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What the ₹20 brokerage actually covers

Indian discount brokers (Zerodha, Groww, Upstox, Angel One) charge a flat ₹20 per executed order or 0.03% of turnover, whichever is lower for intraday, F&O, currency and commodity trades. Equity-delivery is usually free on discount brokers (Zerodha started charging ₹20 on delivery from FY24, others remain free). Full-service brokers (ICICI Direct, HDFC Securities, Kotak Securities) charge 0.30%–0.55% of trade value — easily ₹250–₹500 on a single trade.

The hidden costs that aren't brokerage

On a ₹1 lakh equity trade, brokerage is ₹20 — but you also pay:

• STT — 0.1% on delivery buy + sell, 0.025% on intraday sell. (Use STT calculator.)
• Exchange transaction charges — NSE ~₹325 / crore, BSE ~₹375 / crore
• SEBI turnover fee — ₹10 / crore
• GST — 18% on (brokerage + transaction charges)
• Stamp duty — 0.015% delivery, 0.003% intraday — buyer side only
• DP charges — ₹13.5–₹25 per sell day for delivery sells (CDSL / NSDL)

For a single delivery sell of ₹1 lakh, the total cost is usually ₹140–₹180, not ₹20. The brokerage line is misleading on its own.

Intraday vs delivery cost — when each wins

Intraday looks cheaper per leg (no STT on buy, low DP charges) but you pay both legs in one day. Delivery is cheaper if you hold >1 trading day — you only pay one DP charge on exit. For high-frequency traders (10+ trades / day), the ₹20-per-order math beats percentage brokers by 5–10× annually.

F&O brokerage

Options brokerage is still ₹20 per order on discount brokers, but STT changed in October 2023 — premium-based instead of strike-based. F&O loss + low brokerage is a common retail trap: do the per-trade math before scaling up positions.