Zerodha, India's largest retail brokerage, has announced that its users saved an estimated ₹25,620 crore in brokerage fees over the last decade. Nithin Kamath, the company's CEO, attributed these substantial savings to Zerodha's pioneering zero-brokerage model for equity delivery trades.
Billions Saved Through Zero-Brokerage Model
Kamath shared that these savings were calculated by comparing Zerodha's model against a traditional 0.3% brokerage charge between 2016 and 2025. Even when benchmarked against a lower 0.1% rate, users still saved ₹8,540 crore. Furthermore, under Zerodha's own pricing structure, customers paid ₹2,518 crore less during the same period.
The highest savings were observed during the post-pandemic trading surge, with an estimated ₹7,000 crore saved in 2024 and ₹5,200 crore in 2025 under the 0.3% comparison. For 2026 so far, the savings stand at an estimated ₹1,705 crore.
Independence Fuels Customer-First Philosophy
Kamath emphasized that Zerodha's ability to maintain its zero-brokerage policy and other customer-centric practices stems from its decision to avoid external funding and investor pressures. "Not having to answer to investors or chase revenue targets is a huge advantage and, honestly, a blessing," he stated. This independence, he added, allows the company to uphold core principles such as not spamming users, not tracking behavior, and maintaining consistent pricing across all customers.
Commitment to Ethical Practices
In a blog post, Zerodha reiterated its commitment to practices that prioritize customer interests over revenue generation. The company highlighted several actions it deliberately avoids:
- Not sending notifications designed to encourage more trading.
- Not pushing margin funding (MTF) to prompt borrowing and trading.
- Maintaining uniform pricing for trading, MTF, and other services.
- Not cross-selling other financial products.
- Not engaging in direct advertising.
- Not tracking or mining user data to find new revenue extraction methods.
Zerodha noted that this model is sustainable precisely because it has not raised external capital, eliminating pressure to meet growth numbers for investors.
Growth Through Referrals
Despite its no-advertising stance, Zerodha continues to grow significantly, with 25% to 30% of its new accounts originating from customer referrals. "Traders and investors who use Zerodha like what they see and tell their friends and family," the company stated, underscoring the power of organic growth driven by user satisfaction.
Kamath acknowledged that adhering to these principles is not always easy, especially when observing the performance of other listed brokers. However, Zerodha's philosophy remains steadfast: "We'd rather grow with our customers than at their expense."