HDFC Securities is a brokerage house backed by HDFC Bank having a full range of value-added services. But, all the products have a cost and the brokerage fee is charged on a percentage basis.
On the other hand, Zerodha is a discount broker with minimal advisory but charges a brokerage of up to Rs. 20 per executed orders.
Below is a snapshot of both the brokerages:
HDFC Securities vs Zerodha Brokerage Charges Comparison
The brokerage cost for delivery trades is 0.50% at HDFC Securities. This is very high if you are going to trade large volumes.
Whereas, Zerodha charges Rs. 0 for delivery trades.
Equity intraday trades are charged at 0.05% for both buy and sell orders at HDFC Securities.
So, if your trading volume is Rs. 20 Lakhs in 10 trades (5 buy and 5 sell trades). In such a scenario you will end up paying Rs. 20,00,000 x 0.050 / 100 = Rs. 1,000 in brokerages
Whereas, at a Zerodha, the intraday brokerage is up to Rs. 20 per executed order. Your brokerage would have been 10 trades x Rs. 20 per trade = Rs. 200 only.
A huge difference in brokerage charges.
HDFC Securities vs Zerodha Demat Account Comparison
#1. Zerodha Demat Account
Zerodha is among the best brokerage company in India with the largest client base of 6 million. Zerodha introduced the discount brokerage concept in India.
Apart from Equity, Currency, and Commodity, you can invest in:
- IPO
- Direct mutual funds
- Bonds and Govt-Securities
Zerodha offers you a whole ecosystem of trading applications/ platforms and cloud-based alert tools like Sentinel.
Brokerage Charges
The best part is that you pay a maximum of Rs. 20 to trade in any segment except equity delivery trades. The equity delivery trades are free.
The rest of the brokerage details are under:
| Trading Type | Brokerage Charges |
| Equity Delivery | Rs. 0 |
| Equity Intraday | Lower of Rs. 20 per executed order or 0.03% |
| Equity Futures | Lower of Rs. 20 per executed order or 0.03% |
| Equity Options | Rs. 20 per executed order |
| Currency Futures and Options | Lower of Rs. 20 per executed order or 0.03% |
| Commodity F&O | Lower of Rs. 20 per executed order or 0.03% |
Margin Provided
Zerodha allows margin/ leverage on
- Margin Intraday Square off (MIS) trades,
- Cover Orders (CO), and Bracket Orders (BO) trades
The Margin for Intraday (MIS) is as under;
| Trading Segments | Margins |
| Equity Delivery | 1x |
| Equity Intraday | Up to 5x |
| F&O (Equity, Currency, and Commodities) | 1x |
Account Opening Charges
Below are the charges for opening an account with Zerodha;
| Particulars | Charges |
| Trading and Demat account opening charges | Rs. 200 |
| Commodity Account | Rs. 100 |
| Trading account annual maintenance charges | Rs. 0 |
| Demat account annual maintenance charges | Rs. 300 |
For offline account opening, Zerodha charges a double fee a total of Rs. 600.
Best For
Zerodha is best for regular traders who don’t need a large margin and don’t want to pay high brokerage.
Pros
- No brokerage charges for delivery.
- Fixed & low brokerage irrespective of trade volume.
- No minimum balance required to open and maintain the account.
Cons
- Frequent delays and service down during trading hours.
- The margin provided is low as compared to other discount brokers
- Does not upfront discloses margin for CO & BO trades
Also read – Upstox review
#2. HDFC Securities Demat Account
HDFC Securities is a full-service broking arm of HDFC Bank where you can invest/ trade-in:
- Equity
- Derivatives (Equity, Currency & Commodity)
- Mutual funds
- IPO/ FPOs including SME IPO
- NCD / Bonds
- ETFs – Gold and Index
- DIY SIP in Equities
Brokerage Charges
HDFC Securities a percentage-based brokerage charge.
| Segment | Brokerage Charges |
| Equity Delivery Trades | 0.50% (for both buy and sell orders) Or a minimum of Rs. 25, Or a maximum of 2.5% on transaction value (both buy and sell) |
| Equity Intraday Trades | 0.05% (for both buy and sell orders) Or a minimum of Rs. 25, Or a maximum of 2.5% on transaction value (both buy and sell) |
| Equity Futures | 0.025% Or a minimum of Rs. 25, Or Maximum of 2.5% on transaction value (both buy and sell) |
| Equity Options | Higher of 1% of the premium amount or Rs.100 per lot (Both Buy & Sell) |
| Currency Futures | Rs. 12 per contract on each side |
| Currency Options | Rs. 10 per contract each side |
| Commodity Futures | 0.020% or minimum Rs.20 per order |
| Commodity Options | Rs. 100 per lot |
Margin Provided
The details of the margins offered segment-wise are not provided on the website.
HDFC Securities is not transparent in disclosing margin details. A surprising fact is that the broker does not even provide any margin or brokerage calculators on its website.
Here is what I could collect from different sources.
| Trading Segments | Margins |
| Equity Delivery | 1x |
| Equity Intraday | Up to 5x |
| F&O (Equity, Currency, and Commodities) | 1.3x |
Account Opening Charges
HDFC Securities offers a 3-in-1, 2-in-1, and 1-in-1 account for traders and investors.
The account opening charges are under:
| Particulars | Charges |
| Trading Account Opening charges | Rs. 999 (if you don’t have an HDFC savings account) |
| Demat Account Opening charges | Rs. 0 |
| Annual Maintenance Charges | Rs. 750 |
However, there is a charge of Rs. 1999 for using the trading platform “Pro Terminal”.
HDFC Securities also charges Rs. 250 for activating currency derivatives trading in your account.
As a new trader/ investor you need to open a bank account keeping a certain minimum balance with HDFC Bank.
Later you need to pay Rs.1999 for trading platform access and Rs. 250 for trading in currency derivatives. In total the account comes at a high cost.
Best For
HDFC Securities trading and Demat account are best if you trade low volumes, do not mind paying money for services, or are in need of other value-added services.
Pros
- Flexibility to open 3-in-1, 2-in-1 and 1-in-1 account
- You have an option to Invest in US Markets
- The benefit of Voice-Enabled Investing
- You can “Stock SIP” or “DIY SIP”
Cons
- No online account opening
- Rs. 1999 for using the trading platform “Pro Terminal”.
- Rs. 250 charges for activating currency derivatives trading
Check out – Best stock market apps
Zerodha vs HDFC Securities (Comparison Table)
#1. Products and Services
| Particulars | HDFC Securities | Zerodha |
| Type | Full-Service Broker | Discount Broker |
| Can trade-in | Stocks, Equity F&O, Currency F&O, and Commodity F&O | Stocks, Equity F&O, Currency F&O, and Commodity F&O, Bonds, and Govt-Securities |
| Can invest in | Mutual funds, IPO/ FPOs including SME IPO NCD / BondsETFs – Gold and Index | Mutual funds, IPO, Bonds |
| Other Products & Services | Loan productsInsuranceNPSResearch & Investment AdvisoryPortfolio Management Services | None |
| Based in | Mumbai | Mumbai |
| Branches | 250+ | 120 and partner offices |
| Customer Support | Through calls, e-mails, and branches | Through calls, e-mails, and tickets |
| Brokerage Plan | No Plans | No Plans |
#2. Brokerage Charges
| Brokerage Charges | Details for HDFC Securities | Details for Zerodha Plan |
| Equity delivery | 0.50% (for both buy and sell orders) | Rs. 0 |
| Equity Intraday | 0.05% (for both buy and sell orders) | Lower of Rs. 20 per executed order or 0.03% |
| Equity Futures | 0.025% | Lower of Rs. 20 per executed order or 0.03% |
| Currency Futures | Rs. 12 per contract on each side | Lower of Rs. 20 per executed order or 0.03% |
| Commodity Futures | 0.020% or minimum Rs.20 per order | Lower of Rs. 20 per executed order or 0.03% |
| Equity Options | Higher of 1% of the premium amount or Rs.100 per lot (Both Buy & Sell) | Rs. 20 per executed order |
| Currency Options | Rs. 10 per contract each side | Lower of Rs. 20 per executed order or 0.03% |
| Commodity Options | Rs.100 per lot | Lower of Rs. 20 per executed order or 0.03% |
| Call and Trade Facility | Yes | Yes |
| Charges for Call and Trade | Charges not disclosed | Rs. 20 per order |
#3. Margin Leverage
| Margin Facility | Details for HDFC Securities | Details for Zerodha Plan |
| Equity Delivery | 1x | 1x |
| Equity Intraday | Up to 5x | Up to 5x |
| F&O (Equity, Currency, and Commodities) | 1.3x | 1x |
#4. Account opening and other charges
| Account Opening Charges | HDFC Securities | Zerodha |
| Demat Account | Rs. 0 | Charges for Demat & Trading account is clubbed – Rs.200 |
| Trading Account | Rs. 0 | Charges for Demat & Trading account is clubbed – Rs.200 |
| Demat AMC Fees | Rs. 750 | Rs. 300 |
| Commodity Account | Rs. 0 | Rs. 100 |
| Trading Platform access charges | Rs. 1999 per year | Rs. 0 |
| Account Types | 3-in-1, 2-in-1 and 1-in-1 account | 2-in-1 and Zerodha IDFC First Bank 3-in-1 account |
#5. Trading platforms and apps
| Trading Platforms | Pro Terminal (Web-based) | Zerodha Kite 3.0Zerodha PI |
| Cloud Alert Tool | None | Sentinel |
| APIs | None | Kite Connect API supports Python, Java, PHP, NodeJS, C#, and .Net. |
| Trading App | HDFC Securities Mobile App | Kite Mobile App |
Final Thoughts
Zerodha trading & demat account is best if you need minimal trading support and want to save on trading/ investing costs.
You can pick HDFC Securities if you require research advisory other value-added services like IPO, MF, ETF investment, Loan, Insurance, or PMS services. Remember, at HDFC the brokerages are high and it even charges for trading platforms.