Zerodha vs INDmoney for US stocks: which is cheaper? (2026)
Zerodha: 0.1% brokerage, max $10 + GST, ~0.5% FX markup. INDmoney: 0.25% brokerage, ~50–75p/$ FX markup, OTC access, lot-level ITR tax reports. Real cost comparison at ₹5L, ₹10L, ₹25L.
Arnav GroverCo-Founder & Chief Product Officer, RoviaZerodha and INDmoney are both GIFT City IFSC platforms with strong brand recognition among Indian investors. Zerodha entered US stocks in September 2026 with significantly lower brokerage; INDmoney has been running since 2019 with deeper tax reporting. The comparison matters for the millions of investors who use both for Indian and US stocks respectively, and need to pick one for US.
The quick answer
| You are... | Recommendation |
|---|---|
| A Zerodha user wanting US stocks with lowest brokerage | Zerodha |
| An investor wanting lot-level ITR-format tax statements | INDmoney |
| An investor wanting OTC (pink-sheet) stocks | INDmoney only |
| An investor wanting Indian + US portfolio in one view | INDmoney |
| An investor doing SIP-style small regular buys (₹10K–₹2L/trade) | Zerodha (0.1% vs 0.25%) |
| An RSU holder wanting inbound ACATS and tax tooling | Neither — use Rovia |
Fee comparison
| Fee | Zerodha | INDmoney |
|---|---|---|
| Account opening | ₹0 | ₹0 |
| Annual fee | ₹0 | ₹0 |
| Brokerage | 0.1%, max $10 + 18% GST | 0.25%, capped $35 |
| FX markup (inbound) | ≈0.5% above RBI ref | ≈50–75 paise/$ (≈0.6–0.9%) |
| Withdrawal fee | To confirm | ₹0 |
| TCS | Standard LRS rates | Standard LRS rates |
| GIFT City route | Yes | Yes |
| OTC stocks | No | Yes |
Brokerage: Zerodha wins clearly
At every trade size below $14,000, Zerodha's 0.1% (plus GST) is cheaper than INDmoney's 0.25%.
| Trade size | Zerodha brokerage | INDmoney brokerage | Zerodha saving |
|---|---|---|---|
| $500 (≈₹42,500) | $0.50 + $0.09 GST = $0.59 | $1.25 | $0.66 |
| $2,000 (≈₹1.7L) | $2.00 + $0.36 = $2.36 | $5.00 | $2.64 |
| $5,000 (≈₹4.25L) | $5.00 + $0.90 = $5.90 | $12.50 | $6.60 |
| $10,000 (≈₹8.5L) | $10.00 + $1.80 = $11.80 | $25.00 | $13.20 |
On ₹10L/year deployed in 4 trades of ₹2.5L each: Zerodha costs approximately ₹1,000 in brokerage + GST; INDmoney costs approximately ₹2,500. Zerodha saves ₹1,500/year in brokerage on this pattern.
FX markup: Zerodha edges ahead
Zerodha's ~0.5% FX markup is slightly tighter than INDmoney's ~50–75 paise per USD (approximately 0.6–0.9% at current rates). The gap is smaller than the brokerage difference.
| Transfer | Zerodha FX (0.5%) | INDmoney FX (0.75%) | Zerodha saving |
|---|---|---|---|
| ₹5 lakh | ≈₹2,500 | ≈₹3,750 | ≈₹1,250 |
| ₹10 lakh | ≈₹5,000 | ≈₹7,500 | ≈₹2,500 |
| ₹25 lakh | ≈₹12,500 | ≈₹18,750 | ≈₹6,250 |
At ₹10L/year, Zerodha's FX advantage is approximately ₹2,500 — meaningful over multiple years.
Total cost: ₹10L/year for 3 years
Pattern: ₹10L/year, 4 buys of ₹2.5L each, repatriate once at year 3.
| Cost item | Zerodha | INDmoney |
|---|---|---|
| 3-year brokerage (4 × ₹2.5L × 3 years) | ≈₹3,000 | ≈₹7,500 |
| FX markup (₹10L/yr × 3 years, at 0.5% vs 0.75%) | ≈₹15,000 | ≈₹22,500 |
| Withdrawal fee (1× Year 3) | TBC | ₹0 |
| 3-year total | ≈₹18,000 | ≈₹30,000 |
Zerodha saves approximately ₹12,000 over 3 years at ₹10L/year — primarily from combined brokerage + FX savings.
Where INDmoney wins: tax documentation and OTC
Lot-level ITR-format statements. INDmoney provides capital gains schedules broken down to the individual lot level, with buy dates, purchase prices, sale prices, and INR-converted gains — in the format your CA needs for ITR-2. For an investor with 10–20 lots per year, this meaningfully reduces CA billing time.
Zerodha's US tax reporting is standard — adequate but not as detailed as INDmoney's. Zerodha's Indian stock reporting is world-class (TaxP&L tool), but the US stocks feature does not yet match that depth.
OTC stocks. INDmoney supports OTC (pink-sheet) US stocks not listed on NYSE or NASDAQ. Zerodha's universe is limited to NYSE/NASDAQ-listed names (approximately 2,000 stocks). If you specifically want an OTC stock or an unlisted ADR, INDmoney is the only mainstream Indian-facing platform that supports it.
Unified portfolio view. INDmoney shows Indian mutual funds, Indian stocks, EPF, FDs, and US stocks in one dashboard. If you want a single view of your full wealth, INDmoney offers this; Zerodha shows Indian and US stocks separately.
Stock universe
| Zerodha | INDmoney | |
|---|---|---|
| NYSE/NASDAQ stocks | Yes (~2,000 at launch) | Yes (full universe) |
| OTC/pink-sheet stocks | No | Yes |
| US ETFs | Yes (~1,000) | Yes (full universe) |
| Fractional shares | Yes, from $1 | Yes, from $1 |
Safety and regulation
Both are IFSCA-regulated GIFT City platforms with SIPC protection on underlying holdings:
| Zerodha | INDmoney | |
|---|---|---|
| Route | GIFT City IFSC | GIFT City IFSC (GAP since Aug 2025) |
| Underlying clearing | ViewTrade IFSC | DriveWealth & Alpaca |
| SIPC | Via ViewTrade | Via DriveWealth & Alpaca |
| Track record | Beta since Sep 2026 | Multi-year operating history |
INDmoney's multi-year track record is a real advantage over Zerodha's September 2026 beta. For early adopters comfortable with newer products, Zerodha is fine; for risk-averse investors wanting established infrastructure, INDmoney is the safer choice today.
Decision: choose based on what matters to you
Choose Zerodha if:
- You are already on Zerodha and want the lowest possible brokerage (0.1% vs 0.25%)
- Your stocks are within the top 2,000 US names
- Tax reporting at standard-statement level is sufficient for your CA
Choose INDmoney if:
- You want lot-level ITR-format tax reports — worth it if you have many lots
- You need OTC stock access or a stock outside Zerodha's 2,000-name universe
- You want Indian + US in one wealth dashboard
- You prefer a platform with a multi-year operating track record
Related reading
- Zerodha US stocks: full charges guide
- INDmoney charges explained in full
- Zerodha vs Vested for US stocks
- Best US stock platform for Indians 2026
Vested.blog is the editorial publication of Rovia.
Frequently asked questions
- Is Zerodha cheaper than INDmoney for US stocks? ▾
- On brokerage, Zerodha (0.1%, max $10 + GST) is significantly cheaper than INDmoney (0.25%, capped $35). At ₹10L/year in trades, Zerodha saves roughly ₹1,200–₹1,500 in brokerage. On FX, Zerodha's ~0.5% markup is also tighter than INDmoney's ~50–75 paise per USD. Zerodha is cheaper on both dimensions for most investors.
- Why would someone choose INDmoney over Zerodha for US stocks? ▾
- INDmoney has three meaningful advantages: lot-level ITR-format tax reports (saves CA time at tax season), OTC/pink-sheet stock access (Zerodha only has NYSE/NASDAQ listed names), and a unified Indian + US portfolio view. INDmoney also has a multi-year operating track record vs Zerodha's September 2026 beta launch.
- Do both Zerodha and INDmoney use the GIFT City route? ▾
- Yes. Both use the GIFT City IFSC route — domestic NEFT/IMPS transfer, no SWIFT, no A2/15CA/15CB documentation. TCS applies at standard LRS rates for both (0% up to ₹10L/year, 20% above). The potential Section 10(4D) capital gains exemption may apply to both — verify with a CA.
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About the author
Co-Founder & Chief Product Officer, Rovia
IIT Bombay + IIM Calcutta. Founding PM at Aspora (largest NRI fintech). 6+ years covering Indian-resident US investing, LRS compliance, Schedule FA, and ITR-2 filing for AY 2026-27.
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