Between Zerodha, Groww, and Angel One, which broker is best for your investments?
The optimal choice depends strictly on your trading frequency and investment style: Zerodha is the superior choice for serious long-term equity investors and active F&O traders due to ₹0 equity delivery brokerage, institutional platform uptime (Kite), and transparent flat fees. Groww is the simplest option for beginners and mutual fund SIP investors seeking ₹0 AMC and an all-in-one minimal UI (though it charges ₹20/order on equity delivery). Angel One is best for traders wanting Margin Trading Facility (MTF), full-service advisory recommendations, and algorithmic SmartAPI trading at discount rates.
1. Master Fee & Brokerage Comparison Matrix (2026)
The table below highlights the exact fee structure across all major transaction types, audited against current published tariff sheets:
| Feature / Charge | Zerodha | Groww | Angel One |
|---|---|---|---|
| Account Opening Fee | ₹200 (Equity + F&O) | ₹0 (Free) | ₹0 (Free) |
| Annual Maintenance (AMC) | ₹300 + GST/yr (₹354 total) | ₹0 Lifetime Free | ₹0 Year 1, then ₹20+GST/mo |
| Equity Delivery Brokerage | ₹0 (Zero Brokerage) | ₹20 or 0.05% per order | ₹0 for first 30 days, then ₹20 or 0.1% |
| Equity Intraday Brokerage | ₹20 or 0.03% per order | ₹20 or 0.05% per order | ₹20 or 0.03% per order |
| Equity Futures Brokerage | Flat ₹20 or 0.03% | Flat ₹20 per order | Flat ₹20 or 0.03% |
| Equity Options Brokerage | Flat ₹20 per executed order | Flat ₹20 per executed order | Flat ₹20 per executed order |
| DP Charges (Debit per Scrip) | ₹13.50 + GST (₹15.93) | ₹13.50 + GST (₹15.93) | ₹20.00 + GST (₹23.60) |
| Call & Trade Fee | ₹50 + GST per order | ₹50 + GST per order | ₹20 + GST per order |
| Auto Square-Off Charge | ₹50 + GST | ₹50 + GST | ₹20 + GST |
| Direct Mutual Funds | ₹0 (Coin via Demat) | ₹0 (Direct via BSE Star) | ₹0 (Direct via SuperApp) |
2. True Cost Calculation: Where Does Groww's Delivery Fee Hurt?
While Groww promoted itself with ₹0 AMC, it introduced a ₹20 or 0.05% brokerage fee on equity delivery. For an active investor accumulating stocks through Systematic Equity Plans (SEPs) or multiple tranche buys, this difference accumulates dramatically over time:
- Delivery Brokerage: ₹0
- Annual AMC: ₹354 (incl. GST)
- Total Broker-Side Cost: ₹354
- Delivery Brokerage: 100 × ₹12.50 = ₹1,250
- Annual AMC: ₹0
- Total Broker-Side Cost: ₹1,250
Key Finding: Even after paying Zerodha's ₹354 annual AMC, an investor executing more than 28 equity delivery purchases a year saves money on Zerodha compared to Groww.
4. Trading Technology & Ecosystem: Kite vs Groww vs Angel One
Strengths: Lightning-fast execution, zero promotional popups or ads, seamless integration with Sensibull, Streak, and Tijori Finance. Exceptional ChartIQ and TradingView chart widgets with multi-chart view.
Best for: Serious traders, disciplined long-term wealth creators.
Strengths: Most intuitive, consumer-friendly interface in India. Easy navigation between Mutual Funds, US Stocks, Fixed Deposits, and IPOs in a single unified dashboard. Very quick 5-minute paperless onboarding.
Best for: College students, first-time salaried professionals, mutual fund SIP investors.
Strengths: Combines full-service advisory recommendations (ARQ Prime) with discount brokerage pricing. Open developer SmartAPI with free SDKs for automated Python algorithmic trading.
Best for: Semi-professional traders needing leverage (MTF) and API integrations.
5. Margin Trading Facility (MTF): Which Broker Gives Better Leverage?
Margin Trading Facility (MTF) allows you to buy approved delivery stocks by paying only 20% to 50% of the transaction value upfront, with the broker funding the remaining balance against interest:
Zerodha does not aggressively promote retail MTF and maintains conservative margin policies to prevent client over-leveraging and liquidation cascades.
Groww offers MTF on selected high-cap scrips at interest rates starting from 0.045% per day (~16.4% per annum), managed through its Pay Later framework.
Angel One is the undisputed market leader in MTF, offering up to 4x delivery leverage on 1,000+ approved stocks at competitive interest rates (~14.99% pa or ~0.041% daily).
6. The Final Verdict: Which Broker Should You Choose?
Choose Zerodha If:
You want ₹0 delivery brokerage, intend to build a serious long-term stock portfolio, prefer zero intrusive push notifications or upsells, and demand the most reliable charting engine (Kite) for F&O trading.
Choose Groww If:
You are a beginner whose primary priority is running monthly mutual fund SIPs alongside occasional stock investing, you refuse to pay any account maintenance charges (₹0 AMC for life), and you prefer a clean, effortless mobile app.
Choose Angel One If:
You need heavy margin funding (MTF 4x leverage), want algorithmic access via free Python SmartAPIs, and appreciate advisory research calls alongside discount brokerage rates.
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7. Frequently Asked Questions (FAQs)
Which broker is better for equity delivery investments: Zerodha or Groww?▼
Zerodha charges ₹0 brokerage for long-term equity delivery investments, whereas Groww charges ₹20 or 0.05% (whichever is lower) per executed delivery order. For long-term buy-and-hold investors making frequent equity purchases, Zerodha is more cost-effective on delivery brokerage.
What are the account opening and annual maintenance charges (AMC)?▼
Groww charges ₹0 for account opening and ₹0 AMC for lifetime. Zerodha charges ₹200 for online trading & Demat opening and ₹300 + 18% GST annually (₹354/yr) as AMC (waived for BSDA accounts under ₹50,000 holdings). Angel One charges ₹0 account opening fee and ₹0 AMC for the first year, followed by ₹20 + GST per month from the second year.
What are the DP (Depository Participant) charges when selling shares?▼
DP charges are levied per company/scrip per day upon selling delivery shares: Zerodha charges ₹13.50 + 18% GST (approx ₹15.93), Groww charges ₹13.50 + 18% GST (approx ₹15.93), and Angel One charges ₹20 + 18% GST (approx ₹23.60).
Which broker offers the best platform for F&O intraday trading?▼
Zerodha Kite is widely regarded as the benchmark for active F&O traders due to its low-latency execution, advanced TradingView/ChartIQ integration, Sensibull option suite integration, and robust risk management. Angel One SuperApp is ideal for traders seeking automated algorithmic trading via SmartAPI and Margin Trading Facility (MTF).
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