10 Best Discount Brokers in India

Exactly like me, you might have made up your mind to open your account with one of the Discount brokers to save on brokerage.

Out of around 50 such brokers available today, I am listing down top 10 discount brokers in India in this article.

One of the primary motive for me to switch from full service broker to a discount broker was brokerage. But initially I was afraid about their quality of service.

But soon I discovered that discount brokers are in no way lesser than premier brokers, in fact what I found that their trading platforms is superior than many established brokers.

Who are Discount Brokers?


Before year 2010, all the stock brokers used to charge certain percentage of traded value as their brokerage fee usually around 0.5%. More the invested value, higher the commission you pay.

But a new type of stock brokers started around 2010 who charge fixed fee around Rs20 irrespective of traded value. This resulted in saving lot on brokerage and I also benefited from them.

But make sure that you open account with only best discount broker to avoid any kind issues in future.

Some of the characteristic of typical discount stock brokers are

  • Fixed flat fee brokerage structure
  • No research or advisory services
  • Not huge physical presence
  • Online account opening through Aadhar

Best Discount Brokers of India

1) Zerodha



  • Free delivery based trades and maximum of Rs20/trade in other segments
  • First Discount broker of India and Best discount broker with highest number of customers
  • Taken initiative to educate common investors through open platform Zerodha Varsity
  • State of the art trading platforms such as Zerodha Kite
  • New direct mutual fund investment platform called Coin


  • Not possible invest in IPOs directly
  • Call and trade is chargeble

2) Upstox (Formerly known as RKSV)


  • Zero commission on delivery trades
  • Free Demat account opening and lower annual maintenance charges
  • Maximum Rs20 Per trade for non delivery trades
  • Superior Trading platform Upstox Pro


  • Pricing is almost similar to Zerodha
  • Average customer care

3) Tradejini


  • Unlimited trading across all segments for first 30 days
  • High Exposure for intraday trades
  • Maximum Rs20 Per trade for non delivery trades
  • Variety of investment products


  • No in-house developed trading platform like Zerodha and Upstox
  • Only non-agricultural commodity trading is allowed

4) SASOnline



  • Lowest Brokerage in discount brokerage industry (Rs 9/trade)
  • Availability of unlimited trading plans (Rs 999/month)
  • Maximum Rs9 Per trade for non delivery trades


  • Not so good back office
  • Average Customer care

5) Trade Smart Online



  • Lowest Brokerage in discount brokerage industry (Rs 9/trade)
  • Availability of unlimited trading plans (Rs 999/month)
  • Maximum Rs9 Per trade for non delivery trades


  • Not so good back office
  • Average Customer care

6) Trade Plus Online


  • Cheapest per month brokerage charges of Rs99
  • AMC charges for 5 and 10 years are available and at very low cost
  • Aadhaar based account opening is introduced


  • Very less exposure (Margin) compared to other brokers
  • Except brokerage all other charges are high

7) MyValueTrade



  • Availability of unlimited trading plans for Rs1000/month and Rs10,000/month
  • One of the very few established discount broker in North India


  • Very less exposure (Margin) compared to other brokers
  • Average Customer support

8) RK Global



  • Lower brokerage charge of Rs 9
  • Low account opening and maintenance charges
  • Constantly publishes research reports and trading recommendations


  • No mobile app for trading
  • Lower margin compared to other brokers

9) Ashta Trade


  • High exposure of 40 times for intraday
  • Availability of different investment products
  • Decent customer service


  • Not so great trading platforms
  • High account opening charges

10) 5paisa


  • Subsidiary of India Infoline which is one of the well known full service stock broker
  • Free research and reports
  • Good trading platforms


  • Not so good mobile trading app
  • No provision to trade in commodities

Why Open account with Discount Brokers?

  • Biggest reason what I found is they don’t disturb me calling repeatedly to trade just to generate brokerage
  • Lower brokerage and resulting in overall profit
  • Multiple educative initiative and free to all type of modules
  • High importance to trading platform and across all devices

Conclusion about Best Discount Brokers in India

I know that the list might have missed some of the other India’s top discount brokers. What I have listed is theĀ  prominent brokers who are known for their reliability and performance. The list not about their ranking but just information about each one of them.

You can open demat account with any of the above leading brokers and if you already have account with any one of these 10 popular discount brokers, please let me know your experience through the comments.

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