How to select the “Best Indian Share Broker” for Yourself

Hi There, Before you read further let us present you the list of Top Stock Brokers of India based on our research and feedback we got from our visitors. These Brokers are trusted by more than 20 lakh+ customers all over India. Don’t forget to check some of the exciting promotional offers currently run by them at Special Offer Page.

Sl No BrokerNameBrokerageOffer Details Avail Offer
1Zerodha LogoZerodhaRs 20/Order for non-delivery
Rs Zero for delivery (Yes Zero!!)
* Zero Brokerage for All Investments
(Including Mutual Fund)
* Brokerage refund if you remain profitable in 60 days
2SASonline logoSAS OnlineFlat Fee Plan:
Rs 9/Order
Unlimited Trading Plans:
Rs 499/Month (Currency)
Rs 999/Month (Equity; F&O)
(Lowest Brokerage)
* Zero Account Opening Charges
3angel_broking_logoAngel Broking0.0128% - 0.032% (Intraday)
0.128% - 0.32% (Delivery)
0.0128% - 0.032% (Futures)
Rs 16/lot- Rs 80/lot (Options)
* Life Time Free Demat Account
* 20% discount on Online Trades
* Leverage Upto 40 times
4Motilal Oswal logoMotilal Oswal 0.05% (Intraday)
0.5% (Delivery)
0.05% (Futures)
Rs 75/lot (Options)
* Free Trading Account
* Zero Brokerage for First Month
* Zero Charges for Trading Platform
* Free access to superior Research Reports
5Bonanza-logoBonanza Flat Fee Plan:
Rs 18/Order
Percentage Trading Plans:
0.01% - 0.00281% (Intraday)
0.1% - 0.0225% (Delivery)
0.01% - 0.00281% (Futures)
Rs 9/lot- Rs20/lot (Options)
* Zero Account Opening Charges
6RKSV logoRKSVRs 20/Order for non-delivery
Zero for delivery (Yes Zero!!)
* Rs 100 OFF on Account Opening
*Zero Brokerage for Delivery Based Transactions

7tradejini logoTradejiniRs 20/Order
* Unlimited Brokerage Free Trading for 30 Days
(Across all Segments!)
(Best Offer)

When you open demat or trading account with a broker, you are choosing him as your partner in your financial success. Finding the best stock broker in India to suit your trading profile can be very rewarding and beneficial, for your portfolio and as well as your peace of mind.  With so many options to choose among the Indian Share brokers, it is difficult to figure out the right one. Welcome to TheIndianStockBrokers.com (TISB), an information portal which helps a newbie and even a seasoned trader/Investor to find the ideal Stock broker for himself. You can understand various types of brokers and do side by side comparison of Stock Brokers in India before zeroing on the good match for “YOU”.

Before dwelling into the “YOU” aspect, let’s have a look at the characteristic of a good Indian Share broker:

Each brokerage house is different and everyone has their own principles and strategical model. However there are few characters which every India based stock brokers worth their salt should posses. You should always avoid the Broker whom you feel does not display the below traits.

Best stock broker in india

Types of Stock Brokers in India

The universe of Indian share brokers can be broadly classified into 3 categories depending upon the service they offer

1) Discount Stock Brokers

Discount brokers are a recent trend in India since 2010. Discount brokers offer only the necessary trading facility at the least possible cost. They charge much lower brokerage than the full service brokers. They do not provide services like stock research, investment in IPO’s, Mutual Funds, FD’s, Bonds and NCD’s. and wealth management services. They just enable the Indian traders to carry out online Share trading with bare minimum infrastructure at lowest brokerage charges. Zerodha, RKSV and SAS Online are some of the largest discount brokers as on today. Below table list down India’s few popular Discount brokers and their Brokerage rates.

Major Indian Discount Brokers:

Sl No BrokerNameBrokerageOffer Details Avail Offer
1Zerodha LogoZerodhaRs 20/Order for non-delivery
Zero for delivery (Yes Zero!!)
Zero Brokerage for All Investments
(Including Mutual Fund)
2SASonline logoSAS OnlineRs 9/Order
Unlimited Trading Plans:
Rs 499/Month (Currency)
Rs 999/Month
(Lowest Brokerage)
* Account Opening Fee Waived Off
3RKSV logoRKSVRs 20/Order for non-delivery
Zero for delivery (Yes Zero!!)
* Rs 100 OFF on Account Opening
* Zero Brokerage for Delivery Based Transactions

4tradejini logoTradejiniRs 20/Order
* Unlimited Brokerage Free Trading for 30 Days
(Across all Segments)

5trade Smart OnlineTrade Smart OnlineRs 15/Order or
0.007% (Intraday) | 0.07% (Delivery)
Unlimited Trading Plans:
Rs 1999/Month (Currency)
Rs 3999/Month (Cash & F&O)
Rs 3999/Month (Commodities)
* 50% Account Opening Fee Waived Off
* 50% Cash Back on Brokerage for First Month

6MVT logoMyValueTradeRs 10/Order
Unlimited Trading Plans:
Rs 1000/Month
Rs 10000/Year
* Zero Account Opening Charges
* Free Call-n-Trade

75Paisa logo5Paisa
(IndiaInfoline)
Rs 10/Order* Free Mutual Fund Account
* Free first 5 Trades

Read: Top 10 Stock Brokers in India

 2) Conventional or Full Service Brokers

The full-service brokers offer a much bigger support to the client than the discount brokers – especially by providing analysis and superior research reports, trading tips, offering professional assistance and guidance on particular trades and so on. However, the client has to pay extra for these services, hence full-service brokers charge much higher fees for their service than discount brokers. However they do not offer the savings bank account. The funds should be transferred first to the broker’s account before you can start trading. They have pan India presence as compared to discount brokers who have single or limited branches across India. Angel Broking, Motilal Oswal and Sharekhan are some of the reputed full service brokers of India having franchises across the country. Below table lists few major Full Service Stock brokers of India and comparison of their demat and trading account charges.

Major Indian Full Service Brokers:

Sl NoBrokerNameBrokerageAnnual
Maintainance
Account Opening ChargesOpen Account
1angel_broking_logoAngel Broking0.0128% - 0.032% (Intraday)
0.128% - 0.32% (Delivery)
0.0128% - 0.032% (Futures)
Rs 16/lot- Rs 80/lot (Options)
Rs 450Zero
2Sharekhan logoMotilal Oswal0.05% (Intraday)
0.5% (Delivery)
0.05% (Futures)
Rs 75/lot (Options)
ZeroZero
3Bonanza-logoBonanza Flat Fee Plan:
Rs 18/Order
Percentage Trading Plans:
0.01% - 0.00281% (Intraday)
0.1% - 0.0225% (Delivery)
0.01% - 0.00281% (Futures)
Rs 9/lot- Rs20/lot (Options)
Rs 250Zero
4Sharekhan logoSharekhan0.1% (Intraday)
0.5% (Delivery)
0.1% (Futures)
Rs 100/lot (Options)
Rs 400Rs 750
5IIFL-LogoIndia Infoline0.05% (Intraday)
0.50% (Delivery)
0.05% (Futures)
Rs 100/lot (Options)
Rs 300Rs 750
6indiabulls-logoIndia Bulls0.04% (Intraday)
0.40% (Delivery)
0.04% (Futures)
Rs 100/lot (Options)
Rs 450Rs 750
7Geojit-BNP-logoGeojit Paribas0.03% (Intraday)
0.30% (Delivery)
0.03% (Futures)
Rs 75/lot (Options)
Rs 350Rs 800
8religare-logoReligare Securities0.05% (Intraday)
0.50% (Delivery)
0.05% (Futures)
Rs 70/lot (Options)
Rs 300Rs 500
9religare-logoVentura0.03% (Intraday)
0.20% (Delivery)
0.03% (Futures)
Rs 100/lot (Options)
Rs 420Rs 1000
10religare-logoSMC India0.03% (Intraday)
0.30% (Delivery)
0.03% (Futures)
Rs 70/lot (Options)
Rs 300Rs 1000
11religare-logoReliance Money0.04% (Intraday)
0.4%
(Delivery)
0.04%
(Equity Futures)
Rs 40/lot
(Equity Options)

Rs 300Rs 950
12Edelweiss0.015% - 0.05% (Intraday)
0.15% - 0.5%
(Delivery)
0.015% - 0.05%
(Equity Futures)
Rs 100/lot to Rs50/lot
(Equity Options)
Rs 500Rs 750

Read: Best Trading Platforms in India – Top 10 list

3) Stock Brokers in India offering 3-in-1 Accounts

These are mainly prominent banks providing savings bank account along with demat account and trading facility on NSE & BSE akin to Full service broker. You need to open a savings bank account with them which will be linked to your demat account. The transfer of funds in case of 3-in-1 Brokers is seamless and everything will be under your control. For example, in case of Full service Broker, whenever you sell any shares the amount will be first credited to Broker’s account. You need to login to Broker’s Back office and withdraw funds. But in case of 3-in-1 accounts, the funds will automatically get credited to your bank account whenever you sell the shares. The Brokerage rates of 3-in-1 brokers is also on higher side similar to Full Service Brokers. ICICIDirect, Axis Direct are biggest brokerage arms of the banks providing 3-in-1 account. Below table list the few leading stock Broking firms in India offering 3-in-1 accounts and their Brokerage rates. 

Sl NoBrokerNameAccount
Opening
BrokerageAnnual
Maintainance
1icicidirect logoICICI DirectRs 9750.275% (Intraday)
0.55% (Delivery)
0.05% (Futures)
Rs 95/lot (Options)
Rs 500
2Axis-Direct-brokerage-logoAxis DirectRs 9000.05% (Intraday)
0.50% (Delivery)
0.05% (Futures)
Rs 100/lot (Options)
Rs 500
3HDFC_Security-logoHDFC SecuritiesRs 9990.05% (Intraday)
0.50% (Delivery)
0.05% (Futures)
Rs 100/lot (Options)
Rs 750
4CanMoney-logoCan MoneyRs 2000.03% (Intraday)
0.30% (Delivery)
0.03% (Futures)
Rs 75/lot (Options)
Rs 200
5IDBI-Paisa-Builder-logoIDBI Paisa BuilderRs 7000.1% (Intraday)
0.65% (Delivery)
0.1% (Futures)
Rs 100/lot (Options)
Rs 350
6IDBI-Paisa-Builder-logoKotak SecuritiesRs 7500.05% (Intraday)
0.50% (Delivery)
0.05% (Futures)
Rs 100/lot (Options)
Rs 600
7IDBI-Paisa-Builder-logoStandard ChartedRs 5000.05% (Intraday)
0.50% (Delivery)
0.05% (Futures)
Rs 100/lot (Options)
Rs 600
8IDBI-Paisa-Builder-logoState Bank of IndiaRs 8500.05% (Intraday)
0.50% (Delivery)
0.05% (Futures)
Rs 30/lot (Options)
Rs 350

What kind of Stock Broker you should Choose?

Now we have understood the types of Brokers. Lets understand how to select the category of broker for yourself. Before zeroing on the broker, you need to evaluate the type of Trader you are. Your trading style determines which one shall suite you best.

 1) When you should choose Discount Brokers

  • If you are a day trader who opens positions for a couple of minutes to a couple of hours and practically never leave them open overnight. Higher Brokerage will definitely cause big dent in your profit. So you should always go with Discount brokers who offer a flat fee. Discount Brokers offer Best Trading account for Intraday trading with lowest brokerage charges.
  • If you are a swing trader who leaves the positions open for few days, trade on your own and does not require any tips from your broker. Though you do not trade as frequently as a day trader, there is no need to pay for the services offered by full service brokers which you don’t need.

 2) When you should choose Full Service Brokers

  • If you are very new to share market, need guidance and require a dedicated relationship manager. When you start your journey in the financial markets, you definitely need someone who can assist you in understanding the basics. The full service brokers often conduct training and online webinars on the fundamentals of trading and investing. But it doesn’t mean that you will be profitable just by opening account with them. At the end of the day everything boils down to you.
  • If you are a swing trader but require trading tips from your broker. If you are well versed with basics but require short term money making tips then go for full service brokers.
  • If you are interested in other products apart from trading facility such as mutual funds, IPOs and tax planning. Full service brokers offer one stop solutions for all your financial needs. If you are ready to shell out few extra bucks for their services, go ahead and open the account. Full Service Brokers provide Best Demat account for small investors at affordable brokerage charges.
  • If you are Buy and Hold type of investor who rarely trades and brokerage does not matter in long run.

3) When you should choose Brokers with 3-in-1 Accounts

  • If you are someone who does not want to transfer any amount to broker’s account but wish to have all the services which a typical Full service broker offers, then 3-in-1 type of account is best for you. 

You can also evaluate the broker based on the following factors:

  • Trading platforms and Data feeds
  • Wide variety of the features offered
  • Cost Effectiveness but yet reliable

How to select the Best Discount Stock Broker for Yourself?

If you have understood above points and puzzled about selecting one among the available Discount Brokers of India, lets see how you can select best discount broker for you.

We have tabulated the few important matrices of the discount brokers.

Sl NoBrokerBrokerageTurnover ChargesMargin
1Zerodha LogoRs 20/OrderRs 325/Cr (Delivery)
Rs 325/Cr (Intraday)
Rs 210/Cr (Futures)
Rs 5300/Cr (Options)
Equity: 20 times
F&O: 7 times
MCX: 5 times
2SASonline logoRs 9/Order
Rs 499/Month (Currency)
Rs 999/Month
Rs 325/Cr (Delivery)
Rs 325/Cr (Intraday)
Rs 250/Cr (Futures)
Rs 6500/Cr (Options)
Equity: 8 times
F&O: 2 times
MCX: 2 times
3RKSV logoRs 20/Order
Rs 325/Cr (Delivery)
Rs 325/Cr (Intraday)
Rs 210/Cr (Futures)
Rs 5500/Cr (Option)
Equity: 20 times
F&O: 4 times
MCX: 3 times
4trade Smart OnlineRs 15/Order
0.007% (Intraday)
0.07% (Delivery)
Rs 999/Month (Currency)
Rs 1899/Month
Rs 350/Cr (Delivery)
Rs 350/Cr (Intraday)
Rs 240/Cr (Futures)
Rs 7150/Cr (Option)
Equity: 5 times
F&O: 2 times
MCX: 2 times
5tradejini logoRs 20/Order
Rs 325/Cr (Delivery)
Rs 325/Cr (Intraday)
Rs 200/Cr (Futures)
Rs 5300/Cr (Option)
Equity: 20 times
F&O: 2 times
MCX: 2 times

If you are looking for the broker offering lowest brokerage, at the first impression it looks obvious to go with SASonline as they are offering brokerage of Rs 9/trade. But what if we tell, you “MAY” be saving more if you go with someone like Zerodha or RKSV who charge Rs 20/trade?

Lets calculate the total charges for Zerodha and SASonline using the Brokerage Calculator provided by them. The calculation is done for the 1000 Nifty futures for the buy rate of 9000 and sell rate of 9002.

Zerodha and SASOnline comparision

So as you can see, your out go is more in case of SASonline compared to Zerodha. Though SASonline charges less in brokerages, their turnover charges are comparatively high. 

Does that mean you should not open account with SASonline? Lets do the same maths for another set of numbers. This time 100 Nifty futures instead of 1000.

ICICI direct and Sharekhan comparision

That means, if you are trading low volumes (turnover less than around 25Lakhs) per order, then it may be beneficial to choose SASonline. In case you are trading with high volume, choosing Zerodha may save you some extra bucks.

Just see how the difference in transaction charges between two top brokers affects your total outflow in the graph below. We have plotted the total expenses for the Nifty Futures at 9000 for 10 buy and sell transactions per day for various lot sizes. 

So, Now all you have to do is to visit Zerodha Brokerage Calculator and SAS Online Brokerage Calculator and key in your figures and decide whether to Open Free Trading account with SASOnline or go with Zerodha

Now its your turn to select the Best Stock Broker in India:


hoping the best with Best Stock Brokers in India

We have tried to cover the basic aspects about the traits of a good Stock broker, Types of Stock Brokers, Services offered by them and at last who will suit your trading profile.

Needless to say, these are just quantitative aspects and hence you should ever forget to analyze them from qualitative angle, for that we suggest you to check out our reviews of some of India’s Top Stock Brokers listed below before proceeding further.

Sl NoBrokerReview
1ZerodhaZerodha Review
2SASOnlineSASonline Review
3Angel BrokingAngel Broking Review
4Motilal OswalMotilal Oswal Review
5RKSVRKSV Securities Review
6TradePlusOnlineTradePlusOnline Review
7TradeJiniTradeJini Review
8TradeSmartOnlineTradeSmartOnline Review
9ICICIdirectICICIdirect Review
10ShareKhanShareKhan Review

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