Lowest Brokerage for F&O in India (2026): 18 Brokers Ranked
Shoonya has the lowest F&O brokerage at a flat ₹5 per options order, followed by mStock, Axis Direct and Kotak at ₹10. Zerodha, Groww, Angel One, Upstox, Dhan, INDmoney, Fyers, HDFC Sky and 5paisa charge ₹20. Per-lot brokers (IIFL, Sharekhan, ICICI Direct, SBI Securities) cost more as you add lots.
Last updated: October 2026
F&O brokerage is only part of what an options trade costs: STT, exchange charges, stamp duty, SEBI fees and GST are the same at every broker. What changes is the brokerage line, so this page ranks 18 Indian brokers by what they publish for options and futures, and shows what the same options trade costs on each. Figures were checked on each broker’s official pricing page in October 2026.
F&O brokerage by broker, lowest first
| Broker | Options brokerage | Futures brokerage | Options round trip (example) |
|---|---|---|---|
| Shoonya | Flat ₹5 + GST per order | Lower of ₹5 or 0.03% | ₹149.55 |
| mStock | ₹10 per order | ₹10 per order | ₹161.35 |
| Axis Direct | ₹10 per order online (all plans) | 0.05% on the free plan; 0.01% to 0.03% on paid plans | ₹161.35 |
| Kotak Securities | ₹10 per order | ₹10 per order | ₹161.35 |
| Zerodha | ₹20 per order | Lower of ₹20 or 0.03% | ₹184.95 |
| Groww | ₹20 per order | ₹20 per order | ₹184.95 |
| Angel One | ₹20 per order | ₹20 per order | ₹184.95 |
| Upstox | ₹20 per order | Lower of ₹20 or 0.05% | ₹184.95 |
| Dhan | ₹20 per order | ₹20 per order | ₹184.95 |
| INDmoney | ₹20 per order | ₹20 per order | ₹184.95 |
| Fyers | ₹20 per order (₹15 on Prime) | Lower of ₹20 or 0.03% | ₹184.95 |
| HDFC Sky | ₹20 per order | Lower of ₹20 or 2.5% | ₹184.95 |
| 5paisa | ₹20 per order | ₹20 per order | ₹184.95 |
| Motilal Oswal | ₹20 per lot | 0.02% | ₹184.95 |
| IIFL | ₹25 per lot (Nifty and stock); ₹75 per lot (Bank Nifty and other index) | 0.025% | ₹196.75 |
| Sharekhan | ₹39 per lot each side | 0.02% each side | ₹229.79 |
| ICICI Direct | ₹49 per lot (₹9 to ₹19 per lot on Prime plans; ₹20 per order on iValue) | 0.029% | ₹253.39 |
| SBI Securities | ₹50 per lot on Plan 499 (₹20 per order on One India One Plans) | 0.05% on Plan 499 | ₹255.75 |
The example buys options premium worth ₹50,000 and sells it for ₹60,000, with one lot per order. The total adds brokerage, STT (0.15% on the sell premium), NSE transaction charges (0.03553% of premium), SEBI fee, stamp duty and 18% GST on brokerage and fees. Kotak’s new-account ₹0 brokerage offer for the first 30 days is not applied, and plan-based brokers are shown on their default plan.
How the cost changes with more lots
A flat per-order fee does not grow with order size. A per-lot fee does. This is the brokerage per order, before GST, for different numbers of lots:
| Broker | 1 lot | 5 lots | 10 lots |
|---|---|---|---|
| Shoonya | ₹5 | ₹5 | ₹5 |
| mStock, Axis Direct, Kotak | ₹10 | ₹10 | ₹10 |
| Zerodha, Groww, Angel One, Upstox, Dhan, INDmoney, Fyers, HDFC Sky, 5paisa | ₹20 | ₹20 | ₹20 |
| Motilal Oswal (₹20 per lot) | ₹20 | ₹100 | ₹200 |
| IIFL (₹25 per lot) | ₹25 | ₹125 | ₹250 |
| Sharekhan (₹39 per lot) | ₹39 | ₹195 | ₹390 |
| ICICI Direct MoneySaver (₹49 per lot) | ₹49 | ₹245 | ₹490 |
| SBI Securities Plan 499 (₹50 per lot) | ₹50 | ₹250 | ₹500 |
Flat-fee brokers cost the same for 1 lot or 10 lots in a single order, which is why active options traders usually compare per-order brokers first. If you place small orders, a per-lot broker can be competitive; for larger orders it is not.
What to weigh besides brokerage
- Statutory charges: on the options example, STT alone is ₹90 and exchange charges are ₹39, much more than the ₹10 to ₹40 of brokerage.
- Platform and execution: this page covers charges only, not speed, charts or reliability.
- Futures: several brokers use a percentage or lower-of rule for futures, so compare futures separately if that is your market.
- Plan changes: ICICI Direct (Prime and iValue), SBI Securities, Axis Direct and Fyers have paid plans that lower these rates.
Compare brokers one to one on the broker comparisons hub, or test your own order sizes in the brokerage calculator.
F&O brokerage: FAQs
Which broker has the lowest F&O brokerage in India?
Of the 18 brokers checked, Shoonya at a flat ₹5 plus GST per options order. mStock, Axis Direct and Kotak charge ₹10 per order.
Is ₹20 per order the standard F&O brokerage?
Nine of the 18 brokers charge a flat ₹20 per executed order on options: Zerodha, Groww, Angel One, Upstox, Dhan, INDmoney, Fyers, HDFC Sky and 5paisa.
Do lower-brokerage brokers save much on a single trade?
Not much in rupees. On the sample options trade, Shoonya costs ₹35.40 less than a ₹20 broker, because STT and exchange charges are the same everywhere.
Why do per-lot brokers cost more?
They charge for each lot in an order, so brokerage rises with order size. IIFL, Sharekhan, ICICI Direct and SBI Securities Plan 499 all work this way.
Is brokerage the only F&O cost?
No. STT, exchange transaction charges, stamp duty, SEBI fees and GST are charged on top and are the same at every broker.
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
Official pages checked in October 2026: Shoonya: shoonya.com/pricing; mStock: mstock.com/pricing; Axis Direct: Axis Direct plans; Kotak Securities: Kotak Neo pricing; Zerodha: zerodha.com/charges; Groww: groww.in/pricing; Angel One: angelone.in charges; Upstox: upstox.com brokerage charges; Dhan: dhan.co/pricing; INDmoney: indstocks.com/pricing; Fyers: fyers.in/charges-list; HDFC Sky: hdfcsky.com/pricing; 5paisa: 5paisa.com/pricing; Motilal Oswal: Motilal Oswal demat page; IIFL: indiainfoline.com brokerage charges; Sharekhan: sharekhan.com/pricing; ICICI Direct: icicidirect.com/brokerage; SBI Securities: SBI Securities brokerage plans. STT, stamp duty, SEBI turnover fee and exchange transaction charges follow the rates set by the government, SEBI and the exchanges.
Charges change. This page is for information and education only, not investment advice. Confirm on the broker’s site before you open an account or trade.
