Zerodha Review 2023: Demat Account Brokerage, Fee

In 2014, I opened a Zerodha account as my second Demat account. From 2010 through 2014, I used ICICI Direct as my brokerage account. Then I noticed ICICI Direct was charging hefty brokerage, so I decided to switch to Zerodha in 2014. Since that year, Zerodha has been my primary brokerage account.

Zerodha is the biggest discount broker in India with a client base of over 50 lakh users. In 2010, Zerodha was the first one who started the discount brokerage model in India to offer a flat trading brokerage of Rs. 20 per order irrespective of the trade volume.

Today many discount brokers offer the same benefits or even better plans, but personally, I ranked Zerodha higher among all the discount brokers. Zerodha is more customer-centric rather than just focusing on the business. For example, the “kill switch” feature prevents customers from burning out due to over-trading.

Zerodha keeps working on improving the technology part which is rare to find with other stockbrokers. Like Zerodha improves the Kite trading platform a lot over the years, and work is still going on.

On the downside, many customers complain about poor customer support. Zerodha customer service is below as compared to the full-service brokers but better amount the discount brokers. Personally, I never face a bad experience so far.

Let’s do a Zerodha review in detail about brokerage charges, fees, and trading platforms.

Zerodha Charges Details

Zerodha Account Charges

Type of Charges	Details
Zerodha account opening charges	Equity – Rs. 200 Commodity – Rs. 100
Maintenance charges	Rs. 300 annually (Rs. 75 per quarter)

Your mobile number should be linked to your Aadhaar card for online account opening. You can open the account offline but you have to pay higher charges

Offline account opening charges – Equity: Rs. 400 and Commodity: Rs. 200

I would suggest you to open Zerodha demat and trading account online which would take 24 hour to 48 hour on completing the account opening process.

Zerodha Brokerage Charges Details

Zerodha charges a lower of Rs 20 or 0.03% of the trade volume. For example, if you make a trade of Rs 50,000 then the brokerage charges would be Rs 15. Lower of Rs 20 (fix brokerage) or 0.03% of 50,000 = Rs 15, that you will be charged.

Equity delivery is completely free.

Segment	Brokerage Fee
Equity Delivery	Free
Equity Intraday	Rs. 20 per executed order or 0.03% (whichever is lower)
Equity Futures	Rs. 20 per executed order or 0.03% (whichever is lower)
Equity Options	Rs. 20 per executed order
Currency Futures & Options	Rs. 20 per executed order or 0.03% (whichever is lower)
Commodity F&O	Rs. 20 per executed order or 0.03% (whichever is lower)

Other Charges

Zerodha Depository(DP) Charges – Rs. 13.5 (charged by CDSL + Zerodha on the selling of stocks bought in delivery)
Zerodha Pledging Charges – Rs. 30
Zerodha Call and Trade Charges – Rs. 50 per order
Zerodha Off-market transfer charges – Rs. 25 or 0.03% of the transfer value (whichever is higher).
Zerodha Payment gateway charges – Rs. 9 per transaction except for UPI (No charges on UPI)
Delayed Payment Charges – Interest charged 18% a year or 0.05% per day on the debit balance
Mutual Funds Commission – Zero
GST – 18% on all fee & charges

Zerodha Margin Details

Delivery Margin

Zerodha doesn’t provide a margin on equity delivery (NRML). You can only get margin in intraday (MIS) and cover orders (CO).

Intraday Leverage

Segment	Margin Leverage
Equity	52% of the VaR+ELM+Adhoc mandated by the exchange
Index F&O	Total of 52% of (SPAN + Exposure)
Stock F&O	Total of 52% of (SPAN + Exposure)
Currency Futures	2X(52% of NRML margins)
Commodity Futures	2X(52% of NRML margins)

Cover Orders Leverage

Segment	Leverage /Margins
Equity	30% of the VaR+ELM+Adhoc mandated by the exchange
Index F&O	2X(52% of NRML margins)
Stock Futures	2X(52% of NRML margins)
Currency Futures	2X(52% of NRML margins)
Commodity Futures	2X(52% of NRML margins)

Zerodha Trading Platforms

#1. Zerodha Kite Web

Zerodha Kite is an easy-to-use trading platform with a minimalistic design. You get everything in one place such as market overview, orders, holdings, positions, and funds details.

You can use shortcuts to quickly navigate the platform. Use shortcuts like

Press “o” from the keyboard to move to the orders section.
“P” for the positions section,
“f” for funds,
“a” for the dashboard.

You can also access Level 3 data up to 20 bids and offers for better analysis of market trends.

You get above 100 charting indicators such as Candlesticks, Bollinger bands that help you access the market trends in advance.

Pros of Zerodha Kite

Sleek user interface
Even works at slow internet speed
In-depth market analysis
100+ technical indicators
Integration with other platforms such as coin, console

Cons of Zerodha Kite

Backtesting of strategies not available
Can’t buy IPO from Kite. You need to go to “Console”

#2. Zerodha Kite Mobile

Kite app is a lightweight and fast mobile app designed for mobile traders. You can trade stocks, invest in mutual funds, and learn about stocks in varsity through the Kite app.

Kite has integrated with other apps like Coin, Varsity, and Console making it one place to access other apps.

Pros of Zerodha Kite

Minimalistic app UI
Lightweight, faster app
Multi apps integration like coin and varsity
Invest in IPO as you can open the Console from the Kite app

Cons of Zerodha Kite

App stutters in peak hours sometimes

Zerodha Additional Product

#1. Console

The Console is a central reporting dashboard that provides you with the details of your trading, profit & loss statements, contract notes, and many other reports.

You can also invest in IPOs (Initial Public Offerings) through the console. You can pay through UPI for placing IPO bids.

#2. Coin

Zerodha’s coin is India’s largest direct mutual fund investment platform with 2000+ commission-free direct mutual funds from more than 40 mutual fund houses.

You can check out various fund schemes like equity, debt, ELSS and sector-wise data to make your understanding before investing.

#3. Varsity

You can also learn about stock investment through Zerodha’s Varsity Mobile app. You get in-depth knowledge about stocks through cards and illustrations.

Varsity has three difficulty levels to make your stock learning interesting. You get a quiz at the end of each lesson to recall what you learned.

You also get a virtual certification on completion of each module to boost your morale.

#4. Sentinel

Sentinel allows you to create personalized market alerts on 90,000+ stocks, bonds, commodities, F&O contracts, and currencies across various exchanges.

You can set up basic alerts based on price, trade quantity, volume, and open interest.

You can also create advanced alerts using mathematic expressions similar to ExcelFormulas.

For example, suppose INFYcurrent price is 700, you can set the condition as below –

LastTradedPrice(‘NSE:INFY’) >= 800

When INFY touches or crosses 800, the trigger will generate an alert for you. There’s no time limit, so you can set your alerts for future prices.

Zerodha Partner Products

Zerodha has partnerships with other companies to provide wider investment opportunities to the customer. You can directly link your Zerodha account with the partner products to start using the portals. You need to pay an extra subscription fee for all these services.

#1. Sensibull

Sensibull is designed for option traders to build option trading strategies. You can compare different “options” side by side to know which will work best for you. You can run various complex strategies such as Spreads, Butterflies, and Condors with a single click.

Sensibull also allows you to do virtual trading so that you can practice options trading without putting your real money at risk.

Sensibull has now introduced the “Social trading” option to copy strategies of other experts, get your trades on WhatsApp, and execute with a single click from your phone’s notifications.

#2. Small Case

If you don’t have a fundamental knowledge of stocks, but you want to invest in stocks for the long term, then you can go with SmallCase.

You can build a diversified portfolio in stocks through theme-based investment strategies.

Where you can invest through readymade strategies such as

All-Weather Investing – Long-term investment strategy that invests in equities, debt, and gold.
Top 100 Stocks – Invest in top 100 market cap companies using Nippon India ETF Nifty Bees and Nippon India ETF Junior Bees.
Dividend Aristocrats – investing in companies that pay high dividends

You can access hundreds of other strategies as per your requirements.

#3. Streak 4.0

Zerodha streak is a cloud-based Algo-trading platform, where you can create your stock trading strategies.

You can not only backtest your strategies but also, you can pick readymade strategies and then edit, backtest or deploy those strategies as per your requirements.

The Streak has 3 sections –

My Strategies – You can create your own strategies.
Discover – Streak publishes strategies for user understanding
My Picks – Strategies that you picked from the Discover

#4. GoldenPi

Zerodha has partnered with Golden Pi to help its clients invest in debt securities such as bonds, and treasury bills.

You can also invest in Sovereign gold bonds, PSU or corporate bonds if you prefer safer investments.

Golden Pi allows you to invest in the categories below –

Ultra short term bonds
Tax free bonds
Public sector bank bonds
Highly safe bonds
Bonds for senior citizens
State government guaranteed bonds

Zerodha Customer Care Support

Zerodha customer care support is not at the level of full-service brokers but better among the discount brokers in India. If excellent customer support is your priority then I would suggest you to open account with full-service broker.

If you want to save brokerage and a decent customer support would be sufficient then go with Zerodha.

Zerodha has a 48-hour timeline to close a ticket. So, they respond to every ticket raised. Best way for fast solution is is to raise a ticket and tweet mentioning your ticket number.

You can raise a ticket with the log-in Zerodha support team to resolve your issue. You can visit Zerodha Support portal to create a ticket.

Select any relevant topic from the given list.

Scroll the page down and click on “Create a ticket”.

Now select “Yes or No”, if you have a Zerodha account or not.

If you are a Zerodha user, you can login with Kite. Otherwise, fill the details as given in the snapshot and click on “Create a Ticket”.

The customer support team will call you back once your ticket is created.

Zerodha Customer Care Number

Account Opening	Trading Support	Call & Trade
080 4719 2020 080 7117 5337	080 4718 1888 080 4718 1999	080 4718 1888

You need a “Support Code” while calling Trading Support and enter the code when the IVR machine asks you so. Only then you can reach out to the trading support representative.

You can find your “Support Code” in your Console panel.

Steps to get the support code –

Step 1 – Go to Console.zerodha.com and log in with your “Zerodha Kite” credentials.

Step 2 – Click on the Account menu.

Step 3 – In the Account section, you can locate the hidden support code. Click on “View” to unhide the code.

Note down the support code to use with customer support.

Zerodha Advantages

Zero brokerage on equity delivery
Fix brokerage of Rs 20 on trading for high volumes
Level-3 historical data and 100+ indicators for better analysis
Create personalized alerts
Also invest in IPOs, mutual funds, and bonds
No commission on the mutual funds’ investment
Partnered with other high-end platforms like Sensibull, GoldenPi, and SmallCase for options trading and long-term investing.

Zerodha Disadvantages

Sometimes users face server crashes during peak hours
Customer support needs to improve

Zerodha Account Opening Process

I took about 15 to 20 mins to complete my entire Zerodha account opening application. The account has opened withing 48 hours after completing the application. You need the following documents to open the Zerodha account

Photocopy of PAN card and Aadhaar card
Your mobile number should linked to your Aadhar (Mandatory for online as customers will receive the OTP in that particular number only)
Bank account proof – canceled cheque/bank statement/passbook front page(Anyone of them) to link with your bank account.
Signature: A scanned copy or photograph of your signature.
Income proof (for Futures and Options) – Form-16/Income Tax Return/ 6-month bank statement/net worth certificate from a CA

You can go through the our step by step guide to open Zerodha account for more details.

Final Words – Why You Should Open a Zerodha Account?

I have been using Zerodha for more than 8 years. So far, my experience has been good with Zerodha.

If you are looking for a cheap brokeage plan with advance trading platform and decent customer support then I would suggest you to open account with Zerodha. Many discount brokers offer free account opening but paying Rs 300 for Zerodha 300 is worth the overall experiecne with Zerodha.

FAQs

Q1. Is Zerodha good for beginners?

Yes. Zerodha is good for beginners as well as professional traders because you have to pay less brokerage fees and you get an easy-to-use platform.

Q2. What are Zerodha brokerage charges?

Zerodha charges 0.03% or Rs. 20 per order whichever is on the lower side.

Q3. What is BO ID in Zerodha?

The BO ID (Beneficiary Owner Identification Number) is a unique 8-digit number used to recognize your Demat account. BO-ID is exclusive for every client. You can how to find BO ID in Zerodha

Q4. Can I open a Zerodha account online?

Yes. You can open your Zerodha account online by visiting the Zerodha website.

Make sure that your mobile number is linked with your Aadhaar card.

Secondly, you have access to the mobile number linked with your Aadhaar card when you fill the Zerodha application form online.

Q5. Can I open a Zerodha account without Aadhaar?

Yes. You can open a Zerodha account without an Aadhaar number but you have to follow the offline process.

In which, you will signup with Zerodha and fill the form online. You’ll get the option of the “I’ll print and courier” option at the last point.

You just print the application form. Duly sign and send the form to Zerodha head office along with supporting documents.

Q6. Can I open a Zerodha account on Sunday?

Yes. You can apply for a Zerodha account on any day of the week and at any time throughout the day.

If you apply on Sunday, your application will be processed within the next 2 working days.

Q7. Can I open a Zerodha account without Income Proof?

Yes. You can open a Zerodha account without income proof as well. Income proof is required if you want to trade in Future and Options or Commodities.

Then you have to produce your last 6 months’ income proof.

Q8. Can I open a Zerodha account in lockdown?

Yes. Since the Zerodha account opening process is online and you can easily open your account from the comfort of your home.

But make sure your mobile number is linked with an Aadhaar card to complete the online KYC process.

Q9. Can I close the Zerodha account?

You can close Zerodha accounts by visiting their website and raising a ticket.

There’s no complete online process for account closing but you can do the initial steps online and then print the form and courier it to Zerodha head office.

Q10. Can Zerodha be used for mutual funds?

Yes. You can use Zerodha for commission-free direct mutual fund investing.

Earlier Zerodha used to charge Rs. 50 per month for mutual funds investment but now it’s free.

Q11. Why Zerodha is better than Upstox?

Zerodha is better than Upstox in the points below –

Easy user interface for trading platforms
Low brokerage percentage than Upstox. Upstox charges 0.05% or Rs. 20 per order but Zerodha demands 0.03% or Rs. 20 per order
Zero brokerage on equity delivery, Upstox charge Rs 20 on delivery.
Better customer support. Zerodha deals with the ticket raised within 48 hours but Upstox customer support is slow in resolution.

Q12. How is Zerodha brokerage calculated?

Zerodha charges brokerage at 0.03% or Rs. 20 per order (whichever is lower) and Zero brokerage on equity delivery.

Scenario #1. Stock Delivery

Suppose you are investing Rs. 1,00,000 in 1000 stocks for the long-term. You buy all your stocks on delivery at Rs. 100 per share price.

Total brokerage = ZERO.

Scenario #2. Low Volume Trading

Buying

Suppose you bought 100 stocks at Rs. 100 per stock. Your cost of stocks would be Rs. 10,000.

If calculates with 0.03%, the brokerage would be 10,000 X 0.03% = Rs. 3

Since Rs. 3 is lower than Rs. 20, you would pay Rs. 3 as brokerage.

Selling

Now you sold all the 100 stocks on the same day at Rs. 105 per stock. Total amount Rs. 10,500.

The brokerage would be 10,500 X 0.03% = Rs. 3.15

Total brokerage = Rs. 3.00 + 3.15 = 6.15.

Scenario #3. High Volume Trading