Head-to-head comparison

Zerodha vs Dhan

Dhan is ₹0.59 cheaper on a ₹50K delivery trade

3 Zerodha
of 4 trade types won
1 Dhan
  • Zerodha wins 3 of 4 trade types on per-trade cost
  • AMC: Dhan charges nothing vs ₹88.50 at Zerodha
  • DP charge: Dhan is cheaper at ₹14.75/sell vs ₹15.34
  • MTF interest: Dhan at 12.49% vs 14.6%
01

Per-trade cost

Trade type Zerodha Dhan Gap
Delivery ₹50K round-trip ₹126.85 ₹126.26 ₹0.59
Intraday ₹1L round-trip ₹83.23 ₹83.23 —
Futures ₹1L round-trip ₹70.69 ₹70.69 —
Options ₹1L round-trip ₹276.30 ₹276.30 —
02

Annual cost by profile

Passive Investor 2 delivery/mo, 1 sell day
Zerodha ₹2,948.93/yr Trading: ₹2,860.43 · AMC: ₹88.50
Dhan ₹2,853.35/yr Trading: ₹2,853.35 · AMC: ₹0.00

Dhan saves ₹95.58/yr

Swing Trader 8 delivery/mo, 4 sell days
Zerodha ₹13,671.30/yr Trading: ₹13,582.80 · AMC: ₹88.50
Dhan ₹13,554.48/yr Trading: ₹13,554.48 · AMC: ₹0.00

Dhan saves ₹116.82/yr

F&O Active 30 futures + 60 options/mo
Zerodha ₹224,473.62/yr Trading: ₹224,385.12 · AMC: ₹88.50
Dhan ₹224,385.12/yr Trading: ₹224,385.12 · AMC: ₹0.00

Dhan saves ₹88.50/yr

03

Trading

Charge Zerodha Dhan
Delivery Brokerage ₹0 ₹0
Intraday Brokerage 0.03% or ₹20, lower 0.03% or ₹20, lower
F&O Futures Brokerage 0.03% or ₹20, lower 0.03% or ₹20, lower
F&O Options Brokerage Flat ₹20/order Flat ₹20/order
CDS Futures 0.03% or ₹20, lower 0.03% or ₹20, lower
CDS Options Flat ₹20/order Flat ₹20/order
Commodity Futures 0.03% or ₹20, lower 0.03% or ₹20, lower
Commodity Options Flat ₹20/order Flat ₹20/order
04

Demat

Charge Zerodha Dhan
DP Charge ₹13 + 18% GST = ₹15.34 ₹12.50 + 18% GST = ₹14.75
AMC ₹75 + 18% GST = ₹88.50/year Free
MF DP Charges Free for MF redemptions ₹12.50 + 18% GST = ₹14.75/ISIN
Dematerialisation ₹150 + GST/certificate + CDSL charges ₹150 + GST/certificate
Rematerialisation ₹150 + GST/certificate + CDSL charges ₹150 + GST/certificate
Failed Demat Transaction ₹50 + GST per failed instruction ₹50 + GST per failed instruction
05

MTF

Charge Zerodha Dhan
MTF Interest Rate 14.60% p.a. (~0.040%/day) 12.49% p.a. (~0.034%/day, tiered)
MTF Brokerage 0.3% or ₹20, lower 0.03% or ₹20, lower
MTF Conversion Free (auto-conversion at 3:20 PM) Free
MTF Pledging Pledge: ₹15 + GST per ISIN per request; Unpledge: ₹15 + GST per request ₹15 + GST = ₹17.70/ISIN
06

Settlement

Charge Zerodha Dhan
Physical Settlement 0.25% on physical delivery value 0.1% on contract value
Physical Settlement (Netted) 0.25% on netted settlement value 0.1% on netted settlement value
Clearing Charges NSE: ₹0/trade (included) Included in brokerage
Interest on Margin Shortfall 0.035% per day (12.775% yearly) on shortfall (50:50 collateral) 0.05%/day on margin shortfall
Pledge / Unpledge Pledge: ₹30 + GST/ISIN (₹35.40); Unpledge: free Pledge: ₹15 + GST/ISIN (₹17.70); Unpledge: ₹15 + GST/ISIN (₹17.70)
Delayed Payment Interest 0.05%/day on negative balance; 0.035%/day on non-cash overuse 0.0438%/day or 16.99% p.a.
Off-Market Transfer ₹25 + 18% GST = ₹29.50/security/transaction ₹12.50 + 18% GST = ₹14.75/scrip
07

Services

Charge Zerodha Dhan
Call & Trade ₹50 + 18% GST = ₹59/order ₹50 + GST/order
Auto Square-off ₹50 + 18% GST = ₹59/order ₹20 + GST/order
Payment Gateway ₹9 + 18% GST = ₹10.62 Free
Instant Withdrawal Free via UPI Free via UPI
Corporate Action Free Free
API Access Kite Connect: ₹2,000/month Free (Dhan HQ API)
API Brokerage Same as manual trades Same as regular trades
08

Account

Charge Zerodha Dhan
Account Opening Free Free
DDPI ₹100 + 18% GST = ₹118 ₹100 + 18% GST = ₹118
Account Reactivation ₹50 + GST = ₹59 ₹50 + GST = ₹59
NPS Not offered Not offered
09

Documents

Charge Zerodha Dhan
DIS Slip ₹100 + GST/booklet (not needed with DDPI) ₹100 + GST/booklet
Physical CMR ₹50 + GST ₹50 + GST
P&L / Ledger (Digital) Free (downloadable from Console) Free (downloadable)
P&L / Ledger (Physical) Not available Not available
Contract Note (Physical) ₹20 + GST per contract note Not available
10

Instruments

Charge Zerodha Dhan
G-Sec / T-Bills Available on Coin — no additional charge Not offered
SLB Not offered directly Not offered
LAS Not offered Not offered
11

Modifications

Charge Zerodha Dhan
Name Change ₹25 + GST (₹29.50) Up to 72 working hours Free 5–7 working days
Mobile & Email Change Free Up to 24 working hours Free Up to 48 working hours
Address Change ₹25 + GST (₹29.50) Up to 72 working hours Free
Nominee Change Adding: Free; Modification: ₹25 + GST (₹29.50) Up to 5 working days Adding: Free; Modification: ₹25 + GST (₹29.50) Up to 2 working days
DOB Change ₹25 + GST (₹29.50) Up to 72 working hours Free
Bank Account Change ₹25 + GST (₹29.50) Up to 72 working hours ₹25 + GST (₹29.50) Up to 48 working hours
KYC Modification Re-KYC: Free; Modification: ₹25 + GST (₹29.50) Up to 5 working days Re-KYC: Free
Cheque Bounce ₹350 + 18% GST = ₹413 ₹500 + 18% GST = ₹590

Zerodha

Zerodha launched in 2010 and upended Indian brokerage by charging zero on delivery trades and capping F&O fees at ₹20. Today it is India's largest broker by active clients — entirely bootstrapped, no external funding. The Kite trading platform and Coin mutual fund platform are widely considered best-in-class.

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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.

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