If you are opening your first Demat and trading account in 2025, the good news is that India’s discount brokers made costs predictable and platforms faster. The flip side is that pricing pages are dense, offers change, and small fees like DP charges or call and trade can surprise you. This comparison focuses on what actually matters for most investors in India this year. You will find clear use cases, real fees taken from official pages, and a shortlist of names you can trust.
Before we compare, a quick refresher. You need a Demat account to hold securities in electronic form with a depository and a trading account to place buy or sell orders on the exchange. Most modern brokers bundle both. Your total cost is a mix of brokerage per order, exchange and government levies, GST, DP charges on sell deliveries, and an annual maintenance charge called AMC on the Demat side.
How to choose your broker in 2025
Use these five decision factors to narrow your choice.
- Your primary activity
- Long term investing in delivery only
- Active intraday and options
- Mutual funds and ETFs
- IPOs and smallcase style baskets
- All in yearly cost
Add Demat AMC plus a realistic number of orders multiplied by per order brokerage and DP charges on sell deliveries. Cheap brokerage with a high AMC may not be cheapest overall if you do few trades. - Platform reliability
Look for brokers with stable charting, option chains, order slicing, and quick fund transfers. Test the mobile app and web once with a small amount. - Ecosystem needs
If you want a 3 in 1 experience where funds sweep seamlessly between savings and trading, a bank broker can be worth a bit more in brokerage. - Policy shifts
Brokerage firms do update pricing. Angel One announced a fee revision effective November 17, 2025. Always check the latest schedule before big changes in your trading style. The Economic Times+1
The front runners in 2025
Below are the top choices most Indian investors gravitate to, based on pricing transparency, scale, and platform quality. I have included concrete charges and references to official pages where relevant.
Zerodha
Best for investors who want zero delivery brokerage, clean platforms, and predictable costs.
Headline pricing
- Equity delivery brokerage shown as zero on their public charges page. Intraday and futures are lower of 0.03 percent or ₹20 per executed order. Options are ₹20 per executed order. Zerodha
- Demat AMC model follows BSDA slabs. Up to ₹4 lakh holdings are free for BSDA. Between ₹4 lakh and ₹10 lakh is ₹100 a year charged quarterly. Above ₹10 lakh is ₹300 a year charged quarterly. Non BSDA accounts show ₹300 per year plus GST, charged quarterly. Zerodha
- DP charge when you sell shares is listed at ₹15.34 per scrip plus GST. Zerodha
Why it stands out
Kite continues to be fast and minimalist. The public charges page also lists exact exchange transaction charges, STT, and IPFT items, so you know what you are paying. Zerodha has publicly reiterated free investing in stocks, ETFs, and direct mutual funds for retail clients, though remember that policy can change. Keep an eye on company updates in 2025. Zerodha+2The Economic Times+2
Who should pick it
Buy and hold equity investors, ETF users, and disciplined options traders who value a stable platform more than promotional offers.
Upstox
Best for mobile first traders who want a simple flat fee and a busy options chain.
Headline pricing
- Brokerage commonly shown as ₹20 per executed order or a small percentage cap depending on segment, with the page detailing STT changes from October 2024 and current exchange fees. DP charges on equity delivery sells are shown as ₹20 per scrip plus GST. Upstox – Online Stock and Share Trading
Why it stands out
Upstox’s pricing page is exhaustive. It documents transaction charges by segment and the updated STT and exchange fee slabs. That level of disclosure helps frequent traders estimate costs accurately. Upstox – Online Stock and Share Trading
Who should pick it
Active intraday and options traders who want intuitive mobile workflows and a predictable flat brokerage model.
Groww
Best for investors who prefer a unified app for mutual funds, stocks, and IPOs with very few extras to learn.
Headline pricing
- Public pricing shows operational charges like demat or remat, KYC changes, and that a DP charge applies per sell delivery. The brokerage calculator on Groww also breaks down STT, exchange fees, and net P and L for quick verification before a trade. Groww+1
Why it stands out
Simple app, especially for mutual funds first investors who later add direct equities. The calculator helps beginners learn the real cost stack.
Who should pick it
New investors who value a clean learning curve and want stocks, mutual funds, and IPOs in one place.
Angel One
Best for full service touches with discount pricing and a large research library.
Headline pricing
- Angel One’s pricing page lists Demat AMC as ₹450 per year with an option to pay ₹2950 once for lifetime AMC. It also details various DP and service charges. Note that the firm has announced a brokerage structure revision effective November 17, 2025, so re check exact rates if you are opening now. Angel One+1
Why it stands out
Big research footprint, franchise presence across cities, and a balanced app experience for investors who still want human support when needed.
Who should pick it
Investors who want branch support or regular research ideas and are fine with a small AMC.
ICICI Direct and other 3 in 1 accounts
Best for seamless money movement with your bank and access to bank value adds.
Headline pricing
- ICICI Direct offers multiple plans. The Prime range shows delivery brokerage starting around 0.07 percent to 0.25 percent depending on plan, with options per lot fees from ₹9 to ₹49, and commodity at ₹20 per order. ICICI also advertises an iValue plan with flat ₹20 per order for intraday, futures, options and a reduced Demat AMC at ₹300 for subscribers. Bank brokers also publish calculators and note physical delivery charges on F and O. ICICI Direct+3ICICI Direct+3ICICI Bank+3
Why it stands out
Reliable banking rails, single login across savings and investing, and concierge style service. Brokerage can be higher than pure discount peers, but the 3 in 1 convenience wins for many.
Who should pick it
Salaried professionals and HNIs who value integrated banking and are willing to pay slightly more for it.
Quick cost reality check
Charges are more than just the banner brokerage number. Here is the list you will actually see in a contract note and why it matters.
- Brokerage per executed order or percent of turnover. Lower is better if you trade often. Reference schedules on Zerodha and Upstox show flat ₹20 caps in many segments. Zerodha+1
- STT or CTT is a government levy. For example, platforms show 0.1 percent on equity delivery buy and sell and segment specific rates for derivatives. You cannot avoid this. Zerodha+1
- Exchange transaction charges are fixed by NSE or BSE. Brokers list the current slabs. Zerodha+1
- SEBI turnover fees appear as ₹10 per crore across segments per the broker rate cards. Zerodha+1
- DP charge applies when you sell delivery shares. Zerodha shows ₹15.34 plus GST per scrip. Upstox and Groww list ₹20 plus GST per scrip in their schedules. This is the sneaky line item many beginners miss. Zerodha+2Upstox – Online Stock and Share Trading+2
- Demat AMC varies by BSDA status and broker. Zerodha’s BSDA slabs include zero AMC up to ₹4 lakh. Angel One lists ₹450 per year or a lifetime option. Bank brokers publish plan based AMCs and waivers. Zerodha+2Angel One+2
Best by use case
Lowest friction for delivery investors
Pick Zerodha for zero delivery brokerage and modest BSDA AMC slabs. It is hard to beat for long term investors who mostly buy and hold. Zerodha
Most beginner friendly mobile app
Choose Groww if you are coming from mutual funds and want a clean path to stocks and IPOs, with an easy cost calculator. Groww
Value for options and intraday traders
Use Upstox if you prefer a simple flat fee per order and want a detailed breakdown of all exchange fees and STT on the pricing page. Upstox – Online Stock and Share Trading
Full service with wide research
Go with Angel One if you like research calls, branch presence, and do not mind a small AMC. Do check the November 2025 fee revision so your math is current. Angel One+1
Bank integrated experience
Pick ICICI Direct if one login with your savings account and lower friction fund transfers matter to you. Look at Prime or iValue plans and match them to your turnover. ICICI Direct+1
A simple way to calculate your real yearly cost
- Estimate how many orders you place in a year. Count both buys and sells for intraday.
- Multiply orders by your plan’s per executed order brokerage.
- Add Demat AMC for your account type.
- Add a buffer for DP charges on expected delivery sells.
- Add statutory costs. Many brokers publish open calculators to help you estimate this precisely before a trade. Groww+2Angel One+2
Run the math with two or three brokers. You will quickly see that the cheapest headline brokerage is not always the lowest total cost for your style.
2025 watch outs and policy context
Regulatory and market conditions influence broker economics. For instance, Angel One publicly announced a brokerage fee hike beginning November 17, 2025. Zerodha has made public comments during 2025 about the pressure on broker revenue and the possibility of charging for services that were historically free if conditions require it. Both signals are reminders to check current pricing before you place big trades. The Economic Times+1
Also note that STT in the options segment and certain exchange transaction charges were revised after October 2024. Many brokers document these changes on their pricing pages and calculators. If your strategy is options heavy, update your cost sheets accordingly. Upstox – Online Stock and Share Trading
Final recommendation
- If you are a long term investor buying and holding listed stocks and ETFs, Zerodha gives you a clean platform and zero delivery brokerage with transparent BSDA AMC slabs. Groww is a close second if you want the simplest app and a strong MF focus. Zerodha+1
- If you are an active trader in intraday and options, compare Upstox and Zerodha on your actual order count. Both cap brokerage per order and disclose statutory and exchange fees clearly. Upstox – Online Stock and Share Trading+1
- If you want research and human help, Angel One is compelling. Price conscious investors should recheck the revised fee schedule from November 17, 2025. Angel One+1
- If you need bank integration, ICICI Direct with Prime or iValue makes sense. You are paying for convenience, not the absolute lowest brokerage. ICICI Direct+1
Whatever you pick, start with a small allocation and one or two orders. Confirm the exact charges in your own contract note before scaling up.