INDmoney vs Zerodha Charges: AMC & Brokerage

Zerodha is a discount broker that allows you to trade or invest in equity, currency, commodities, F&O, mutual funds, and ETFs. It offers discounted brokerage fees because it does not provide stock investment tips, research, or Robo advisory services.

I have been using the Zerodha Demat and trading account for four years and am fully satisfied with the service.

On the other hand, INDmoney has recently started demat and trading account services for the Indian share market at a discount brokerage. 

INDmoney doesn’t offer currency or commodity trading. You can invest in Indian stocks, US stocks, mutual funds, and fixed deposits. INDmoney has collaborated with Vested (a US-based brokerage company) to provide US stock investments in India.

Let’s compare the INDmoney vs Zerodha charges. 

Quick Comparison of INDmoney vs Zerodha Charges

ParticularsINDmoneyZerodha 
0.05% or Rs 20 per executed order, whichever is lowerIndian Stocks – Equity, Equity F&O, Mutual Funds, FDs, IPOs, US Stocks & ETFsEquity, Commodity, Currency, Futures and Options, Mutual Funds, IPOs & ETFs
Account opening chargesRs. 0 (Free)Rs 200+ Rs 100 for Commodity (optional)
Demat AMC FeesRs. 0 (Free)Rs. 300 (Rs. 75 per quarter)
Brokerage ChargesINDmoneyZerodha Plan
Equity Delivery0.05% or Rs 20 per executed order, whichever is lower0 (Free)
Equity Intraday0.03% or Rs. 20 per executed order, whichever is lower0.03% or Rs. 20 per executed order, whichever is lower
Equity FuturesRs. 20 per executed order0.03% or Rs. 20 per executed order, whichever is lower
Equity OptionsRs. 20 per executed orderRs. 20 per executed order
Currency FuturesNot Available0.03% or Rs. 20 per executed order, whichever is lower
Currency OptionsNot AvailableRs. 20 per executed order
Commodity FuturesNot Available0.03% or Rs. 20 per executed order whichever is lower
Commodity OptionsNot AvailableRs. 20 per executed order
Call & Trade ChargesRs. 500 per orderRs. 50 per order

INDmoney Demat Account Charges vs Zerodha 

#1. Account Opening Charges

INDmoney offers a lifetime free demat and trading account opening facility. 

On the other hand, Zerodha charges Rs. 200 for an online trading account opening. However, you need to pay Rs. 100 more to open a commodity trading account with Zerodha. Commodity trading is optional in Zerodha.

INDmoneyZerodha
Demat Account Opening Charges Rs. 0 (Free)Rs. 0 (Free)
Trading Account Opening Charges (One Time)Rs. 0 (Free)Rs 200 (equity only)
Rs 300 (with commodity account)

#2. Annual Maintenance Charges (AMC)

INDmoney does not charge for demat AMC while Zerodha charges Rs 300 annually (Rs. 75 quarterly). 

AMC FeeINDmoneyZerodha
Demat AMC FeeRs. 0 (Free)Rs. 75 per quarter (Rs. 300 annually)

Winner – INDmoney

INDmoney Vs Zerodha Brokerage Charges

Zerodha offers zero brokerage charges on equity delivery and 0.03% or Rs. 20 per executed order whichever is lower for intraday trading. 

While INDmoney charges a lower of 0.05% or Rs 20 per executed order for equity delivery and intraday trading. However, INDmoney does not trade in currency and commodity segments. 

SegmentINDmoneyZerodha
Equity Delivery0.05% or Rs 20 per executed order whichever is lower0 (Free)
Equity Intraday0.05% or Rs 20 per executed order whichever is lower0.03% or Rs. 20 per executed order whichever is lower
Equity FuturesRs. 20 per executed order0.03% or Rs. 20 per executed order whichever is lower
Equity OptionsRs. 20 per executed orderRs. 20 per executed order
Currency FuturesNot Available 0.03% or Rs. 20 per executed order whichever is lower
Currency OptionsNot Available Rs. 20 per executed order 
Commodity FuturesNot Available0.03% or Rs. 20 per executed order whichever is lower
Commodity OptionsNot AvailableRs. 20 per executed order 

Winner – Zerodha

Zerodha vs INDmoney Other Charges

#1. Call and Trade Charges

 Zerodha charges Rs. 50 per order. Whereas INDmoney charges Rs. 500 per order for Call & Trade charges. 

ZerodhaRs. 50 per order
INDmoney Rs. 500 per order

Winner – Zerodha

#2. Mutual Fund and IPO Investment Charges

Both INDmoney and Zerodha offer a lucrative advantage to you by providing zero charges for mutual fund investments through their platforms. 

Additionally, both platforms do not charge any fees for IPO investments, making it easier for you to participate in the IPO.

Winner – Tie

#3. Auto-square Off Charges

Zerodha charges Rs. 50 per auto-squared off for all open intraday positions after the cut-off time. 

In contrast, mStock applies an auto-square-off charge of Rs. 50 per position. 

Winner – Tie

#4. Remat Charges

Rematerialization of shares is the process by which you can get your electronic share holdings converted to physical share certificates. 

INDmoney charges Rs. 250 per certificate while Zerodha charges Rs. 150 per certificate + Rs. 100 courier charges for rematerialization of shares. 

INDmoneyRs. 250 per certificate 
ZerodhaRs. 150 per certificate + Rs. 100 courier charges 

#5. Demat Charges

Dematerialization of shares is the process by which you can get your physical share certificates converted to electronic share holdings. 

INDmoney charges Rs. 250 per certificate while Zerdoha charges Rs. 150 per certificate + Rs. 100 courier charges for dematerialization of shares.

INDmoneyRs. 250 per certificate 
ZerodhaRs. 150 per certificate + Rs. 100 courier charges 

#6. Physical CMR Copy Charges

Zerodha provides the first CMR (Client Master Report) copy for free, subsequent requests are charged Rs. 20 + Rs. 100 (courier charge).

On the other hand, INDmoney charges Rs. 300 per request + Rs. 300 as courier chazerdoahrges for physically delivered CMR copy. 

#7. Off Market Share Transfer Charges 

Zerodha levies Rs. 25 or 0.03% of the transfer value for off-market share transfers, whichever is higher.

Whereas, INDmoney charges Rs. 10 per transaction for off-market share transfers.

#8. Funds Transfer Charges

For deposit through net banking, INDmoney charges Rs. 10, while Zerodha applies a fee of Rs. 9.

However, if you transfer funds through UPI or IMPS, there is no charge levy by both platforms.

#9. Charges for Canceled Orders

For canceled orders, both INDmoney and Zerodha do not charge any fees. 

Cancellation can be due to –

  • Canceling orders manually
  • Auto-canceled by the system
  • The order rejected for the shortage of funds or any reason

#9. GTT Order Charges

Good Till Trigger (GTT) allows you to set certain trigger (price) conditions leading to buying/ selling of shares at a particular price. 

Both stock brokers do not charge any fees for setting up GTT orders. However, you need to pay the brokerage fee when the order is triggered.

#10. BTST Trading Charges

For BTST (Buy Today Sell Tomorrow) trades, both INDmoney and Zerodha do not charge any fees, as these orders fall under the delivery product category.

INDmoney Vs Zerodha Government Taxes and Regulatory Charges

#1. SEBI Charges & GST

Government taxes and regulatory charges are consistent across INDmoney and Zerodha. Both charge Rs. 10 per crore traded as SEBI charges.

Additionally, the Goods and Services Tax (GST) of 18% is applicable on all charges, including brokerage fees, SEBI charges, and transaction fees. 

SEBI Turnover Tax00.0001% on turnover (Rs 10 per crore)
GST18% of brokerage & transaction value

#2. Stamp Duty

Stamp duty charges are levied by the state government on the transfer of securities. Stamp duty is charged only on the buy side. 

Stamp Duty is also the same between the two platforms. 

Trading SegmentCharges
Equity Delivery0.015% or Rs 1500 / crore
Equity Intraday 0.003% or Rs 300 / crore
Equity Futures0.002% or Rs 200 / crore
Equity Options0.003% or Rs 300 / crore 
Currency Futures0.0001% or Rs 10 per crore
INDmoney – Not Available
Currency Options0.0001% or Rs 10 per crore
INDmoney – Not Available
Commodity FuturesZerodha – 0.002% or Rs 200 per crore 
INDmoney – Not Available
Commodity OptionsZerodha – 0.003% or Rs 300 per crore 
INDmoney – Not Available

#3. STT Charges

The government levies STT (Securities Transaction Tax) on securities and commodities on all trades executed on the exchange. The charges are as follows:

Trading SegmentSTT Charges
Equity Delivery0.1% on both buy & sell
Equity Intraday 0.025% only on sell
Equity Futures0.0125% only on sell
Equity Options0.0625% on sell side (on premium)
Currency F&ONo STT
INDmoney – Not Available
Commodity FuturesZerodha – 0.01% on sell (Non-Agri)
INDmoney – Not Available
Commodity OptionsZerodha – 0.05% on sell
INDmoney – Not Available

#4. Transaction Charges

Both INDmoney and Zerodha charge the transaction charges for every trade executed on the exchange. The exchange levies the charges and vary from one exchange to another. The charges are as follows:

Segment Transaction Charges 
Equity Delivery NSE – Rs 325 per Cr (0.00325%)
BSE – Rs 375 per Cr (0.00375%) (each side)
Equity Intraday NSE – Rs 325 per Cr (0.00325%)
BSE – Rs 375 per Cr (0.00375%) (each side)
Equity FuturesNSE – Rs 190 per Cr (0.0019%)
Equity OptionsNSE – Rs 5000 per Cr (0.0500%) (on premium)
BSE – 0.0050% (on premium)
Currency FuturesNSE – Rs 90 per Cr (0.0009%) 
BSE – Rs 22 per Cr (0.00022%)
INDmoney – Not Available
NSE Currency OptionsNSE – Rs 3500 per Cr (0.035%) 
BSE – Rs 100 per Cr (0.001%) (on premium)
INDmoney – Not Available
Commodity FuturesZerodha – 0.0026%
INDmoney – Not Available
Commodity OptionsZerodha – 0.05%
INDmoney – Not Available

#5. DP (Depository Participant) Charges 

Both INDmoney & Zerodha apply a DP charge of Rs. 13.5 per scrip for each Demat debit transaction (sell).

There are no charges for Demat credit transactions. This is charged only on selling shares from the demat account.

Final Words

If you’re looking for an app that provides multiple investment options, including Indian and US stocks, mutual funds, fixed deposits, and AI-driven advisory services, INDmoney is a better choice. However, INDmoney doesn’t support currency, commodity, and F&O trading.

On the other hand, if you primarily want to trade or invest in Indian stocks and prefer lower brokerage fees, Zerodha is a more cost-effective option. Zerodha offers free equity delivery and charges a maximum of Rs. 20 per executed order for intraday trading, currency, and commodity. 

About Rajan Dhawan

Rajan has covered personal finance and investing for over 5 years. Previously, he was in the IT field for 8 years after completing his MCA but his deep interest in personal finance led him to become an investing expert. He is passionate about investing, stocks, startups, and cryptos.

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