SBI Securities Charges vs Zerodha Account Charges

Zerodha is a discount broker where as SBI Securities is a full-service stockbroker that provides advisory services along with the trading platform.

Zerodha is the biggest stockbroker in India with more than 64 lakhs+ active client base. On the other side, SBI Securities has only 5 lakh active clients.

Based on our report on the top 20 stockbrokers, only SBI and Zerodha charge account opening fees among the top 20 stockbrokers in India.

Let’s discuss the SBI Securities charges vs Zerodha in detail – 

SBI Demat Account Charges vs Zerodha

#1. SBI Account Opening Charges vs Zerodha

SBI Securities charges Rs. 850 for Demat and trading account opening. 

On the other hand, Zerodha charges Rs. 200 for an online demat account. However, you need to pay an additional Rs. 100 for an MCX commodity account. It’s important to note that Commodity trading is optional in Zerodha. 

Segment	SBI Securities	Zerodha
Account Opening Charges	Rs. 850	Rs. 200 for equity  & Rs 100 for commodity trading a/c (optional)

If you prefer offline account opening, Zerodha charges Rs. 400 for an equity trading and Demat account, and Rs. 200 for commodity trading account. While SBI Securities offers offline account opening facility at the same cost. 

Winner – Zerodha

#2. Annual Maintenance Charges (AMC)

Zerodha charges Rs. 75 per quarter, amounting to Rs. 300 per year for the account’s annual maintenance charges. 

On the other hand, SBI Securities charges AMC fees of Rs 750 annually including Rs. 500 for e-statement.

Stock Broker	AMC Charges
SBI Securities	Rs. 750 annually (Rs. 500 for e-statement)
Zerodha	Rs. 75 per quarter (Rs. 300 annually)

Winner – Zerodha

#3. SBICap Securities Vs Zerodha Brokerage Charges

Zerodha has only one plan that offers zero brokerage charges on equity delivery and 0.03% or Rs. 20 per executed order whichever is lower for intraday.

Whereas SBI Securities offers various brokerage plans with different brokerage rates.

• SBI securities Standard Brokerage Plan
• SBI securities Plan 499, FO 599, Pro 749, OIOP – 3K, 5K, & 10K 

#1. Brokerage Charges for the SBI securities Standard Brokerage Plan vs Zerodha

Trading Segment	SBI Securities Brokerage Charges(Standard Plan)	Zerodha Brokerage Charges
Equity Delivery	0.50%	Zero
Equity Intraday	0.075%	0.03% or Rs. 20 per order(whichever is lower)
Equity Futures	0.05%	0.03% or Rs. 20 per order(whichever is lower)
Equity Options	Rs. 100 per lot	Flat Rs. 20 per order
Currency Futures	0.03%	0.03% or Rs. 20 per order(whichever is lower)
Currency Options	Rs. 30 per lot	Flat Rs. 20 per order
Commodity Futures	0.05%	0.03% or Rs. 20 per order(whichever is lower)
Commodity Options	Rs. 100 per lot	Flat Rs. 20 per order

#2. Brokerage Charges for the SBI securities Plan 499, FO 599, Pro 749, OIOP – 3K, 5K, & 10K 

Under these SBI securities brokerage plans, you need to pay subscription fees. 

Segments	Plan 499	FO 599	Pro 749	OIOP 3K	OIOP 5K	OIOP 10K
Tenure	Lifetime	Lifetime	Lifetime	1 Year	1 Year	Lifetime
Equity Delivery	0.50%	0.50%	0.35%	0.20%	0.20%	0.20%
Equity Intraday	0.05%	0.05%	0.035%	Rs. 20 /order	Rs. 20 /order	Rs. 20 /order
Futures	0.05%	0.02%	0.02%	Rs. 20 /order	Rs. 20 /order	Rs. 20 /order
Options	Rs. 50 /lot	Rs. 20 /lot	Rs. 20 /lot	Rs. 20 /order	Rs. 20 /order	Rs. 20 /order
Currency	Rs. 20 /lot	Rs. 20 /lot	Rs. 20 /lot	Rs. 20 /order	Rs. 20 /order	Rs. 20 /order

Winner – Zerodha

You can also check the detailed process to open the SBI Securities demat trading account online.

#4. Call and Trade Charges

SBI securities offers you free first 30 calls in a month. After that, you have to pay Rs 10 per call as Call & Trade fee. Whereas Zerodha charges Rs. 50 per order. 

Zerodha	Rs. 50 per order
SBI securities	First 30 calls per month – Free After that, Rs. 10 per order

Winner – SBI securities

#5. Mutual Fund and IPO Investment Charges

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

Additionally, both the platforms Zerodha and SBI Securities do not charge any fees for IPO investments, making it easier for you to participate in the Upcoming IPO 2023-2024.

Winner – Tie

#6. Pledge and Unpledged Charges

You can use the margin against Demat holdings for trading futures & options only. Zerodha charges Rs 30 per scrip on pledging. There is no fee charged for unpledging. 

On the other hand, SBI Securities charges you pledge/unpledge charges are mentioned below: 

Pledge Creation/Closure/Confirmation/Invocation (%of value for each ISIN in each request)
For each ISIN Request	0.02% of Value or Min Rs. 25 whichever is higher (Plus CDSL/NSDL Charges)
Margin / MTF Pledge for creation	Flat Rate Rs 15/- per ISIN per transaction
Margin / MTF Pledge for closure	Flat Rate Rs 15/- per ISIN per transaction
Non Disposal Undertaking (NDU)	0.02% of Value or Min Rs 50/- whichever is higher

#7. Margin Shortfall Penalty

Zerodha charges the margin shortfall penalty on the debit balance in the trading account.

Shortfall collection	Penalty
(< Rs 1 lakh) and (< 10% of applicable margin)	0.50%
(>= Rs 1 lakh) or (>= 10% of applicable margin)	1%

A penalty of 5% will be applicable for 

• Every further instance of the shortfall is applicable, If there are more than 5 instances of a shortfall in a calendar month.
• Each subsequent instance of the margin shortfall, If the margin shortfall continues for more than 3 consecutive days.
• For MCX, from the 4th instance of the shortfall, if the margin shortfall is reported 3 times or more during a month. 

In contrast, SBI Securities does not mention about margin shortfall penalty.

#8. Auto-square Off Charges

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

In contrast, SBI Securities does not specify their auto square-off charges. They automatically square off all open intraday positions at 2:45 PM.

Winner – Zerodha

SBI Securities vs Zerodha Other Charges 

#1. CMR Copy Charges

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

SBI Securities has not mentioned anything about CMR copy delivery and its charges.

#2. Off Market Share Transfer Charges 

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

While SBI Securities off-market charges are as below :

On-Market (Sell Market) / Off Market (% of transaction value of each ISIN)
with POA (applicable for On Market Instructions only)	0.01% (Min. Rs 21, Max. Rs 300)
For instruction submitted through internet	0.01% (Min. Rs 21, Max. Rs 300)
For instruction submitted through Branches	0.04% (Min. Rs 30, Max Rs. 50,000) Extra Charges ` 10/- per ISIN for Late submission
Buy- market and off-market	Nil
Rejection / Failed instruction	Rs 10 per failed instruction

#3. Dematerialization / Rematerialisation Charges

For Dematerialisation, Zerodha charges Rs. 150 per certificate + Rs. 100 courier charges per request, whereas SBI Securities charges you Rs 5 per certificate + Rs 35 courier charges per request. 

For Rematerilisation, Zerodha charges Rs. 150 per certificate + Rs. 100 courier charges per request +CDSL charges, while SBI Securities charges Rs 35 Per Request + CDSL Charges i.e. Rs 10 per 100 securities or part quantity. 

Stockbroker	Dematerialisation	Rematerialisation
SBI Securities	Rs 5 per certificate + Rs 35 courier charges per request	Rs 35 Per Request + CDSL Charges i.e. Rs 10 per 100 securities or part quantity
Zerodha	Rs 150 per certificate + Rs 100 courier charges per request	Rs. 150 per certificate + Rs. 100 courier charges per request +CDSL charges

#4. Funds Transfer Charges 

Zerodha charges a fee of Rs. 9 per deposit through net banking. However, if you transfer funds through UPI or IMPS, there is no charge levy by both platforms including SBI Securities.

You can also check the detailed guide on how to add and withdraw money from Zerodha.

#5. Cancel Orders Charges

For canceled orders, Zerodha does not charge any fees. SBI has not disclosed the cancel order charges. 

Cancellation can be due to –

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

#6. GTT Order & BTST Trading Charges

GTT (Good Till Triggered) orders are orders that remain open until a specific trigger point is reached. Zerodha does not charge any fees for setting up GTT orders. However, you need to pay the brokerage fee of Rs. 20 when the order is triggered.

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

On the other hand, SBI Securities does not mention the BTST & GTT charges.

SBI Securities Vs Zerodha Government Taxes and Regulatory Charges

#1. SEBI Charges

Every broker has to pay a fee to SEBI for every trade that they execute on behalf of their clients.

Both SBI Securities and Zerodha charge a fee of Rs 10 per crore traded as SEBI charges.

#2. GST (Goods and Services Tax)

GST is levied by the government on the services provided by the broker. 18% GST needs to be paid on all the charges like brokerage fees, SEBI charges, and transaction fees.

#3. Transaction Charges

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

Segment	Zerodha Charges	ICICI Direct Charges
NSE Equity (intraday/ delivery)	0.00325% per trade on buy & sell	0.00386%
BSE Equity (intraday/delivery)	As per the stock group	0.00384%
NSE Equity Futures	0.0019%	0.002206% (Rs 221/Crore)
NSE Equity Options	0.050% (on premium)	0.05515% (Rs 5515/Crore)
NSE Currency Futures	0.0009%	0.002206%
NSE Currency Options	0.035%	0.05515% (Rs 5515/Crore)
BSE Currency Futures	0.00022%	Not Available
BSE Currency Options	0.001%	Not Available
Commodity Futures	0.0026%	Not Available
Commodity Options	0.05%	Not Available

#4. STT Charges

STT (Securities Transaction Tax) is levied by the government on securities and commodities on all trades executed on the exchange. 

The SBI Securities and Zerodha STT charges are as follows:

Trading Segment	Charges
Equity Delivery	0.1% on both buy & sell
Equity Intraday	0.025% only on sell
Equity Futures	0.0125% only on sell
Equity Options	0.0625% on sell side (on premium)
Currency F&O	No STT
Commodity Futures	0.01% on sell (Non-Agri)
Commodity Options	0.05% on sell

#5. Stamp Duty

Stamp duty charges, which 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 Segment	Charges
Equity Delivery	0.015% or Rs 1500 / crore
Equity Intraday	0.003% or Rs 300 / crore
Equity Futures	0.002% or Rs 200 / crore
Equity Options	0.003% or Rs 300 / crore
Currency Futures	0.0001% or Rs 10 per crore
Currency Options	0.0001% or Rs 10 per crore
Commodity Futures	0.002% or Rs 200 per crore
Commodity Options	0.003% or Rs 300 per crore

#6. DP Charges

For each Demat debit transaction (sell), Zerodha applies a DP charge of Rs. 13.5 per scrip. 

On the other hand, SBI Securities imposes a demat debit transaction charges are.

• Through POA – 0.01% of the transaction value (Minimum of Rs 21 and Maximum of Rs 300) per ISIN
• Through DIS – 0.04% of the transaction value (Minimum of Rs 30) per ISIN

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

Conclusion

In my opinion, Zerodha is a better choice than SBI Securities in terms of charges including account opening charges, AMC, lower brokerage charges and all other transaction charges. Additionally, Zerodha has good customer support. 

On the other hand, SBI Securities is worthless in terms of charges, they charge high brokerage fees and lack transparency in disclosing all types of charges like BTST & auto square-off charges. 

FAQs of SBI Securities Charges vs Zerodha