Zerodha and Punch Trade are two stockbrokers that investors often compare for brokerage charges, products, trading platforms, and account costs. Zerodha is listed as a Private Discount Broker , established in 2010 and headquartered in Bangalore, India, while Punch Trade is listed as a Private Discount Broker , established in 2021 and headquartered in Mumbai, India.
This comparison reviews brokerage, Demat charges, product availability, platforms, features, support, ratings, and complaints. Use the side-by-side tables below to see whether Zerodha or Punch Trade is a better fit for your investment style, platform preference, and budget.
Zerodha is listed as a Private Discount Broker established in 2010 with headquarters in Bangalore, India and founded by Nithin Kamath. The broker highlights access to equity delivery, equity intraday, equity futures, equity options, commodity futures, commodity options and currency futures through mobile app access, web trading and algo trading support and promotes features such as watchlists, real-time updates, portfolio tracking, online mutual fund access, interactive charts and live market tracking. It follows a Standard Plan brokerage structure.
Punch Trade is listed as a Private Discount Broker established in 2021 with headquarters in Mumbai, India and founded by Amit Dhakad, Hiral Jain, Arshad Fahoum, Ajit Dandekar. It offers equity delivery, equity intraday, equity futures and equity options using mobile app access and web trading and supports traders with features such as watchlists, real-time updates, portfolio tracking, research reports, interactive charts and live market tracking.
Both brokers use technology-driven platforms to attract active traders and investors, but the better option depends on the combination of pricing, products, services, and support that matters most to you.
Zerodha vs Punch Trade — A Comprehensive Company Overview
| Company Overview | Zerodha | Punch Trade |
|---|---|---|
| Company Type | Private | Private |
| Broker Type | Discount Broker | Discount Broker |
| Headquarters | Bangalore, India | Mumbai, India |
| Founder | Nithin Kamath | Amit Dhakad, Hiral Jain, Arshad Fahoum, Ajit Dandekar |
| Establishment Year | 2010 | 2021 |
| Brokerage Plan | Standard Plan | — |
Brokerage is the primary cost to compare when choosing a broker. Below is a segment-by-segment breakdown for Zerodha and Punch Trade.
Equity delivery: This charge applies to buy-and-hold stock positions held beyond one trading session. Zerodha charges Free while Punch Trade charges ₹1/order or 0.10%.
Equity intraday: This charge applies to buy-sell positions closed within the same trading day. Zerodha charges Rs.20 per Trade or 0.03% (whichever is low) while Punch Trade charges ₹1/order or 0.10%.
Equity futures: This charge applies to futures contracts on stocks and indices. Zerodha charges Rs.20 per Trade or 0.03% (whichever is low) while Punch Trade charges ₹1/order or 0.10%.
Equity options: This charge applies to equity option contracts. Zerodha charges Rs.20 per Trade while Punch Trade charges ₹1/order or 0.10%.
Commodity futures: This charge covers commodities such as gold, silver, and crude oil. Zerodha charges Rs.20 per Trade or 0.03% (whichever is Low) . Punch Trade does not currently list a charge for this segment.
Commodity options: This charge applies to option contracts on commodity instruments. Zerodha charges Rs.20 per Trade . Punch Trade does not currently list a charge for this segment.
Currency futures: This charge allows participation in forex price movements on the exchange. Zerodha charges Rs.20 per Trade or 0.03% (whichever is Low) . Punch Trade does not currently list a charge for this segment.
Currency options: This charge enables traders to hedge or speculate on currency fluctuations. Zerodha charges Rs.20 per Trade . Punch Trade does not currently list a charge for this segment.
Zerodha vs Punch Trade — Detailed Brokerage Comparison
| Brokerage | Zerodha | Punch Trade |
|---|---|---|
| Brokerage Plan | Standard Plan | |
| Subscription Charges | Zero | |
| Equity Delivery | Free | ₹1/order or 0.10% |
| Equity Intraday | Rs.20 per Trade or 0.03% (whichever is low) | ₹1/order or 0.10% |
| Equity Future | Rs.20 per Trade or 0.03% (whichever is low) | ₹1/order or 0.10% |
| Equity Option | Rs.20 per Trade | ₹1/order or 0.10% |
| Commodity Future | Rs.20 per Trade or 0.03% (whichever is Low) | Not available |
| Commodity Option | Rs.20 per Trade | Not available |
| Currency Future | Rs.20 per Trade or 0.03% (whichever is Low) | Not available |
| Currency Option | Rs.20 per Trade | Not available |
Zerodha provides mobile app access, web trading and algo trading support for order placement, portfolio tracking, and market monitoring. Punch Trade provides mobile app access and web trading for its users.
Android app: Zerodha and Punch Trade both list an Android trading app.
iOS app: Zerodha and Punch Trade both list an iOS trading app.
Web trading platform: Zerodha and Punch Trade both list a web trading platform.
Desktop trading terminal: Neither broker currently highlights a desktop trading terminal.
Algo trading: Zerodha lists algo trading support, while Punch Trade does not currently mention it.
Basket trading: Zerodha and Punch Trade both list basket trading.
Foreign stocks platform: Neither broker currently highlights foreign stocks access.
Mutual fund platform: Zerodha lists a mutual fund investment platform, while Punch Trade does not currently mention it.
Digital gold platform: Neither broker currently highlights digital gold investing.
Bonds platform: Zerodha lists a bonds investment platform, while Punch Trade does not currently mention it.
Zerodha vs Punch Trade — Complete Comparison of Trading Platforms
| Trading Platform | Zerodha | Punch Trade |
|---|---|---|
| Android App | Zerodha Android App Link | Download |
| iOS App | Zerodha iOS App Link | Not available (in development) |
| Web Trading Platform | Zerodha Web Trading Link | Yes (punch.trade) |
| Trading Terminal | NA | Not available |
| Algo Trading Platform | Available | Not available |
| Foreign Stocks Platform | NA | Not available |
| Basket Trading Platform | Available | Yes — add to Trading Platforms |
| Mutual Fund Platform | Available | Not available |
| Digital Gold Platform | NA | Not available |
| Bonds Platform | Available | Not available |
Zerodha highlights trading features including watchlists, real-time updates, portfolio tracking, online mutual fund access, interactive charts and live market tracking, while Punch Trade promotes watchlists, real-time updates, portfolio tracking, research reports, interactive charts and live market tracking. The table below shows the full feature set for both brokers side by side.
Wishlist: Monitor specific stocks or assets by adding them to a watchlist for close tracking. Both Zerodha and Punch Trade offer this feature.
Real time updates: Get timely updates on market trends, stock prices, and other market data. Both Zerodha and Punch Trade offer this feature.
Portfolio details: A detailed snapshot of all investments — stocks, bonds, and commodities — in one place. Both Zerodha and Punch Trade offer this feature.
Online mf buy: Buy or sell mutual funds directly from the trading platform or mobile application. Zerodha offers this; Punch Trade does not currently highlight it.
Research reports: A comprehensive overview of different stocks and sectors in the stock market. Punch Trade offers this; Zerodha does not currently highlight it.
Interactive charts: Visual price movement charts to help analyse when to buy or sell. Both Zerodha and Punch Trade offer this feature.
Live market: Live updates on market movements and trends. Both Zerodha and Punch Trade offer this feature.
Secure platform: A secure trading environment with next-generation security controls. Both Zerodha and Punch Trade offer this feature.
Zerodha vs Punch Trade — Comprehensive Comparison of Trading Features
| Trading Feature | Zerodha | Punch Trade |
|---|---|---|
| Wishlist | Yes | Yes |
| Real-Time Updates | Yes | Yes |
| Portfolio Details | Yes | Yes |
| Online MF Buy | Yes | No |
| Research Reports | No | Yes |
| Global Indices | No | No |
| Customised Recommendations | No | No |
| Stock Tips | No | No |
| Interactive Charts | Yes | Yes |
| Live Market | Yes | Yes |
| Multi Profile Management | No | No |
| Robust & Secure Platform | Yes | Yes |
Stockbrokers use promotional offers to attract and retain clients. Below is a side-by-side comparison of the offers currently listed by Zerodha and Punch Trade.
Free account opening: Punch Trade lists free account opening, while Zerodha does not currently mention it.
Free AMC: Punch Trade lists free Demat AMC, while Zerodha does not currently mention it.
Free brokerage: Zerodha lists free brokerage, while Punch Trade does not currently mention it.
Flat brokerage: Zerodha and Punch Trade both list flat brokerage pricing.
Flexible brokerage plans: Neither broker currently highlights flexible brokerage plans.
Happy trading hours: Neither broker currently highlights happy trading hours.
Free delivery trading: Zerodha lists free delivery trading, while Punch Trade does not currently mention it.
Free intraday trading: Neither broker currently highlights free intraday trading.
Free F&O trading: Neither broker currently highlights free F&O trading.
Free research reports: Neither broker currently highlights free research reports.
Free trading calls: Neither broker currently highlights free trading calls.
Zero brokerage for loss trades: Neither broker currently highlights zero brokerage for loss-making trades.
Referral offers: Zerodha offers 10% + 300 Points per Client for referrals; Punch Trade does not currently list a referral offer.
Zerodha vs Punch Trade — Comparison of Latest Offers
| Offer | Zerodha | Punch Trade |
|---|---|---|
| Free Account Opening | No | Yes |
| Free AMC | No | Yes |
| Free Brokerage | Yes, Limited | No |
| Flat Brokerage | Yes | Yes (₹1/order) |
| Flexible Brokerage Plans | No | No |
| Happy Trading Hours | No | |
| Free Delivery Trading | Yes | No |
| Free Intraday Trading | No | No |
| Free F&O Trading | No | No |
| Free Research Reports | No | No |
| Free Trading Calls | No | No |
| Referral Offers | 10% + 300 Points per Client | No |
| Margin Funding / Pledging | Yes | No |
| Brokerage Cashback | No | No |
| Zero Brokerage for Loss-Making Trades | No | No |
Product availability determines whether a broker can support your preferred markets. Zerodha highlights equity delivery, equity intraday, equity futures, equity options, commodity futures, commodity options and currency futures, while Punch Trade highlights equity delivery, equity intraday, equity futures and equity options.
The table below compares the full product lineup side by side across equity delivery, equity intraday, equity futures, equity options, commodity futures, commodity options, currency futures, currency options, mutual funds, corporate bonds, government bonds and bonds.
Zerodha vs Punch Trade — Complete Comparison of Products
| Product | Zerodha | Punch Trade |
|---|---|---|
| Equity Delivery | Yes | Yes |
| Equity Intraday | Yes | Yes |
| Equity Option | Yes | Yes |
| Equity Future | Yes | Yes |
| Commodity Option | Yes | No |
| Commodity Future | Yes | No |
| Currency Option | Yes | No |
| Currency Future | Yes | No |
| Foreign Stocks | No | Not available |
| Mutual Funds | Yes | Not available |
| Banking | No | Not available |
| Insurance | No | Not available |
| Corporate Bonds | Yes | Not available |
| Government Bonds | Yes | Not available |
| Digital Gold | No | Not available |
Demat services: Zerodha and Punch Trade both list Demat services.
Trading services: Zerodha and Punch Trade both list trading services.
Intraday services: Zerodha and Punch Trade both list intraday trading services.
F&O services: Zerodha and Punch Trade both list F&O services.
IPO services: Zerodha lists IPO services, while Punch Trade does not currently mention it.
3-in-1 account: Neither broker currently highlights 3-in-1 account support.
Stock research: Punch Trade lists stock research, while Zerodha does not currently mention it.
Stock recommendations: Neither broker currently highlights stock recommendations.
Trading education: Zerodha lists trading education, while Punch Trade does not currently mention it.
Share pledging: Zerodha lists share pledging, while Punch Trade does not currently mention it.
PMS or PCG: Neither broker currently highlights PMS or PCG support.
NRI services: Neither broker currently highlights NRI services.
Zerodha provides Demat services, trading services, intraday trading, F&O trading, IPO access and trading education, while Punch Trade offers Demat services, trading services, intraday trading, F&O trading and stock research.
Zerodha vs Punch Trade — In-Depth Comparison of Services
| Service | Zerodha | Punch Trade |
|---|---|---|
| Demat Services | Yes | Yes |
| Trading Services | Yes | Yes |
| Intraday Services | Yes | Yes |
| F&O Services | Yes | Yes |
| IPO Services | Yes | No |
| 3-in-1 Account | No | No |
| Stock Research | No | Yes |
| Stock Recommendations | No | No |
| Trading Education | Yes, Zerodha Varsity | No |
| Share Pledging | Yes | No |
| PMS or PCG | No | No |
| NRI Services | No | No |
Stock advisory helps investors choose appropriate stocks through research reports, tips, and market reviews. The table below shows which advisory products are available from Zerodha and Punch Trade.
Zerodha and Punch Trade — Detailed Comparison of Advisory Services
| Advisory | Zerodha | Punch Trade |
|---|---|---|
| Fundamental Reports | Yes | Yes |
| Research Reports | No | Yes |
| Company Reports | No | No |
| Annual Reports | No | No |
| IPO Reports | Yes | No |
| Technical Reports | Yes | No |
| Stock Tips | No | No |
| Daily Top Stock Picks | No | No |
| Daily Market Review | No | No |
| Monthly Review | No | No |
| Weekly Review | Yes | No |
| Relationship Manager | No | No |
| Robo Advisory | Yes | No |
Margin exposure allows traders to manage larger positions with less capital. Below is a comparison of the margin available from Zerodha and Punch Trade across different segments.
Zerodha and Punch Trade — Comprehensive Comparison of Trading Exposure
| Exposure | Zerodha | Punch Trade |
|---|---|---|
| Equity Delivery | 1x | 1x |
| Equity Intraday | Upto 5x (Depends on Stocks) | Up to 5x |
| Equity F&O Carry Forward | 1x | 1x (exchange margin only) |
| Equity F&O Intraday | 1.3x | 1x (exchange margin only) |
| Commodity F&O Carry Forward | 1x | Not applicable |
| Commodity F&O Intraday | 1.3x | Not applicable |
| Currency F&O | 1x | Not applicable |
Zerodha lists a sub-broker program, while Punch Trade does not currently mention it. Zerodha lists a partner program, while Punch Trade does not currently mention it. Zerodha and Punch Trade both list a referral program.
Zerodha vs Punch Trade — Comparative Analysis of Programs
| Program | Zerodha | Punch Trade |
|---|---|---|
| Sub-Broker Program | Yes, Limited | |
| Partner Program | Yes | |
| Referral Program | Yes | Yes (Punch Champions) |
Zerodha provides support through trading desk support, dedicated dealer assistance, call support, email support and website support. Punch Trade provides support through trading desk support, call support, email support, website support and Facebook support.
Zerodha and Punch Trade — Comprehensive Comparison of Customer Support
| Support Channel | Zerodha | Punch Trade |
|---|---|---|
| Trading Support | Available, Chargeable | +91 79482 22271 |
| Dedicated Dealer | Available, Chargeable | |
| Call Support | 080-47181888, 9513369973 | +91 79410 57311 |
| Email Support | [email protected] | [email protected] |
| WhatsApp Support | NA | |
| Website Support | Website Link | Punch Trade |
| Facebook Support | Facebook Support Link | Facebook Support Link |
| Twitter / X Support | Twitter Support Link | — |
| Telegram Support | Telegram Support Link | — |
| Branches / Offices | NA |
Both brokers have been evaluated across key parameters to help investors make an informed comparison. Zerodha carries an overall rating of 9.85 / 10, while Punch Trade carries an overall rating of 7.5/10.
Zerodha vs Punch Trade — Ratings Comparison
| Rating Parameter | Zerodha | Punch Trade |
|---|---|---|
| Overall Rating | 9.85 / 10 | 7.5/10 |
| Customer Support | 9.81 / 10 | 6.5/10 |
| Technology | 9.97 / 10 | 8.5/10 |
| Charges | 9.89 / 10 | 9.5/10 |
| Products & Services | 9.79 / 10 | 6.5/10 |
| Experience | 9.77 / 10 | 8.0/10 |
SEBI, BSE, and NSE regularly publish broker complaint data as part of investor protection oversight. The table below shows the complaint records for both brokers.
Zerodha & Punch Trade — Comparison of Customer Complaints
| Complaint Metric | Zerodha | Punch Trade |
|---|---|---|
| Total Complaints Lodged | 339 | |
| Total Complaints Resolved | 307 | |
| % of Resolved Complaints | 90.56% | |
| Non-Actionable Complaints | 20 | |
| % of Non-Actionable Complaints | 5.90% |
Transaction charges are levied by the stockbroker for executing each trade. Below is a segment-wise comparison for Zerodha and Punch Trade.
Zerodha vs Punch Trade — Detailed Comparison of Transaction Charges
| Transaction Charges | Zerodha | Punch Trade |
|---|---|---|
| Equity Delivery | 0.00325% (NSE) & 0.00375% (BSE) | NSE: 0.00297% | BSE: 0.00375% |
| Equity Intraday | 0.00325% (NSE) & 0.00375% (BSE) | NSE: 0.00297% | BSE: 0.00375% |
| Equity Future | 0.0019% (NSE & BSE) | NSE: 0.03503% (on premium) | BSE: 0.0325% (on premium) |
| Equity Option | 0.05% (on premium) | NSE: 0.00173% | BSE: 0 |
| Commodity Future | 0.0021% (Non-Agri) / 0.006% (Agri) / 0.0005% (Special) | |
| Commodity Option | 0.05% (Non Agri) | |
| Currency Future | 0.0009% (NSE) & 0.00025% (BSE) | |
| Currency Option | 0.035% (NSE) & 0.001% (BSE) |
Pledge creation charges apply when traders borrow against their held securities. Pledge invocation charges apply if the pledged shares are sold due to a shortfall. Margin trading interest is the rate charged on borrowed funds.
Zerodha & Punch Trade — Comprehensive Comparison of Pledge Charges
| Pledge Charge | Zerodha | Punch Trade |
|---|---|---|
| Pledge Creation Charges | Rs.30 per Request | |
| Pledge Invocation Charges | Nil | |
| Margin Trading Interest | 0.05% per day |
Beyond brokerage, several statutory and operational charges apply. These include SEBI turnover fees, DP charges, GST, account closure, reactivation, dematerialisation, and call & trade charges.
Zerodha and Punch Trade — Detailed Comparison of Hidden / Other Charges
| Charge | Zerodha | Punch Trade |
|---|---|---|
| SEBI Turnover Charges | Rs.10/ Crore (All Segment) | ₹10/crore |
| DP Charges | Rs.13.5 per Scrip on Sell | ₹3.50 + 18% GST per order |
| GST | 18% on (Brokerage + SEBI + Transaction charges) | 18% on (brokerage + SEBI charges + transaction charges) |
| Account Closure Charges | Rs.25 | |
| Reactivation Charges | Rs.20 | |
| Dematerialisation Charges | Rs.30 per Certificate | |
| Call & Trade Charges | Rs.30 per Certificate | ₹50 (incl. GST) |
Zerodha lists account opening charges of Rs.200 – Rs.300 and Demat AMC of Rs.300 per Year. Punch Trade lists account opening charges of ₹0 (Free) and Demat AMC of ₹0 (Free).
Zerodha vs Punch Trade — Detailed Comparison of Demat Charges
| Demat Charges | Zerodha | Punch Trade |
|---|---|---|
| Account Opening Charges | Rs.200 – Rs.300 | ₹0 (Free) |
| Annual Maintenance Charges (AMC) | Rs.300 per Year | ₹0 (Free) |
Securities Transaction Tax (STT) and Commodity Transaction Tax (CTT) are government levies — the same for all brokers in India. These are shown below for reference.
Zerodha vs Punch Trade — Comparative Analysis of STT and CTT Charges
| STT & CTT | Zerodha | Punch Trade |
|---|---|---|
| Equity Delivery | 0.1% on buy & sell | |
| Equity Intraday | 0.025% on the sell side | |
| Equity Future | 0.02% on sell side | |
| Equity Option | 0.1% on sell side (on premium) | |
| Commodity Future | ||
| Commodity Option | ||
| Currency Future | ||
| Currency Option |
Stamp duty is a government tax charged when the broker issues, sells, or transfers a security. It is collected at the end of each trading day.
Zerodha and Punch Trade — Comparison of Stamp Duty Charges
| Stamp Duty | Zerodha | Punch Trade |
|---|---|---|
| Equity Delivery | 0.1% on buy & sell | 0.015% buy side only (government-mandated rate) |
| Equity Intraday | 0.025% on sell | 0.025% on the sell side |
| Equity Future | 0.0125% on sell | 0.1% on sell side (on premium) |
| Equity Option | 0.125% on buy, 0.0625% on sell | 0.02% on sell side |
| Commodity Future | 0.01% on sell | |
| Commodity Option | 0.05% on sell | |
| Currency Future | Nil | |
| Currency Option | Nil |