F&O futures brokerage at Zerodha

Overview

Zerodha charges a flat Rs 20 per executed order on futures contracts traded on the National Stock Exchange (NSE), the Bombay Stock Exchange (BSE), and the Multi Commodity Exchange (MCX). The charge is assessed per order, not per lot. A single order covering ten lots of a futures contract incurs one Rs 20 brokerage charge. The rate is identical whether the trade opens a new position (NRML or MIS product type) or closes an existing one.

Futures trading at Zerodha involves a wider array of statutory charges than equity delivery trading. Securities Transaction Tax applies at 0.02 percent of sell-side turnover for equity and index futures. Commodity futures attract Commodities Transaction Tax (CTT) at 0.01 percent on sell-side turnover. Exchange transaction charges, SEBI turnover fee, GST, stamp duty, and the IPFT levy also apply. Understanding these is essential because statutory levies typically exceed brokerage by a wide margin on futures positions.

What counts as a futures trade

A futures contract is a standardised agreement to buy or sell an underlying asset at a predetermined price on a specified expiry date. On Indian exchanges, futures contracts are available on:

• Individual equity stocks (stock futures on NSE and BSE)
• Equity indices (Nifty 50, Nifty Bank, Nifty Midcap, Sensex, and others)
• Currency pairs (USD-INR, EUR-INR, GBP-INR, JPY-INR – though currency derivatives carry different STT treatment)
• Commodities (gold, silver, crude oil, natural gas, agricultural commodities on MCX)

Equity and index futures expire on the last Thursday of each expiry month (weekly or monthly depending on the contract series). Commodity futures have varying expiry conventions.

Brokerage: Rs 20 per executed order

The Rs 20 flat brokerage is charged on each executed order regardless of the number of lots in the order. If a trader places a Nifty futures buy order for 5 lots and it executes as a single order, the brokerage is Rs 20. If the same 5-lot order is split by the exchange into two partial fills executed as separate orders, the brokerage may be charged as Rs 20 per fill depending on how Zerodha’s system registers the fills.

For large positions built up through multiple orders, each order incurs a separate Rs 20 charge. A strategy of legging into a position with ten small orders incurs Rs 200 in brokerage (ten times Rs 20), whereas a single order for the full position incurs only Rs 20.

Comparison with percentage-based models

Under a 0.03 percent model (common among full-service brokers for futures), the brokerage on a single lot of Nifty futures (contract value approximately Rs 5,00,000 as of mid-2026) would be Rs 150 per side. Zerodha’s Rs 20 flat rate produces a saving of Rs 130 per lot per side, or Rs 260 on a round trip.

Statutory charges on futures

STT on equity and index futures

STT is 0.02 percent of notional turnover (contract value = lot size x futures price) on the sell side only. For a Nifty 50 futures contract with one lot size of 75 units trading at Rs 23,000, the contract value per lot is Rs 17,25,000. STT per lot on the sell side is 0.02% x Rs 17,25,000 = Rs 345.

STT does not apply to positions that are squared off on expiry at the exchange’s settlement price on index futures; however, STT is charged at 0.1 percent of settlement value for physically settled stock futures on expiry. Zerodha advises clients to close in-the-money stock futures before expiry to avoid the higher STT cost on physical settlement.

CTT on commodity futures

Commodities Transaction Tax applies at 0.01 percent of sell-side turnover on non-agricultural commodity futures traded on MCX. Agricultural commodity futures are exempt from CTT. For a gold futures contract of 1 kg at Rs 70,000 per 10 grams (Rs 7,00,000 per contract), CTT per lot on the sell side is 0.01% x Rs 7,00,000 = Rs 70.

Exchange transaction charges

NSE charges approximately 0.00173 percent of turnover on equity and index futures. BSE charges differ. MCX charges a different rate on commodity futures, varying by commodity category. These rates are published by the exchange in their schedule of charges and are subject to revision; see exchange transaction charges for the current schedule.

Stamp duty

Stamp duty on futures is 0.002 percent of turnover on the buy side only. For a Rs 17,25,000 Nifty futures buy: stamp duty = 0.002% x Rs 17,25,000 = Rs 34.50 per lot.

SEBI turnover fee

0.0001 percent of turnover per side across equity and index futures. MCX futures carry the same rate.

GST

18 percent on the sum of brokerage (Rs 20), exchange transaction charges, and the SEBI turnover fee. For a large futures position where brokerage is a small fraction of exchange charges, GST becomes meaningful on the exchange-charge component.

IPFT levy

0.0005 percent of turnover per side on futures and options segments (higher than the 0.0001 percent applied in the equity cash segment).

Complete cost example: Nifty 50 futures

Scenario: Buy 1 lot of Nifty 50 futures at 23,000 (75 units, contract value Rs 17,25,000). Sell 1 lot at 23,100 (contract value Rs 17,32,500).

Buy leg (Rs 17,25,000 contract value):

Sell leg (Rs 17,32,500 contract value):

Total round-trip cost: Rs 520.15 Notional gain: 75 x (23,100 - 23,000) = Rs 7,500 Net gain after charges: Rs 6,979.85

STT (Rs 346.50) is the dominant cost even on a one-lot futures round trip where brokerage is only Rs 40. This underscores why physical settlement at expiry for in-the-money stock futures – which carries 0.1 percent STT rather than 0.02 percent – should be avoided.

MCX commodity futures: illustrative cost

Scenario: Buy 1 lot of MCX Gold (100 grams) at Rs 7,000 per gram (total Rs 7,00,000). Sell at Rs 7,050 per gram (total Rs 7,05,000).

MCX commodity futures also attract GST at 18 percent on brokerage and exchange charges. CTT, like STT, is not subject to GST.

Overnight positions (NRML) versus intraday (MIS)

Futures positions can be held overnight under the NRML (Normal) product type or traded intraday under MIS. Brokerage is Rs 20 flat in both cases. NRML positions require full SPAN plus exposure margin; MIS positions allow reduced margins but must be squared off before the end of the session (auto-square-off at approximately 3:25 PM IST for equity F&O). There is no additional charge for holding an NRML position overnight, though MTM (mark-to-market) settlement credits or debits occur at end of day based on the settlement price.

Expiry-day considerations

On expiry day, positions that are not closed before the market closes are settled by the exchange. For index futures (cash-settled), STT is 0.02 percent of the final settlement price on the sell side, same as on a normal close-out. For stock futures (physically settled since October 2019 per SEBI mandate), STT at expiry is 0.1 percent of the delivery value. Zerodha’s policy is to auto-square-off in-the-money physically-settled stock futures before expiry to avoid this higher STT cost, unless the client explicitly opts for physical delivery.

Currency futures

Currency derivatives – futures and options on currency pairs – traded on NSE, BSE, and Metropolitan Stock Exchange are not subject to STT or CTT. Exchange transaction charges, SEBI turnover fee, GST, and stamp duty apply. The brokerage is Rs 20 flat per order, the same as equity futures. The SEBI turnover fee rate for currency derivatives is 0.0001 percent, consistent with other segments.

See also

• Zerodha brokerage structure overview
• F&O options brokerage
• STT and CTT on Zerodha
• Exchange transaction charges
• SEBI turnover fee
• Stamp duty by segment
• GST on broking charges
• IPFT levy
• Zerodha
• National Stock Exchange

References

1. Zerodha Charges page, support.zerodha.com/category/charges (accessed May 2026)
2. Finance Act 2004, Chapter VII (STT), Section 98 – rates on futures
3. Finance Act 2013, Section 116C – Commodities Transaction Tax
4. NSE Circular: Schedule of Charges for Derivatives Segment, FY 2025-26
5. MCX Schedule of Transaction Charges, FY 2025-26
6. SEBI Circular: Physical Settlement of Stock Derivatives, SEBI/HO/MRD/DP/CIR/P/2018/167
7. Indian Stamp Act 1899, Schedule I, as amended by Finance Act 2019