Author: Aditya Pareek | EQMint | EQ Originals
The best discount broker in India for 2026 depends on how you invest, not on a single winner. For a long-term investor who wants genuinely free delivery and zero recurring fees, Zerodha and Dhan lead.
For a beginner who values the simplest app and zero AMC, Groww fits, though its delivery trades are not free. For an active trader who lives on charts, Upstox and Zerodha Kite stand out. All charge a flat 20 rupees per order on intraday and F&O, so the real differences sit in delivery charges, AMC and platform quality.
Brokerage is no longer where brokers compete hardest. The gaps now hide in the fine print. And one of the most popular brokers quietly charges for something its rivals give away free.
Here’s a side-by-side comparison of India’s leading discount brokers in 2026, what each actually charges and which one fits which kind of investor.
What is a discount broker?
A discount broker offers execution-only services. You place your own trades through an app or website, and the broker charges a low flat fee rather than a percentage of the trade. There’s no relationship manager calling with tips and no advisory layer baked into the cost.
That’s the trade-off against a full-service broker. You give up hand-holding and research desks, and in return you pay a fraction of the brokerage. For most retail investors who do their own thinking, that trade is worth making.
Discount brokers now dominate Indian retail. Groww alone has over 1.3 crore active clients, with Zerodha, Angel One and Upstox close behind.
The charges that actually differ in 2026
Three numbers separate these brokers. Everything else is largely the same.
Equity delivery brokerage. This is the one most people get wrong. Zerodha, Angel One and Dhan charge a true 0 on delivery. Groww does not. It charges 20 rupees or 0.05% to 0.1%, whichever is lower, with a minimum of 5 rupees. So on a small delivery buy, you always pay something at Groww.
Annual maintenance charge. Groww wins here, with 0 lifetime AMC. Zerodha charges around 300 a year plus GST, Angel One around 240 after the first year and Upstox a low plan-based fee. For a long-term holder, AMC compounds quietly over the years.
Intraday and F&O. Almost identical. A flat 20 rupees per executed order across the board. 5paisa’s subscription plans can pull this down to roughly 10 per order for very high-frequency traders.
Side by side comparison
The five most-used discount brokers in 2026, on the points that matter.
| Broker | Delivery | AMC / year | F&O | Best known for |
| Zerodha | 0 | ~300 | 20 / order | Tools and stability |
| Groww | 20 or 0.05% | 0 | 20 / order | Simplest app, 0 AMC |
| Angel One | 0 | ~240 | 20 / order | Research plus discount |
| Upstox | 20 cap | Low | 20 / order | Charts and speed |
| Dhan | 0 | 0 | 20 / order | Mobile-first traders |
All five are SEBI-registered, hold your shares at NSDL or CDSL under your own PAN and offer free account opening with Aadhaar-based KYC. Several other line items (transaction charges on selling, DP charges, STT, stamp duty and 18% GST) apply roughly equally across all of them, so they don’t separate one broker from another.
Broker by broker, the honest read
Zerodha. The default for serious investors. True 0 delivery, the Kite platform widely rated the best in India for charting and stability, deep API access and a strong education ecosystem through Varsity. The roughly 300 AMC is its only real cost drag. If you trade actively or hold long term and want reliability during volatile sessions, this is the benchmark others are measured against.
Groww. The easiest entry point, and the largest broker by active clients. Onboarding takes minutes, the app is genuinely jargon-free and lifetime 0 AMC means no recurring cost. The catch worth repeating: equity delivery is not free, unlike Zerodha or Dhan. For a true buy-and-hold investor who rarely trades, that delivery fee can outweigh the AMC saving over time, so do the math for your own pattern.
Angel One. A hybrid that pairs 0 delivery and 20 rupee trades with research and AI-driven insights. It suits an investor who wants some guidance without paying full-service prices. The roughly 240 AMC after year one is modest. A reasonable middle ground between pure discount and full-service.
Upstox. Built for the active trader. Strong TradingView integration, fast execution and a flat 20 rupee cap per order. Delivery is not zero here either, so it leans toward people trading intraday and derivatives rather than long-term holders. If speed and charts are your priority, it earns a look.
Dhan. The newer mobile-first option that punches above its size for traders. True 0 delivery, 0 AMC and TradingView-grade charting at no extra cost make it one of the strongest value picks of 2026, especially for options players. Smaller community than Zerodha or Groww, which is the main thing you give up.
Which discount broker should you pick?
Match the broker to your behaviour. The right pick changes with how often you trade and what you value.
| If you are | Consider |
| A first-time investor | Groww for the simplest app, or Dhan for free delivery plus 0 AMC |
| A long-term buy-and-hold investor | Zerodha or Dhan, for true 0 delivery |
| An active intraday / F&O trader | Zerodha Kite or Upstox, for tools and speed |
| Someone who wants light research | Angel One |
| A very high-frequency trader | 5paisa subscription plans |
The honest bottom line. There is no single best discount broker, only the best one for your trading pattern. A buy-and-hold investor and a daily options trader should rationally pick different brokers. Work out how often you’ll sell, whether you’ll trade F&O and how much your portfolio will grow, then pick the cost structure that fits. And since you can hold accounts at more than one broker on the same PAN, many investors keep one for trading and another for low-cost holding.
How to switch or open an account
Opening is quick. PAN, Aadhaar and a bank account, an online KYC and most accounts go live within a day. No income proof is needed for equity and mutual funds.
Switching brokers is also straightforward. Open the new account, then submit a delivery instruction slip to move your shares from the old demat to the new one. The transfer usually takes 3 to 7 days, and your holdings stay safe at the depository throughout.
FAQ
Which is the best discount broker in India in 2026?
It depends on your style. Zerodha and Dhan lead for true 0 delivery and long-term investing, Groww for the simplest app and 0 AMC, and Upstox or Zerodha Kite for active trading. All charge a flat 20 rupees per order on intraday and F&O.
Is equity delivery free on all discount brokers?
No. Zerodha, Angel One and Dhan charge 0 on delivery, but Groww charges 20 rupees or 0.05% to 0.1%, whichever is lower. This is a common point of confusion.
Which broker has zero AMC?
Groww and Dhan both offer 0 lifetime AMC. Zerodha charges around 300 a year, Angel One around 240 after the first year and Upstox a low plan-based fee.
What is the difference between a discount and a full-service broker?
A discount broker is execution-only with low flat fees. A full-service broker adds advisory, research and a relationship manager, but charges a percentage of each trade, usually far more.
Which broker is best for beginners?
Groww for the cleanest app and 0 AMC, or Dhan if you want free delivery alongside 0 AMC. The best fit depends on whether you plan to hold long term or trade often.
Which broker is best for F&O and intraday?
Zerodha Kite and Upstox are widely preferred for charting, speed and stability. Dhan also offers strong TradingView-grade charts at no extra cost.
Can I have accounts with more than one broker?
Yes, there is no limit, and you can use the same PAN. Many investors keep one broker for trading and another for low-cost long-term holding, though each account carries its own AMC.
Is my money safe with a discount broker?
Your shares are held in your name at NSDL or CDSL, not by the broker, so they are safe and transferable even if the broker fails. All listed brokers here are SEBI-registered.
EQMint is not a SEBI registered investment adviser. This article is for informational purposes only and is not investment advice. Brokerage and AMC charges change frequently, so always confirm current pricing on the broker’s official page before opening an account.
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