Zerodha and INDmoney serve different needs, with 67.92 lakh and 7.19 lakh NSE active clients in September 2026. Zerodha charges ₹0 on equity delivery and ₹20 or 0.03% on intraday. INDmoney charges ₹20 or 0.1% on both, with a ₹2 minimum, but no AMC. Both charge ₹20 per F&O order. Choose Zerodha for Indian stocks and trading tools. Choose INDmoney for US stocks, UCITS ETFs and free tax filing in the same app.
How do Zerodha and INDmoney compare at a glance?
The table compares Zerodha and INDmoney as of October 2026. All fees are from each broker's published pricing.
| Feature | Zerodha | INDmoney |
|---|---|---|
| Regulator and exchanges | SEBI broker INZ000031633. NSE, BSE, MCX | SEBI broker INZ000305337 (INDstocks). NSE, BSE, MCX |
| Depository | CDSL participant | CDSL participant |
| NSE active clients, September 2026 | 67.92 lakh, 14.7% share | About 7.19 lakh, 1.6% share |
| Account opening and AMC | ₹0 opening. AMC free in year one, then SEBI BSDA slabs up to ₹300 plus GST a year | ₹0 opening, ₹0 AMC |
| Equity delivery brokerage | ₹0 | ₹20 or 0.1% per order, whichever is lower, minimum ₹2 |
| Intraday and F&O brokerage | ₹20 or 0.03% per intraday or futures order, ₹20 per options order | ₹20 or 0.1% per intraday order, ₹20 per F&O order |
| DP charge per sell | ₹15.34 per scrip, GST included | ₹15 plus ₹3.50 depository fee, plus GST, per ISIN per day |
| Mutual funds | Direct plans on Coin at zero commission. Own AMC, Zerodha Fund House | Direct plans at zero commission, 1,600+ schemes. No own AMC |
| US stocks | Not offered | Live via GIFT City entity. 10,000+ US stocks and ETFs plus UCITS ETFs, 0.25% per trade |
| Platforms and API | Kite, Console, Coin, Varsity. Kite Connect free for orders, ₹500 a month with market data | INDmoney app and web. No trading API |
What is Zerodha, and what is INDmoney?
Zerodha is a Bengaluru discount broker run by Zerodha Broking Ltd, a SEBI-registered broker and CDSL depository participant founded in 2010. Zerodha built the Kite trading platform, the Coin mutual fund app and the Varsity education site. It had 67.92 lakh NSE active clients in September 2026, the second largest base in India.
INDmoney is a Gurugram investing app founded in 2019 by Ashish Kashyap. Indian stocks run through INDstocks Pvt Ltd, a SEBI-registered broker and CDSL depository participant, and US stocks through INDmoney Global (IFSC) at GIFT City. INDmoney had about 7.19 lakh NSE active clients in September 2026.
What does each charge?
Zerodha is cheaper for buying and holding Indian shares, and INDmoney is cheaper to keep open. Figures are as of October 2026, from each broker's published pricing.
| Charge | Zerodha | INDmoney |
|---|---|---|
| Account opening | ₹0 for resident individuals | ₹0 |
| Annual maintenance | Year one free. Then ₹0 up to ₹4 lakh holdings, ₹100 plus GST up to ₹10 lakh, ₹300 plus GST above that | ₹0 |
| Equity delivery | ₹0 | ₹20 or 0.1% per order, whichever is lower, minimum ₹2 |
| Equity intraday | ₹20 or 0.03% per order, whichever is lower | ₹20 or 0.1% per order, whichever is lower, minimum ₹2 |
| Futures | ₹20 or 0.03% per order, whichever is lower | ₹20 per order |
| Options | ₹20 per order | ₹20 per order |
| DP charge on each sell | ₹15.34 per scrip, GST included | ₹15 plus ₹3.50 depository fee, plus GST, per ISIN per day |
| Pledge | ₹30 plus GST per ISIN | ₹0 for margin pledge, ₹20 plus GST per ISIN for MTF pledge |
| Call and trade | ₹50 per order | ₹500 per order |
| Trading API | Free without market data, ₹500 a month with it | Not offered |
Securities transaction tax, exchange transaction charges, SEBI turnover fees, stamp duty and GST are set by regulators and are identical at Zerodha and INDmoney. On a ₹1 lakh delivery buy, Zerodha's brokerage is ₹0 and INDmoney's is ₹20. Zerodha's AMC slabs follow the SEBI Basic Services Demat Account circular of June 2024.
Which products can I invest in on each?
Zerodha goes deeper in Indian markets and INDmoney reaches further abroad. Both offer NSE and BSE stocks, equity F&O, MCX commodities, ETFs, IPOs and direct mutual funds. Zerodha also offers currency F&O, bonds and government securities, and runs its own fund house, Zerodha Fund House. INDmoney adds US stocks and London-listed UCITS ETFs.
INDmoney runs US stocks through INDmoney Global (IFSC), its IFSCA-authorised GIFT City entity, with trades cleared by Alpaca Securities or DriveWealth. It lists 10,000+ US stocks and ETFs, fractional from USD 1, at 0.25% per trade. Zerodha offers no US or international stocks. Money sent to INDmoney's US service 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?
Indian shares bought through Zerodha or INDmoney sit in your own demat account at CDSL, not with the broker. 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 Zerodha or INDmoney that the broker does not resolve go to SEBI SCORES. US stocks bought through INDmoney's GIFT City route are held under IFSCA rules, outside SEBI's framework. INDmoney's disclosures say it, not you, is the account holder of record there. Neither broker, and no protection fund, covers a fall in the value of what you buy.
What is day-to-day use like on Zerodha and INDmoney?
Zerodha is built for trading and INDmoney for one view of everything you own. Zerodha's Kite offers advanced charting, GTT orders, basket orders and option-chain tools, with Console for reports and Coin for funds. Kite Connect is free for orders and ₹500 a month per key with market data. Zerodha support runs through a ticket portal every day, with phone lines in weekday office hours.
INDmoney's app and web put Indian stocks, mutual funds, US stocks and UCITS ETFs under one login. It moves money abroad under LRS inside the app through partner banks and tracks LRS usage and TCS. INDmoney has no trading API, and call and trade costs ₹500 per order. Support runs through in-app chat and email, with a service desk open weekdays 9 am to 6 pm.
What reports do I get at tax time from Zerodha and INDmoney?
Both give you the reports an Indian return needs. Zerodha's Console produces a tax P&L with short-term and long-term capital gains, speculative intraday income, F&O turnover and dividend income. INDmoney's tax centre produces capital-gains reports and feeds them into free ITR filing inside the app, with Schedule FA pre-filled.
US stocks on INDmoney 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. Zerodha accounts hold only Indian securities, so Schedule FA does not arise.
When is Zerodha the better choice?
Zerodha may suit you better than INDmoney if:
- You buy and hold Indian shares, since equity delivery costs ₹0 brokerage.
- You trade actively and want Kite's charting, basket orders and the Kite Connect API.
- You want Varsity's free courses and the broker's own index funds.
When is INDmoney the better choice?
INDmoney may suit you better than Zerodha if:
- You want US stocks and UCITS ETFs alongside Indian investments, with LRS handled in-app.
- You want your capital gains pulled into free ITR filing, with Schedule FA pre-filled.
- You want no AMC and ₹0 margin pledge.
Should I choose Zerodha or INDmoney?
Choose Zerodha if your money mostly goes into Indian shares you hold, or if you trade seriously. Choose INDmoney if US stocks and tax filing matter as much as Indian stocks.
| If you want… | Better fit |
|---|---|
| ₹0 brokerage on long-term Indian stock purchases | Zerodha |
| Advanced charts, basket orders and an API with market data | Zerodha |
| Detailed tax P&L and free market education | Zerodha |
| US stocks and UCITS ETFs, with LRS handled in-app | INDmoney |
| Free ITR filing with Schedule FA pre-filled | INDmoney |
| No AMC | INDmoney |
The choice is not permanent. Shares move between Zerodha and INDmoney demat accounts, both at CDSL, 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 Zerodha account for Indian stocks and an INDmoney account for US stocks.
Disclosures
Fees and client numbers are from Zerodha's and INDmoney'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.
