Zerodha currency (CDS) brokerage and charges

Overview

The currency derivatives segment (CDS) lets a trader buy and sell exchange-traded futures and options on currency pairs such as USDINR, EURINR, GBPINR and JPYINR on the National Stock Exchange and the Bombay Stock Exchange . At Zerodha , the cost stack on a currency trade differs from equity and equity F&O in one decisive way: there is no Securities Transaction Tax and no Commodities Transaction Tax on currency derivatives. That single absence reshapes the economics of the segment.

On a currency trade a Zerodha client pays five things: brokerage to Zerodha, exchange transaction charges to NSE or BSE, the SEBI turnover fee, stamp duty to the state, and 18 per cent GST on the service-fee portion. Currency futures brokerage is 0.03 per cent of turnover or Rs 20 per executed order, whichever is lower; currency options are a flat Rs 20 per executed order. These figures are from the Zerodha charges page as accessed on 19 June 2026. The rest of this article works through each component and ends with a fully costed USDINR futures and options trade.

This page is a reference for currency-segment costs specifically. For the contrasting equity-options cost build, see Zerodha F&O and options brokerage ; for the regulatory turnover levy that applies across all segments, see the SEBI turnover fee .

Brokerage on currency derivatives

Zerodha runs the same discount-broking model in the currency segment that it runs everywhere else: a flat per-order cap rather than a percentage that scales with trade size. Two rates apply.

Currency futures brokerage is 0.03 per cent of contract value or Rs 20 per executed order, whichever is lower. For any USDINR futures order above roughly Rs 66,667 in contract value the Rs 20 cap binds, and a single USDINR lot (1,000 units, contract value near Rs 86,000 at a rate of 86) already clears that threshold, so in practice a currency futures order costs Rs 20 in brokerage.

Currency options brokerage is a flat Rs 20 per executed order, with no percentage alternative. A trader buying one USDINR call and a trader buying fifty USDINR calls in a single order both pay Rs 20.

“Per executed order” is the load-bearing phrase. If an order for 10 lots fills in a single execution, brokerage is one charge of Rs 20. If the same 10 lots fill across three partial executions on different prices, Zerodha treats it as three orders and bills Rs 60. A trader placing many small orders pays more total brokerage than one placing a single large order for the same quantity. For the full mechanics of order-level versus trade-level billing, see Zerodha brokerage structure .

Source: Zerodha charges page, accessed 19 June 2026.

Exchange transaction charges

Exchange transaction charges are levied by NSE and BSE on the turnover routed through their systems, and Zerodha passes them through at cost. The rates differ by exchange and by instrument. As listed on the Zerodha charges page on 19 June 2026:

The options figures look unusual at first read. NSE charges 0.0311 per cent of premium on currency options while BSE charges 0.001 per cent; the gap reflects the two exchanges pricing their currency-options books differently to compete for order flow. Because the charge applies to premium, not to contract value, the absolute rupee amount on an option stays small in nominal terms even at the higher NSE rate. For the broader treatment of how exchanges bill turnover across segments, see exchange transaction charges .

These charges feed the GST base, so the effective cost is the headline rate plus 18 per cent GST on it.

No STT or CTT: the defining feature

The reason the currency segment is the cheapest derivatives book on statutory cost is that it carries neither STT nor CTT . Securities Transaction Tax under the Finance (No. 2) Act 2004 applies to equity shares and equity derivatives. Commodities Transaction Tax under the Finance Act 2013 applies to non-agricultural commodity derivatives. Currency derivatives fall under neither charge, so the line item that dominates the cost of an equity or equity-derivatives trade is simply absent here.

The contrast is stark against the equity F&O rates in force from 1 April 2026 under the Finance Act 2026. Equity futures carry STT of 0.05 per cent on the sell side; equity options carry 0.15 per cent of premium on the sell side. A Rs 17 lakh equity futures sell incurs roughly Rs 850 in STT alone. The same notional in USDINR futures incurs zero transaction tax. The statutory saving is the single largest reason short-horizon traders sometimes prefer the currency book for directional rupee views over equity-index proxies.

The Zerodha charges page states “No STT” against both currency futures and currency options as of 19 June 2026.

SEBI turnover fee

The SEBI turnover fee is a regulatory charge that funds the Securities and Exchange Board of India. It is levied at Rs 10 per crore of turnover, equal to 0.0001 per cent, across all segments including currency. Zerodha collects it on behalf of the regulator and remits it; it is not broker revenue. GST at 18 per cent applies on top of the SEBI fee. On a single-lot USDINR futures contract worth about Rs 86,000, the SEBI fee is fractions of a paisa, so it matters only on large turnover. For the statutory basis and the rate history, see SEBI turnover fee .

Stamp duty on currency

Stamp duty on currency derivatives is 0.0001 per cent, charged on the buy side only, under the uniform national framework that took effect on 1 July 2020 through the Finance Act 2019 amendments to the Indian Stamp Act 1899. Before that reform, stamp duty rates varied by state and sometimes applied to both sides; the unified regime fixed a single rate collected by the clearing corporation and remitted to the buyer’s state of registered address. The sell side carries no stamp duty.

For currency futures the 0.0001 per cent applies to contract value; for currency options it applies to premium. The amount is small in absolute terms but is a real, non-GST line item on the buy leg of every trade. The complete state-distribution mechanism and the cross-segment rate table sit in stamp duty on securities transactions .

GST

Goods and Services Tax at 18 per cent applies to the sum of brokerage, exchange transaction charges and the SEBI turnover fee. It does not apply to stamp duty, which is a state statutory tax that sits outside the GST base, and it does not apply where there is no underlying service fee. On a currency futures order capped at Rs 20 brokerage, the GST on brokerage alone is Rs 3.60, before the small GST on transaction and SEBI charges is added. The full treatment of the GST base for broking is in GST on broking charges .

Worked example: USDINR futures

Take one USDINR futures contract bought and sold the same way. Lot size is 1,000 units of the underlying. Assume entry at 86.0000 and exit at 86.2000, both legs as a single executed order each.

• Buy contract value: 86.0000 x 1,000 = Rs 86,000
• Sell contract value: 86.2000 x 1,000 = Rs 86,200
• Round-trip turnover: Rs 1,72,200

Charges:

The round-trip cost on a Rs 1.72 lakh USDINR futures position is about Rs 48, of which Rs 40 is brokerage. Strip out brokerage and the statutory plus exchange cost is roughly Rs 8. Compare the same notional in equity futures, where STT on the sell side alone would add about Rs 43 (0.05 per cent of Rs 86,200), and the structural cost advantage of the currency segment is visible.

Worked example: USDINR options

Now one USDINR call option, bought to open and sold to close on NSE. Lot size 1,000 units. Assume a premium of Rs 0.4000 per unit on entry and Rs 0.6000 per unit on exit, each leg a single order.

• Buy premium value: 0.4000 x 1,000 = Rs 400
• Sell premium value: 0.6000 x 1,000 = Rs 600
• Round-trip premium turnover: Rs 1,000

Charges:

Brokerage dominates again at Rs 40 of the roughly Rs 48 total, because the flat Rs 20 per leg is large relative to the small premium turnover. The lesson holds across the currency book: on the typical retail trade size, Zerodha brokerage, not statutory cost, is the charge that matters, and reducing the number of separate executed orders is the main lever a trader controls.

How the charges appear on the contract note

Zerodha itemises each component on the electronic contract note and in the Kite order-entry charge estimate. Brokerage, exchange transaction charges, the SEBI fee, stamp duty and GST appear as separate lines. The “No STT” treatment means the STT line that dominates an equity contract note is simply zero on a currency note. Clients can pull segment-wise charge summaries from Zerodha Console for record-keeping and for computing net trading results.

Tax treatment of currency trading income

Currency trading income is generally assessed as non-speculative business income, since currency derivatives are settled in cash and fall under the exception to speculative treatment in Section 43(5) of the Income Tax Act 1961 for trades on recognised exchanges. Brokerage, transaction charges, the SEBI fee, stamp duty and GST paid are deductible as business expenses against currency trading income for a trader assessed under the business head. There is no STT to deduct because none is levied. A trader should keep the Zerodha tax report as documentary support and consult a chartered accountant for the precise head of income in their own facts.

See also

• Zerodha
• Zerodha brokerage structure overview
• Zerodha F&O and options brokerage
• Zerodha F&O futures brokerage
• STT and CTT on Zerodha
• Securities Transaction Tax
• Exchange transaction charges
• SEBI turnover fee
• Stamp duty on securities transactions
• GST on broking charges
• Statutory charges on trading in India
• DP charges on Zerodha
• Currency trading in India
• National Stock Exchange
• Bombay Stock Exchange
• Multi Commodity Exchange
• Demat account
• Kite by Zerodha
• Zerodha Console
• Zerodha account opening charges
• SEBI Investment Management Department

External references

• Zerodha charges
• Zerodha support: currency charges
• National Stock Exchange currency derivatives
• BSE currency derivatives
• SEBI

References

1. Zerodha charges page, zerodha.com/charges (accessed 19 June 2026): currency futures 0.03% or Rs 20 per order whichever is lower; currency options flat Rs 20; NSE futures 0.00035%, NSE options 0.0311%; BSE futures 0.00045%, BSE options 0.001%; No STT on currency.
2. Finance Act 2019, Sections 89-96, amending the Indian Stamp Act 1899; uniform stamp duty effective 1 July 2020, currency 0.0001% buy side.
3. SEBI Circular on collection of stamp duty by clearing corporations, SEBI/HO/MRD2/DCAP/CIR/P/2020/127.
4. Income Tax Act 1961, Section 43(5): currency derivatives on recognised exchanges treated as non-speculative.
5. SEBI turnover fee Rs 10 per crore (0.0001%) plus GST, across segments.
6. Finance Act 2026 (Union Budget 2026-27): equity F&O STT raised effective 1 April 2026, used here only for the currency comparison.