Lowest brokerage is four questions, not one.

Brokerage in India is priced per segment. Delivery, intraday, futures and options each carry their own rate at the same broker, and the rate that is lowest in one segment is often not the rate that applies to you.

Upstox publishes a flat ₹20 per executed order on delivery with no percentage alternative, and 0.1% or ₹20 on intraday. Zerodha publishes zero on delivery and 0.03% or ₹20 on intraday. Two brokers, four different answers, depending on which line of the rate card you are reading.

A flat fee is also a percentage in disguise. ₹20 is 0.2% of a ₹10,000 order and 0.02% of a ₹1,00,000 order, so against a broker that charges a percentage of order value, a flat fee wins on large orders and loses on small ones.

Some rates are capped and some have a floor. Groww publishes ₹20 or 0.1%, whichever is lower, with a minimum charge of ₹5, and Angel One publishes the same structure with the same ₹5 minimum. Share.Market publishes ₹20 or 0.1%, whichever is lower, with a minimum of ₹2.

Below ₹5,000, 0.1% of order value is less than ₹5, so the floor becomes the charge instead. A cap decides the charge on large orders and a floor decides it on small ones, so two brokers can print the same headline percentage and bill different amounts for the same trade.

This page does not rank brokers. It sets out what each one publishes on its own rate card, checked on 16 September 2026, and explains which cost structure suits which way of trading. The decision depends on order sizes and segments that only you know, so if you would rather start from the criteria than from the charges, how we evaluate a demat account walks through the six things worth checking.

DematOpen is an Authorized Person of Upstox, and we earn only when an account opens through this site. You pay nothing extra for that, and the brokerage you are charged is the brokerage on Upstox’s published rate card.

That relationship is a bias, so the answer is not to hide it but to source everything: each row below comes from the broker’s own pricing page, linked in the sources at the foot of this page, and the four brokers we could not verify are named in the next section rather than quietly dropped.

A cell reading “Not published” means the broker does not publish that figure on the page we read. It is not an estimate and it is not an average. Where a broker prices by plan, the cell names the plan.

Four things stand out once the columns sit side by side.

• Equity delivery is zero at Zerodha and on ProStocks’ Standard Plan, a flat ₹20 at Upstox and 5paisa, and capped by a percentage at Groww, Angel One, Fyers, Share.Market, Paytm Money and Alice Blue.
• Intraday splits into 0.03% or ₹20 at Zerodha and Fyers, 0.05% or ₹20 at Paytm Money, and 0.1% or ₹20 at Upstox, Groww and Angel One.
• AMC from year two is ₹0 at Groww, Fyers, Share.Market, ProStocks, Paytm Money and Alice Blue, ₹240 per year at HDFC Sky on the figure it publishes, and ₹300 plus GST at Upstox and Zerodha on a non-BSDA account.
• The DP charge on a sale is a real line at every broker that publishes one: ₹12.5 plus GST per scrip at Fyers, ₹15 plus GST at Alice Blue and TradeSmart Online, ₹18.50 including the depository fee at Share.Market, and ₹20 plus GST at Upstox, Angel One, 5paisa and ProStocks, with Kotak Securities and Axis Direct charging a percentage of the sale value with a ₹20 and ₹25 floor respectively.

Brokerage is one line of a bill that has five or six. The statutory lines are set by regulation and are the same at every broker, which is why they belong in the same table as the brokerage rather than in a footnote.

Every figure below is taken from Upstox’s own rate card, read on 16 September 2026, which is also where the wording of the BSDA slab table on this page comes from.

All three examples are buys, so no DP charge appears in them. A DP charge falls on a sale, once per scrip, and it is priced in the next section. Brokerage on a buy is charged once per executed order, so a single order of each size is shown.

The ₹0.31, ₹0.01 and ₹1.50 lines are identical in every column, because every broker passes them through unchanged. Only two lines differ, and one of them is the brokerage the whole page is about.

At ₹10,000, Groww’s 0.1% works out to ₹10, which sits below its ₹20 headline and above its ₹5 floor, so ₹10 is what is charged. Zerodha’s zero delivery brokerage is a real zero: the ₹11.88 total is almost entirely made of charges that no broker sets.

At ₹25,000 the crossover has flipped: 0.1% of the order is ₹25, the ₹20 cap is lower, and ₹20 is the charge, which is why Groww and Upstox land on the same ₹53.29 total here. Growing the order further does not widen that gap on the brokerage line, because ₹20 is a cap rather than a rate.

At ₹1,00,000 the flat ₹20 is 0.02% of the order, and the statutory lines come to ₹118.17 of the ₹142.34 total. The difference between ₹0 delivery brokerage and ₹20 flat, once 18% GST is added to the ₹20, is ₹23.60 on this order.

Two habits follow: work out which side of the crossover your usual order size sits on before you decide a rate structure suits you, and check the tax lines rather than the brokerage line when you estimate what a large order costs, because on a ₹1,00,000 delivery buy they are the larger part of the bill.