Zerodha vs mStock vs INDmoney: Charges & Costs (2026)
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Zerodha: delivery ₹0, AMC ₹0 in year one, then ₹300 + GST a year; mStock: delivery ₹10 per order, AMC ₹0; INDmoney: delivery lower of ₹20 or 0.1% (min ₹2), AMC ₹0. On a ₹1,00,000 delivery round trip the total charges are ₹237.82 on Zerodha, ₹267.32 on mStock, ₹291.51 on INDmoney.
Last updated: October 2026
This page compares Zerodha, mStock and INDmoney 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.
Zerodha vs mStock vs INDmoney: charges side by side
| Charge | Zerodha | mStock | INDmoney |
|---|---|---|---|
| Account opening | ₹0 | ₹0 | ₹0 |
| Equity delivery brokerage | ₹0 | ₹10 per order | Lower of ₹20 or 0.1%; minimum ₹2 |
| Equity intraday brokerage | Lower of ₹20 or 0.03% | ₹10 per order | Lower of ₹20 or 0.1%; minimum ₹2 |
| Futures and options | ₹20 per order (futures: lower of ₹20 or 0.03%) | ₹10 per order | ₹20 per order |
| Demat AMC | Free for the first year, then ₹300 + GST a year (non-BSDA) | ₹0 | ₹0 |
| DP charge on sells | ₹15.34 per scrip sold including GST | ₹18 + GST per debit on sells | ₹18.50 + GST per ISIN sold (₹3.50 CDSL + ₹15 INDstocks) |
| Call and trade | ₹50 per order | ₹0 | ₹500 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 | Zerodha | mStock | INDmoney |
|---|---|---|---|
| Delivery (₹1,00,000 buy and sell) | ₹237.82 | ₹267.32 | ₹291.51 |
| Intraday (₹1,00,000 buy and sell) | ₹82.68 | ₹59.08 | ₹82.68 |
| Options (₹50,000 buy, ₹60,000 sell) | ₹184.95 | ₹161.35 | ₹184.95 |
Delivery: Zerodha is lowest at ₹237.82; the next lowest is ₹267.32 (₹29.50 more). Intraday: mStock is lowest at ₹59.08; the next lowest is ₹82.68 (₹23.60 more). Options: mStock is lowest at ₹161.35; the next lowest is ₹184.95 (₹23.60 more). Your own order sizes and how often you trade decide which costs least, so test them in the calculator.
Zerodha vs mStock vs INDmoney: what to weigh
Zerodha may suit you if:
- you buy and sell delivery often: it is the lowest on that example by ₹29.50
- you sell shares often: its DP charge is the lowest of the three (₹15.34)
mStock may suit you if:
- you trade intraday: it is the lowest on that example by ₹23.60
- you trade options: it is the lowest on that example by ₹23.60
- you keep the account for years: AMC after year one is ₹0
INDmoney may suit you if:
- you keep the account for years: AMC after year one is ₹0
These statements describe published charges, not a recommendation. Use the brokerage calculator to test your own numbers.
Full charge breakdowns
Zerodha charges page. mStock charges page. INDmoney charges page. More pairs are on the broker comparisons hub.
Zerodha vs mStock vs INDmoney: FAQs
Which of Zerodha, mStock and INDmoney is cheapest for delivery?
Zerodha on the ₹1,00,000 delivery example: ₹237.82 on Zerodha, ₹267.32 on mStock, ₹291.51 on INDmoney.
Which has the lowest AMC?
Zerodha: ₹0 in year one, then ₹300 + GST a year; mStock: ₹0; INDmoney: ₹0.
How do F&O charges compare?
Zerodha: ₹20 per order (futures: lower of ₹20 or 0.03%); mStock: ₹10 per order; INDmoney: ₹20 per order. Options example totals: ₹184.95 on Zerodha, ₹161.35 on mStock, ₹184.95 on INDmoney.
How do DP charges compare?
Zerodha: ₹15.34 per scrip sold including GST; mStock: ₹18 + GST per debit on sells; INDmoney: ₹18.50 + GST per ISIN sold (₹3.50 CDSL + ₹15 INDstocks).
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
Zerodha: Zerodha charges page. mStock: mStock pricing page. INDmoney: INDmoney pricing 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.
