Zerodha vs SBI Securities
Zerodha and SBI Securities represent contrasting approaches: a technology-first private discount broker versus a public-sector-bank-backed full-service brokerage. Zerodha was founded in 2010 and has no physical branches. SBI Securities Limited is a subsidiary of the State Bank of India, India’s largest public-sector bank by asset size, and leverages SBI’s approximately 500 million customer base as a distribution advantage.
Data reflects May 2026; verify current charges at zerodha.com/charges and sbisecurities.com before transacting.
Background
SBI Securities Limited (formerly SBI CAP Securities) is a wholly owned subsidiary of State Bank of India. It has offered retail equity broking and mutual fund distribution since the early 2000s. SBI’s branch network of over 22,000 locations across India gives SBI Securities an unparalleled physical distribution advantage for in-person account opening and support. The firm targets SBI Bank customers who want to trade equities without opening an account at a private-sector broker.
NSE active client data placed SBI Securities at approximately 0.5 to 1.5 million active clients in late 2024, below major discount brokers despite the SBI parent’s enormous customer base, reflecting that most SBI customers have not opted to activate broking services.
Brokerage charges
SBI Securities operates on a percentage-of-turnover model as its standard:
| Charge head | Zerodha | SBI Securities |
|---|---|---|
| Equity delivery | Zero | 0.50% (standard) |
| Equity intraday | Rs 20 or 0.03% | 0.05% (standard) |
| Equity options | Rs 20 flat | Rs 100 per lot or flat plan |
| Demat AMC | Rs 300/year | Rs 400-800/year |
| Account opening | Zero | Rs 0-500 |
| Three-in-one account | No | Yes (SBI Bank) |
SBI Securities’ delivery brokerage of 0.50 per cent per side contrasts with Zerodha’s zero. For an investor making regular delivery purchases, the annual brokerage differential is material. SBI Securities has introduced flat-fee plan options for active traders; these are not the default.
The demat AMC ranges from Rs 400 to Rs 800 per year, higher than Zerodha’s Rs 300.
Three-in-one account
SBI Securities offers a three-in-one account linking an SBI savings account, SBI demat, and SBI trading account. For SBI Bank customers, this provides automatic fund settlement without inter-bank transfers. This is the primary structural advantage of SBI Securities over Zerodha for existing SBI customers.
Trading platform
Zerodha’s Kite is the industry reference. SBI Securities offers the Smart Trade application (web and mobile) for trading. Smart Trade provides basic charting, order management, and portfolio tracking. User reviews have generally noted that SBI Securities’ platforms lag behind Zerodha Kite in terms of charting quality, order speed, and interface design.
Mutual funds
SBI Securities distributes mutual funds primarily in regular plans (as a distributor), earning trail commissions. SBI MF (a separate SEBI-registered asset management company, a joint venture of SBI and Amundi) is the in-house fund house. Zerodha’s Coin offers only direct-plan mutual funds.
Suitability
SBI Securities is most relevant for investors who:
- Already hold an SBI Bank account and prefer not to manage inter-bank transfers
- Want government-backed institutional assurance behind their broker
- Require in-person assistance at one of SBI’s branch locations
Zerodha is relevant for investors who prioritise lower brokerage costs, advanced trading tools, and direct mutual fund access.
Summary comparison table
| Dimension | Zerodha | SBI Securities |
|---|---|---|
| Founded | 2010 | Early 2000s |
| Parent | Private | State Bank of India |
| NSE active clients (approx.) | ~7 million | ~0.5-1.5 million |
| Delivery brokerage | Zero | 0.50% (standard) |
| Intraday brokerage | Rs 20 or 0.03% | 0.05% |
| Options brokerage | Rs 20 flat | Rs 100 per lot |
| Demat AMC | Rs 300/year | Rs 400-800/year |
| Three-in-one account | No | Yes (SBI Bank) |
| Physical branches | None | 22,000+ SBI branches |
| Mutual funds | Direct (Coin) | Regular (distributor) |
| Platform quality | High (Kite) | Basic |
See also
- Zerodha
- Zerodha vs ICICI Direct
- Zerodha vs HDFC Securities
- Zerodha vs Kotak Securities
- Full-service vs discount broker
- Discount brokers in India
- Indian retail brokers comparison
References
- Zerodha charge schedule. zerodha.com/charges (accessed May 2026).
- SBI Securities charge schedule. sbisecurities.com (accessed May 2026).
- SBI annual report FY 2024-25 (SBI Securities as subsidiary).
- NSE active client data. nseindia.com (accessed May 2026).
- SEBI SCORES grievance data, Q3 FY 2025. sebi.gov.in.