On brokerage, Dhan and Zerodha are close to identical: both charge Rs 0 on equity delivery and a flat Rs 20 per executed order on options. The real gaps sit in AMC, where Dhan lists Rs 0 for individuals and Zerodha charges from year two unless your holdings qualify for free BSDA, and in smaller lines such as DP, MTF interest and auto square-off.
Diving Finance is not a SEBI-registered investment adviser or research analyst, and neither Diving Finance nor the author holds positions in anything discussed here. This article is for education only and is not investment, tax or legal advice. Brokerage, AMC and other fees change. Confirm the live rate card on each broker’s official pricing page before you open an account or trade. Diving Finance receives no payment from Dhan or Zerodha for this comparison, and this page carries no affiliate or referral links.
Key Highlights
- Equity delivery brokerage: Rs 0 at both (dhan.co/pricing and zerodha.com/charges, read 11 November 2026).
- Intraday: 0.03% or Rs 20, whichever is lower, at both. Options: flat Rs 20 per executed order at both.
- Futures: flat Rs 20 at Dhan; 0.03% or Rs 20, whichever is lower, at Zerodha.
- Demat AMC: Rs 0 at Dhan for individuals and HUFs; Zerodha is free in year one, then follows a BSDA or non-BSDA schedule.
- DP charge on a sale: Rs 12.50 plus GST (Rs 14.75) at Dhan; Rs 15.34 including GST at Zerodha.
- F&O STT rose on 1 April 2026: futures 0.05% on sell; options 0.15% of premium on sell (NSE circular, 31 March 2026).
- Our verdict: Dhan is cheaper for most individuals on AMC, DP and MTF; Zerodha matches it if your holdings qualify for free BSDA.
- Statutory charges are the same at both. Diving Finance is not SEBI-registered and holds no positions.
Dhan vs Zerodha charges at a glance
Every figure below comes from dhan.co/pricing and zerodha.com/charges, read on 11 November 2026 at about 9:00 PM IST. “Whichever is lower” applies to every “or”.
Account opening and AMC
Table A. Last checked: 11 November 2026.
| Charge | Dhan | Zerodha |
|---|---|---|
| Account opening | Rs 0 (individuals and HUFs) | Free (individual, minor); NRI Rs 500 |
| AMC, year 1 | Rs 0 (individuals and HUFs) | Free (resident individuals) |
| AMC, year 2 on | Rs 0 (individuals and HUFs) | BSDA or non‑BSDA schedule |
| Non‑individual AMC | Rs 800 plus GST | Not separately listed |
Zerodha’s schedule from year two: BSDA holdings up to Rs 4 lakh are free; Rs 4 lakh to Rs 10 lakh pay Rs 100 a year plus GST; above Rs 10 lakh pay Rs 300 a year plus GST. A non-BSDA account pays Rs 300 a year plus GST whatever the holdings, charged quarterly. Dhan’s Rs 800 plus GST applies to NRIs, corporates, LLPs, partnership firms and trusts.
Equity delivery and intraday brokerage
Table B. Last checked: 11 November 2026.
| Segment | Dhan | Zerodha |
|---|---|---|
| Delivery | Rs 0 | Rs 0 |
| Intraday | 0.03% or Rs 20 | 0.03% or Rs 20 |
| ETFs, IPO, direct MFs | Rs 0 | Rs 0 on direct MFs |
Zerodha’s Rs 0 delivery applies to retail individuals. Its page says companies, partnerships, trusts and HUFs pay brokerage on delivery too.
F&O, currency and commodity brokerage
Table C. Last checked: 11 November 2026.
| Segment | Dhan | Zerodha |
|---|---|---|
| Equity futures | Rs 20 | 0.03% or Rs 20 |
| Equity options | Rs 20 | Rs 20 |
| Commodity F&O | Rs 20 | 0.03% or Rs 20 (futures); Rs 20 (options) |
| Currency F&O | Not listed on pricing page | 0.03% or Rs 20 (futures); Rs 20 (options) |
The futures gap is smaller than it looks. Zerodha’s 0.03% leg only beats Rs 20 on a futures order below about Rs 66,667 in value, which is uncommon given exchange lot sizes. Both brokers also charge Rs 20 on options that expire, are exercised or are assigned.
Contracts that end in physical delivery cost more. Dhan lists 0.10% of contract value plus exchange charges. Zerodha lists 0.25% of contract value, or 0.1% for netted-off positions.
DP, pledge, call and trade and other fees
Table D. Last checked: 11 November 2026.
| Charge | Dhan | Zerodha |
|---|---|---|
| DP charge | Rs 12.50 plus GST per instruction per ISIN | Rs 15.34 per scrip, GST included |
| Pledge | Rs 15 plus GST per ISIN | Rs 30 plus GST per ISIN |
| Call and trade | Rs 50 plus GST per order | Rs 50 per order |
| Auto square‑off | Rs 20 plus GST per order | Rs 50 per order |
| Payment gateway | Rs 0 on UPI and net banking | Rs 9 plus GST (Rs 0 on UPI) |
Zerodha’s DP charge is Rs 3.5 CDSL fee plus Rs 9.5 Zerodha fee plus Rs 2.34 GST, charged once per scrip when you sell, whatever the quantity. Female first holders get a Rs 0.25 CDSL discount. Dhan’s pledge fee covers pledge, unpledge and invocation requests. Zerodha’s Rs 50 dealer charge also covers auto square-off orders, and its page does not say whether GST is extra.
MTF interest and brokerage
Table E. Last checked: 11 November 2026.
| Item | Dhan | Zerodha |
|---|---|---|
| MTF interest | 12.49% to 15.49% a year by slab | 0.04% a day |
| MTF brokerage | 0.03% or Rs 20 | 0.3% or Rs 20 |
| Pledge for MTF | Rs 15 plus GST per ISIN (general pledge fee) | Rs 15 plus GST per request per ISIN |
Dhan’s MTF slabs are 12.49% a year up to Rs 5 lakh, 13.49% from Rs 5 lakh to Rs 10 lakh, 14.49% from Rs 10 lakh to Rs 25 lakh, and 15.49% from Rs 25 lakh to Rs 5 crore. Zerodha’s 0.04% a day is Rs 40 per lakh per day, applied from T+1 until you sell. That works out to about 14.6% a year on a simple basis.
Illustrative 30-day example on Rs 1,00,000 funded: Zerodha charges 0.04% x 30 days, about Rs 1,200. Dhan’s first slab gives 12.49% x 30/365, about Rs 1,027. This leaves out GST, brokerage and pledge fees. MTF is borrowed money and adds risk, so use it only if you understand margin calls.
Statutory charges (same at both brokers)
These are set by the government, SEBI and the exchanges. Brokers collect them, so switching brokers does not change them.
Cash market. Last checked: 11 November 2026.
| Head | Delivery | Intraday |
|---|---|---|
| STT | 0.1% on buy and sell | 0.025% on sell |
| NSE transaction | 0.00307% | 0.00307% |
| Stamp duty | 0.015% on buy | 0.003% on buy |
Derivatives. Last checked: 11 November 2026.
| Head | Futures | Options |
|---|---|---|
| STT | 0.05% on sell | 0.15% of premium on sell |
| NSE transaction | 0.00183% | 0.03553% of premium |
| Stamp duty | 0.002% on buy | 0.003% on buy |
SEBI charges Rs 10 per crore on every segment. GST at 18% applies to brokerage, exchange transaction charges and the SEBI fee. The NSE rates match NSE circular NSE/FA/73061 (27 February 2026), which sets Rs 307, Rs 183 and Rs 3,553 per crore, including the IPFT contribution, from 1 March 2026. Dhan shows the exchange charge and a tiny IPFT line separately; Zerodha shows them combined.
F&O STT went up on 1 April 2026. NSE circular NSE/FATAX/73524 (31 March 2026) says the Finance Act, 2026 raised STT on the sale of futures from 0.02% to 0.05%, on the sale of options from 0.1% to 0.15% of premium, and on exercised options from 0.125% to 0.15%. Both broker pages show the new rates.
Worked cost example (official rates only)
No brokerage charges calculator sits on Diving Finance yet, so here is the maths by hand. Assumptions: NSE, one buy and one sell, one scrip, retail resident individual. Figures in rupees, rounded to two decimals. AMC, IPFT fractions and income tax on gains are left out.
Example 1: equity delivery, buy Rs 40,000 and sell Rs 42,000.
| Item | Dhan | Zerodha |
|---|---|---|
| Brokerage | 0.00 | 0.00 |
| STT | 82.00 | 82.00 |
| Exchange txn | 2.52 | 2.52 |
| SEBI fee | 0.08 | 0.08 |
| Stamp duty | 6.00 | 6.00 |
| GST | 0.47 | 0.47 |
| DP on sell | 14.75 | 15.34 |
| Total | 105.82 | 106.41 |
Example 2: intraday, buy Rs 1,00,000 and sell Rs 1,04,000.
| Item | Dhan | Zerodha |
|---|---|---|
| Brokerage | 40.00 | 40.00 |
| STT | 26.00 | 26.00 |
| Exchange txn | 6.26 | 6.26 |
| SEBI fee | 0.20 | 0.20 |
| Stamp duty | 3.00 | 3.00 |
| GST | 8.36 | 8.36 |
| Total | 83.82 | 83.82 |
Example 3: index options, buy premium Rs 1,00,000 and sell premium Rs 1,20,000.
| Item | Dhan | Zerodha |
|---|---|---|
| Brokerage | 40.00 | 40.00 |
| STT | 180.00 | 180.00 |
| Exchange txn | 78.17 | 78.17 |
| SEBI fee | 0.22 | 0.22 |
| Stamp duty | 3.00 | 3.00 |
| GST | 21.31 | 21.31 |
| Total | 322.70 | 322.70 |
The totals match except for the DP line on a delivery sale. In the options example, STT alone is more than four times the brokerage, which is why the April 2026 STT change matters more than any gap between these two brokers.
Features compared
| Feature | Dhan | Zerodha |
|---|---|---|
| Main platforms | Dhan app and web, Options Trader, DEXT T3 terminal | Kite web and app, Console, Coin |
| Options tools | Strategy builder, payoff graph, option chain orders | Baskets with real‑time margins |
| TradingView | Charts on tv.dhan.co; orders from tradingview.com | TradingView charts inside Kite |
| Trading APIs | DhanHQ APIs listed free | Personal free; Connect Rs 500 a month |
| Direct MFs | Yes, 0% commission | Yes, via Coin |
| IPO | Mainboard and small business IPOs via UPI | Yes, via UPI |
| Trigger orders | Forever Order | GTT, including OCO |
| US stocks | Listed, fractional from $1 | Listed, beta on Kite web |
Options trading tools
Dhan runs a separate Options Trader app and web platform. Its page lists a strategy builder, a real-time payoff graph, an advanced option chain that lets you place orders from the chain, and basket and Forever orders. Zerodha’s Kite offers baskets with real-time margins for F&O strategies and spread orders.
TradingView charts and order placement
Dhan offers free TradingView chart features on tv.dhan.co, and a Connect to TradingView option that lets you place orders from tradingview.com. Zerodha offers TradingView and ChartIQ charting libraries inside Kite with trade from charts. Its support page says Kite does not connect directly to third-party applications such as TradingView or AmiBroker.
Trading APIs
Dhan lists DhanHQ trading APIs as free, with a developer portal and a sandbox. Dhan says average order latency on DhanHQ is under 50 ms; that is a company claim. Zerodha’s Kite Connect Personal plan is free for orders, GTT, alerts and portfolio functions. The Connect plan, with live WebSocket streaming and historical candle data, costs Rs 500 a month.
Mutual funds and IPO
Both offer direct mutual funds with no commission. Dhan lists mainboard and small and medium enterprise IPO applications through UPI. Zerodha offers IPO applications through UPI on Kite.
Other
Dhan uses Forever Orders for trigger-based entries and exits. Zerodha uses GTT, including OCO orders that place a target and a stop-loss together. Both list US stocks; check each broker’s own page for those charges.
For Groww and Upstox fees against Zerodha, see our Zerodha vs Groww charges comparison. For a wider list, see our top stock brokers in India roundup, or the Hindi broker list.
Dhan vs Zerodha: which is better?
On published charges, Dhan comes out ahead for most individual investors, and the margin is small. Brokerage is identical on delivery, intraday and options, so the verdict rests on AMC, DP, MTF and a few smaller fees. This is our editorial reading of the rate cards read on 11 November 2026, not investment advice.
Long-term delivery investor: Dhan, narrowly. Both charge Rs 0 brokerage on delivery. Dhan lists Rs 0 AMC for individuals in every year, and its DP charge on a sale is Rs 14.75 against Rs 15.34 at Zerodha. The DP gap is under a rupee per sale, so AMC is what decides it.
Small holdings, worried about AMC: a draw up to Rs 4 lakh, Dhan above it. If your Zerodha account qualifies for BSDA and holdings stay up to Rs 4 lakh, AMC is free at both. Between Rs 4 lakh and Rs 10 lakh, Zerodha’s BSDA AMC is Rs 100 a year plus GST. A non-BSDA Zerodha account pays Rs 300 a year plus GST, about Rs 354, from year two. Dhan lists Rs 0 in each case.
Active F&O trader: a draw on cost, Dhan on tools. Options cost a flat Rs 20 per executed order at both, and Zerodha’s lower futures rate only applies to orders below about Rs 66,667. Where Dhan pulls ahead is the toolkit listed on its pages: a separate Options Trader platform, order placement from tradingview.com and free DhanHQ APIs. Zerodha’s Kite Connect costs Rs 500 a month once you need live streaming and historical data. Intraday traders also pay less for auto square-off at Dhan: Rs 20 plus GST against Rs 50.
MTF user: Dhan, unless you borrow above Rs 25 lakh. Dhan’s interest slabs run from 12.49% a year up to Rs 5 lakh to 14.49% up to Rs 25 lakh, all below Zerodha’s 0.04% a day, which is about 14.6% a year on a simple basis. Dhan’s MTF brokerage is also lower: 0.03% or Rs 20 against 0.3% or Rs 20. Above Rs 25 lakh, Dhan’s 15.49% slab is higher than Zerodha’s rate. MTF is borrowed money, so the cheaper rate does not make it lower risk.
Beginner who wants a simple app: Dhan on cost, but try both. Both are free to open for individuals, and only Zerodha can start charging AMC from year two. That said, how easy an app feels is personal, and published charges cannot measure it. Both offer direct mutual funds and IPO applications through UPI, so a beginner will not miss a core feature at either.
Overall verdict: Dhan is the cheaper choice on paper for most individuals because of zero AMC, a slightly lower DP charge and cheaper MTF, while Zerodha matches it fully if your holdings qualify for free BSDA. Neither is worth switching to for brokerage alone.
New to terms like BSDA, DP or STT? Our demat account charges explainer and glossary cover them, and the KYC guide explains account opening. More basics sit in the share market section, and our calculators page lists the tools we have so far. Our disclaimer page explains how we handle affiliate links.
Expert take: Ashutosh Joshi
“On brokerage these two are close to identical, so do not switch for Rs 20. Look at what you actually do. If you hold a large portfolio for years, AMC and DP charges add up quietly. If you trade options from charts or write your own code, the tools and API costs matter more than the brokerage line. Open both official pricing pages on the day you decide, and read one contract note before you trade size.”
Frequently asked questions
Is Dhan cheaper than Zerodha?
On brokerage, there is mostly no difference. Both charge Rs 0 on equity delivery, 0.03% or Rs 20 on intraday and Rs 20 on options. Dhan lists Rs 0 AMC for individuals, while Zerodha charges AMC from year two unless your BSDA holdings are up to Rs 4 lakh. Dhan’s DP charge is also slightly lower. Confirm both live pricing pages before you decide.
Which is better, Dhan or Zerodha?
For most individual investors, Dhan is slightly cheaper on published charges because it lists Rs 0 AMC, a lower DP charge and lower MTF interest up to Rs 25 lakh. Brokerage is the same at both on delivery, intraday and options. If your Zerodha holdings qualify for free BSDA, the cost gap almost disappears. This is an editorial comparison, not advice.
Does Dhan charge AMC?
Dhan’s pricing page lists Rs 0 AMC for individuals and HUFs, as read on 11 November 2026. NRI, corporate, LLP, partnership and trust accounts pay Rs 800 plus GST. Zerodha waives AMC in year one for resident individuals, then applies a BSDA or non-BSDA schedule.
What are the DP charges at Dhan and Zerodha?
Dhan lists Rs 12.50 per instruction per ISIN plus GST, which is Rs 14.75 with GST. Zerodha lists Rs 15.34 per scrip including GST, charged when you sell, whatever the quantity. Both are depository charges on delivery holdings, not brokerage.
Are F&O charges the same at Dhan and Zerodha?
Options cost a flat Rs 20 per executed order at both. Futures cost a flat Rs 20 at Dhan and 0.03% or Rs 20 at Zerodha, which only differs on futures orders below about Rs 66,667. STT and exchange charges are statutory and the same at both.
What is the STT on F&O in 2026?
From 1 April 2026, STT is 0.05% on the sell side of futures and 0.15% of premium on the sell side of options. Exercised options attract 0.15% of intrinsic value. NSE’s circular of 31 March 2026 says the Finance Act, 2026 made these changes, and both broker pages show the new rates.
Which has lower MTF interest, Dhan or Zerodha?
Zerodha charges 0.04% a day, about 14.6% a year on a simple basis. Dhan lists slab rates from 12.49% a year up to Rs 5 lakh to 15.49% at higher amounts. MTF brokerage also differs. Check pledge fees and the live pages, as MTF is borrowing and adds risk.
Can I trade from TradingView with Dhan or Zerodha?
Dhan offers free TradingView charts on tv.dhan.co and a Connect to TradingView option for placing orders from tradingview.com. Zerodha offers TradingView charts inside Kite with trade from charts, but its support page says Kite does not connect directly to third-party apps such as TradingView.
Are the trading APIs free?
Dhan lists DhanHQ trading APIs as free. Zerodha’s Kite Connect Personal plan is free for orders, GTT and portfolio functions, while the Connect plan with live streaming and historical data costs Rs 500 a month, as read on 11 November 2026.
What about Dhan vs Zerodha vs Groww?
This page compares Dhan and Zerodha only. For Groww’s charges against Zerodha, read our Zerodha vs Groww comparison. Statutory charges are the same at every broker, so compare AMC, DP, MTF and brokerage lines.
Sources
All pages read on 11 November 2026, between about 8:55 PM and 9:05 PM IST.
- Dhan pricing: https://dhan.co/pricing/
- Dhan Options Trader: https://dhan.co/options-trader/
- Dhan Connect to TradingView: https://dhan.co/connect-to-tradingview/
- DhanHQ APIs: https://dhanhq.co/
- Zerodha charges: https://zerodha.com/charges/
- Zerodha Kite features: https://zerodha.com/products/kite
- Kite Connect pricing: https://kite.trade/
- Zerodha support, third-party charting: https://support.zerodha.com/category/trading-and-markets/charts-and-orders/charts/articles/third-party-charting-libraries
- NSE circular NSE/FA/73061, Revision in Transaction Charges, 27 February 2026: https://nsearchives.nseindia.com/content/circulars/FA73061.pdf
- NSE circular NSE/FATAX/73524, Changes in rates of STT, 31 March 2026: https://nsearchives.nseindia.com/content/circulars/FATAX73524.pdf
Diving Finance is not a SEBI-registered investment adviser or research analyst, and neither Diving Finance nor the author holds positions in anything discussed here. This article is for education only and is not investment, tax or legal advice. Brokerage, AMC and other fees change. Confirm the live rate card on each broker’s official pricing page before you open an account or trade. Diving Finance receives no payment from Dhan or Zerodha for this comparison, and this page carries no affiliate or referral links.
