Motilal Oswal vs Zerodha 2024 | Is Motilal Oswal better than Zerodha?

In this guide, we will compare Motilal Oswal vs Zerodha share brokers in India. This article will help you clarify which stock broker is good for you. 

Key highlights of Zerodha vs Motilal Oswal

Type of broker:

  • Motilal Oswal: Full-service broker offering research, advisory, and personalized service.
  • Zerodha: Discount broker offering low-cost trading with a focus on technology and self-directed investing.

Brokerage charges:

  • Motilal Oswal: Higher brokerage charges, ranging from 0.02% to 0.20% for equity delivery and Rs 20 per order for intraday and F&O.
  • Zerodha: Flat fee of Rs 20 per trade for all segments and exchanges, except free equity delivery and direct mutual funds on Coin.

Account opening and maintenance charges:

  • Motilal Oswal: Free account opening and Demat AMC charges for the first year.
  • Zerodha: Rs 200 for account opening and Rs 300 annual Demat AMC charges.

Other features:

  • Motilal Oswal: Offers research reports, trading recommendations, and margin funding.
  • Zerodha: Offers advanced order types, free UPI fund transfer, and a user-friendly trading platform.

Pros and cons:

Motilal Oswal:

  • Pros: Personalized service, research reports, margin funding.
  • Cons: High brokerage charges, no 3-in-1 account, high charges for additional services.


  • Pros: Low brokerage charges, user-friendly platform, free equity delivery and direct mutual funds.
  • Cons: No research reports or personalized service, limited order types.


  • Motilal Oswal: Suitable for investors who need guidance and research support and are willing to pay higher brokerage charges.
  • Zerodha: Suitable for cost-conscious investors who are comfortable with self-directed trading and don’t need research reports or personalized service.

In case you are in hurry and want a quick comparison of Motilal Oswal vs Zerodha, here it is: 

When comparing Zerodha vs Motilal Oswal, both are well-known names in the Indian brokerage industry. Motilal Oswal’s comprehensive research, analysis tools and personalized investment advice make it an attractive choice for investors. (Major Cons – High Brokerage Fee).

On the other hand, Zerodha has gained popularity due to its user-friendly platform and low brokerage fees. (Major Cons – No research reports or trade calls).

Motilal Oswal vs Zerodha Overview 

About Motilal Oswal

Motilal Oswal Vs Zerodha

Motilal Oswal, established in 1987, is one of the oldest and most trustworthy full-service brokers in India. It offers trading at BSE, NSE, and MCX. It has 305 branches across India. The company offers various financial services, including equity trading, commodities trading, currency trading, mutual funds, initial public offerings (IPOs), and more.

Motilal Oswal trading account opening charges are Rs 0 (Free) and Motilal Oswal Demat Account AMC Charges are Rs 400 (Free for 1st year) 

About Zerodha

Zerodha Vs Motilal Oswal

Zerodha, founded in 2010, is a technology-driven discount broker. The company gained popularity due to its innovative approach. The company’s disruptive pricing models attracted a large user base and made it the no. 1 discount stock broker in India. It offers trading at NSE, BSE, MCX and NCDEX. It has 22 branches across India. Zerodha offers various financial services, including equity trading, derivatives trading, commodity trading, mutual funds, and more.

Zerodha account opening charges are Rs 200 and Zerodha Demat Account AMC Charges are Rs 300 annually.

Let’s read in detail about Zerodha vs Motilal Oswal

Motilal Oswal Vs Zerodha Basic Information

ParticularsMotilal OswalZerodha
FoundersRamdeo AgarwallNithin Kamath
Year of Incorporation 19872010
Type of Broker Full Service BrokerDiscount Broker
Exchange Membership BSE, NSE, MCXNSE, BSE, MCX and NCDEX
Number of Branches 30522
HeadquarterMumbai, IndiaBangalore, India

Zerodha vs Motilal Oswal Trading & Demat Account Opening Charges

What is Demat Account?

A Demat account is used for holding securities/shares in electronic form, and the securities are deposited through National Securities Depository Limited (NSDL) or Central Depository Services Limited (CDSL).

Motilal Oswal offers Free account opening where Zerodha charges Online Rs 200 (Equity +Currency) and Rs 300 (Equity +Currency +Commodities) for account opening.

What is Demat AMC Charges?

When you open a Demat account with a Depository Participant (DP) or a stockbroker, you are required to pay an annual fee for the maintenance of your Demat account. This fee is known as the Demat AMC charge.

Motilal Oswal charges Rs 400 per annum (Free for 1st year) AMC for Demat account, whereas Zerodha charges Rs 300 per annum AMC for Demat account.

ParticularsMotilal OswalZerodha
Trading Account Opening fee Rs 0 (Free)Online Rs 200 (Equity +Currency), Rs 300 (Equity +Currency +Commodities)
Trading Account AMC Charges Rs 0 (Free)Rs 0 (Free)
Demat Account Opening Charges Rs 0 (Free)Rs 0 (Free)
Demat Account AMC Charges Rs 400 per annum (Free for 1st Year)Rs 300 per annum

Motilal Oswal Vs Zerodha Brokerage charges

Account TypeMotilal Oswal Brokerage ChargesZerodha Brokerage Charges
Equity Delivery 0.20%Rs 0 (Free)
Equity Intraday 0.02%Rs 20 per executed order or 0.03% whichever is lower
Equity Futures 0.02%Rs 20 per executed order or 0.03% whichever is lower
Equity Options Rs 20 per lotRs 20 per executed order
Currency Futures Rs 20 per lotRs 20 per executed order or 0.03% whichever is lower
Currency Options Rs 20 per lotRs 20 per executed order
Commodity Futures 0.02%Rs 20 per executed order or 0.03% whichever is lower
Commodity Options Rs 200 Per LotRs 20 per executed order

Motilal Oswal Vs Zerodha Other Charges

Other Brokerage ChargesMotilal OswalZerodha
Minimum Brokerage Charges0.05%Zero
SEBI Turnover Charges0.0002% of Total Turnover0.0002% of Total Turnover
GST Charges18% of (Brokerage + Transaction Charges)18% of (Brokerage + Transaction Charges)
STT Charges0.0126% of Total Turnover0.0126% of Total Turnover

Motilal Oswal Vs Zerodha Transaction Charges

 TypeMotilal OswalZerodha
Equity Delivery NSE Rs 335 per Cr (0.00335%) | BSE Rs 1000 per Cr (0.01%) (each side)NSE Rs 325 per Cr (0.00325%) | BSE Rs 375 per Cr (0.00375%) (each side)
Equity Intraday NSE Rs 325 per Cr (0.00325%) | BSE Rs 200 per Cr (0.002%) (each side)NSE Rs 325 per Cr (0.00325%) | BSE Rs 375 per Cr (0.00375%) (sell side)
Equity Futures Rs 200 per Cr (0.002%)NSE Rs 190 per Cr (0.0019%)
Equity Options NSE Rs 5110 per Cr (0.0511%) | BSE Rs 200 per Cr (0.002%) (on premium)NSE Rs 6250 per Cr (0.0625%) (on premium)
Currency Futures Rs 125 per Cr (0.00125%)NSE Rs 90 per Cr (0.0009%) | BSE Rs 25 per Cr (0.00025%)
Currency Options Rs 4200 per Cr (0.042%)(on premium)NSE Rs 3500 per Cr (0.035%) | BSE Rs 100 per Cr (0.001%) (on premium)
Commodity MCX: Rs 250 per Cr (0.0025%)Group A – Rs 260 per Cr (0.0026%)

Motilal Oswal Vs Zerodha Leverage (Margin)/Equity Exposure

 TypeMotilal OswalZerodha
Equity Delivery 100% of trade value (1x leverage)100% of trade value (1x leverage)
Equity Intraday Up to 20% margin of trade value (5 times leverage)Up to 20% margin of trade value (5 times leverage)
F&O (Eq, Curr, Comm) 100% of NRML margin (Span + Exposure) (1x leverage)100% of NRML margin (Span + Exposure) (1x leverage)

Compare Motilal Oswal and Zerodha Features

 FeaturesMotilal OswalZerodha
3 in 1 Account NoYes
Charting YesYes
Automated Trading YesYes
Algo TradingNoYes
SMS Alerts YesNo
Online Demo YesYes
Online Portfolio YesNo
Margin Trading Funding YesNo
Margin Against Shares (Equity Cash) YesYes
Margin Against Shares (Equity F&O) YesYes
NRI TradingYesYes
Trading Platform MO Investor App, MO Trader App, MO Trader Web, MO Trader EXEKite Web, Kite Mobile for Android/iOS and Coin
Intraday Square-off Time Equity Cash: 3:10 PMEquity Cash: 3:15 PM

Customer Support – Compare Zerodha with Motilal Oswal

Customer Service OptionsMotilal OswalZerodha
24/7 Customer Service NoNo
Email Support YesYes
Onine Live Chat NoNo
Phone Support YesYes
Toll Free Number NoNo
Through Branches YesYes
Customer Care Number 022 40548000/022 67490600“+ 91 80 4040 2020”
Customer Support Email
Head Office Address Motilal Oswal Tower,
Rahimtullah Sayani Road,
Opposite Parel ST Depot,
Prabhadevi, Mumbai-400025
Zerodha Headquater
#153/154 4th Cross Dollars Colony,
Opp. Clarence Public School,
J.P Nagar 4th Phase,
Bangalore – 560078
Broker EnquiryRequest a call backRequest a call back

Motilal Oswal Vs Zerodha Research Report

Motilal Oswal provides

  • Daily Market Report  
  • Free Tips
  • Quarterly Result Analysis
  • News Alerts

Whereas Zerodha doesn’t provide any research report.

Motilal Oswal Vs Zerodha – Pros and Cons

 Motilal OswalZerodha
Pros Free Personal Advisor, Research reports, calls & trade recommendations.

Free Demat and trading account opening

Zero AMC for 1st year.

Free Dedicated Customer Service.
You can open a 3-in-1 account, Demat + Trading + Bank A/c.

Flat fee of Rs. 20 per trade across segments and exchanges (BSE, NSE, MCX).

Free equity delivery trades. No brokerage charges for Cash-N-Carry orders.

Zero brokerage and direct investment in direct mutual funds on Coin.

Superfast and feature-rich web and app trading platform Kite.

Free UPI-based hassle-free fund transfer process.

Advanced order placement facility, such as bracket order (BO), cover order (CO), and after-market order (AMO).

NRI Trading account is available.
Cons Very high brokerage charges across all trading segments.

No flat discount brokerage plan.

You cannot open a 3-in-1 account, Demat + Trading + Bank A/c.
No stock tips, research, and recommendations.

High Call & Trade is charged an extra Rs 50 per order.

High Auto Square off is charged at an extra Rs 50 per order.

No margin funding.

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Frequently Asked Questions

1. What is motilal oswal annual fee?

Motilal Oswal Annual Fee for Demat Account is INR 400. However, it is free for first year. Other annual fee are as follows:

Trading Account Opening fee – Rs 0 (Free)
Trading Account AMC Charges – Rs 0 (Free)
Demat Account Opening Charges – Rs 0 (Free)
Demat Account AMC Charges – Rs 400 per annum (Free for 1st Year)

2. Why do people prefer Zerodha?

Zerodha is a great choice for beginners due to its low brokerage charges, user-friendly interface, powerful charting tools, and seamless order placement. Additionally, it has a large and active online support community.

3. Why Motilal Oswal is Best?

Motilal Oswal is popular stock broker in India due to its comprehensive research and advisory services. It provides in-depth analysis and research reports for trades and investment.

4. Is Zerodha Good or Bad?

Zerodha is a good brokerage platform trusted by many traders and investors in India due to its technology innovation and low cost advantage among the beginners. It has more than 1 Crore clients and contributes to over 15% of daily retail trading volumes across NSE, BSE, MCX.

5. What are the disadvantages of trading in Zerodha?

1. Additional fee for Call and Trade Charges
2. Limitations on margin funding for intraday trading
3. Occasional technical glitches and disruptions in service.

5/5 - (1 vote)
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Hey, I'm Soniya Luthra (founder of, a Chartered Accountant and seasoned stock market expert with extensive experience in trading and fundamental analysis. As an active participant in the market, I'm passionate about using my expertise to provide clear, actionable insights and guidance, helping readers make informed financial decisions.

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