Your Broker Shows “₹0 Brokerage.” Your Actual Cost Is ₹226 Per ₹1 Lakh Traded.
Every broker comparison article ranks Zerodha, Groww, and Angel One by brokerage. Brokerage is less than 10% of your total trading cost.
The real cost of trading includes STT (government tax — 0.1% on both sides), DP charges (₹15–24 per scrip on every sell), stamp duty, exchange transaction fees, GST, and annual maintenance charges. None of these appear on most comparison charts. Some of them don’t even appear on your contract note.
This article calculates the exact total annual cost of using each broker at 5, 20, and 50 trades per year — including every charge, every tax, every hidden debit. No rounding, no “approximately.”
The Charges Nobody Compares: A Line-by-Line Breakdown
Before the cost tables, here is what you actually pay on every trade — and which charges are broker-dependent vs government-fixed.
Charges Your Broker Controls
| Charge | Zerodha | Groww | Angel One |
|---|---|---|---|
| Delivery brokerage | ₹0 | ₹20 or 0.1% (min ₹5) | ₹20 or 0.1% (min ₹5) |
| Intraday brokerage | ₹20 or 0.03% | ₹20 or 0.1% | ₹20 or 0.1% |
| F&O brokerage | ₹20/order | ₹20/order | ₹20/order |
| DP charges (per scrip, sell) | ₹15.34 | ₹23.60 | ₹23.60 |
| Annual maintenance (AMC) | ₹300/year | ₹0 | ₹283/year (from year 2) |
| Pledge charges (per ISIN) | ₹35.40 | ₹23.60 | ₹23.60 |
| Call & trade | ₹50/order | Not available | ₹20/order |
Charges Fixed by Government/Exchange (Same Across All Brokers)
| Charge | Rate | Applied On |
|---|---|---|
| STT — Delivery | 0.1% buy + 0.1% sell | Trade value |
| STT — Intraday | 0.025% sell only | Trade value |
| STT — Futures | 0.05% sell only | Trade value |
| STT — Options | 0.15% sell only | Premium value |
| Stamp duty — Delivery | 0.015% buy only | Trade value |
| Stamp duty — Intraday | 0.003% buy only | Trade value |
| Exchange txn (NSE) | 0.00297–0.00307% | Trade value |
| Exchange txn (BSE) | 0.00375% | Trade value |
| SEBI turnover fee | ₹10 per crore | Trade value |
| GST | 18% | Brokerage + txn charges + SEBI fee |
Why BSE costs more than NSE: BSE’s exchange transaction charge is 0.00375% vs NSE’s 0.00307% — 22% higher. If your broker routes orders to BSE (common for less liquid stocks), you pay more in exchange fees. Most investors never check which exchange executed their order.
Total Annual Cost: Zerodha vs Groww vs Angel One
Assumptions: Equity delivery trades, ₹50,000 per trade, NSE, each trade is a buy + sell (round-trip), one scrip per trade.
At 5 Trades Per Year (Buy-and-Hold Investor)
| Cost Component | Zerodha | Groww | Angel One |
|---|---|---|---|
| Brokerage | ₹0 | ₹100 | ₹100 |
| STT (0.1% × 2 sides × 5) | ₹500 | ₹500 | ₹500 |
| Exchange txn charges | ₹15.35 | ₹14.85 | ₹15.35 |
| SEBI fee | ₹0.50 | ₹0.50 | ₹0.50 |
| Stamp duty (0.015% buy side) | ₹37.50 | ₹37.50 | ₹37.50 |
| GST (18% on brokerage+txn+SEBI) | ₹2.85 | ₹20.76 | ₹20.85 |
| DP charges (per scrip × 5 sells) | ₹76.70 | ₹118.00 | ₹118.00 |
| AMC | ₹300 | ₹0 | ₹283 |
| Total | ₹932.90 | ₹791.61 | ₹1,075.20 |
Winner at 5 trades: Groww — zero AMC saves ₹141 vs Zerodha and ₹284 vs Angel One.
At 20 Trades Per Year (Active Investor)
| Cost Component | Zerodha | Groww | Angel One |
|---|---|---|---|
| Brokerage | ₹0 | ₹400 | ₹400 |
| STT | ₹2,000 | ₹2,000 | ₹2,000 |
| Exchange txn charges | ₹61.40 | ₹59.40 | ₹61.40 |
| SEBI fee | ₹2.00 | ₹2.00 | ₹2.00 |
| Stamp duty | ₹150 | ₹150 | ₹150 |
| GST | ₹11.41 | ₹83.05 | ₹83.41 |
| DP charges (× 20 sells) | ₹306.80 | ₹472.00 | ₹472.00 |
| AMC | ₹300 | ₹0 | ₹283 |
| Total | ₹2,831.61 | ₹3,166.45 | ₹3,451.81 |
Winner at 20 trades: Zerodha — zero brokerage + lower DP charges overcome the AMC disadvantage.
At 50 Trades Per Year (Frequent Trader)
| Cost Component | Zerodha | Groww | Angel One |
|---|---|---|---|
| Brokerage | ₹0 | ₹1,000 | ₹1,000 |
| STT | ₹5,000 | ₹5,000 | ₹5,000 |
| Exchange txn charges | ₹153.50 | ₹148.50 | ₹153.50 |
| SEBI fee | ₹5.00 | ₹5.00 | ₹5.00 |
| Stamp duty | ₹375 | ₹375 | ₹375 |
| GST | ₹28.53 | ₹207.63 | ₹208.53 |
| DP charges (× 50 sells) | ₹767.00 | ₹1,180.00 | ₹1,180.00 |
| AMC | ₹300 | ₹0 | ₹283 |
| Total | ₹6,629.03 | ₹7,916.13 | ₹8,205.03 |
Winner at 50 trades: Zerodha — saves ₹1,287 vs Groww and ₹1,576 vs Angel One annually.
The Crossover Point: When Does Zerodha Become Cheaper Than Groww?
Groww’s zero AMC advantage (₹300 saved) gets eaten by its per-trade costs (₹20 brokerage + ₹8.26 higher DP charges = ~₹28.26 extra per trade).
₹300 ÷ ₹28.26 = ~11 trades per year.
- Below 11 delivery trades/year → Groww is cheaper
- Above 11 delivery trades/year → Zerodha is cheaper
- Angel One is never the cheapest option once the free first year ends
If you are a buy-and-hold investor who makes 4–6 trades a year, Groww saves you money. If you actively manage your portfolio with monthly rebalancing, Zerodha wins.
Cost Per ₹1 Lakh Traded (Round-Trip Delivery)
| Broker | Brokerage | STT | DP Charges | Other Regulatory | Total Cost | Break-Even Movement |
|---|---|---|---|---|---|---|
| Zerodha | ₹0 | ₹200 | ₹15.34 | ₹10.52 | ₹225.86 | 0.23% |
| Groww | ₹40 | ₹200 | ₹23.60 | ₹12.32 | ₹275.92 | 0.28% |
| Angel One | ₹40 | ₹200 | ₹23.60 | ₹12.35 | ₹275.95 | 0.28% |
Your stock must appreciate by 0.23–0.28% just to cover the round-trip cost. On smaller trades, this break-even percentage rises sharply because DP charges are fixed regardless of trade size.
Break-Even by Trade Size
| Trade Size | Zerodha Break-Even | Groww Break-Even |
|---|---|---|
| ₹10,000 | 0.58% | 0.82% |
| ₹25,000 | 0.31% | 0.43% |
| ₹50,000 | 0.25% | 0.36% |
| ₹1,00,000 | 0.23% | 0.28% |
| ₹5,00,000 | 0.21% | 0.22% |
At ₹10,000 per trade on Groww, your stock needs to rise 0.82% before you see Re 1 of profit. At ₹5,00,000, it is just 0.22%. Larger trades are structurally cheaper. This is why DP charges disproportionately punish small investors.
The Charges That Don’t Appear on Your Contract Note
DP Charges: The Invisible Debit
Every time you sell shares, your broker debits a DP (Depository Participant) charge from your funds ledger — not your contract note. Most beginners discover this charge weeks later when reconciling their P&L.
| Broker | CDSL Fee | Broker Fee | GST | Total Per Scrip |
|---|---|---|---|---|
| Zerodha | ₹3.50 | ₹9.50 | ₹2.34 | ₹15.34 |
| Groww | ₹3.50 | ₹16.50 | ₹3.60 | ₹23.60 |
| Angel One | — | ₹20.00 | ₹3.60 | ₹23.60 |
Critical detail: DP charges are per scrip per day, not per share. Selling 1 share of TCS and 100 shares of TCS in the same day costs the same DP charge. But selling 1 share of TCS and 1 share of Infosys costs the DP charge twice — once per scrip.
Portfolio rebalancing cost: If you hold 15 stocks and sell all of them to rebalance, DP charges alone cost ₹230 on Zerodha and ₹354 on Groww — before any brokerage or taxes.
AMC: The Annual Demat Tax
| Broker | Year 1 | Year 2+ | BSDA (holdings < ₹4L) |
|---|---|---|---|
| Zerodha | ₹300 | ₹300 | ₹0 |
| Groww | ₹0 | ₹0 | ₹0 |
| Angel One | ₹0 | ₹283 (₹240 + GST) | ₹0 |
The BSDA trap on Zerodha: If your portfolio is under ₹4 lakh, you can apply for BSDA and pay ₹0 AMC. But the moment your portfolio grows past ₹4 lakh, AMC kicks in at ₹100/year. Past ₹10 lakh, it jumps to ₹300/year. Your portfolio growing is literally a cost trigger. And SEBI allows only one BSDA per person — if you have demat accounts with multiple brokers, only one qualifies.
GST Stacking: 18% on More Than You Think
GST is not just 18% of brokerage. It is 18% of (brokerage + exchange transaction charges + SEBI turnover fee). This stacking means:
- On Zerodha (₹0 brokerage delivery): GST applies only on exchange transaction charges + SEBI fee = negligible
- On Groww (₹20 brokerage delivery): GST applies on ₹20 + transaction charges + SEBI fee = ₹4.15 per trade
- The difference compounds: over 50 trades, Groww pays ₹207.63 in GST vs Zerodha’s ₹28.53
What STT Actually Costs You (and Why No Broker Can Fix It)
Securities Transaction Tax (STT) is a government levy. No broker can reduce it. No negotiation, no waiver, no workaround.
| Trade Type | STT Rate | Applied On | Example (₹1L trade) |
|---|---|---|---|
| Delivery | 0.1% buy + 0.1% sell | Trade value | ₹200 round-trip |
| Intraday | 0.025% sell only | Trade value | ₹25 |
| Futures | 0.05% sell only | Trade value | ₹50 |
| Options | 0.15% sell only | Premium | Varies |
STT is 60–75% of your total trading cost on delivery. At 50 trades of ₹50,000 each, STT alone costs ₹5,000 — identical across all three brokers. This is why the “cheapest broker” debate is somewhat misleading. The government takes the lion’s share regardless.
Budget 2026 increased STT on futures from 0.02% to 0.05% (150% hike) and on options from 0.1% to 0.15% (50% hike). If you trade F&O, the government’s tax changes cost you more than any broker pricing difference ever will.
Stamp Duty: The Buy-Side Charge Most Articles Forget
Stamp duty is charged only on the buy side — not on sells. Most comparison articles either miss it entirely or list it without explaining why it matters.
| Trade Type | Stamp Duty Rate | On ₹50,000 Trade |
|---|---|---|
| Delivery | 0.015% | ₹7.50 per buy |
| Intraday | 0.003% | ₹1.50 per buy |
| Futures | 0.002% | ₹1.00 per buy |
| Options | 0.003% | ₹1.50 per buy |
Stamp duty is small per trade but adds up for frequent buyers. At 50 delivery trades, it is ₹375/year — more than Zerodha’s AMC.
Angel One’s “Free First Year” — The Full Math
Angel One markets free account opening, zero AMC for year 1, and up to ₹500 in free brokerage for the first 30 days. Here is what that actually looks like over 3 years at 20 trades/year.
| Year | Zerodha | Groww | Angel One |
|---|---|---|---|
| Year 1 | ₹2,832 | ₹3,166 | ₹3,169 (no AMC) |
| Year 2 | ₹2,832 | ₹3,166 | ₹3,452 |
| Year 3 | ₹2,832 | ₹3,166 | ₹3,452 |
| 3-Year Total | ₹8,496 | ₹9,498 | ₹10,073 |
Angel One’s free year saves ₹283 once. Over 3 years, you pay ₹1,577 more than Zerodha and ₹575 more than Groww. Switching brokers later costs ₹250–500 and takes 2–3 weeks during which your shares are locked.
The MTF Interest Rate Nobody Talks About
Margin Trading Facility (MTF) lets you buy stocks with borrowed money. The interest rates across brokers:
| Broker | MTF Interest Rate | Equivalent Annual Rate |
|---|---|---|
| Zerodha | 0.04% per day | ~14.6% per year |
| Groww | — | 14.95% per year |
| Angel One | — | ~18% per year |
| Personal loan (SBI) | — | 10.5–11.5% per year |
| Credit card | — | 36–42% per year |
MTF rates are closer to credit card rates than personal loan rates. If you are using margin to buy ₹5 lakh of stocks, the interest cost alone is ₹73,000–90,000 per year. That stock needs to return 15–18% just to cover the borrowing cost — before taxes, before brokerage, before STT. And if you are using margin for F&O, the picture is even worse — 91% of F&O traders lose money, with average losses of ₹1.1 lakh per year.
The Cost of Switching Brokers
If you picked the wrong broker and want to switch, here is what it costs:
- Off-market transfer fee: ₹25 per scrip (Zerodha), varies for others
- CDSL transfer fee: ₹25–35 per ISIN
- Time: 2–3 weeks for the transfer to complete
- Trading freeze: You cannot sell shares while they are in transit between demat accounts
- New broker KYC: 15–30 minutes + video verification
If you hold 15 stocks, switching costs approximately ₹375–525 plus the risk of being unable to trade for 2–3 weeks. This is why most investors stay with suboptimal brokers — the switching cost is not just money, it is time and market risk.
Tax Harvesting Costs Money Too
Selling stocks at a loss to offset capital gains (tax-loss harvesting) sounds free. It is not.
If you sell 10 loss-making stocks to harvest ₹1 lakh in losses for tax-loss harvesting:
| Cost | Zerodha | Groww |
|---|---|---|
| DP charges (10 scrips) | ₹153.40 | ₹236.00 |
| STT (0.1% sell side on ~₹3L value) | ₹300 | ₹300 |
| Brokerage | ₹0 | ₹200 |
| Total harvesting cost | ₹453.40 | ₹736.00 |
You save ₹12,500 in tax (12.5% of ₹1L LTCG) but spend ₹453–736 executing the harvest. The net benefit is still positive, but it is not free — and nobody calculates this cost when recommending tax harvesting. For the full breakdown of STCG, LTCG rates, the ₹1.25 lakh exemption trick, and set-off rules, read the stock tax guide 2026.
Who Should Use Which Broker
Use Zerodha If:
- You make more than 10 delivery trades per year
- You trade F&O (identical ₹20/order, but lower DP charges for equity legs)
- You want phone trading as backup during app outages (₹50/order, but at least it exists)
- Your portfolio is above ₹4 lakh (AMC of ₹300 is a small fraction of holdings)
- You are starting with ₹500 and want the lowest DP charges among discount brokers
Use Groww If:
- You are a buy-and-hold investor making fewer than 10 trades per year
- Your portfolio is under ₹4 lakh (zero AMC saves ₹300 vs Zerodha)
- You only invest in mutual funds and make occasional stock purchases
- You want the simplest app experience with no learning curve
Use Angel One If:
- You want integrated TradingView charts and advanced charting tools
- You are in year 1 (genuinely free) and plan to evaluate before committing
- You value the research reports and advisory features
Use None of Them for MTF:
- A personal loan at 10.5% is cheaper than any broker’s margin facility at 14.6–18%
- If you need leverage, the broker is the most expensive source of it
The Bottom Line in Three Numbers
| Metric | Zerodha | Groww | Angel One |
|---|---|---|---|
| Cost at 5 trades/year | ₹933 | ₹792 | ₹1,075 |
| Cost at 20 trades/year | ₹2,832 | ₹3,166 | ₹3,452 |
| Cost at 50 trades/year | ₹6,629 | ₹7,916 | ₹8,205 |
Brokerage is marketing. STT is 60–75% of your total cost and no broker controls it. DP charges and AMC are where brokers actually differ — and they account for less than 15% of what you pay.
The “cheapest broker” question saves you ₹141–1,576 per year depending on your profile. Picking the right mutual fund or avoiding one bad F&O trade saves you multiples of that. Optimize the big decisions first.
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For the complete breakdown of every hidden fee beyond brokerage — STT drag, DP charges on small positions, stamp duty, and the 15-year wealth impact — read the real cost of stock investing in India.
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