Dhan
Zero delivery brokerage, zero AMC. One of the lowest per-trade costs in India.
True cost on ₹50,000 delivery trade
₹126.26
₹111.51 unavoidable govt/exchange charges
+ ₹14.75 broker charges
Cheapest broker for this trade ✓
About Dhan
Dhan launched in 2021 and is backed by Mirae Asset. It competes directly with Zerodha on pricing but differentiates with a slick mobile-first app and strong options analytics. Zero AMC gives it a slight cost edge over Zerodha for buy-and-hold investors who don't make frequent trades.
Who is Dhan right for?
Long-term / Delivery investing Excellent
Zero delivery brokerage + zero AMC = lowest annual cost for passive investors.
Intraday trading Excellent
0.03% capped at ₹20. Strong mobile platform with live P&L tracking.
F&O / Options trading Good
Flat ₹20 for options. Built-in options chain analytics.
Beginner investors Excellent
Clean, intuitive app. Good for first-time investors.
Every Dhan charge, listed
All charges Dhan can collect — grouped by type. Regulatory charges (STT, exchange fees, SEBI fee, stamp duty) are fixed by law and identical at every broker; they're listed separately below.
| Charge | Rate / Amount | What it means |
|---|---|---|
| Trading charges | ||
| Delivery Brokerage | ₹0 | Per order, charged on both buy and sell legs. The most-advertised number. |
| Intraday Brokerage | 0.03% or ₹20, lower | MIS orders — buy and sell same day. Per order. |
| F&O Futures Brokerage | 0.03% or ₹20, lower | Per futures order/lot. |
| F&O Options Brokerage | Flat ₹20/order | Per options order/lot. |
| MTF Brokerage | 0.03% or ₹20, lower | Brokerage on Margin Trading Facility orders. MTF lets you buy more than your balance and hold overnight. |
| Demat charges | ||
| DP Charge (per sell) | ₹12.50 + 18% GST = ₹14.75 | Once per company (ISIN), per sell day. Not charged on intraday or F&O. |
| AMC (annual) | Free | Charged yearly to maintain your demat account, regardless of activity. |
| Other fees | ||
| MTF Interest Rate | 12.49% p.a. (~0.034%/day, tiered) | Daily interest on borrowed margin. Rate shown is p.a. — confirm before using. |
| Call & Trade | ₹50 + GST/order | Extra fee per order placed by phone instead of app. |
| Auto Square-off | ₹20 + GST/order | Charged if broker closes your open intraday position at market end. |
| Payment Gateway | Free | Per fund transfer. UPI is usually free — use it. |
| DDPI (one-time) | ₹100 + 18% GST = ₹118 | Demat Debit & Pledge Instruction — avoids TPIN entry on every sell. |
| Account Opening | Free | One-time cost to open demat + trading account. |
| Settlement & custody | ||
| Physical Settlement | 0.1% on contract value | Brokerage when an F&O contract results in physical delivery of shares instead of cash settlement. |
| Pledge / Unpledge | Pledge: ₹15 + GST/ISIN (₹17.70); Unpledge: ₹15 + GST/ISIN (₹17.70) | Fee to pledge shares as margin collateral. Charged per ISIN per request. |
| Delayed Payment | 0.0438%/day or 16.99% p.a. | Daily interest on your debit balance when you owe money to the broker (e.g., after a loss or pending funds transfer). |
| Off-Market Transfer | ₹12.50 + 18% GST = ₹14.75/scrip | Fee to transfer shares to another demat account outside of exchange settlement. |
| Currency & Commodity | ||
| CDS Futures | 0.03% or ₹20, lower | Brokerage on currency derivative futures (USDINR, EURINR, etc.). |
| CDS Options | Flat ₹20/order | Brokerage on currency derivative options. |
| Commodity Futures | 0.03% or ₹20, lower | Brokerage on MCX commodity futures (Gold, Silver, Crude Oil, etc.). |
| Commodity Options | Flat ₹20/order | Brokerage on MCX commodity options. |
| Demat services | ||
| MF DP Charges | ₹12.50 + 18% GST = ₹14.75/ISIN | DP charges on mutual fund redemptions from demat. |
| Corporate Action | Free | Processing fee for bonus, split, dividend, rights issue, etc. |
| Dematerialisation | ₹150 + GST/certificate | Fee to convert physical share certificates to electronic demat form. |
| Rematerialisation | ₹150 + GST/certificate | Fee to convert demat shares back to physical certificates. |
| Failed Demat | ₹50 + GST per failed instruction | Penalty when a demat transfer instruction fails. |
| Account & documents | ||
| API Access | Free (Dhan HQ API) | Monthly or annual fee for trading API access. |
| API Brokerage | Same as regular trades | Brokerage rate when trading via API. |
| Account Reactivation | ₹50 + GST = ₹59 | Fee to reactivate a dormant or frozen account. |
| Instant Withdrawal | Free via UPI | Fee for instant fund withdrawal to bank account. |
| DIS Slip | ₹100 + GST/booklet | Physical Delivery Instruction Slip booklet. |
| Physical CMR | ₹50 + GST | Physical copy of Client Master Report. |
| Physical Contract Note | Not available | Physical copy of daily contract note. |
| Account modifications | ||
| Name Change | Free 5–7 working days | Fee and processing time to change your name on demat records. |
| Mobile & Email | Free Up to 48 working hours | Fee to update your registered mobile number or email address. |
| Address Change | Free | Fee to update your registered address. |
| Nominee Change | Adding: Free; Modification: ₹25 + GST (₹29.50) Up to 2 working days | Fee to add, remove, or modify nominee details. |
| DOB Correction | Free | Fee to correct date of birth on demat records. |
| Bank Account Change | ₹25 + GST (₹29.50) Up to 48 working hours | Fee to change your primary linked bank account. |
| KYC Update | Re-KYC: Free | Fee for re-KYC or KYC detail modification. |
| Cheque Bounce Penalty | ₹500 + 18% GST = ₹590 | Penalty when a cheque deposited with the broker bounces. |
What you'd actually pay
All-in cost per trade — brokerage + GST + DP charge + every regulatory charge.
₹10K
₹37.05
0.371% of trade
₹14.75 broker ₹22.30 govt/exchange incl. ₹14.75 DP
₹25K
₹70.51
0.282% of trade
₹14.75 broker ₹55.76 govt/exchange incl. ₹14.75 DP
₹50K
₹126.26
0.253% of trade
₹14.75 broker ₹111.51 govt/exchange incl. ₹14.75 DP
₹1L
₹237.78
0.238% of trade
₹14.75 broker ₹223.03 govt/exchange incl. ₹14.75 DP
₹5L
₹1,129.90
0.226% of trade
₹14.75 broker ₹1,115.15 govt/exchange incl. ₹14.75 DP
Govt/exchange charges (₹111.51 on ₹50K) are identical at every broker — only the broker portion differs.
Regulatory charges — the ones no broker can change
These charges are fixed by law and collected by exchanges / the government. Every broker charges them identically. They add up to ₹111.51 on a ₹50,000 delivery trade.
| Charge | Rate | Amount on ₹50K trade | Who collects | Learn more |
|---|---|---|---|---|
| STT (Securities Transaction Tax) | 0.1% on turnover (delivery) | ₹100.00 | Government of India | STT explained → |
| Exchange Transaction Charge | 0.00297% of turnover (NSE) | ₹2.97 | NSE / BSE | Exchange fee → |
| GST on Exchange Charge | 18% on exchange charge | ₹0.53 | Government of India | GST explained → |
| SEBI Regulatory Fee | ₹10 per crore turnover | ₹0.51 | SEBI | SEBI fee → |
| Stamp Duty | 0.015% on buy value | ₹7.50 | State governments | Stamp duty → |
| Total regulatory charges | ₹111.51 | Cannot be reduced by choosing any broker | ||
How does Dhan compare?
See how Dhan stacks up against all 16 brokers on any trade value and type.