Top 10 Cheapest Stock Brokers In India 2024

Brokerage is one of the most crucial factors in one’s decision to choose a stock broker in India. This is because high brokerage charges mean lesser profit or benefit to the investor. Though the introduction of discount brokers in India has enabled investors to trade easily due to competitive brokerage levied by them, it is always a good idea to choose from the cheapest stock brokers in India with the lowest brokerage charges in the long run. Apart from that, one should also look at the account opening and AMC charges for better understanding.

Want to invest money in the stock market but don’t wanna spend much on brokerage charges?

Don’t worry, we’ve got you covered. In this article, we have mentioned the top 10 cheapest stock brokers in India to make it easier for you to select the right one that suits your needs.

As you know the stock market is one of the best establishments to invest your money in the long run. However, you can’t just buy a stock using your bank account or by calling the company and ordering shares; you’ll need to locate one of the top brokers in India.

The brokerage industry has transformed substantially over the last two decades, becoming good news for average investors. 

Initially, stockbroking was about operating with full-service brokers who demanded their clients a portion of the trading value as a brokerage fee. Then there was the idea of the cheapest stock broking.

What Does Cheapest Brokerage or Lowest Brokerage Mean?

The lowest brokerage refers to the least amount that a trader or investor must provide a stockbroker. The lowest brokerage costs often apply when the computed brokerage amount is less than the minimum since each stockbroker has a separate minimum brokerage amount determined.

According to SEBI, no stock broker is entitled to levy more than 2.5% of the entire order value as brokerage. One crucial thing to remember is that SEBI has not set any minimum brokerage rules, leaving it up to each stockbroker to develop his own criteria for establishing a minimum brokerage amount.

There are two types of stockbrokers in India – Full-service Stock brokers and Discount Brokers.

Full-service stockbrokers usually charge more brokerage due to the wide range of services they offer. These services may include portfolio management, stock advisory, market research, and investment strategy formulation along with the typical purchase and sale of stocks in the Indian stock exchanges like NSE and BSE.

On the other hand, discount brokers charge low brokerage as compared to full-service stock brokers due to the level of services they offer. For example, they enable typical buying and selling of securities. However, today most discount stockbrokers in India offer a wide range of extra services to woo their clients. So, you may find a majority of the cheapest stock brokers in India are actually discount brokers.

Top 10 Cheapest Stock brokers in India in 2024

If you are looking to get the lowest brokerage against your stock market transactions, below is the list of the top 10 cheapest stockbrokers in India that offer competitive brokerage charges to their clients.

1. m.Stock

One of the cheapest stock brokers in India, M Stock has two brokerage plans – 999 Brokerage Plan and 149 Brokerage Plan. Under the 999 Plan, the brokerage is zero across all trading segments. And, in the case of the 149 Plan, the brokerage across all segments stands at Rs. 20 per trade order except equity delivery which remains zero.

The account opening charges of m.Stock is Rs. 999 with an annual maintenance charge (AMC) of Rs. 999 (one-time).

The discount broker is managed by Mirae Asset, a leading financial services company in South Korea. The financial company has only recently entered the stock market sector and is moving slowly, but it has already established itself as a market leader in mutual fund services. Currently, 35 million consumers in India who manage over 100 AUMs invest in mutual funds.

The stock broker offers a wide range of products & services to investors like IPOs, equity, currency, futures & options, ETFs, and margin trading facilities.

Brokerage Charges

Account Charges

2. Kotak Securities

Kotak Securities is a full-service stock broker in India and is known to offer the lowest brokerage charges in India, including 0% commission for intraday trading and just Rs. 20 per order for trading in futures and options.

The account opening at Kotak Securities is totally free with zero charges for trading account maintenance. However, the AMC for the Demat account is Rs. 600 annually.

There are four brokerage plans offered by Kotak Securities including the Trade Free Plan, Trade Free Max Plan, and No Brokerage Plan. In the first three plans, intraday brokerage is zero across all segments. The brokerage fee for equity delivery is 0.25%, or Rs. 20 (whichever remains higher).

Account Charges

3. Zerodha

Zerodha is the most popular among all and levies a brokerage charge of Rs. 20 per order (or 0.03%) from investors and traders for trading in stock intraday, equity derivatives, commodities, and currencies. For the equities delivery sector, there is no brokerage fee. It is considered among the top cheapest stock brokers in India.

The account opening charges (online) of Zerodha are Rs 200. In case of an offline account opening, Rs 400 will be charged. The Demat account AMC stands at Rs 300 per year.

Zerodha comes out on top when rating the finest discount brokers in India with the lowest brokerage costs. In actuality, Zerodha is one of the brokers that popularised the concept of discount broking by introducing the flat-fee Rs. 20 brokerage model in India. In addition to having the lowest brokerage costs in India, the stockbroker is recognized for its speedy and user-friendly Kite trading platform, which can be used from both web browsers and mobile phones.

Account Charges

4. Angel One

Angel One charges zero brokerage for equity delivery trading. In the case of equity intraday, futures and options, foreign exchange, commodities, and currency, Angel One charges the optimum commission of Rs. 20 per order and a minimum charge of 0.25% of the transaction value. An investor is supposed to pay extra transactional, demat, and regulatory fees apart from the usual brokerage.

Angel One account opening charges are Rs 0 in case of a trading account and Rs. 0 (Free) for a Demat account. There is an AMC of Rs. 240 AMC for the Demat account.

Angel One (Previously Angel Broking) is considered among the best full-service and cheapest stock brokers in India and provides a standard, flat-fee brokerage plan to make stock trading simple and faster. The stock broker offers both online and offline trading and other financial services across Equity, F&O, Currency, Commodity, Bonds, IPO, and Mutual Funds. They also offer stock advisory services, loans against shares, and margin trading facilities.

Account Charges

5. Edelweiss (Nuvama)

The usual brokerage charge for all categories under the Nuvama Lite Plan is Rs. 10 per executed transaction. This strategy is a fantastic option for investors who wish to trade independently without needing the broker’s complete help. This plan excludes relationship manager services, and value-added services are also billed individually based on usage.

Nuvama has free account openings for both trading and demat accounts. The Nuvama Demat Account Annual Maintenance Charge is Rs 500 annually. The AMC for Demat account is free for the first year.

Nuvama Wealth & Investment Limited, formerly Edelweiss Broking Limited, was founded in 2008 and is a Mumbai-based full-service stockbroking business. The stockbroker enables investors and traders to trade and invest in all significant asset classes, including equity, debt, mutual funds, initial public offerings (IPOs), currency derivatives, commodities, and futures and options.

Account Charges

6. Upstox

Upstox charges Rs 20 (or 0.1% of each order) in brokerage fees for equities deliveries (whichever is lower). The fee for intraday equities trades is fixed at Rs. 20 per completed order, or 0.05% (whichever is lower).

The account opening charges of Upstox are Rs 0 for both a trading account and the Demat account. The AMC for the Demat account is Rs. 150.

One of India’s cheapest stock brokers in India, Upstox was once known as RKSC Securities. The cheap broker has gone a long way since it started in 2009 by giving traders and investors the best of everything, including a cutting-edge trading platform, affordable brokerage, trustworthy customer service, and others. Upstox is a participant in the BSE, NSE, MCX, and MCX-SX exchanges. It is known for its low brokerage charges in the market.

Account Charges

7. 5Paisa

An order-specific brokerage fee of Rs. 10 is levied through 5Paisa. A transaction cost Rs. 20 and an order cost Rs. 10 for each of the three brokerage programs that were later implemented.

The account opening charges of Upstox are Rs 0 for both a trading account and the Demat account. The AMC for the Demat account is Rs. 300.

Mumbai-based 5 Paisa is one of India’s cheapest brokers with the quickest growth rate. Although it hasn’t been long since its founding, it soon became well-known in the stock brokerage industry after enlisting 1 million clients in just 4.5 years. The main objective of 5Paisa is to provide investors and traders with cutting-edge online trading platforms so they may conduct transactions easily across the BSE and NSE.

Account Charges

8. SBI Securities

SBI Securities charges a brokerage of 0.50% for delivery trade and 0.50% for Intraday Trade and Equity Future Trade and Equity Option Trade at ₹100 per lot.

The full-service stockbroker charts Rs. 850 as account opening charges for trading accounts and zero cost for Demat account opening. However, the maintenance charges for the Demat account are Rs. 350 per year.
SBICAP Securities Limited (SSL) is a stock brokerage company that belongs to the State Bank Group. A 100% share in it is owned by SBI Capital Markets Ltd.

The full-service stock broker offers a wide range of trading and investment services at the lowest brokerage costs. These services include retail equity, institutional equities, broking, derivatives, depository services, and third-party distribution products.

Account Charges

9. Groww

Groww is one of the fast-emerging cheapest stock brokers in India and charges a maximum brokerage of Rs. 20 per order while the lowest brokerage stands at 0.05% of the overall order value.

There is no charge for opening a trading account and a Demat account. Also, there is no annual maintenance charge levied by Groww.

Primarily started its journey as a mutual fund investment platform, Groww has come a long way by offering simple yet effective financial services to investors in India. Groww provides stock investment, trading account, and Demat account services. Based out of Bangalore, Groww offers flat fee discount brokerage services for investment in IPO, equity, and Direct Mutual Funds. The stockbroker is supported by Nextbillion Technology Private Limited, a SEBI-registered stockbroker and a member of NSE and BSE.

Brokerage Charges

Account Charges

10. Paytm Money

Being one of the cheapest stockbrokers in India, Paytm Money’s brokerage is based on an easy flat-rate pricing model. The maximum brokerage charged by the broker is Rs 15 per order across all trading categories including intraday, delivery, and F&O. Apart from the brokerage, one is also supposed to pay several other charges.

The account opening charges of Upstox are Rs 200 for a trading account and Rs. 0 for a Demat account. The AMC for the Demat account is Rs. 0.

Started operating in 2017, Paytm Money Limited (usually called Paytm Money) is a discount stock broker based out of Bengaluru. Paytm Money is a wholly-owned subsidiary of India’s largest and leading digital goods and mobile platform, One97 Communications Ltd which also owns the Paytm brand. Paytm is an RBI-approved Indian e-commerce payment system.

Brokerage

Account Charges

Conclusion

Be it any broker – full-service or a discount broker, the brokerage plays a major role in determining its affordability. So, in order to save high on brokerage, it is recommended to choose from the cheapest stock brokers in India. However, it is best to associate with a stock broker in India who can justify the brokerage charge by providing the best trading services.

The most preferred way to choose from the best stock brokers in India is to carry out thorough research on all the available options and pick the one that matches your trading needs and budget the best. Though this may ask for some of your time and efforts, this would help you in the long run in the form of best-in-class trading services, more profit, and ultimate customer service.

FAQs – Cheapest Stock Broker in India