INDmoney vs HDFC Sky vs Zerodha: Charges & Costs (2026)
Disclosure: We may earn a commission if you open a demat account via links on this page. This does not affect our editorial independence. Read our Affiliate Disclosure.
INDmoney: delivery lower of ₹20 or 0.1% (min ₹2), AMC ₹0; HDFC Sky: delivery lower of ₹20 or 2.5%, AMC ₹0 in year one, then ₹20 a month; Zerodha: delivery ₹0, AMC ₹0 in year one, then ₹300 + GST a year. On a ₹1,00,000 delivery round trip the total charges are ₹291.51 on INDmoney, ₹289.68 on HDFC Sky, ₹237.82 on Zerodha.
Last updated: October 2026
This page compares INDmoney, HDFC Sky and Zerodha on what you actually pay: brokerage, AMC, DP charges and the total cost of three sample trades. Charges were checked against each broker’s published pricing in October 2026 and can change, so confirm before you open an account. This is information, not investment advice.
INDmoney vs HDFC Sky vs Zerodha: charges side by side
| Charge | INDmoney | HDFC Sky | Zerodha |
|---|---|---|---|
| Account opening | ₹0 | Free | ₹0 |
| Equity delivery brokerage | Lower of ₹20 or 0.1%; minimum ₹2 | Lower of ₹20 or 2.5% | ₹0 |
| Equity intraday brokerage | Lower of ₹20 or 0.1%; minimum ₹2 | Lower of ₹20 or 2.5% | Lower of ₹20 or 0.03% |
| Futures and options | ₹20 per order | Options ₹20 per order; futures lower of ₹20 or 2.5% | ₹20 per order (futures: lower of ₹20 or 0.03%) |
| Demat AMC | ₹0 | ₹20 a month, free for the first year | Free for the first year, then ₹300 + GST a year (non-BSDA) |
| DP charge on sells | ₹18.50 + GST per ISIN sold (₹3.50 CDSL + ₹15 INDstocks) | ₹20 per demat transaction (GST not stated) | ₹15.34 per scrip sold including GST |
| Call and trade | ₹500 per order | ₹20 per call | ₹50 per order |
What the same trades cost on each broker
These examples add up brokerage, STT, exchange charges, SEBI fees, stamp duty, GST and the DP charge on a round trip (buy and sell). Delivery and intraday trades buy and sell ₹1,00,000 of shares once each. The options trade buys premium worth ₹50,000 and sells it for ₹60,000, with one lot per order. Amounts are rounded to the nearest paisa.
| Trade | INDmoney | HDFC Sky | Zerodha |
|---|---|---|---|
| Delivery (₹1,00,000 buy and sell) | ₹291.51 | ₹289.68 | ₹237.82 |
| Intraday (₹1,00,000 buy and sell) | ₹82.68 | ₹82.68 | ₹82.68 |
| Options (₹50,000 buy, ₹60,000 sell) | ₹184.95 | ₹184.95 | ₹184.95 |
Delivery: Zerodha is lowest at ₹237.82; the next lowest is ₹289.68 (₹51.86 more). Intraday: all three cost the same (₹82.68). Options: all three cost the same (₹184.95). Your own order sizes and how often you trade decide which costs least, so test them in the calculator.
INDmoney vs HDFC Sky vs Zerodha: what to weigh
INDmoney may suit you if:
- you keep the account for years: AMC after year one is ₹0
HDFC Sky may suit you if:
- you value features and service that this charges-only page does not cover
Zerodha may suit you if:
- you buy and sell delivery often: it is the lowest on that example by ₹51.86
- you sell shares often: its DP charge is the lowest of the three (₹15.34)
These statements describe published charges, not a recommendation. Use the brokerage calculator to test your own numbers.
Full charge breakdowns
INDmoney charges page. HDFC Sky charges page. Zerodha charges page. More pairs are on the broker comparisons hub.
INDmoney vs HDFC Sky vs Zerodha: FAQs
Which of INDmoney, HDFC Sky and Zerodha is cheapest for delivery?
Zerodha on the ₹1,00,000 delivery example: ₹291.51 on INDmoney, ₹289.68 on HDFC Sky, ₹237.82 on Zerodha.
Which has the lowest AMC?
INDmoney: ₹0; HDFC Sky: ₹0 in year one, then ₹20 a month; Zerodha: ₹0 in year one, then ₹300 + GST a year.
How do F&O charges compare?
INDmoney: ₹20 per order; HDFC Sky: Options ₹20 per order; futures lower of ₹20 or 2.5%; Zerodha: ₹20 per order (futures: lower of ₹20 or 0.03%). Options example totals: ₹184.95 on INDmoney, ₹184.95 on HDFC Sky, ₹184.95 on Zerodha.
How do DP charges compare?
INDmoney: ₹18.50 + GST per ISIN sold (₹3.50 CDSL + ₹15 INDstocks); HDFC Sky: ₹20 per demat transaction (GST not stated); Zerodha: ₹15.34 per scrip sold including GST.
Is STT different between brokers?
No. STT is set by the government: 0.1% on buy and sell for delivery, 0.025% on the sell side for intraday, 0.05% on the sell side for futures and 0.15% on the sell premium for options. It is the same at every broker.
Sources
INDmoney: INDmoney pricing page. HDFC Sky: HDFC Sky pricing page. Zerodha: Zerodha charges page. STT, stamp duty, SEBI turnover fee and exchange transaction charges follow the rates set by the government, SEBI and the exchanges.
Brokerage, AMC and statutory charges change. This page is for information and education only, not investment advice.
