Groww vs. Zerodha Charges Comparision
Calculate the true cost of your trade side-by-side with the total fee difference.
| Fee/Metric | Zerodha (0.03%) | Groww (0.05%) | Difference (Groww - Zerodha) |
|---|---|---|---|
| Charges (₹) | Charges (₹) | ||
| Turnover (T/O) | ₹0.00 | ₹0.00 | - |
| Brokerage Applicable (Max ₹20) | ₹0.00 | ₹0.00 | ₹0.00 |
| Exchange Transaction Charges (NSE) | ₹0.00 | ₹0.00 | - |
| SEBI Charges (₹10/Cr) | ₹0.00 | ₹0.00 | - |
| GST (18% on Fees) | ₹0.00 | ₹0.00 | ₹0.00 |
| STT/CTT (Tax) | ₹0.00 | ₹0.00 | - |
| Stamp Duty (Only on BUY) | ₹0.00 | ₹0.00 | - |
| TOTAL TAXES & CHARGES | ₹0.00 | ₹0.00 | ₹0.00 |
Zerodha offers ₹0 brokerage on equity delivery and charges a flat ₹20 per trade for other segments like intraday and F&O.
Groww also charges ₹20 per trade for intraday and F&O but does not offer free equity delivery trades like Zerodha.
Upstox follows a similar model to Groww for delivery, charging ₹20 or 2.5% (whichever is lower), and matches the industry standard of ₹20 per order for intraday and F&O trades.
Groww vs. Zerodha vs Upstox: Detailed Fee & Charge Breakdown
Here is a comprehensive, side-by-side comparison of all applicable charges for trading on Groww and Zerodha, broken down by segment.
1. Equity Delivery
For buying and holding stocks for more than one day (long-term investment).
| Charge | Groww | Zerodha | Upstox |
| Brokerage | ₹0 | ₹0 | ₹20 or 2.5% (whichever is lower) |
| STT | 0.10% on buy & sell | 0.10% on buy & sell | 0.1% on buy & sell |
| Exchange Txn Charges | 0.00297% (NSE) | 0.00297% (NSE) | ₹3 (Fixed per order mentioned in blog) or 0.00297%* |
| SEBI Turnover Charges | ₹10 / crore | ₹10 / crore | ₹10 / crore |
| Stamp Duty | 0.02% (Buy only) | 0.02% (Buy only) | 0.02% |
| GST | 18% | 18% | 18% |
2. Equity Intraday
For buying and selling stocks within the same day.
| Charge | Groww | Zerodha | Upstox |
| Brokerage | ₹20 or 0.05% (lower) | ₹20 or 0.03% (lower) | ₹20 or 0.1% (lower)* |
| STT | 0.03% (Sell only) | 0.03% (Sell only) | 0.025% (Sell only) |
| Exchange Txn Charges | 0.00297% (NSE) | 0.00297% (NSE) | 0.00297% (NSE) |
| SEBI Turnover Charges | ₹10 / crore | ₹10 / crore | ₹10 / crore |
| Stamp Duty | 0.00% (Implies very low/nil) | 0.00% | 0.00% |
| GST | 18% | 18% | 18% |
3. Equity Futures
An agreement to buy or sell a fixed quantity of stock/index at a predetermined price on a future date.
| Charge | Groww | Zerodha | Upstox |
| Brokerage | ₹20 or 0.05% (lower) | ₹20 or 0.03% (lower) | ₹20 or 0.05% (lower) |
| STT | 0.01% (Sell only) | 0.01% (Sell only) | 0.02% (Sell only) |
| Exchange Txn Charges | 0.00173% (NSE) | 0.00173% (NSE) | 0.00297% (NSE)* |
| SEBI Turnover Charges | ₹10 / crore | ₹10 / crore | ₹10 / crore |
| Stamp Duty | 0.00% | 0.00% | 0.00% |
| GST | 18% | 18% | 18% |
4. Equity Options
Gives the buyer the right, but not the obligation, to buy or sell a stock/index at a specific price.
| Charge | Groww | Zerodha | Upstox |
| Brokerage | Flat ₹20 per order | Flat ₹20 per order | Flat ₹20 per order |
| STT | 0.05% on Sell (premium) | 0.05% on Sell (premium) | 0.1% on Sell (premium) |
| Exchange Txn Charges | 0.03503% (NSE) | 0.03503% (NSE) | 0.00297% (NSE)* |
| SEBI Turnover Charges | ₹10 / crore | ₹10 / crore | ₹10 / crore |
| Stamp Duty | 0.00% | 0.00% | 0.00% |
| GST | 18% | 18% | 18% |
Groww
Groww was launched in 2016 by four ex-Flipkart employees, Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, as a mutual fund platform with a mission to simplify mutual fund investments for beginner investors.
Slowly, it pivoted its way from a mutual fund investment platform to a full-fledged investment platform.
With a focus on simplicity, mobile-first design, and aggressive digital growth, it expanded into stocks, F&O, IPOs, and lending.
Zerodha
Founded by Kamath brothers Nikhil and Nithin Kamath in 2010, Zerodha has disrupted the retail investing industry by bringing a zero brokerage fees model.
Zerodha is the most profitable fintech platform in India. It remains bootstrapped, demonstrating its commitment to user trust and transparency.
Zerodha transformed the industry with their tools, like Kite and Coin, which today also set them apart from their competitors.
Upstox
Founded in 2009 (a year before Zerodha) by Ravi and Raghu Kumar, Upstox (formerly RKSV Securities) is backed by heavyweights like Tiger Global and Ratan Tata.
It has revolutionized retail investing by offering proprietary platforms (Upstox Pro) that balance professional tools with accessibility for Tier 2 and Tier 3 city users.
Industry Overview
India’s retail investing ecosystem saw active NSE clients grow from ~40.8 million in FY24 to 49.2 million in FY25, marking a 21% increase.
Discount brokers like Groww, Zerodha, Angel One, and Upstox now hold over 63% of the market share.
Check out our comprehensive deep dive into Swiggy vs. Zomato’s market competition.
Brand Analysis Of Groww vs Zerodha vs Upstox
Financial Snapshot & Market Position
| Metric | Groww | Zerodha | Upstox |
| Market Share | 26.3% (approx.) | 16% (approx.) | 5.83% |
| Active User Base | 12.92 million | 7.89 million | 2.89 million (Dec 2024) |
| YoY Change | +35.5% | +8.3% | 25% |
| Revenue | ₹4,056 Cr | ₹9,372 Cr | ₹1,310 Cr |
| Net Profit | ₹1,819 Cr | ₹5,496 Cr | ₹190 Cr |
| Valuation | $7 billion | Bootstrapped (~$2B est.) | $3.5 billion (2022) |
| Funding | VC-backed | Bootstrapped | Venture-backed (Tiger Global, etc.) |
Brokerage & Fee Structures
When choosing a stockbroker, one of the most important things to consider is how much brokerage you'll pay. Let’s compare Zerodha vs Groww vs Upstox, two popular discount brokers in India.
Zerodha offers ₹0 brokerage on equity delivery and charges a flat ₹20 per trade for other segments like intraday and F&O. Groww also charges ₹20 per trade, but doesn't offer free equity delivery trades like Zerodha.
| Transaction Type | Groww | Zerodha | Upstox |
| Equity Delivery | ₹0 | ₹0 | ₹20 or 2.5% (whichever is lower) |
| Intraday Trades | ₹20 or 0.05% | ₹20 or 0.03% | ₹20 or 0.05% |
| F&O Trades | ₹20 or 0.05% | ₹20 or 0.03% | ₹20 or 0.05% |
| Demat Annual Fee | ₹0 | ₹300/year | ₹150/year (1st year free) |
| Account Opening | ₹0 | ₹200–300 | ₹0 (Free) |
| Mutual Funds | ₹0 brokerage | ₹0 brokerage | ₹0 brokerage |
| Call & Trade | Not available | ₹50/order | ₹88.50 (₹75 + GST) |
| Auto Square-Off | ₹50 per order | ₹50 per order | ₹88.50 (₹75 + GST) |
Hidden & Miscellaneous Charges (The "Hidden" Costs)
These are the charges often missed by users but can add up significantly, especially DP charges which apply every time you sell a stock from your holdings (Delivery).
| Charge Type | Groww | Zerodha | Upstox |
| DP Charges (on Selling Delivery) | ₹20 + GST per scrip/day(Total ~₹23.6) | ₹13 + GST per scrip/day(Total ~₹15.34) | ₹18.5 - ₹20 + GST per scrip/day(Total ~₹21.8 - ₹23.6) |
| Auto Square-off Charges | ₹50 per order + GST | ₹50 per order + GST | ₹50 per order + GST |
| Call & Trade Charges | Not Available (NA) | ₹50 per order + GST | ₹20 - ₹50 per order + GST |
| Pledge / Unpledge Charges | ₹20 per ISIN + GST | ₹30 per ISIN + GST | ₹20 per ISIN + GST |
| Payment Gateway Charges | Free (UPI/Netbanking) | ₹9 + GST (Free for UPI) | ₹7 (Netbanking) / Free (UPI) |
| Physical Contract Note | ₹10 per page + Courier | ₹20 + Courier | ₹25 + Courier |
Zerodha vs Groww: Leverage (Margin)
Both Zerodha and Groww offer similar leverage for intraday trades—up to 5x (i.e., 20% margin requirement). For equity delivery and F&O segments, both require full margin.
Strategic Breakdown: Groww vs Zerodha vs Upstox
| Strategic Factor | Groww | Zerodha | Upstox |
| Market Entry | Entered in 2016 as a direct mutual fund platform. | Entered in 2010 with a zero-brokerage model. | Entered in 2009 as a discount broker; pioneered affordable trading. |
| Pricing Strategy | Penetration pricing (zero-fee) & low cost. | Transparent pricing; focused on cost efficiency. | Transparent, flat-fee pricing; pay-as-you-trade model. |
| Tech & Infra | Mobile-first, cloud-native, simple design. | In-house platforms (Kite, Console); APIs. | Proprietary platforms (Pro Web/Mobile); high-frequency APIs. |
| Ecosystem Play | Super-app model (Invest, Credit, Tax). | Lean ecosystem (Coin, Rainmatter). | Analytics tools, SmartLists, UpNews, API integrations. |
| User Targeting | Young, Tier 2–3 cities, first-time investors. | Active, experienced traders and HNIs. | Started with active traders; expanded to Tier 2-3 retail investors. |
| Monetization | Brokerage (F&O), commissions, credit spreads. | Brokerage, interest income, AMC. | Brokerage, margin lending, mutual funds, insurance. |
| Profitability | Focused on aggressive growth; recently profitable. | Profitable and sustainable from early years. | Achieved profitability in FY24 (₹190 Cr net profit). |
| Brand Personality | Youth-friendly, "Modern financial buddy". | Trusted, serious, transparent, high credibility. | Accessible, innovation-driven, democratizing wealth. |
User Experience & Target Audience: Groww vs Zerodha
When it comes to user interface and overall experience, the two platforms are poles apart.
- Groww keeps things simple, clean, and beginner-friendly. Its minimalist design makes onboarding effortless, which is why it’s loved by first-time investors and passive wealth builders. If you’re just starting your investment journey or prefer a no-clutter experience, Groww feels like the smooth entry gate to the world of investing.
- Zerodha, on the other hand, packs power and depth. Its flagship platform, Kite, is loaded with customizable widgets, charting tools, and advanced analytics. This makes it a go-to choice for active traders and seasoned investors who want complete control and flexibility.
Pros and Cons: A Trade-off Analysis
| Platform | Pros (Advantages) | Cons (Disadvantages) |
| Groww | • Zero Account Maintenance Charges (AMC) and free account opening.• Extremely simple, user-friendly app that makes investing feel as easy as shopping online. | • No advanced trading tools or algo-trading support for serious traders.• Does not offer features like Commodity trading or advanced order types (like GTT) on all segments. |
| Zerodha | • Zero Brokerage on Equity Delivery, saving money for long-term investors.• Industry-leading trading platform (Kite) with powerful charts, indicators, and GTT orders. | • Charged Account Opening (₹200) & AMC (₹300/yr), unlike the free models of competitors.• No monthly unlimited trading plans; purely a flat-fee discount model. |
| Upstox | • Robust "Pro" Mobile App that offers professional trading tools without being too complex.• Fast account opening and 24/7 customer support which is often rated higher than competitors. | • Charges for Equity Delivery (₹20 or 2.5%), whereas Groww and Zerodha offer it for free.• Higher DP charges and auto square-off fees compared to Zerodha. |
Security, Trust, and Review
In terms of safety, Zerodha is often considered the "gold standard" because it is a profitable, bootstrapped unicorn. Since it relies on no external funding, it faces no investor pressure to take unnecessary risks, making it highly stable and financially sustainable.
Groww commands high trust as the market leader with the largest active user base in India (approx. 12.9 million). It is backed by top-tier global venture capitalists like Tiger Global and Sequoia and uses robust 128-bit encryption to secure its massive volume of daily transactions.
Upstox holds a unique edge in credibility due to its backing by industry titan Ratan Tata, alongside Tiger Global. Its financial health has also surged, recently turning profitable in FY24, which adds a layer of reliability to its bank-grade security protocols.
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Final Thoughts
Groww and Zerodha have both brought significant disruption to the Indian retail investment sector, previously dominated by traditional brokers and stock companies.
Zerodha and Groww were the ones who started zero brokerage fees on equity delivery and low fees on the other trading scenarios. Groww and Zerodha represent two sides of a successful fintech strategy—rapid growth vs. operational excellence.
Numbers cannot determine the real winner; rather, it is the investor who ultimately benefits from having choices, low costs, and frictionless access.
