MTF Charges Comparison (2026): Interest Rates by Broker
MTF (margin trading facility) interest ranges from about 8.99% a year at mStock and 9.69% at Kotak (on its Pro plan) to about 18% at 5paisa and ICICI Direct MoneySaver. Zerodha charges 0.04% a day, Angel One 0.041% a day, and Upstox ₹20 a day per ₹40,000. Interest is only one cost: MTF brokerage and pledge charges also apply.
Last updated: October 2026
MTF lets you buy shares by paying part of the price and borrowing the rest from your broker, with the shares pledged as collateral. You pay interest on the borrowed amount every day until you sell. Leverage magnifies losses as well as gains. This page compares the MTF interest and pledge charges each broker publishes, checked on official pages in October 2026. Where a broker did not state a figure on the page I checked, the table says so rather than guessing.
MTF interest and charges by broker, lowest interest first
| Broker | MTF interest as published | MTF pledge charge | Other MTF costs |
|---|---|---|---|
| mStock | From 8.99% a year; up to 4x; unlimited holding period | ₹32 per pledge sequence number per day + GST | — |
| Kotak Securities | 9.69% a year on the Trade Free Pro plan (₹249 a month) | Not stated on the page checked | Delivery brokerage 0.10% on that plan |
| HDFC Sky | 12% a year (1% a month) | ₹20 per transaction (pledge creation) | — |
| Dhan | 12.49% to 15.49% a year by funded amount (0.0342% to 0.0425% a day); flat across the funded amount | ₹15 + GST per ISIN | MTF brokerage: lower of ₹20 or 0.03%; up to 4x |
| Zerodha | 0.04% a day (₹40 per lakh), about 14.6% a year, from T+1 until the shares are sold | ₹15 + GST per ISIN | MTF brokerage: lower of ₹20 or 0.3% |
| Angel One | 14.99% a year (0.041% a day); 0% on borrowing up to ₹1 lakh for the first 30 days | ₹20 + GST per ISIN (₹12 CDSL + ₹8 Angel One) | — |
| 5paisa | 0.049% a day (about 18% a year), overnight positions only | ₹0 | MTF brokerage ₹20 |
| Axis Direct | By plan: Platinum 10.50%, Elite 12.50%, Select Plus 14.50%, Select 15.50%, Prosperity (free) 17.99% a year | Not stated on the page checked | — |
| ICICI Direct | 17.99% a year (0.049% a day) on MoneySaver; 10.99% on Prime 4,999 and 9.69% on Prime 9,999 | Not stated on the page checked | — |
| Upstox | ₹20 a day for every slab of ₹40,000; up to 4x | ₹20 + GST per scrip | Charged on top of regular brokerage |
| Fyers | 12.49% to 16.49% a year, depending on the funded amount | ₹12 + GST per request (pledge and unpledge) | MTF brokerage: lower of ₹20 or 0.3% |
| SBI Securities | Rate not stated on the plans document; no interest on e-margin for the first 23 trading days | Not stated | E-margin brokerage 0.50% (Plan 499 and 3K), 0.45% (5K), 0.40% (10K) |
| Groww | Rate not on the pricing page checked | ₹20 per ISIN | — |
| INDmoney | Rate not on the pricing page checked | ₹20 + GST per ISIN | MTF offered; check the app for the limit and rate |
| Motilal Oswal | Pay Later facility with up to 4x leverage; rate not on the page checked | Not stated | — |
| Shoonya | No MTF facility published | — | — |
What 10 days of MTF interest costs on ₹80,000
| Broker | Interest per day on ₹80,000 | 10 days |
|---|---|---|
| mStock | ₹19.70 a day | ₹197.04 |
| Kotak Securities | ₹21.24 a day | ₹212.38 |
| HDFC Sky | ₹26.30 a day | ₹263.01 |
| Dhan | ₹27.36 a day | ₹273.60 |
| Zerodha | ₹32.00 a day | ₹320.00 |
| Angel One | ₹32.80 a day | ₹328.00 |
| 5paisa | ₹39.20 a day | ₹392.00 |
| Axis Direct | ₹39.43 a day | ₹394.30 |
| ICICI Direct | ₹39.43 a day | ₹394.30 |
| Upstox | ₹40.00 a day | ₹400.00 |
| Fyers | ₹27.38 to ₹36.14 a day | ₹273.80 to ₹361.40 |
The example borrows ₹80,000 for 10 days. Brokers that quote a yearly rate are divided by 365, a simple approximation; brokers that quote a daily rate are used as published, and Upstox’s ₹20 per ₹40,000 slab gives ₹40 a day. Interest only: MTF brokerage, pledge charges and GST are not included. Axis Direct is shown on its free plan (17.99%); its Platinum plan at 10.50% would be ₹23.01 a day. Angel One’s first-30-day 0% offer on up to ₹1 lakh is not applied.
Before you use MTF
- Interest accrues every day you hold the position, including weekends, so cost depends on how long you stay in.
- You may face a margin call if prices fall, and the broker can sell your shares.
- Pledge and unpledge charges apply per ISIN. See the pledge charges comparison.
- Check which shares are eligible; MTF is not available on every stock.
Compare brokers one to one on the broker comparisons hub, or test your own order sizes in the brokerage calculator.
MTF charges: FAQs
What is MTF interest?
The daily interest a broker charges on the money it lends you for an MTF purchase. It is charged until you sell the shares.
Which broker has the lowest MTF interest?
Among the brokers that published a rate, mStock lists a rate from 8.99% a year and Kotak 9.69% on its Pro plan. Rates and eligibility change, so confirm on the broker’s site.
How much does MTF cost per day at Zerodha?
0.04% a day, which is ₹40 per lakh, applied from T+1 until the shares are sold.
Are there other MTF costs besides interest?
Yes. Several brokers charge MTF brokerage (for example the lower of ₹20 or 0.3% at Zerodha and Fyers) and pledge charges per ISIN.
Is MTF risky?
Yes. Leverage magnifies losses as well as gains, and the broker can sell your shares if a margin shortfall is not met. This is information, not advice.
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: mStock: mstock.com/pricing; Kotak Securities: Kotak Neo pricing; Axis Direct: Axis Direct plans; HDFC Sky: HDFC Sky margin trading charges; Fyers: fyers.in/charges-list; Zerodha: zerodha.com/charges; Angel One: angelone.in charges; Upstox: upstox.com brokerage charges; 5paisa: 5paisa.com/pricing; ICICI Direct: icicidirect.com/brokerage; SBI Securities: SBI Securities brokerage plans; Dhan: dhan.co/pricing; Motilal Oswal: Motilal Oswal demat page. 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.
