Dhan has quickly become popular among traders because of its fast execution, clean UI, and zero fixed cost model. But like every broker, your real expense includes brokerage + DP charges + taxes—not just “free delivery.”
Here’s a full, practical breakdown:
What is Dhan?
Dhan is a technology-first discount broker focused on:
- Active traders (intraday & F&O)
- Long-term investors (₹0 delivery)
- Advanced tools & fast order execution
It stands out because of zero AMC + low DP charges + trader-friendly pricing.
1. Account Opening & AMC Charges
Dhan follows a true zero fixed cost model.
Account Opening:
- ₹0 (Free)
Annual Maintenance Charges (AMC):
- ₹0 (Lifetime Free)
Key Insight:
- No AMC ever
- No hidden subscription charges
👉 This makes Dhan one of the cheapest platforms for long-term investors.
2. Dhan Brokerage Charges (Segment-wise)
Dhan offers a balanced pricing model—free for investors, capped for traders.
(A) Standard Brokerage
| Segment | Brokerage |
| Equity Delivery | ₹0 |
| Equity Intraday | Lower of ₹20 or 0.03% |
| Futures | Lower of ₹20 or 0.03% |
| Options | ₹20 per order |
| Mutual Funds | ₹0 |
| IPO / ETFs | ₹0 |
Important Notes:
- Delivery investing → completely free
- Intraday/Futures → capped at ₹20
- Options → flat ₹20
(B) Special Benefit for Women
- 50% brokerage discount
- Max ₹10 per order (instead of ₹20)
👉 Example:
- Intraday trade → ₹10 max
- Options trade → ₹10 max
Key Insight (Very Important)
Dhan is ideal when:
- You want zero AMC + free delivery investing
- You are an active trader (low capped brokerage)
- You are a female investor (extra discount)
3. Depository Participant (DP) Charges
DP charges apply when you sell delivery shares.
Standard DP Charges:
- ₹12.50 + GST per stock (per scrip per day)
Why This Matters:
- Lower than most brokers (₹15–₹20 range)
- Reduces cost for frequent investors
Important Points:
- Charged only on sell side
- Not applicable for intraday/F&O
- Per stock, not per quantity
👉 Selling 1 or 100 shares = same DP charge
4. Statutory Taxes & Regulatory Charges (2026)
These are fixed and apply across all brokers.
(A) STT – Securities Transaction Tax
| Segment | STT |
| Equity Delivery | 0.1% (Buy & Sell) |
| Intraday | 0.025% (Sell only) |
| Futures | 0.05% (Sell only) |
| Options | 0.15% (On premium) |
👉 2026 Update:
F&O STT increased → trading cost higher
(B) Exchange Transaction Charges
- Equity: ~0.00297%
- Futures: ~0.00173%
- Options: ~0.03503%
(C) GST
- 18% on:
- Brokerage
- DP charges
- Transaction charges
(D) SEBI Charges
- ₹10 per crore turnover (0.0001%)
(E) Stamp Duty
| Segment | Stamp Duty |
| Delivery | 0.015% (Buy only) |
| Intraday | 0.003% |
| Futures | 0.002% |
| Options | 0.003% |
5. Other Service Charges
These apply in specific situations.
- Call & Trade: ₹50 per order
- Auto Square-off: ₹20 + GST
- Pledge/Unpledge: ₹12.50 + GST per ISIN
- Physical Statement: ₹50 + courier
- Demat/Remat: ₹150 + courier
- Payment Gateway:
- UPI/IMPS → Free
- Net banking → small fee
6. Real Cost Example
Let’s take a delivery trade:
- Buy ₹1,00,000 stock
- Sell later
Charges:
- Brokerage → ₹0
- DP charge → ₹12.50
- STT → 0.1% buy + sell
- GST & others → small
👉 Total ≈ ₹50–₹120 (very low compared to others)
Pros of Dhan Charges
- Zero AMC (lifetime)
- Free delivery investing
- Lowest DP charges in market
- Special discount for women
- Strong for active traders
Cons (Reality Check)
- ₹20 still applies for active trading
- No deep research like full-service brokers
- Platform is trader-focused (not beginner-heavy guidance)
Final Verdict
Dhan is one of the most cost-efficient brokers in India (2026).
- Long-term investors → excellent (₹0 cost structure)
- Traders → competitive pricing + fast platform
- Female investors → extra advantage (₹10 cap)
If your goal is minimum cost + modern trading tools, Dhan is easily among the top choices right now.