Discount Brokers in India

Discount broker in India: Explore the key factors here!

Before 2010, there were only traditional brokers active in Indian stock market. Soon, the discount brokers in India emerged under the range of stock market. Regardless of the fact that some full-service brokers being the part of financial institution have heavy client base, the services didn’t get that much appreciation. As that were not as time efficient as that of services offered by any discount broker in India. Subsequently, the traditional brokers charge high brokerages as compared to discount brokers in India.

We have given the brief introduction of Top online brokers in discount broking category. So, being prevalent as an online brokers, they are preferred over full-service brokers because of quick trading process and user-friendly trading platform. With any discount broker in India, the financial advisory service is not available. But, all other facilities are reliable enough to consider them as the quality broker. They can be the good choice for the beginners in the Indian share market.

Nowadays, you can find numerous online discount brokers in India, but the catch is to get the right broker serving the main purpose of discount broking. The best discount broker in India, offers the minimal brokerage in the entire stock broking industry. Yes, some discount brokers are really executing such low brokerage plans. Among them, you just need to opt the lowest brokerage provider with all other top quality services.

Here, we are presenting the list of some leading discount brokers in India. They are skimmed off from the huge range of already prevailing stock brokers. The purpose is to let you find the best discount broker in India, as per your trade requirements. The distinctive features that the top discount broker holds separates it out from the list of best discount brokers in India. Check out the list shown below:

Have a quick glance at the Best Discount brokers in India

 Discount Broker in India Brokerage charged Trading Account Opening Fee Demat Maintenance Charges Trading Platform Ranking
Wisdom Capital 0.00% in all segments NIL Rs 999 +GST(1 time only) NSE NOW, NEST, Fox Trader 1
SAS Online 9 per trade Rs.200 Rs.200 per year NEST, Alpha Trader 2
5 Paisa 10 per trade Rs.650 Rs.400 per year 5 Paisa Trade Station 3
Trade Smart Online 15 per trade Rs.200 Rs.300(2nd year onwards) NEST 4
Zerodha 20 per trade Rs.300 Rs.300 per year Zerodha PI 5
SAMCO 20 per trade NIL NIL SAMCO Web Express 6
Upstox 20 per trade Rs.150 Rs.150 per year Upstox Pro 7

 Top discount brokers in India: Brief Description

Your search to get the best discount broker in India is incomplete until you go through the range of services available with different brokers. You need to find out the best broker that suits all your trading requirements. The leading discount brokers in India with some prime factors are discussed here:

Wisdom Capital

Wisdom Capital is the trending discount broker in India. The brokerage plans of this discount stock broker include freedom plan, which supports zero brokerage trading i.e. free trading in all the market segments. Being the best discount broker in India,  the free investment zone covers trading in equities, Futures and options, currency, commodity etc. The online discount broker provides margin up to 60 times in equities for intraday trading. It is quite popular among numerous online discount stock brokers across the country. It gives free access to NEST trading terminal and also presented Fox Trader to give traders the intelligent trading path. The brokerage and margin plans of the discount broker are discussed here:

Brokerage

Brokerage Freedom Plan Pro Plan Ultimate Plan
Equities 0.00% 0.005% Intraday & Delivery 0.007% intraday & Delivery
Futures 0.00% Rs 9/ trade Future: 0.005%
Options 0.00% Rs 9/ trade Options: Rs 15/lot
Commodity 0.00% Rs 9/ trade 0.005%  for futures

Margin

Segments Freedom Plan Pro Plan Ultimate Plan
 Equity Upto 5 times for Intraday & 1 time for Delivery trading Upto 40 times for Intraday & 4 time as for Delivery Upto 60 times for Intraday & 5 times for Delivery
 Equity Futures Upto 2 times for Intraday Upto 6 times for Intraday Upto 10 times for Intraday
 Equity Options No Leverage buying, Shorting Intraday upto 2 times No Leverage buying, Shorting Intraday upto 6 times No Leverage buying, Shorting Intraday upto 10 times
 Currency Futures Upto 2 times for Intraday Upto 6 times for Intraday Upto 10 times for Intraday
 Currency Options No Leverage buying, Shorting Intraday upto 2 times No Leverage buying, Shorting Intraday upto 6 times No Leverage buying, Shorting Intraday upto 10 times
Commodity Upto 2 times for Intraday Upto 6 times for Intraday Upto 10 times for Intraday

 SAS Online

In many prevailing discount brokers in India, this broker has also proved its existence in market as a noticeable one. Being incorporated earlier, the broker started offering discount brokerage services in 2013. The defined scheme for brokerage is represented in the table. The share broker is active for few years now and offers lesser brokerage than Zerodha. NEST Trader and Alpha Trader are trading platforms granted by the broker. Savings on several operational costs made it produce the discount brokerage layout as displayed below:

Brokerage

Brokerage Plan Rs.9 /trade for all segments MCX(Rs. 999/trade) Equity(Rs.999/trade) Currency(Rs.499/trade)
Equity Delivery Brokerage Rs.9 Rs.999 Rs.999 Rs.499
Equity Delivery Brokerage Rs.9 0 0 0
Equity Delivery Brokerage Rs.9 0 0 0
Equity Delivery Brokerage Rs.9 0 0 0
Fixed Charges  Rs. 9 0 0 0
Equity Delivery Brokerage Rs.9 0 0 0
Equity Intraday Brokerage Rs.9 0 0 0

Margin

Equity Upto 5 to 9 Times for Intraday & 5 Times for Delivery(Interest charged)
Equity Futures Upto 2 Times for Intraday
Equity Options Upto 2 Times for selling
Currency Futures Upto 2 Times for selling
Currency Options Upto 2 Times for selling
Commodities Upto 2 Times for selling

 

5 Paisa

5 Paisa is also emerged in the best share broker catalogue. The subsidiary of India Infoline (IIFL), has redefined the brokerage part for online trading in India. The discount broker has a membership of NSE and BSE based on your investment objectives. The broker allows trading in IPO, Mutual Funds, equities, commodities etc. It has also dispensed the Trade Station, a web based application to its clients. Here, you also get the Auto investor which helps in building a portfolio of mutual funds by suggesting right ones as per your investment goal. The trading account opening fee applicable is Rs 650.

Brokerage

Equity 10 Rs Per executed order
 Equity Options 10 Rs Per executed order
 Equity Futures 10 Rs Per executed order
 Currency Options 10 Rs Per executed order
 Currency Futures 10 Rs Per executed order
 Commodity NA

Margin

Equity Upto 15 Times for Intraday & 5 Times for Delivery(Interest charged)
Equity Options Upto 2 Times for Intraday
Equity Futures Upto 2 Times for Intraday
Currency Options Upto 2 Times for Intraday
Currency Futures Upto 2 Times for Intraday
Commodity NA

 

Trade Smart Online

It is a Mumbai based discount broker in India. That allows trading in equities, commodities, currency, FNO through stock exchanges like BSE, NSE, MCX, MCX-SX and NCDEX. Similar to some other discount brokers, the broker also presents flat fee brokerage plan that supports Trade at Rs 15 per executed order, irrespective to the size/segment. This power plan is good for traders with less frequency but bigger trade size. Trading and Demat account opening Charges are Rs 200 each while Demat AMC- Rs 300. Its customer support service is better than that of Share Khan.

Brokerage

Equity Rs 20/executed order or 0.02%(intraday) or 0.2%(delivery) whichever is lower
 Equity Options Rs 20/executed order or 0.02%(intraday) or 0.2%(delivery) whichever is lower
 Equity Futures Rs 20/executed order or 0.02%(intraday) or 0.2%(delivery) whichever is lower
 Currency Options Rs 20/executed order or 0.02%(intraday) or 0.2%(delivery) whichever is lower
 Currency Futures Rs 20/executed order or 0.02%(intraday) or 0.2%(delivery) whichever is lower
 Commodity NA
 Margin
Equity Upto 5 times for intraday, 0 for delivery
Equity Options No Margin
Equity Futures Upto 2 times for intraday
Currency Options No Margin
Currency Futures Upto 2 Times for Intraday
Commodity NA

Zerodha

Zerodha has been emerged as an introducer of flat fee concept. This discount broker in India has put forward the brokerage rate of Rs 20 per trade. The low brokerage rate was appreciated by numerous traders earlier. Soon, the trade commission was even more discounted at much lower prices than Zerodha itself. The trading platform presented by Zerodha is named as Zerodha Pi. You can check our the brokerage set up of the discount broker for different market entities here:

Brokerage

Equity Delivery 0.10% of turnover or Rs. 20 per trade whichever is lower
Equity Intraday 0.01% of turnover or Rs. 20 per trade whichever is lower
Equity Future 0.01% of turnover or Rs. 20 per trade whichever is lower
Equity Options 0.01% of turnover or Rs. 20 per trade whichever is lower
Currency Futures 0.01% of turnover or Rs. 20 per trade whichever is lower
Currency Options 0.01% of turnover or Rs. 20 per trade whichever is lower
Commodity 0.01% of turnover or Rs. 20 per trade whichever is lower

Margin

Equity 4 to 10 times for intraday
Equity Futures 40% of exchange prescribed margin
Equity Options 40% of exchange prescribed margin for selling & no margin for buying
Currency Futures 100% of exchange prescribed margin
Currency Options 100% of exchange prescribed margin
Commodities 50% of exchange prescribed margin

 

SAMCO

Among the several discount stock brokers, SAMCO has also found the resonance in Top discount brokers List. The stock broker has established its discount brokerage firm in 2008. The areas where you may invest includes stocks/shares, ETFs, IPO, commodities market of India etc. So, this online discount broker can also be considered while you choose for best discount broker in India. It also provides analytical mobile trading app namely StockNote. You can explore the brokerage rate and margin offered by the online discount broker here:

Brokerage

Equity  Rs 20/executed order or 0.02%(intraday) or 0.2%(delivery) whichever is lower
Equity Options 0.5% (negotiable)
Equity Futures 0.1% on first leg, 0.02% on second leg if squared off on same day and 0.1%  on any other day
Currency Futures 0.10%
Currency Options 2.5% on premium or Rs 30/ lot (whichever is higher)
Commodity 0.10%

Margin

Equity Upto 15 times for Intraday, No leverage for delivery
Equity Options Buying no leverage, Shorting upto 2.5 times for intraday
Equity Futures Upto 2.5 times for intraday
Currency Options Buying no leverage, Shorting upto 2.5 times for intraday
Currency Futures Upto 2.5 times for intraday
Commodity Upto 2 times for intraday

 

UPSTOX

Upstox/RKSV is other active discount broker in India, with the broker you can trade in various financial intruments like equities, currency, Mutual Funds, FNO and commodity market of India. Upstox brokerage is similar to that of  Zerodha. It’s trading platform Upstox Pro is available in both mobile and desktop versions. GTC/GTD orders are available in commodity trading but not in equity segment. Upstox is also a competitor among the renowned discount brokers in India.

Brokerage

Equity Delivery Brokerage Rs 0
Equity Intraday Brokerage Rs 20
Equity Futures Brokerage Rs 20
Equity Options Brokerage Rs 20
Currency Futures Trading Brokerage Rs 20
Currency Options Trading Brokerage Rs 20
Commodity Trading Brokerage  Rs.20

Margin

Equity Upto 20 times for intraday
Equity Futures Upto 4 times for intraday
Equity Options Upto 4 times for intraday
Currency Futures Upto 4 times for intraday
Currency Options Upto 4 times for intraday
Commodities Upto 3 times for intraday