Over the last 15 years, the brokerage industry in India has become radically cheaper.
Before 2010, most brokers charged around 0.5% brokerage per order with no caps.
It meant ₹10,000 in brokerage for a single buy-and-sell on a ₹10 lakh position.
That changed when Zerodha entered the market and introduced discount brokerage.
Flat fees replaced percentage-based charges without limits, and lower costs quickly became the norm.
Ironically, Zerodha is no longer among the cheapest today.
The industry has moved further with zero-brokerage models and subscription-based plans that allow unlimited trades for a fixed fee.
Also, around 2020, Margin Trading Facility (MTF) became widely available, allowing investors to use up to 4× margin on delivery positions by paying daily interest on the borrowed amount for as long as the position is held.
You first need to understand why this is important.
Brokerage is a one-time cost. You pay it when you enter a trade and when you exit.
MTF interest is a time-based cost. It is charged every single day you hold a leveraged position, regardless of whether the stock moves or not.
The longer you hold an MTF position, the less brokerage matters and the more interest determines your total cost.
Here’s a simple example.
If you take ₹1,00,000 on MTF for 30 days:
At 18% p.a., you pay roughly ₹1,480 in interest.
At 6% p.a., you pay roughly ₹495 in interest.
Same position size. Same holding period. Nearly ₹1,000 difference purely due to interest rates.
This is why zero-brokerage demat accounts are not necessarily the cheapest. Once MTF enters the picture, interest rates matter more than brokerage caps.
With MTF books in India now exceeding ₹96,000 Crores, MTF interest rates matter just as much as brokerage.
If you want to know which brokers actually cost the least today, you’re in the right place.
In this article, I’ve listed the 15 cheapest Demat accounts in India, based on brokerage, account charges, and MTF interest rates.
Let’s begin.
1. Navia
Navia has been around for over 30 years.
It offers a lifetime free, zero-brokerage account with no opening or annual maintenance charges. It also includes advanced trading and analysis tools.
Navia is a great choice for both active traders and passive investors.
However, there are other brokers, who offer lower interest rates on Margin Trading Facility (MTF).
Also, Navia offers margin up to 3x of your capital with MTF while most brokers offer up to 4x margin.
Pricing
Account opening: 0
Annual Maintenance Charges: 0
Brokerage: 0 across all segments
MTF Interest: 0.041% per day (14.96% p.a.)
2. FlatTrade
FlatTrade was established as Fortune Capital Services Private Limited in 2004.
Since then, it has served over 50 thousand clients.
FlatTrade offers zero-brokerage demat account without any AMC, or subscription plan.
However, to start trading, you need to open a trading account with FlatTrade, which has a one-time cost of ₹200 + GST.
FlatTrade also charges an interest rate of 18% per annum on MTF, which isn’t very attractive.
Pricing
Demat Account Opening: 0
Trading Account Opening: ₹200 + GST
Annual Maintenance Charges: 0
Brokerage: 0 across all segments
MTF Interest: 0.049% per day (18% p.a.)
3. PSB Direct
PSB Direct has been in the market since 2009.
PSB Direct offers a free Demat account with zero brokerage, and an annual maintenance charge of up to ₹300 + GST.
However, it charges a high MTF interest rate of 23.72% per annum, the highest on this list.
PSB Direct also supports algo-trading through its API, but it doesn’t provide any other advanced features.
Pricing
Account Opening: 0
Annual Maintenance Charges:
BSDA Account
- ₹0 per month if your holdings value is less than ₹4,00,000
- ₹4,00,000 to 10,00,000: ₹8.33 + GST per month
Non-BSDA Account
- ₹25 + GST (₹10,00,000 to ₹50,00,000)
Brokerage: 0 across segments
MTF Interest: 0.065% per day (23.72% p.a.)
4. WisdomCapital
Wisdom Capital was launched in 2013.
It offers a brokerage-free account for a one-time fee of ₹999 + GST (lifetime). If you choose the normal plan, it charges ₹9 per order across all segments.
While Wisdom Capital does offer MTF, the interest rates are not very competitive.
You can even use Wisdom Capital for algo trading through QuantPower, a product by its parent company WisdomTree.
QuantPower also provides a strategy builder, backtesting tools, and advanced features like Iceberg Orders.
It costs up to ₹2,999 per month, depending on your subscription plan and payment frequency.
Pricing
Account Opening: 0
Account Maintenance Charges: 0
Subscription Fee: ₹999 + GST for lifetime
MTF Interest: 0.049% per day (18% p.a.)
5. StoxKart
StoxKart was founded in 2017 and has a client base of over 1.5 lakh users.
It offers two pricing models, a flat brokerage of ₹20 per order across all segments, or a subscription plan where you pay a monthly fee and enjoy unlimited zero-brokerage trades.
StoxKart’s subscription plans are the most affordable among subscription-based Demat accounts, and we’ll focus on that in this article.
Unlike other subscription-based demat accounts that require very high trading volumes to be cost-effective, StoxKart’s plans help you save even with as low as 5–10 trades per month.
However, StoxKart charges an interest rate of 18% per annum, which makes it less suitable for MTF.
StoxKart also features AutoTrender, an automated analytics tool that helps you analyse data, forecast trends, and find trade ideas with higher profitability potential. It costs ₹6,999 for 3 months, ₹9,999 for 6 months, and ₹14,999 for 12 months.
Pricing
Account Opening: 0
Account Maintenance Charges: ₹300 + GST/ year (Charged quarterly)
Subscription Fee:
- 199/month + GST (billed monthly)
- 699/year + GST (billed annually)
MTF Interest : 0.049% per day (18% p.a.)
6. Pocketful
Pocketful was launched in 2022 and has served more than 10,000 customers since then.
Pocketful offers both a subscription-based pricing model and a per-order fee structure, letting you choose what suits you best.
There are no account opening charges or AMC.
If you opt for the subscription model, there’s no brokerage; just a monthly or annual fee starting from ₹999 to ₹1,499 per month.
Pocketful also stands out for offering the lowest interest rate on MTF products up to ₹1 lakh.
You can access capital up to ₹1 lakh at just 5.99% per annum (0.016% per day). That’s nearly one-third of standard industry rates.
If you use MTF regularly or place a large number of trades each month, Pocketful is a solid choice.
Pocketful also offers advanced trading features and even Algo trading without any extra charges.
Pricing
Account Opening: 0
Annual Maintenance Charges: 0
Subscription Fee:
- ₹1,499/month (billed monthly)
- ₹6,999/6 months (billed semi-annually)
- ₹11,999/year (billed annually)
MTF Interest :
- Up to 1,00,000: 0.016% per day (5.99% p.a.)
- 1,00,000 to 25,00,000: 0.40% per day (14.60% p.a.)
- Above 25,00,000: 0.044% per day (16% p.a.)
7. Trade On Go
Trade On Go was launched in 2024 by Phillips Capital Group, a Singapore-based company with a presence in over 14 countries.
It offers a monthly subscription plan with zero brokerage, no account opening charges, and no AMC.
Trade On Go also provides analysis tools, trading scanners with pattern recognition, and an EXE-based terminal for professional, high-volume traders.
However, Trade On Go doesn’t offer MTF.
Pricing
Account Opening: 0
Account Maintenance Charges: 0
Subscription Fee: ₹496 + GST/month
MTF: Not available.
8. ProStocks
ProStocks was launched in 2016.
It offers two plans. A subscription-based plan for unlimited orders and another with a flat fee of ₹15 per trade.
If you place more than 30 trades a month, the unlimited plan at ₹899 per month makes more sense. For higher volumes, it’s a solid choice.
However, ProStocks doesn’t offer MTF.
Also it focuses purely on executing orders. There are no built-in analysis tools or advanced features.
Pricing
Account Opening: Refundable deposit of ₹1,000
Annual Maintenance Charge: 0
Subscription Fee: ₹899/month
MTF: Not available
9. M.Stocks
M.Stocks was introduced in 2022, by Mirae Asset, a 90 years old South Korea–based asset management company.
M.Stocks stands out with a flat ₹5 brokerage for equity intraday and F&O trades, while delivery trades are completely free.
If your MTF capital exceeds ₹25 lakh, M.Stocks offers one of the lowest interest rates in the market.
It’s also the only demat account on this list that allows you to invest in ETFs using MTF.
You can manage and track multiple accounts in M.Stocks and switch between them with a single click.
Pricing
Accounting Opening: 0
Annual Maintenance Charge: 0
Brokerage:
- Equity delivery: 0
- Equity Intraday: ₹5
- Options: ₹5
- Futures: ₹5
MTF Interest:
- Up to ₹25 lakh: 0.0411% per day (14.99% p.a)
- ₹25 lakh to 5 crore: 0.0274% per day (9.99% p.a)
- Above ₹5 crore: 0.0192% per day (6.99% p.a)
10. Shoonya
Shoonya was launched in 2022 by the Finvasia Group and has served over 4.5 lakh clients.
Shoonya charges a brokerage of up to ₹5 per order on intraday equity, futures, and options.
However, it doesn’t offer MTF.
Shoonya stands out with SensAI, its multi-agent AI tool that unifies news, technical, and fundamental data for faster market research and sentiment analysis.
It has also partnered with I Know First (IKF), which provides AI-driven forecasts, trend insights, and stock recommendations.
At ₹999/month + GST, IKF offers data-backed signals, real-time insights, and custom alerts for smarter trading decisions.
Pricing
Account Opening: 0
Account Maintenance Charges: 0
Brokerage:
- Equity Intraday: 0.03% or Rs. 5.00 whichever is low in intra-day on per executed order
- Equity Delivery: 0
- Futures: 0.03% or Rs. 5.00 whichever is low on per executed order
- Options: Flat ₹5 plus GST per executed order
MTF: Not available.
11. BlinkX
BlinkX was launched in 2023 by JM Financial, a company that has been part of the Indian markets since 1973.
BlinkX offers zero brokerage on equity delivery and intraday trades, with no account opening or annual maintenance charges.
For F&O, it charges ₹10 per order or offers a subscription plan where the monthly fee increases based on the number of lots traded per day. There’s no limit on the number of trades under the subscription model.
BlinkX also provides 100+ technical and fundamental screeners to help you find stocks that fit your trading or investing strategy.
In 2024, BlinkX introduced the GenAI Lab, which focuses on using AI for a hyper-personalised customer experience and to simplify trading and investing decisions.
However, the GenAI Lab is still in its early stage and hasn’t rolled out any lucrative features yet.
Pricing
Account Opening: 0
Account Maintenance Charges: 0
Brokerage:
- Equity Delivery: 0
- Equity Intraday: 0
- F&O: Flat ₹10 per order
Subscription Fee:
- Silver (50 Lots per day): ₹250/2 months | ₹599/6 months | ₹899/12 months
- Gold (500 lots per day): ₹499/2 months | ₹1,199/6 months | ₹1,799/12 months
- Platinum (1,000 lots per day): ₹999/2 months | ₹2,399/6 months | ₹3,599/12 months
MTF Interest : 0.044% per day (16.06% p.a.)
12. Stocko
Stocko was launched in 2013 with the name “SAS Online” and was rebranded to Stocko in 2024.
In 2025, it was acquired by InCred Money, a trusted wealth management company in India.
Stocko offers two pricing options.
A flat fee of ₹12.99 per order across segments or a monthly plan of ₹1,299 with zero brokerage for up to 99 orders per month.
While the cost per order works out the same up to 99 orders, the advantage is that after 99 orders, brokerage drops to just ₹2.99 per order.
Pricing
Trading Account Opening: ₹100
Demat Account Opening: 0
Annual Maintenance Charges: ₹200 + 18% GST per annum
Brokerage:
- ₹0.01% 0r 12.99/order
- ₹2.99/order (above 99 orders under the subscription plan)
Subscription Fee: ₹1,299/month
MTF Interest : 0.05% per day (18.5% p.a.)
13. Paytm Money
Paytm Money has helped over 2 crore users since 2020.
It stands out for its low MTF interest rates.
PayTM Money offers capital up to ₹1 lakh at just 7.99% per annum (0.021% per day), roughly half of what most brokers charge.
However, the brokerage on MTF trades is 0.1% of the trade value. This means that if your trade value exceeds ₹20,000, you’ll pay more than ₹20 per order, which is the usual cap.
For example, on a position worth ₹1,00,000, you’ll pay ₹100 per executed order, or ₹200 total for buy and sell combined.
That said, the lower interest rate can still help you save more if you hold your MTF positions for a longer duration.
So, consider your average position size and holding period before deciding if Paytm Money’s MTF structure works for you.
If you don’t use MTF, there are better options available.
Pricing
Account Opening: 0
Annual Maintenance Charges: 0
Brokerage:
- Equity Delivery: 2.5% or ₹20 / order (whichever is lower)
- Equity Intraday: 0.05% of turnover or up to ₹20 / order (whichever is lower)
- Equity MTF: 0.1% per order
- Futures: 0.02% or ₹20 / order (whichever is lower)
- Options: ₹20 / order
MTF Interest :
- Up to ₹1 lakh: 0.021% per day (7.99% p.a.)
- ₹1 lakh – ₹1 crore: 0.27% per day (9.99% p.a.)
- Above ₹1 crore: 0.24% per day (8.99% p.a.)
14. 5paisa
5paisa is a popular discount broker with over 5 lakh customers and ranks among the 10 largest brokers in India.
It stands out for its low MTF interest rates, starting at 9.5% per annum on funding up to ₹1 lakh, making it the third cheapest option in that range. The rate gradually increases with higher capital, capped at 15.5% per annum for amounts above ₹5 lakh.
New users can also get free margin up to ₹1 lakh on MTF for the first month after account opening.
5paisa offers a dedicated options trading and scalping terminal. You also can chat with 5paisa MCP, an AI companion, to find stocks, analyse your portfolio and backtest strategies.
However, without MTF benefits, its overall pricing remains fairly standard.
Pricing
Account Opening: 0
Annual Maintenance Charges:
BSDA
- ₹0 per month if your holding value is up to ₹4,00,000
- ₹8.33 + 18% GST per month if your holding value is between ₹4,00,000 to ₹10,00,000 (billed quarterly)
Non BSDA
- ₹25 + 18% GST per month if your holding value is above ₹10,00,000 (billed quarterly)
Brokerage: ₹20/order (across all segments)
MTF Interest:
- Up to ₹1 lakh: 0.026% per day (9.50% p.a.)
- ₹1 lakh – ₹5 lakhs: 0.034% per day (12.50% p.a.)
- ₹5 lakhs – ₹3 crore: 0.42% per day (15.50% p.a.)
15. Sahi
Sahi was founded in 2023 by Dale Vaz (former CTO of Swiggy) and Manish Jain (former SVP of Kotak Securities).
It has helped over 50,000 users since launch.
Sahi offers a Demat account with no opening charges or AMC, and brokerage capped at ₹10 per order.
It stands out for its customisable option chains, pay-off analysis tools, and 20+ real-time stock screeners.
Sahi also features SahiAI, an AI tool that helps you analyse faster and discover strong trading or investment ideas.
However, Sahi doesn’t offer MTF at the moment.
Pricing
Account Opening: 0
Annual Maintenance Charges: 0
Brokerage: 0.05% or ₹10, whichever is lower (across all segments)
MTF: Not available.
Pick the Right Demat Account Based on How You Actually Trade
Long-Term Investor
Navia
Zero brokerage. Zero AMC. No subscriptions. No leverage traps. Built for holding, not fiddling.
Swing Trader · MTF 5–20 Days
Paytm Money
Lower MTF interest outweighs higher per-order brokerage once holding periods extend beyond a few sessions.
Heavy MTF · Under ₹1 Lakh
Pocketful
5.99% MTF up to ₹1 lakh breaks the cost curve. Every other broker is structurally more expensive here.
High-Capital MTF
M.Stocks
Interest rates compress aggressively at scale. Cheapest MTF once capital crosses ₹25 lakh.
High-Volume F&O
ProStocks
Unlimited plan only makes sense when trade count is high and MTF is irrelevant. Pure execution play.
Casual · Low Frequency
Sahi
Low per-order cap. No subscriptions. No leverage. Minimal thinking required.
