Zerodha vs Rovia for US stocks from India: GIFT City vs LRS, RSU tools compared
Zerodha (GIFT City IFSC route via Vested, 0.1% brokerage, simpler transfer) vs Rovia (LRS route, 0.15% brokerage, ACATS, lot-level RSU tax tooling). Full comparison for Indian investors.
Arnav GroverCo-Founder & Chief Product Officer, RoviaShort answer: Zerodha if you're a pure cash investor already using Zerodha for Indian trading and want simpler US stock access via the same app ecosystem. Rovia if you have RSUs to consolidate or need lot-level tax tooling.
How the platforms are structured
Rovia uses LRS route with Alpaca as US custodian:
- 0.15% brokerage (capped at $15 — verify at rovia.one/pricing)
- Inbound ACATS from all major US employer brokers
- Lot-level sell with HIFO/FIFO/LIFO selection
- Schedule FA export, ITR-format gain/loss reports
- LRS SWIFT funding: 3–5 business days, A2 form required
Zerodha uses GIFT City IFSC route via its partnership with Vested (Zerodha has integrated US stock investing through the Vested infrastructure with a GIFT City structure):
- 0.1% brokerage per trade
- NEFT/IMPS domestic funding: 1 business day, no SWIFT
- NYSE and NASDAQ access
- Potential Section 10(4D) capital gains benefit — unconfirmed; verify with CA
- No ACATS, no lot-level sell selection
Note: Zerodha's US stock product uses Vested's GIFT City infrastructure. Verify the current setup at kite.zerodha.com — the underlying structure may evolve.
Head-to-head comparison
| Dimension | Rovia | Zerodha (GIFT City) |
|---|---|---|
| Route | LRS (SWIFT) | GIFT City (NEFT/IMPS) |
| Brokerage | 0.15%, cap $15 | 0.1% |
| FX spread | ~0.9% (SWIFT) | ~0.3–0.5% est. (GIFT City) |
| Transfer speed | 3–5 business days (SWIFT) | 1 business day (NEFT) |
| ACATS inbound | Yes | No |
| Lot-level sell (HIFO) | Yes | No |
| Schedule FA export | Yes (automated) | Manual — verify in-app |
| Exchange access | NYSE, NASDAQ | NYSE, NASDAQ |
| USD withdrawal | No | No |
| Zerodha Kite integration | No | Yes |
| Indian-time support | Yes | Yes |
Full financial year worked example: ₹12 lakh invested
Profile: Aditya, existing Zerodha user, no RSUs, invests ₹12L/yr in US index ETFs
| Cost item | Rovia | Zerodha GIFT City |
|---|---|---|
| Brokerage (~2 trades) | ~₹1,800 (0.15%) | ~₹1,200 (0.1%) |
| FX spread | ~₹10,800 (0.9%) | ~₹4,800 (0.4% est.) |
| SWIFT fee | ~₹2,500 | ₹0–₹50 NEFT |
| TCS above ₹7L (reclaimable) | ₹10,000 | ₹10,000 |
| Total non-reclaimable | ~₹15,100 | ~₹6,050 |
Zerodha saves ~₹9,050/yr for Aditya. The saving is dominated by FX (NEFT vs SWIFT) and the SWIFT fee — not brokerage.
Zerodha FX spread is an estimate. Verify in-app. The ~0.4% is based on typical GIFT City rates — it may differ from Zerodha's actual rate.
Onboarding walkthrough
Rovia:
- Create account at rovia.one → PAN, Aadhaar, bank details, W-8BEN
- KYC + Alpaca: 1–3 business days
- Fund via LRS SWIFT: A2 form, S0001; 3–5 business days
- Total time to first buy: 4–8 business days
Zerodha (GIFT City via Kite/Vested):
- Log into Kite (Zerodha) → navigate to US stocks
- If you have a Zerodha account, KYC is largely pre-filled
- Activate the US stocks feature — Zerodha walks you through the GIFT City account setup
- Fund via NEFT/IMPS to the GIFT City nodal account; available next business day
- Total time to first buy: 1–3 business days for existing Zerodha users
What happens when things go wrong
SWIFT stuck (Rovia): Bank documentation holds for LRS SWIFT above ₹5L. Prepare ITR, salary slips in advance. Resolution: 3–7 business days.
NEFT bounce (Zerodha): NEFT rejects when payee name doesn't match. Funds return within 2 business days. Fix the payee name in Zerodha's funding screen and retry.
Zerodha infrastructure change: Zerodha's US stock product is powered by Vested's GIFT City infrastructure. If this partnership changes, the account structure may change. Keep your account statements and cost basis records in case you need to migrate. Check kite.zerodha.com for the current status.
Schedule FA — verify for GIFT City: The Schedule FA treatment for GIFT City accounts is unsettled. File conservatively — disclose the account. Zerodha's tax export should be verified with your CA before filing.
Investor personas: who belongs on which platform
Aditya — Zerodha power user, ₹12L/yr ETFs, no RSUs Aditya wants US index funds as a complement to his Indian equity portfolio on Zerodha. The same-app ecosystem, domestic NEFT funding, and ~₹9,000/yr cost advantage make Zerodha GIFT City the obvious choice. No need to open a second LRS account.
Priya — RSU holder at Schwab, ₹25L vested, needs HIFO and ACATS Priya has accumulated RSUs over 3 years. She cannot use Zerodha — it doesn't support ACATS or lot-level sell. Rovia is the only option for her use case. The higher LRS cost is offset by the ₹40,000–₹80,000 capital gains saving from HIFO vs FIFO.
Rajan — ₹30L/yr, cost-focused, no RSUs, doesn't use Zerodha currently Rajan is starting fresh and choosing between platforms purely on cost. Zerodha saves ~₹9,000/yr vs Rovia at ₹12L, more at ₹30L. If Rajan is comfortable opening a new Zerodha account and using the GIFT City structure, Zerodha wins on cost. If he has concerns about the evolving GIFT City regulatory treatment, Rovia's LRS route is more established.
Related reading
- Zerodha vs Vested for US stocks
- Rovia vs Vested for US stocks
- GIFT City vs LRS: the complete guide
- RSU lot selection and tax-loss harvesting
Sources
Fee figures last checked October 2026. Verify before investing — fees change without notice.
- Rovia pricing (0.15%, cap $15) — rovia.one/pricing (Oct 2026)
- Zerodha US stocks — kite.zerodha.com (Oct 2026 — verify current structure in-app)
- RBI LRS guidelines — rbi.org.in (Oct 2026)
- IFSCA regulations — ifsca.gov.in (GIFT City regulator)
Run your own numbers
Try the calculators that match this post
Frequently asked questions
- What is the main difference between Zerodha and Rovia for US stocks? ▾
- Zerodha uses the GIFT City IFSC route (via its Vested partnership) — domestic NEFT/IMPS funding, 0.1% brokerage, no SWIFT overhead. Rovia uses the LRS route and is built for RSU consolidation — inbound ACATS from US employer brokers, lot-level HIFO sell, Schedule FA automation. For pure cash investors using Zerodha for Indian trading, Zerodha GIFT City is operationally simpler. For RSU holders, Rovia is the only relevant choice.
- Is Zerodha cheaper than Rovia for US stocks? ▾
- On brokerage, Zerodha charges 0.1% vs Rovia's 0.15%. But GIFT City FX spread is ~0.3–0.5% (estimate) vs LRS SWIFT ~0.9%. For a pure cash ₹12L/yr investor, Zerodha saves ~₹7,000–₹8,000/yr when you factor in both brokerage and the FX+SWIFT advantage. The brokerage difference alone (~₹600/yr at ₹12L) is not the primary driver.
- Can Zerodha receive RSU transfers from Fidelity or Schwab? ▾
- No. Zerodha's US stock product does not support inbound ACATS transfers. RSU shares at US employer brokers cannot be moved to Zerodha. You would need to sell, repatriate, and reinvest — triggering capital gains. Rovia is built for this consolidation.
- Does Zerodha avoid TCS on US stocks? ▾
- No. TCS applies at standard rates on both routes — 0% up to ₹10L/year, 20% above. GIFT City does not exempt TCS on US stock remittances. What changes is the transfer mechanics: NEFT vs SWIFT.
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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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