokerage₹20 per executed order
Full Details
5paisa (4.5)
Discount Broker ✔ Equity ✔ Commodity ✔ Currency ✔ Futures ✔ Options
Account Opening Charge₹0
Account Maintenance Charge₹300 + GST per year
Equity Delivery Brokerage₹20 per executed order
Equity Intraday Brokerage₹20 per executed order
Full Details
Choice Broking (4.3)
Discount Broker ✔ Equity ✔ Commodity ✔ Currency ✔ Futures ✔ Options
Account Opening Charge₹0
Account Maintenance Charge₹0 (1st Year), ₹450 + GST per year thereafter
Equity Delivery Brokerage₹20 per executed order
Equity Intraday Brokerage₹20 per executed order
Full Details
m.Stock (4.6)
Discount Broker ✔ Equity ✔ Commodity ✔ Currency ✔ Futures ✔ Options
Account Opening Charge₹0
Account Maintenance Charge₹999 + GST (One-time Lifetime AMC Plan)*
Equity Delivery Brokerage₹0 (Zero Brokerage Plan)
Equity Intraday Brokerage₹5 per executed order*
Full Details
Sahi (4.4)
Discount Broker ✔ Equity ✔ Commodity ✔ Currency ✔ Futures ✔ Options
Account Opening Charge₹0
Account Maintenance Charge₹0
Equity Delivery Brokerage₹10 or 0.05% per executed order (whichever is lower)
Equity Intraday Brokerage₹10 or 0.05% per executed order (whichever is lower)
Full Details
FYERS Securities (4.7)
Discount Broker ✔ Equity ✔ Commodity ✔ Currency ✔ Futures ✔ Options
Account Opening Charge₹0
Account Maintenance Charge₹0
Equity Delivery Brokerage₹0 (Free)
Equity Intraday Brokerage₹20 or 0.03% per executed order (whichever is lower)
Full Details

The Indian stock market has seen a massive surge in retail participation over the past decade. A primary driver behind this shift is the emergence of discount brokers in India. By replacing traditional percentage-based commission models with low flat fees and digital trading platforms, discount brokers have made equity investing accessible to millions.

Whether you are a beginner taking your first steps in equity trading or an active intraday trader looking to lower your transaction costs, choosing the right discount broker is a critical decision.

What is a Discount Broker?

A discount broker is a SEBI-registered stockbroker that provides a platform to buy and sell financial instruments—such as equities, futures, options (F&O), commodities, and currencies—at low brokerage fees.

Unlike traditional full-service brokers who charge a percentage of your total trade value (often between 0.1% and 0.5%), discount brokers typically charge a flat fee per executed order (usually ₹0 to ₹20) regardless of the trade size.

To maintain low operational costs, discount brokers operate primarily through online apps and web platforms, omitting brick-and-mortar branches, dedicated relationship managers, and personalized advisory services.

Discount Brokers vs. Full-Service Brokers

Feature Discount Brokers Full-Service Brokers
Brokerage Fee Flat fee per trade (₹0 to ₹20) Percentage of trade value
Research & Advisory Generally self-directed; limited or no tips Dedicated research reports & stock tips
Trading Platform High-tech mobile apps and web platforms Phone trading, desktop terminals, and local branches
Relationship Manager No Yes
Best For Independent investors, active & tech-savvy traders Beginners needing hand-holding, high-net-worth individuals

Key Benefits of Using a Discount Broker

  1. Significant Cost Savings: Lower brokerage fees allow active traders and long-term investors to keep a larger share of their profits.

  2. Transparent Fee Structures: Most discount brokers follow clear pricing structures without hidden commission margins.

  3. Advanced Technology: Platforms offer real-time charts (such as TradingView integration), fast order execution, algorithmic trading APIs, and customized option chain analytics.

  4. 100% Digital Onboarding: Opening a Demat and trading account can be completed online within minutes using Aadhaar-based paperless e-KYC.

Top Discount Brokers in India

  • Groww: Popular among beginners and long-term investors, Groww features a clean interface, smooth onboarding, and zero equity delivery charges alongside zero account maintenance fees.

  • Zerodha: The pioneer of discount broking in India, Zerodha offers its Kite trading platform, Coin for direct mutual funds, and free financial education through Varsity.

  • Upstox: Backed by prominent investors, Upstox provides trading tools, advanced chart indicators, and an option strategy builder designed for active traders.

  • Angel One: Blends the flat-fee model of discount broking with research-driven recommendations and dynamic automated advisory features.

  • Dhan & FYERS: Tailored for derivative and technical traders, offering features like trading directly from charts, custom strategy builders, and free API access.

Factors to Consider Before Choosing a Discount Broker

  • Brokerage & Charges: Review the fee structure for intraday, delivery, and F&O trades, as well as Annual Maintenance Charges (AMC) and DP (Depository Participant) transaction fees.

  • App Stability & Speed: Test the platform's reliability during volatile market hours to prevent slippage or order delays.

  • Customer Support: Check the availability and responsiveness of live chat, ticket resolution, and helpline support.

  • Margin Trading Facility (MTF): If you trade on margin, compare the interest rates charged on funded positions.

Frequently Asked Questions

Discount brokers in India are SEBI-registered financial intermediaries that offer low-cost, technology-driven trading platforms for stocks, F&O, commodities, and currencies, usually charging a flat fee per trade.

Yes. All discount brokers in India are regulated by the Securities and Exchange Board of India (SEBI) and affiliated with depositories like NSDL or CDSL. Your demat shares are held directly with the central depository, not the broker.

Brokers like Groww, Zerodha, and Dhan offer ₹0 brokerage on equity delivery trades. For intraday and F&O trades, most discount brokers charge a flat fee of ₹20 per executed order or 0.03% (whichever is lower). Some brokers like Shoonya offer zero brokerage across all segments.

A Trading account is used to place buy or sell orders on the stock exchange, whereas a Demat account functions like a digital vault where your purchased shares and securities are safely stored.

Most discount brokers do not offer personalized stock tips or advisory services. They focus on providing execution platforms and self-research tools, though some brokers (like Angel One) offer automated research recommendations.

Yes, an individual in India can legally open multiple Demat and trading accounts with different stockbrokers, provided each account is linked to your PAN card.

While brokerage fees are upfront, always check for secondary charges such as DP charges (applied on sell trades of equity delivery), Call & Trade fees, physical contract note charges, GST, STT (Securities Transaction Tax), and Annual Maintenance Charges (AMC).

Discount brokers operate at high volumes with low overheads. They generate revenue through flat trading fees, margin trading facility (MTF) interest, account maintenance charges, API subscriptions, and volume-based exchange incentives.

Platforms like Groww and Zerodha are commonly recommended for beginners due to their clean, minimal app interfaces, simple order placement systems, and free educational resources like Zerodha Varsity.

With paperless e-KYC using your Aadhaar-linked mobile number, PAN card, and bank account details, a Demat account can be opened online in 15 to 30 minutes. Account activation typically occurs within 24 to 48 hours.