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Zerodha vs Motilal Oswal: which is cheaper?

Zerodha is cheaper for delivery, futures, commodity futures and commodity options. They cost about the same (within ₹1) for intraday, options, currency futures and currency options. On a ₹1 lakh delivery buy and sell, Zerodha costs ₹237.82 and Motilal Oswal ₹729.88 including taxes and the DP charge.

Checked 31 Oct 2026. Totals include 18% GST, STT, exchange and SEBI fees, stamp duty and the DP charge on delivery sells.

Who is cheaper, segment by segment

Each trade is one buy order and one sell order at the size shown.

Segment and tradeZerodhaMotilal Oswal DefaultCheaper
Equity delivery₹1 lakh buy + sell₹237.82₹729.88Zerodha by ₹492.06
Equity intraday₹1 lakh buy + sell₹82.68₹82.68About the same
Equity futures₹10 lakh contract₹612.75₹1,037.55Zerodha by ₹424.80
Equity options₹10,000 premium, buy + sell₹70.91₹70.91About the same
Currency futures₹85,000 contract, buy + sell₹48.19₹48.19About the same
Currency options₹1,000 premium₹47.94₹47.94About the same
Commodity futures₹6 lakh contract, buy + sell₹150.35₹386.35Zerodha by ₹236.00
Commodity options₹10,000 premium₹62.39₹487.19Zerodha by ₹424.80

Zerodha vs Motilal Oswal on your own trade

Enter your own trade size. Totals include brokerage, 18% GST, STT, exchange and SEBI fees, stamp duty and, on delivery sells, the DP charge.

On this tradeZerodhaMotilal OswalDefault
Brokerage₹0.00₹400.00
GST on brokerage₹0.00₹72.00
STT₹200.00₹200.00
Exchange and SEBI fees, with GST₹7.48₹7.48
Stamp duty₹15.00₹15.00
DP charge on the sell₹15.34₹35.40
Total₹237.82₹729.88

Zerodha is ₹492.06 cheaper on this trade.

Small and large trades

Flat-fee plans cost the same at any size; percentage and per-lot plans grow with the trade.

TradeZerodhaMotilal OswalCheaper
Equity delivery₹10,000, buy + sell₹37.59₹104.85Zerodha by ₹67.26
Equity delivery₹5 lakh, buy + sell₹1,127.75₹3,507.81Zerodha by ₹2,380.06
Equity delivery₹25 lakh, buy + sell₹5,577.37₹17,397.43Zerodha by ₹11,820.06
Equity intraday₹5 lakh, buy + sell₹224.61₹413.41Zerodha by ₹188.80
Equity intraday₹25 lakh, buy + sell₹934.23₹2,067.03Zerodha by ₹1,132.80
Equity futures₹25 lakh contract, buy + sell₹1,461.07₹2,593.87Zerodha by ₹1,132.80
Equity options₹25,000 premium, 5 lots, buy + sell₹106.47₹295.27Zerodha by ₹188.80
Equity options₹1 lakh premium, 20 lots, buy + sell₹284.29₹1,181.09Zerodha by ₹896.80

Rate cards side by side

ChargeZerodhaMotilal Oswal Default
Equity delivery₹00.2% of trade value
Equity intraday₹20 or 0.03% (whichever is lower)0.02% of trade value
Equity futures₹20 or 0.03% (whichever is lower)0.02% of trade value
Equity options₹20 per order₹20 per lot
Currency futures₹20 or 0.03% (whichever is lower)₹20 per lot
Currency options₹20 per order₹20 per lot
Commodity futures₹20 or 0.03% (whichever is lower)0.02% of trade value
Commodity options₹20 per order₹200 per lot
DP charge per sell₹15.34₹35.40
Demat AMC₹300/yr (₹0 BSDA under ₹4L)₹199/yr

Check before you choose

Zerodha

  • Accounts that break the 50% cash-margin rule pay ₹40, not ₹20, per intraday F&O order from 1 Apr 2026. A debit balance adds ₹20 per order.
  • Free delivery is for individuals only; HUFs, firms and companies pay 0.1% or ₹20.
  • Call & trade and auto square-off: ₹50 per order.

Motilal Oswal

  • Options are ₹20 per lot, not per order: five lots in one order cost ₹100.
  • 0.20% delivery, 0.02% intraday and futures.
  • DP is 0.025% or ₹30 per debit; ₹30 + GST is used here.

Common questions

Which is cheaper, Zerodha or Motilal Oswal?

Zerodha is cheaper for delivery, futures, commodity futures and commodity options. They cost about the same (within ₹1) for intraday, options, currency futures and currency options. On a ₹1 lakh delivery buy and sell, Zerodha costs ₹237.82 and Motilal Oswal ₹729.88 including taxes and the DP charge. Rates checked 31 Oct 2026.

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