Brokerage charges comparison: what one 100-trade F&O month costs at 16 Indian brokers, including zero brokerage apps

What 100 F&O trades a month cost, broker by broker

On our test month, about 70% of the bill at a plain ₹20-per-order broker is money the broker never keeps. STT, NSE's transaction charge, SEBI's fee, stamp duty and the GST on them are set by law or by the exchange, and they come to the same ₹11,086.44 whichever broker you use. What changes between brokers is the broker-side part: brokerage, GST on brokerage, and, at two brokers, a clearing charge.

For this mix the broker-side part was:

• ₹0 at Flattrade, which lists F&O brokerage as nil.
• ₹1,180.00 at Shoonya (₹5 per order).
• ₹2,360.00 at Kotak Neo's Trade Free plan, mStock and Sahi (₹10 per order).
• ₹4,539.04 at Fyers Prime (₹15 per order plus the ₹499 monthly fee and clearing charges).
• ₹4,720.00 at 5paisa, Alice Blue, Angel One, Dhan, Groww, HDFC Sky, ICICI Direct's iValue plan, Upstox and Zerodha (₹20 per order).
• ₹5,130.22 at Fyers Standard and ₹5,285.69 at SAMCO (₹20 per order plus clearing charges listed on their own pages).

This is a cost comparison on one stated mix. It is not a ranking of brokers, and price is only one of the things that matter when choosing one. For what each line on a contract note means, see brokerage and charges explained.

The statutory bill every broker passes on for this month

These charges do not depend on the broker. Turnover: options ₹10,98,000 bought and ₹10,98,000 sold; futures ₹1.5 crore bought and ₹1.5 crore sold.

STT on options sold, 0.15% of ₹10,98,000

₹1,647.00

STT on futures sold, 0.05% of ₹1,50,00,000

₹7,500.00

NSE transaction charges on options, 0.03553% of ₹21,96,000 premiumIPFT included since 1 Mar 2026

₹780.24

NSE transaction charges on futures, 0.00183% of ₹3,00,00,000

₹549.00

SEBI turnover fee, ₹10 per crore of ₹3,21,96,000

₹32.20

GST at 18% on exchange and SEBI charges (₹1,361.44)

₹245.06

Stamp duty on options bought, 0.003% of ₹10,98,000

₹32.94

Stamp duty on futures bought, 0.002% of ₹1,50,00,000

₹300.00

Statutory and exchange charges, same at all 16 brokers

₹11,086.44

Sources: [27], [28], [1], [29], [30]

F&O charges comparison for the test month at 16 brokers

Listed alphabetically. Brokerage includes 18% GST. Other broker-side fees are listed on that broker's own charges page and include GST. Statutory charges are identical everywhere. All pages checked on 13 Oct 2026.

Broker	Plan priced	Options brokerage (as listed)	Futures brokerage (as listed)	Brokerage + GST	Other broker-side fees + GST	Statutory + GST	Month total	Broker-side share	Checked on	Charges page
5paisa	Standard	Flat ₹20 per order	Flat ₹20 per order	₹4,720.00	₹0.00	₹11,086.44	₹15,806.44	29.9%	2026-10-13	5paisa.com/brokerage-charges
Alice Blue	Standard	Flat ₹20 per executed order	0.05% or ₹20, whichever is lower (₹20 here)	₹4,720.00	₹0.00	₹11,086.44	₹15,806.44	29.9%	2026-10-13	aliceblueonline.com/pricing
Angel One	After the first-30-days offer	₹20 per executed order	₹20 per executed order	₹4,720.00	₹0.00	₹11,086.44	₹15,806.44	29.9%	2026-10-13	angelone.in/exchange-transaction-charges
Dhan	Standard	₹20 per executed order	₹20 per executed order	₹4,720.00	₹0.00	₹11,086.44	₹15,806.44	29.9%	2026-10-13	dhan.co/pricing
Flattrade	Standard	Nil	Nil	₹0.00	₹0.00	₹11,086.44	₹11,086.44	0.0%	2026-10-13	flattrade.in/charges
Fyers	Standard	Flat ₹20 per executed order	₹20 or 0.03%, whichever is lower (₹20 here)	₹4,720.00	₹410.22 (clearing charges)	₹11,086.44	₹16,216.66	31.6%	2026-10-13	fyers.in/charges-list
Fyers	Prime (₹499 + GST a month)	₹15 per executed order	₹15 or 0.03%, whichever is lower (₹15 here)	₹3,540.00	₹999.04 (clearing ₹410.22, fee ₹588.82)	₹11,086.44	₹15,625.48	29.0%	2026-10-13	fyers.in/prime
Groww	Standard	₹20 per executed order	₹20 per executed order	₹4,720.00	₹0.00	₹11,086.44	₹15,806.44	29.9%	2026-10-13	groww.in/pricing/futures-and-options
HDFC Sky	Standard	₹20 per order	₹20 or 2.5%, whichever is lower (₹20 here)	₹4,720.00	₹0.00	₹11,086.44	₹15,806.44	29.9%	2026-10-13	hdfcsky.com/pricing
ICICI Direct	iValue (₹299 one-time, opt-in)	Flat ₹20 per order	₹20 per order	₹4,720.00	₹0.00	₹11,086.44	₹15,806.44	29.9%	2026-10-13	icicidirect.com/futures-and-options/neo-brokerage-plan
Kotak Neo	Trade Free, after the first 30 days	₹10 per executed order	₹10 per executed order	₹2,360.00	₹0.00	₹11,086.44	₹13,446.44	17.6%	2026-10-13	kotakneo.com/pricing/trade-free-plan
mStock	Standard, after the first 30 days	₹10 per order	₹10 per order	₹2,360.00	₹0.00	₹11,086.44	₹13,446.44	17.6%	2026-10-13	mstock.com/pricing
Sahi	Standard, after the first 30 days	₹10 per order	₹10 per order, any quantity up to freeze quantity	₹2,360.00	₹0.00	₹11,086.44	₹13,446.44	17.6%	2026-10-13	sahi.com/pricing
SAMCO	Standard	₹20 per executed order	₹20 per executed order	₹4,720.00	₹565.69 (CM charges)	₹11,086.44	₹16,372.13	32.3%	2026-10-13	samco.in/pricing
Shoonya (Finvasia)	Standard	Flat ₹5 + GST per executed order	0.03% or ₹5, whichever is lower (₹5 here)	₹1,180.00	₹0.00	₹11,086.44	₹12,266.44	9.6%	2026-10-13	shoonya.com/pricing
Upstox	Standard (not Plus)	Flat ₹20 per executed order	₹20 or 0.05%, whichever is lower (₹20 here)	₹4,720.00	₹0.00	₹11,086.44	₹15,806.44	29.9%	2026-10-13	upstox.com/pricing
Zerodha	Standard	Flat ₹20 per executed order	0.03% or ₹20, whichever is lower (₹20 here)	₹4,720.00	₹0.00	₹11,086.44	₹15,806.44	29.9%	2026-10-13	zerodha.com/charges

Brokerage = 200 orders × the per-order rate, plus 18% GST. On a ₹15 lakh futures lot, every percentage option (0.03%, 0.05%, 2.5%) is far above the rupee cap, so the cap applies. Fyers clearing charges are 0.0005% on futures and 0.009% on options from its charges list, and its help centre says clearing charges appear under transaction charges on the contract note. The list does not say what base they apply to; we assumed both sides of turnover, with options on premium like the exchange charge. If Fyers applies the options rate to a different base, its figures here would change. SAMCO CM charges are ₹0.50 per lakh on futures and ₹15 per lakh of premium on options; we applied them to both sides as the page does not say otherwise. Both pages add GST on them. Fyers Prime's ₹499 fee is shown with 18% GST. ICICI Direct's one-time ₹299 iValue fee is not in the month. Statutory rates come from NSE circulars, not from the broker pages; see the callout on page conflicts below.

Sources: [15], [18], [4], [5], [22], [6], [7], [9], [8], [2], [12], [10], [13], [19], [20], [21], [16], [3], [1], [27], [28]

Download this table (CSV)

Same order as the table. The statutory part is the same length in every bar; only the broker-side parts change. Other broker-side fees = Fyers clearing charges and Prime fee, SAMCO CM charges, each with GST.

Statutory and exchange incl. GSTBrokerage incl. GSTOther broker-side fees incl. GST

• 5paisa₹15,806.44
• Alice Blue₹15,806.44
• Angel One₹15,806.44
• Dhan₹15,806.44
• Flattrade₹11,086.44
• Fyers Standard₹16,216.66
• Fyers Prime₹15,625.48
• Groww₹15,806.44
• HDFC Sky₹15,806.44
• ICICI Direct iValue₹15,806.44
• Kotak Neo Trade Free₹13,446.44
• mStock₹13,446.44
• Sahi₹13,446.44
• SAMCO₹16,372.13
• Shoonya₹12,266.44
• Upstox₹15,806.44
• Zerodha₹15,806.44

Sources: [27], [28], [1], [7], [8], [21], [22], [16], [13], [19], [20]

Why statutory charges now outweigh brokerage

Since 1 April 2026, STT on options sold is 0.15% of premium (it was 0.1%) and STT on futures sold is 0.05% (it was 0.02%). On this month that is ₹9,147.00 of STT, against ₹4,098.00 at the old rates. STT alone is now bigger than the full brokerage bill at any broker we checked. The STT hike impact guide covers the change itself; the charges changelog dates it next to the exchange fee changes.

Three things follow for this mix:

• The broker controls less than a third. At a ₹20 broker, brokerage with GST was about 43.9% of this month's charges under the old STT. Now it is 29.9%.
• Futures drive the statutory bill. Only 10 of the 100 round trips are futures, yet they carry ₹8,483 of the ₹11,086 statutory total, about 76.5%. Futures STT is charged on the full contract value, while options STT is charged only on the premium.
• A cheaper broker cannot undo the STT rise here. Moving from ₹20 to ₹10 per order saves ₹2,360.00 a month on this mix. The STT rise added ₹5,049.00 a month. The saving covers less than half of it.

None of this makes brokerage unimportant. It means the number of orders and the kind of contract you trade move your costs more than the name of the broker does, once futures are in the mix. The small-account section further down shows the opposite case.

The test month in five numbers

Statutory share of the bill at a ₹20 broker

70.1%

₹11,086.44 of ₹15,806.44.

Source: [27]

STT for the month

₹9,147

₹1,647 on options, ₹7,500 on futures. Was ₹4,098 before 1 Apr 2026.

Source: [27]

Gap between the highest and lowest total

₹5,285.69

₹16,372.13 against ₹11,086.44. All of it is broker-side.

Source: [21]

Orders a month for Fyers Prime to pay for itself on brokerage

About 100

₹588.82 fee ÷ ₹5.90 saved per order (₹5 plus GST) = 99.8. This mix has 200 orders.

Source: [8]

Statutory cost of one ₹15 lakh futures round trip

₹848.32

₹895.52 with ₹20 brokerage on each side, the same figure as our STT guide.

Source: [27]

Zero brokerage F&O trading apps: what you still pay

Of the brokers we checked, only Flattrade lists F&O brokerage as nil on its charges page. Several others advertise ₹0 brokerage for a first period, which ends:

• Angel One: ₹0 brokerage up to ₹500 for the first 30 days, then ₹20 per executed order.
• Kotak Neo Trade Free: ₹0 for the first 30 days, then ₹10 per executed order.
• mStock: "Your First 30 Days, Powered by ₹0 Brokerage", with no terms stated on the pricing page, and ₹10 per order listed for F&O.
• Sahi: zero brokerage for 30 days from when the account is ready to trade, then ₹10 per order for F&O.

Shoonya is often described as a zero brokerage app, and its homepage uses the phrase. Its own pricing page, checked on 13 Oct 2026, lists ₹5 plus GST per executed option order and 0.03% or ₹5, whichever is lower, on futures. We used the pricing page.

A zero brokerage account still pays every statutory line. On this month that is ₹11,086.44, the whole bill at Flattrade. The table below shows what the month and a year of the same months cost at each per-order rate found on the pages we checked, for this mix and for a much smaller account.

What you still pay at ₹0, ₹5, ₹10 and ₹20 per order

Test month (200 orders) and the small account (80 orders, described below). Year = 12 identical months. Rates as listed on each broker's page on 13 Oct 2026. Rounded to the nearest paisa.

Brokerage per order	Brokers at this F&O rate (13 Oct 2026)	Test month	Test month × 12	Small account month	Small account × 12	Small month as % of ₹50,000	Small month as % of ₹1 lakh
₹0	Flattrade	₹11,086.44	₹1,33,037.28	₹369.85	₹4,438.20	0.74%	0.37%
₹5	Shoonya	₹12,266.44	₹1,47,197.28	₹841.85	₹10,102.20	1.68%	0.84%
₹10	Kotak Neo Trade Free, mStock, Sahi	₹13,446.44	₹1,61,357.28	₹1,313.85	₹15,766.20	2.63%	1.31%
₹20	5paisa, Alice Blue, Angel One, Dhan, Fyers Standard, Groww, HDFC Sky, ICICI Direct iValue, SAMCO, Upstox, Zerodha	₹15,806.44	₹1,89,677.28	₹2,257.85	₹27,094.20	4.52%	2.26%

Brokerage only; Fyers and SAMCO clearing charges are left out of this table so each row shows one per-order rate. Fyers Prime (₹15) is in the main table. Statutory charges as in the worked example above. The small account has no futures, so its statutory bill is ₹369.85.

Sources: [22], [16], [13], [19], [20], [1], [27], [28]

Download this table (CSV)

Statutory part ₹27.73 in every bar: STT ₹17.55, NSE ₹8.31, SEBI ₹0.02, GST ₹1.50, stamp ₹0.35. Brokerage covers 2 orders with GST. Totals ₹27.73, ₹39.53, ₹51.33 and ₹74.93, or 0.21 to 0.58 points on 130 units just to cover costs.

Statutory and exchange incl. GSTBrokerage incl. GST

• ₹0 per order₹27.73
• ₹5 per order₹39.53
• ₹10 per order₹51.33
• ₹20 per order₹74.93

Sources: [27], [28], [1], [29]

Small accounts: where the per-order rate matters most

The picture flips for a trader who buys small option positions and does not trade futures. Our small-account month is 40 Nifty option round trips of 1 lot (65 units) bought and sold at ₹60, so ₹3,900 of premium each way and 80 orders.

The statutory bill on that month is only ₹369.85, because STT is a percentage of a small premium. Brokerage is a fixed amount per order, so it becomes the main cost: ₹1,888.00 of the ₹2,257.85 total at ₹20 per order (83.6%), ₹944.00 of ₹1,313.85 at ₹10 (71.8%), and ₹472.00 of ₹841.85 at ₹5 (56.1%). Here the per-order rate changes the monthly bill about six times over, from ₹369.85 to ₹2,257.85.

On a ₹50,000 account, ₹2,257.85 is 4.52% of the capital every month before a single trade makes or loses money. That cost repeats whatever the result. A study by SEBI, reported by PTI on 7 July 2025, found that nearly 91% of individual traders made losses in equity derivatives in FY25. Charges are one reason a small account can shrink even when wins and losses roughly balance. This page shows costs only and is not a suggestion to trade F&O, or to trade more or less often.

Small-account month at a ₹20 broker, line by line

40 round trips, 1 Nifty lot of 65 bought and sold at ₹60. ₹1,56,000 bought, ₹1,56,000 sold, ₹3,12,000 premium turnover, 80 orders.

Brokerage, 80 orders × ₹20

₹1,600.00

GST at 18% on brokerage

₹288.00

STT, 0.15% of ₹1,56,000 sold

₹234.00

NSE transaction charges, 0.03553% of ₹3,12,000

₹110.85

SEBI turnover fee, ₹10 per crore

₹0.31

GST at 18% on NSE and SEBI charges (₹111.16)

₹20.01

Stamp duty, 0.003% of ₹1,56,000 bought

₹4.68

Month total (statutory part ₹369.85)

₹2,257.85

Sources: [1], [27], [28], [29]

Broker fees outside the test month

These do not apply to the test month because every position is closed by the trader and no dealer orders are placed. They can apply to yours. As listed on each broker's own page on 13 Oct 2026; 'Not stated' means we could not find it on that page.

Broker	Auto square-off by the broker	Order through a dealer (call and trade)	Demat AMC (yearly)	Intro offer or plan fee
5paisa	₹20 + 18% GST	₹20 + 18% GST	Page lists ₹25 a month + GST only for some BSDA cases	None stated
Alice Blue	Not stated	Not stated	₹0	None stated
Angel One	Same as brokerage, no extra penalty	₹20 per order	Free first year, then ₹60 + GST a quarter (non-BSDA)	₹0 brokerage up to ₹500 in the first 30 days
Dhan	₹20 + GST per order	₹50 + GST per order	₹0 for individuals and HUFs	None stated
Flattrade	₹50 + GST per executed order	₹50 + GST per executed order	₹0	₹200 + GST account opening, collected at first pay-in
Fyers	₹50 + GST per executed order (admin square-off)	₹50 + GST per executed order	₹0	Prime: ₹499 + GST a month, offered through a waitlist
Groww	₹50 per position + GST	Not stated	₹0	None stated
HDFC Sky	₹50 + 18% GST per position	Amount not stated	₹0 for the first year	None stated
ICICI Direct (iValue)	Not stated for F&O	₹50 per order	₹300 + GST for iValue subscribers	₹299 one-time iValue fee
Kotak Neo (Trade Free)	Dealer fee of up to ₹49 per executed order also applies; the ₹100 RMS fee is waived from 1 Apr 2025	Up to ₹49 per executed order	Not stated on the plan page	₹0 brokerage for the first 30 days; existing clients pay ₹499 + GST to switch to the plan
mStock	₹100 + GST per executed order	₹0 for F&O	₹0	₹0 brokerage for the first 30 days (terms not stated)
Sahi	₹10 per executed order, same as brokerage	Not stated	Free	₹0 brokerage for 30 days from when the account is ready to trade
SAMCO	₹50 + taxes per executed order	₹50 + taxes per executed order	Free first year, then ₹400 + taxes (individuals)	None stated
Shoonya (Finvasia)	Not stated	₹0	₹0 (₹900 for corporate, trust and LLP accounts)	None stated
Upstox	₹75 + GST (Plus plan: ₹50 + GST)	₹75 + GST	Free first year, then ₹300 + GST (non-BSDA)	Plus plan brokerage up to ₹30 per order
Zerodha	₹50 per order, counted as a dealer order	₹50 per order	Free first year, then ₹300 a year + GST (non-BSDA)	None stated

DP charges apply when shares leave your demat account, so they do not arise on cash-settled index F&O; Groww's F&O table lists them as ₹0. AMC is a yearly demat charge and is the same whether you trade F&O or not, so it is not counted in the month. Dhan, Angel One and Kotak Neo also say brokerage applies to expired, exercised or assigned options.

Sources: [15], [18], [4], [5], [22], [23], [7], [8], [2], [12], [10], [11], [13], [19], [20], [21], [16], [3], [1]

Download this table (CSV)

How to price your own month the same way

1. 1

   Count orders, not trades

   A round trip is at least two executed orders. Partial fills of one order count once at most brokers listed here, but a modified order that fills in pieces may not; your contract note shows the count.

2. 2

   Add up premium bought, premium sold and futures value

   Options STT is on premium sold; futures STT is on the value sold. NSE charges are on both sides. Stamp duty is on the buy side only.

3. 3

   Apply the statutory rates once for the whole month

   Use the rates in the worked example above. Or enter each trade in the F&O trading cost calculator and add them up.

4. 4

   Add your broker's per-order rate and its GST

   Orders × rate × 1.18. The GST on brokerage calculator does the GST step. Add any clearing charge or plan fee your broker lists.

5. 5

   Compare with your contract notes

   Any gap left after these lines is a broker fee to look up, such as auto square-off or a dealer order. Our guide to auto square-off times and charges covers those.

Brokerage comparison questions traders ask

Which broker has the lowest brokerage for F&O in India?+

On the 16 charges pages we checked on 13 Oct 2026, Flattrade listed F&O brokerage as nil, Shoonya ₹5 per order, Kotak Neo Trade Free, mStock and Sahi ₹10, Fyers Prime ₹15 with a monthly fee, and the rest ₹20. Statutory charges are the same at all of them, and brokerage is only one part of choosing a broker.

Is there a zero brokerage F&O trading app?+

Flattrade's charges page lists F&O brokerage as nil. Angel One, Kotak Neo, mStock and Sahi offer ₹0 brokerage for a first period only. In every case STT, exchange charges, SEBI fees, stamp duty and GST on them are still charged.

Flattrade vs Shoonya: which costs less?+

On the test month, Flattrade's broker-side cost was ₹0 and Shoonya's was ₹1,180.00 (₹5 plus GST on 200 orders). Statutory charges were ₹11,086.44 at both. This compares price on one mix only; platforms, support and other features are not covered here.

Why is my brokerage more than ₹20 in a day?+

Most brokers on this page charge per executed order, so ₹20 is the cost of one order, not one day. A round trip is two orders, and ten round trips a day at ₹20 is ₹400 plus GST.

Does a ₹10 broker halve my F&O costs?+

It halves brokerage, not the total. On the test month, total charges fall from ₹15,806.44 to ₹13,446.44, about 15%, because ₹11,086.44 is statutory. On the small option-only account the fall is about 42%, from ₹2,257.85 to ₹1,313.85.

Sources

Every figure on this page comes from one of these. Each was checked on the date shown.

1. [1]Zerodha charges page · checked 13 Oct 2026
2. [2]Groww pricing: Futures & Options tab · checked 13 Oct 2026
3. [3]Upstox pricing page · checked 13 Oct 2026
4. [4]Angel One brokerage and exchange transaction charges page · checked 13 Oct 2026
5. [5]Dhan pricing page · checked 13 Oct 2026
6. [6]FYERS pricing page (Standard and Prime brokerage) · checked 13 Oct 2026
7. [7]FYERS charges list (regulatory and clearing charges) · checked 13 Oct 2026
8. [8]FYERS Prime subscription page · checked 13 Oct 2026
9. [9]FYERS support: brokerage, statutory and other applicable charges (updated 1 Apr 2026) · checked 13 Oct 2026
10. [10]ICICI Direct iValue plan page · checked 13 Oct 2026
11. [11]ICICI Direct brokerage plans overview · checked 13 Oct 2026
12. [12]HDFC Sky pricing page · checked 13 Oct 2026
13. [13]Kotak Neo Trade Free plan page · checked 13 Oct 2026
14. [14]Kotak Neo brokerage plans page · checked 13 Oct 2026
15. [15]5paisa brokerage charges page · checked 13 Oct 2026
16. [16]Shoonya by Finvasia pricing page · checked 13 Oct 2026
17. [17]Shoonya by Finvasia homepage · checked 13 Oct 2026
18. [18]Alice Blue pricing page · checked 13 Oct 2026
19. [19]m.Stock pricing page · checked 13 Oct 2026
20. [20]Sahi pricing page · checked 13 Oct 2026
21. [21]SAMCO pricing page · checked 13 Oct 2026
22. [22]Flattrade charges page · checked 13 Oct 2026
23. [23]Flattrade pricing page · checked 13 Oct 2026
24. [24]Paytm Money pricing page (brokerage table did not load) · checked 13 Oct 2026
25. [25]Paytm Money blog: All New Paytm Money, updates and revisions, 18 Dec 2024 · checked 13 Oct 2026
26. [26]Motilal Oswal homepage (no charges page found) · checked 13 Oct 2026
27. [27]NSE circular NSE/FATAX/73524, Changes in rates of STT, 31 Mar 2026 · checked 13 Oct 2026
28. [28]NSE circular NSE/FA/73061, Revision in Transaction Charges, 27 Feb 2026 · checked 13 Oct 2026
29. [29]NSE circular NSE/FAOP/70616, Revision in Market Lot of Derivative Contracts on Indices, 3 Oct 2025 · checked 13 Oct 2026
30. [30]SEBI circular SEBI/HO/MRD/TPD-1/P/CIR/2024/132, Measures to strengthen equity index derivatives framework, 1 Oct 2024 (full text copy) · checked 13 Oct 2026
31. [31]PTI via The Week: 91pc of individual traders lose money in equity derivatives in FY25, SEBI study, 7 Jul 2025 · checked 13 Oct 2026
32. [32]Motilal Oswal learning centre: charges levied on stock trading (first published 2023) · checked 13 Oct 2026