Groww and Dhan are both discount brokers, with about 1.34 crore and 11.2 lakh NSE active clients in September 2026. Dhan charges nothing on equity delivery and ₹20 or 0.03% on intraday. Groww charges ₹20 or 0.1% on delivery and intraday, with a ₹5 minimum. Both charge ₹20 per F&O order and both offer US stocks through GIFT City. Choose Dhan for free delivery and trading tools. Choose Groww for a simpler app, 24x7 support and the largest client base.
How do Groww and Dhan compare at a glance?
The table compares Groww and Dhan as of October 2026. All fees are from each broker's published pricing.
| Feature | Groww | Dhan |
|---|---|---|
| Regulator and exchanges | SEBI broker INZ000301838. NSE, BSE, MCX | SEBI broker INZ000006031. NSE, BSE, MCX |
| Depository | CDSL and NSDL participant | CDSL participant |
| NSE active clients, September 2026 | About 1.34 crore, 29.2% share | 11.21 lakh, about 2.4% share |
| Account opening and AMC | ₹0 opening, ₹0 AMC | ₹0 opening, ₹0 AMC for individuals and HUFs |
| Equity delivery brokerage | ₹20 or 0.1% per order, whichever is lower, minimum ₹5 | ₹0 |
| Intraday and F&O brokerage | ₹20 or 0.1% per intraday order, ₹20 per F&O order | ₹20 or 0.03% per intraday order, ₹20 per F&O order |
| DP charge per sell | ₹16.50 plus ₹3.50 depository fee, plus GST | ₹12.50 per ISIN, plus GST |
| Mutual funds | Direct plans at zero charges. Own AMC, Groww Mutual Fund | Direct plans at zero commission, 1,500+ schemes. No own AMC |
| US stocks | Relaunched September 2026 via GIFT City, phased rollout | Live since June 2026 via GIFT City, 0.25% brokerage |
| Platforms and API | Groww app and web. Trade API ₹499 a month | Dhan app and web, Options Trader, TradingView charts. Trading API free, data API ₹499 a month |
What is Groww, and what is Dhan?
Groww is a Bengaluru investing app run by Groww Invest Tech Pvt Ltd, a SEBI-registered broker and a depository participant with both CDSL and NSDL. Groww started with mutual funds and added stocks in 2020. By September 2026 it had the most NSE active clients of any Indian broker, about 1.34 crore.
Dhan is a Mumbai trading platform run by Raise Securities Pvt Ltd, formerly Moneylicious Securities, a SEBI-registered broker and CDSL depository participant. Raise Financial Services launched Dhan in November 2021 with a focus on active traders. Dhan had 11.21 lakh NSE active clients in September 2026, among India's ten largest brokers.
What does each charge?
Dhan is cheaper for buying and holding shares and for intraday, and the two match on F&O. Figures are as of October 2026, from each broker's published pricing.
| Charge | Groww | Dhan |
|---|---|---|
| Account opening | ₹0 | ₹0 |
| Annual maintenance | ₹0 | ₹0 for individuals and HUFs |
| Equity delivery | ₹20 or 0.1% per order, whichever is lower, minimum ₹5 | ₹0 |
| Equity intraday | ₹20 or 0.1% per order, whichever is lower, minimum ₹5 | ₹20 or 0.03% per order, whichever is lower |
| Futures | ₹20 per order | ₹20 per order |
| Options | ₹20 per order | ₹20 per order |
| DP charge on each sell | ₹16.50 plus ₹3.50 depository fee, plus GST | ₹12.50 per ISIN, plus GST |
| Pledge | ₹20 per ISIN | ₹15 plus GST per ISIN |
| Auto square-off | ₹50 plus GST per position | ₹20 plus GST per order |
| Trading API | ₹499 plus taxes a month | Free. Market data API ₹499 plus taxes a month |
Securities transaction tax, exchange transaction charges, SEBI turnover fees, stamp duty and GST are set by regulators and are identical at Groww and Dhan. On a ₹1 lakh delivery buy, Groww's brokerage is ₹20 and Dhan's is ₹0. The statutory charges of roughly ₹120 are the same at both. Both brokers price NRI and corporate accounts differently from the table.
Which products can I invest in on each?
Groww and Dhan cover the same core markets, with a few differences. Both offer NSE and BSE stocks, equity F&O, MCX commodities, ETFs, IPOs, direct mutual funds and US stocks. Groww also lists bonds and government securities and runs its own fund house, Groww Mutual Fund. Dhan adds currency F&O, smallcases, stock lending and a digital gold vault.
On US stocks the two took different routes to GIFT City. Dhan launched US stocks and ETFs in June 2026 through Raise IFSC, its GIFT City subsidiary. It offers fractional buying from USD 1 at 0.25% brokerage per trade. Groww relaunched US stocks in September 2026 under its Global Access Provider licence, in a phased rollout, after closing its earlier service in 2024. Money sent to either counts against the USD 250,000 LRS limit each financial year, with TCS above ₹10 lakh, which Paasa's LRS guide explains.
How safe are my shares and money on each?
Shares bought through Groww or Dhan sit in your own demat account at the depository, not with the broker. Groww is a participant with CDSL and NSDL, and Dhan with CDSL. Both are SEBI-registered brokers that must settle unused client funds back to your bank under SEBI's running-account rules.
If a broker defaults, the NSE Investor Protection Fund pays up to ₹35 lakh per investor for claims after August 2024. Complaints against Groww or Dhan that the broker does not resolve go to SEBI SCORES. US stocks bought through either broker's GIFT City route are held under IFSCA rules, outside SEBI's framework. Neither broker, and no protection fund, covers a fall in the value of what you buy.
What is day-to-day use like on Groww and Dhan?
Groww is built for simplicity and Dhan for active trading. Groww's app and web platform put stocks, mutual funds, commodities, IPOs and US stocks in one place, with 24x7 phone and in-app chat support. Its Trade API costs ₹499 plus taxes a month after a free tier without live data.
Dhan offers TradingView charts in its app and web, a separate Options Trader app and the DEXT T3 desktop terminal. Its Super Order sets entry, target and stop-loss together, and Forever Orders stay live until triggered. The DhanHQ trading API is free, and the market data API costs ₹499 plus taxes a month. Dhan's chat support runs 9 am to 10 pm every day, with phone support 9 am to 6 pm on trading days.
What reports do I get at tax time from Groww and Dhan?
Both give you the reports an Indian return needs. Dhan's Tax Report, downloaded from Journal by Dhan as an Excel file, splits intraday income, short-term and long-term capital gains and F&O results for the financial year. Groww provides capital-gains and P&L statements and dividend records from its reports section.
US stocks bought on Groww or Dhan add one step. Foreign holdings go into Schedule FA of the Indian return every year, with peak and closing values, which Paasa's Schedule FA guide explains.
When is Groww the better choice?
Groww may suit you better than Dhan if:
- You want stocks, mutual funds, commodities and US stocks in one simple app.
- You are starting out and value round-the-clock phone and chat support.
- You want India's largest broker by active clients, with its own fund house.
When is Dhan the better choice?
Dhan may suit you better than Groww if:
- You buy and hold shares, since equity delivery costs ₹0 brokerage.
- You trade options or intraday and want TradingView charts, Options Trader and Super Orders.
- You run your own trading code, since Dhan's trading API is free.
Should I choose Groww or Dhan?
Choose Dhan if your money mostly goes into shares you hold, or if you trade actively and want trader-grade tools. Choose Groww if you want one simple app for everything, with support at any hour, and are happy to pay up to ₹20 per delivery order.
| If you want… | Better fit |
|---|---|
| ₹0 brokerage on long-term stock purchases | Dhan |
| TradingView charts, Options Trader and advanced order types | Dhan |
| A free trading API | Dhan |
| Mutual funds, stocks and commodities in one simple app | Groww |
| 24x7 phone and chat support | Groww |
| US stocks through GIFT City | Both. Dhan since June 2026, Groww in phases from September 2026 |
The choice is not permanent. Shares move between Groww and Dhan demat accounts by an off-market transfer, online through CDSL Easiest or with a delivery instruction slip. They keep their original purchase date and price. Many investors keep a Dhan account for trading and a Groww account for funds.
Disclosures
Fees and client numbers are from Groww's and Dhan's published pricing and NSE data as of October 2026 and may change. Advisory services under the Paasa brand are offered by Arc Spire Advisory Private Limited, a SEBI Registered Non-Individual Investment Adviser, INA000021058. This article is not investment advice. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
