Lowest Brokerage Charges for F&O Trading in India

F&O trading in India has become increasingly competitive, especially as more retail traders participate in index derivatives, stock futures, and options. With higher trading frequency and tighter margins, brokerage expenses can significantly impact your final profit. This is why traders actively look for the lowest brokerage charges for F&O or platforms that offer zero brokerage on F&O.

Brokerage directly affects every entry and exit you take, especially when you are scalping, hedging, or deploying multi-leg strategies. Even a difference of Rs 10 per order can change your monthly P&L if you place 200–300 orders. This guide breaks down what brokerage really is, how it is calculated, the maximum allowed charges, and which brokers currently provide the lowest F&O brokerage in India.

Table of Contents

1. What is Brokerage?
2. What Are Brokerage Charges in F&O Trading?
3. Why Choosing the Lowest Brokerage Broker Matters for F&O
4. Types of Brokerage Plans Available in India
5. Brokers Charging the Lowest Brokerage Charges for F&O Trading
6. Comparison Table: Lowest F&O Brokerage in India
7. Hidden Charges You Must Check Before Choosing a Broker
8. How to Choose the Best Low-Cost Broker for F&O
9. Conclusion
10. FAQs

What is Brokerage?

Now, before you get confused, the commission that you pay to your broker is a part of the brokerage. It also includes other regulatory and statutory charges. Here's a breakdown of all the charges that make up the cost you end up paying for a trade:

A. Brokerage: The commission you pay to your broker for executing your trade is called a brokerage fee. And it varies across brokers. It is usually calculated as a percentage of your trade value or a flat fee per trade, whichever is higher. 

B. Regulatory and Statutory Charges: These are various fees and taxes imposed by government bodies and regulatory authorities. They include:

1. Securities Transaction Tax (STT): A direct tax you need to pay while trading equity securities on recognised Indian stock exchanges. 

Equity Delivery	Equity Intraday	Futures	Options
0.1% (Buy and Sell)	0.025% (Sell)	0.02% (Sell)	0.1% (Sell)

2. Commodity Transaction Tax (CTT): This is similar to STT but applies specifically to commodity trading. 

Commodity Delivery	Commodity Intraday	Futures	Options
0.1% (Buy and Sell)	0.025% (Sell)	0.02% (Sell)	0.1% (Sell)

3. Goods and Services Tax (GST): It is applicable to the brokerage fees charged. And it is calculated as 18% of ( brokerage + SEBI charges + transaction charges).

4. SEBI Turnover Fee: A small fee levied by SEBI based on the total turnover of transactions.

Equity Delivery	Equity Intraday	Futures	Options
0.0001%	0.0001%	0.0001%	0.0001%

5. Stamp Duty: Stamp Duty is a state-level tax applied to securities transactions and varies from state to state in India. It varies as per the type of transaction and is only applicable to “Buy" transactions.

Equity Delivery	Equity Intraday	Futures	Options
0.015%	0.003%	0.002%	0.003%

6. Transaction Fees: These are fees charged by the NSE and the BSE for executing trades. They can vary based on the exchange and type of transaction.

Equity Delivery	Equity Intraday	Futures	Options
NSE: 0.00297% | BSE: 0.00375%	NSE: 0.00297% | BSE: 0.00375%	NSE: 0.00173% | BSE: 0	NSE: 0.03503% | BSE: 0.0325%

7. Depository Participant (DP) Charges: You need to pay these fees to maintain your Demat account and facilitate transactions in securities. 

8. Investor Protection Fund Charges: These charges contribute to the fund set up by exchanges to safeguard investors against defaults by brokers.

Equity Delivery	Equity Intraday	Futures	Options
0.0001%	0.0001%	0.0001%	0.0005%

Let's move on to how these charges are calculated.

What Are Brokerage Charges in F&O Trading?

Brokerage charges in F&O trading refer to the fee applied when you place futures or options orders. The fee structure differs between brokers, and some may even offer zero brokerage on F&O. Apart from brokerage, there are other regulatory charges like exchange transaction charges, SEBI fees, GST, and clearing charges, which also impact the effective trading cost.

Understanding brokerage ensures you can calculate potential profit accurately before entering a trade. Since F&O volumes are high, brokerage must remain low for you to remain competitive.

How are Brokerage Charges Calculated?

As per SEBI regulations, the brokerage calculation has changed effective from October 2024. But, this is only for regulatory and statutory charges. The fundamental formula for calculating brokerage is still the same. The fee may be of two types, depending on your broker:

• Flat Fees: A fixed fee per trade, regardless of the trade size. For example, a broker might charge ₹20 per executed order for F&O trades.
• Percentage-Based Fees: A percentage of the total transaction value. This can vary based on the type of trading. It is calculated as: Number of shares × Price per share × Brokerage percentage
• Hybrid Fee: This is a combination of sorts. The broker will charge you a flat fee or a percentage-based fee, whichever is lower. For example, 0.5% or ₹20. So, the maximum brokerage payable for any trade would be ₹20.

So, if you buy 20 shares at ₹1,000 each with a brokerage fee of 0.5% on the NSE, the calculation would be: 20 × ₹1,000 × 0.5% = ₹100
Let's follow this same example to understand the calculation of other fees as well.

Charge	Calculation	Fee
Brokerage	20 × ₹1,000 × 0.5%	₹100
STT is calculated as a percentage of the turnover	20 × ₹1,000 × 0.1%	₹20
SEBI Turnover Fee is calculated as ₹10 per crore.	20 × ₹1,000 × 0.0001%	₹0.02
Stamp Duty is calculated as a percentage of turnover.	20 × ₹1,000 × 0.015%	₹3
Transaction Fees	20 × ₹1,000 × 0.00297%	₹0.594
Investor Protection Fund Charges	20 × ₹1,000 × 0.0001%	₹0.02
GST	18% (₹100 + ₹0.02 + ₹0.594)	₹18
Total Brokerage Fee	Brokerage + Exchange Charges + STT + SEBI Charges + GST + Contribution to IPFT + Stamp Duty	₹141.634

Depending on your broker, a single trade can cost you over ₹140! 

If you make 20 trades a day, you'll end up paying ₹2,800 just in brokerage fees. Assuming that you make 20 trades a day for 252 days a year, then your brokerage fee will be as high as ₹70k. 

Now, imagine if your brokerage fee were capped at ₹20 per trade. Then, the total charges per year would be just around ₹30k. And if your broker offered ₹0 brokerage rates, it would be just around ₹20k. This is proof that your choice of broker significantly affects the fee you must pay. That's why it's so important to understand these charges. By factoring in these costs when planning trades, you can make more informed decisions and get the most out of your trades. 

Key Insight: For F&O traders, flat brokerage is generally more economical because F&O trade values can be large. Even better are platforms that offer zero brokerage for F&O, eliminating this cost entirely.

What is the Maximum Brokerage a Broker Can Charge?

You may worry that your broker can charge anything as a fee. But that's not the case. As per SEBI guidelines, the maximum brokerage that a broker can charge should not exceed:

• 2.5% of the total value of the transaction for equity delivery
• 0.25% of the total value of the transaction for intraday trades

Hence, your broker cannot charge more than 2.5% or 0.25% brokerage. However, the minimum brokerage can be as low as zero. Now, let's understand how you can choose a broker that has the lowest brokerage charges for F&O.

Why Choosing the Lowest Brokerage Broker Matters for F&O

F&O trading profitability depends on execution cost. When you take multiple intraday positions, hedge with spreads or deploy multi-leg option strategies like iron condors or butterflies, you end up paying brokerage on every leg. If each leg costs Rs. 20, a four-leg strategy costs Rs. 80 per entry and Rs. 80 per exit — Rs. 160 total. With zero brokerage brokers, this cost becomes zero.

For a trader who places 200 orders a month:

• At Rs. 20 per order → Rs. 4,000 monthly
• At zero brokerage → Rs. 0

Over a year, this difference becomes Rs. 48,000, directly impacting profits.

Thus, choosing the lowest F&O brokerage is essential for cost optimisation, especially for active traders.

Types of Brokerage Plans Available in India

1. Flat Brokerage Plans: Most discount brokers operate on this model. Example: Rs. 20 per order for F&O.
2. Zero Brokerage Plans: Some brokers now provide zero brokerage on F&O, especially on index options. These plans are designed for high-frequency traders.
3. Percentage-Based Plans: Full-service brokers usually charge 0.02–0.05% of turnover for Futures and a premium value for Options.
4. Subscription-Based Plans: Some brokers offer monthly or yearly subscription packs where brokerage becomes zero after paying a fixed subscription.
5. Turnover-Based Plans: Rare now but still used by a few legacy brokers. Brokerage changes based on monthly trading volume.

Key takeaway: For F&O traders, flat and zero-brokerage plans are the most cost-efficient.

Brokers Charging the Lowest Brokerage Charges for F&O Trading

Below are the most competitive brokerage options currently available in India.

Zerodha

Charge type	Amount / Rate
Account Opening Charges	₹0 (online account)
Account Maintenance Charges (AMC / Demat AMC)	Up to ₹4 lakh holdings (BSDA): ₹0 annually ₹4–10 lakh holdings: ₹100 per year (charged quarterly) Above ₹10 lakh holdings: ₹300 per year (charged quarterly)
Equity Delivery (brokerage)	₹0 (free)
Equity Intraday (brokerage)	0.03% or ₹20 per executed order — whichever is lower
Futures (brokerage)	0.03% or ₹20 per executed order — whichever is lower
Options (brokerage)	Flat ₹20 per executed order

Notes / Add-ons

• Other costs like SEBI charges, exchange transaction charges, GST, stamp duty, DP (depository) charges, etc., still apply as per trading/settlement.
• For non-retail or non-individual accounts (corporate, HUF, LLP, etc.), charges can be different (account opening fee, different brokerage rates).

If you want to read the detailed Zerodha review with a complete analysis of charges, features, and more. Click the link for complete details.

Upstox

Charge type	Amount / Rate
Account Opening Charges	₹0 (online account)
Account Maintenance Charges (AMC / Demat AMC)	• Up to ₹4 lakh holdings (BSDA): ₹0 per year  • ₹4–10 lakh holdings: ₹100 + GST (i.e. ₹118) per year • Above ₹10 lakh holdings: ₹300 + GST (i.e. ₹354) per year
Equity Delivery (brokerage)	₹20 per executed order
Equity Intraday (brokerage)	₹20 per executed order or 0.1%, whichever is lower
Futures (brokerage)	₹20 per executed order or 0.05%, whichever is lower
Options (brokerage)	Flat ₹20 per executed order

Notes / Add-ons

• Apart from brokerage and AMC, there are statutory & regulatory charges (STT/CTT, Exchange transaction charges, GST, stamp-duty, DP charges on delivery sell, SEBI turnover fees, etc.) as applicable under Indian regulations
• ₹20 brokerage ceiling (per order) is Upstox’s “flat-fee cap” across equity, F&O, commodities, & currency trades. 

If you want to read the detailed Upstox review with a complete analysis of charges, features, and more. Click the link for complete details.

Angel One

Charge type	Amount / Rate
Account Opening Charges	₹0
Account Maintenance Charges (AMC / Demat AMC)	For the first year: free. After that: for BSDA-type clients — ₹0 if holdings ≤ ₹4 lakh; ₹100 + GST per year if holdings ₹4–10 lakh. For non-BSDA clients — ₹60 + GST per quarter (charged after your first trade each quarter).
Equity Delivery (brokerage)	Lower of ₹20 or 0.1% per executed order (minimum ₹5)
Equity Intraday (brokerage)	Lower of ₹20 or 0.1% per executed order (minimum ₹5)
Futures (brokerage)	Flat ₹20 per executed order (post any introductory offer)
Options (brokerage)	Flat ₹20 per executed order (post any introductory offer)

Notes / Add-ons

• Angel One often offers a welcome bonus for the first 30 days (or until a ₹500 brokerage cap is reached), and brokerage fees may be waived or discounted.
• Statutory & regulatory charges (exchange transaction charges, STT/CTT, GST, stamp duty, DP charges on delivery sell, etc.) apply in addition to the brokerage and AMC as per applicable laws and exchange rules. 

If you want to read the detailed Angel One review with a complete analysis of charges, features, and more. Click the link for complete details.

Groww

Charge type	Amount / Rate
Account Opening Charges	₹0 (trading + demat account)
Account Maintenance Charges (AMC / Demat AMC)	₹0
Equity Delivery (brokerage)	₹20 or 0.1% per executed order, whichever is lower; minimum ₹5
Equity Intraday (brokerage)	₹20 or 0.1% per executed order, whichever is lower; minimum ₹5
Futures (brokerage)	Flat ₹20 per executed order
Options (brokerage)	Flat ₹20 per executed order

Notes / Add-ons

• Other charges may apply when selling shares, such as DP (depository) charges.
• Statutory or regulatory charges (STT/CTT, exchange transaction charges, stamp duty, GST, etc.) apply as per trade type. 

If you want to read the detailed Groww review with a complete analysis of charges, features, and more. Click the link for complete details.

Dhan

Charge type	Amount / Rate
Account Opening Charges	₹0 (Trading + Demat account)
Account Maintenance Charges (AMC / Demat AMC)	₹0 (lifetime zero AMC for individuals/HUF)
Equity Delivery (brokerage)	₹0 (zero brokerage)
Equity Intraday (brokerage)	₹20 or 0.03% per executed order — whichever is lower
Futures (brokerage)	₹20 or 0.03% per executed order — whichever is lower
Options (brokerage)	Flat ₹20 per executed order

Notes / Add-ons

• Demat-related charges: For debit/transfer of shares: ₹12.50 per instruction per ISIN + applicable GST.
• Additional charges may apply on auto-square-off (if intraday positions are squared off automatically), call-and-trade orders placed via phone desk, pledge/unpledge operations, courier/remat for physical delivery, etc.
• As with all brokers, statutory/regulatory charges (transaction charges, STT/SEBI turnover, etc.), GST, stamp duty, etc., will apply on trades over and above the brokerage. 

If you want to read the detailed Dhan review with a complete analysis of charges, features, and more. Click the link for complete details.

Shoonya by Finvasia

Charge type	Amount / Rate
Account Opening Charges	₹0 (Trading + Demat account)
Account Maintenance Charges (AMC / Demat AMC)	₹0 (zero AMC for Demat & trading account)
Equity Delivery (brokerage)	₹0 (zero brokerage on delivery trades)
Equity Intraday (brokerage)	0.03% or ₹5 per executed order — whichever is lower, plus GST/other standard fees
Futures (brokerage)	0.03% or ₹5 per executed order — whichever is lower, plus GST/other standard fees
Options (brokerage)	Flat ₹5 per executed order (per lot) plus GST/other regulatory charges

Notes / Add-ons

• Delivery trades (long-term equity buy-and-hold) are free of brokerage fees.
• For intraday, futures, options (and other derivatives), standard exchange/regulatory charges (STT/turnover fees, exchange transaction charges, GST, stamp duty, etc.) will still apply over and above the brokerage stated.
• Additional demat-related costs (like for demat/remat, DP debits, pledge/unpledge, etc.) may apply when you transact or use those facilities (not part of regular trades). 

If you want to read the detailed Shoonya by Finvasia review with a complete analysis of charges, features, and more. Click the link for complete details.

m.Stock (by Mirae Asset)

Charge type	Amount / Rate
Account Opening Charges	₹0
Account Maintenance Charges (AMC / Demat AMC / Operating Charges)	₹0 (for standard demat + trading account) • Note: there is a quarterly platform/operating fee of ₹219 + GST (unless you opt for lifetime-free operating-charge upgrade)
Equity Delivery (brokerage)	₹0 (zero brokerage)
Equity Intraday (brokerage)	₹5 per executed order
Futures (brokerage)	₹5 per executed order
Options (brokerage)	₹5 per executed order

Notes / Add-ons / Important conditions

• Delivery trades (equity cash / delivery segment) enjoy zero brokerage under m.Stock.
• Intraday, Futures, Options (and other order-based trades) are charged a flat ₹5 per order brokerage.
• There is an operating/ platform charge: ₹219 + GST per quarter — unless the user pays for a one-time upgrade for “lifetime free operating charges.”
• As with all brokers, statutory/exchange/regulatory charges (exchange transaction charges, stamp duty, STT/turnover/GST, DP charges for demat/debit, etc.) will apply over and above the brokerage/charges table.
• For margin-trading or “buy-on-margin / MTF”-style trades (if offered), other interest or funding-related costs may apply (depending on the broker’s margin product).

If you want to read the detailed m.Stock by Mirae Asset review with a complete analysis of charges, features, and more. Click the link for complete details.

FYERS

Charge type	Amount / Rate
Account Opening Charges	₹0
Account Maintenance Charges (AMC / Demat AMC)	₹0 annually (no recurring AMC)
Equity Delivery (brokerage)	₹20 per executed order or 0.3% of transaction value — whichever is lower
Equity Intraday (brokerage)	₹20 per executed order or 0.03% of transaction value — whichever is lower
Futures (brokerage)	₹20 per executed order or 0.03% of transaction value — whichever is lower
Options (brokerage)	Flat ₹20 per executed order

Notes / Add-ons / Important Conditions

• Delivery brokerage recently changed; earlier delivery trades used to be zero-brokerage, but after the regulatory change, they are now capped at ₹20/order or 0.3%, whichever is lower.
• Additional statutory & regulatory charges (such as STT/CTT, exchange transaction fees, GST, stamp duty, SEBI turnover fees, etc.) apply on trades as per segment and exchange norms.
• Other transactional charges may apply for certain non-standard operations: e.g. physical contract notes (if requested), demat transfers or debits, pledge/unpledge operations, or offline service requests (though under regular online trading, these are usually nil or minimal).

If you want to read the detailed FYERSreview with a complete analysis of charges, features, and more. Click the link for complete details.

Key Takeaway: If your priority is the lowest brokerage charges for F&O, brokers like Shoonya and m.Stock offers complete zero brokerage, while Zerodha, Upstox, Angel One, and FYERS charge a flat Rs. 20.

Comparison Table: Lowest F&O Brokerage in India

Broker	F&O Brokerage	Pricing Type	Best For
Shoonya	Zero	Zero-brokerage model	High-frequency traders
m.Stock	Zero	One-time subscription	Active traders
Zerodha	Rs. 20/order	Flat fee	Reliable long-term users
Upstox	Rs. 20/order	Flat fee	Beginners, mobile-heavy traders
Angel One	Rs. 20/order	Flat fee	Beginners
Groww	Rs. 20/order	Flat fee	Simplicity-focused users
Dhan	Rs. 20/order	Flat fee	Feature-rich trading
FYERS	Rs. 20/order	Flat fee	Chart traders

This quick comparison makes it easy to see which brokers genuinely offer the lowest F&O brokerage.

Want to learn more about the Zero Brokerage Demat Account? Click on the link to know about it.

Other Charges That Affect Your F&O Trading Cost

Brokerage isn’t the only cost. You also pay:

• Exchange Transaction Charges: For NSE options, approx. Rs. 5,000 per crore of turnover.
• STT (Securities Transaction Tax):
  • For Options: 0.0625% on premium (sell side).
  • For Futures: 0.0125% on trade value (sell side).
• GST: 18% on brokerage + exchange charges.
• SEBI Turnover Fees: Rs. 10 per crore.
• Stamp Duty: Based on state rules (e.g., Rs. 200 per crore for options).
• DP Charges (if applicable): Not applicable for F&O.

Even if brokerage is zero, these mandatory charges still apply.

Hidden Charges You Must Check Before Choosing a Broker

Several brokers advertise low or zero brokerage but charge higher fees elsewhere. Key hidden charges include:

• Call & Trade fees: Rs. 20–50 per order for phone orders.
• Platform subscription fees for advanced charting.
• Algo trading or API charges, ranging from Rs. 500 to Rs. 2000 monthly.
• Account maintenance charges (AMC): Some brokers charge Rs. 300–500 annually.
• Clearing charges: Some brokers pass clearing fees to clients.

Always review the complete fee structure before finalising a broker.

How to Choose the Right Broker in Terms of Brokerage Charges?

We have covered how important it is to choose a broker that charges the lowest brokerage fees. Now, let’s understand how you can do so. Here are some steps you can consider:

• Identify if you are a long-term investor or a short-term trader, as different brokers cater to different trading needs.
• Check if they charge a flat fee per trade or a percentage of the trade value. And decide which structure will fit you best.
• Be aware of any additional fees that could affect your overall costs.
• Ensure the broker platform is suited to your trading style and needs.
• Confirm that the broker is SEBI-registered to ensure credibility and security.
• Research reviews and ratings from other traders to find out if the broker’s services will be fit for you. 

By following these steps, you can make an informed decision about which broker aligns best with your financial goals and trading preferences.

Best Broker for These Use Cases

• Best for High-Frequency Options Scalping: Shoonya / m.Stock (zero brokerage)
• Best for Multi-Leg Option Strategies: FYERS / Dhan (strong charting features)
• Best for Long-Term Consistency & Stability: Zerodha (lowest downtime record)
• Best for Mobile Trading: Upstox / Angel One
• Best for Beginners: Groww (simple interface)

Conclusion

Now, you know all there is to know about brokerage, including how it is calculated. It is really important that you understand these charges if you want to earn profits in the stock market. 

We want you to make the most of your trades and investments. That's why we have reviewed some of the best brokers that offer low brokerage charges. But it is important to do your own research. Compare your options, weigh the pros and cons, read user reviews and see how much they charge for every trade. You can do it all with Finology Select. Compare over 20 top brokers and pick the one that's the most suited to your needs. 

FAQs

1. Which broker offers the lowest brokerage charges for F&O?
   Platforms like Shoonya and m.Stock offer zero brokerage for F&O, making them the lowest-cost options for derivatives traders.
    
2. Is zero brokerage on F&O really beneficial?
   Yes. If you place frequent orders or trade multi-leg strategies, zero brokerage saves thousands annually by reducing per-order charges.
    
3. Which broker is best for F&O beginners?
   Angel One, Groww, and Upstox are easy to use, but if cost is your priority, zero-brokerage platforms are more economical.
    
4. Does Zerodha offer zero brokerage on F&O?
   No. Zerodha charges Rs. 20 per order for F&O, but offers excellent reliability and tools.
    
5. Are there hidden charges with zero brokerage brokers?
   Regulatory charges like STT, exchange fees, SEBI fees, and GST still apply even with zero brokerage brokers.
    
6. Is lower brokerage always the best option?
   Not necessarily. Traders should consider platform stability, margin availability, and tools, along with brokerage.
    
7. Is brokerage charged per trade or per lot?
   Most discount brokers charge per order, not per lot. So even if you trade multiple lots, brokerage remains the same.
    
8. How to calculate brokerage on options trading?
   Options brokerage is usually a flat amount per order, typically Rs. 20, unless your broker offers zero brokerage plans.
    
9. Which broker gives zero brokerage for options trading?
   Shoonya and m.Stock are among the few brokers offering true zero brokerage on F&O.
    
10. What is considered the lowest F&O brokerage today?
    Anything below Rs. 10 per order is rare; zero brokerage is currently the lowest possible.