Zerodha Brokerage Calculator Excel Formula

The Zerodha brokerage calculator Excel formula lets you compute the brokerage, securities transaction tax (STT), and other charges for equity deliveries, intraday trades, and F&O trades directly in a spreadsheet. You enter the trade type, buy/sell price, quantity, and exchange, and the formula returns the total charge per trade. This article explains the exact formula structure, how to set it up in Excel, and how to use it to verify Zerodha’s own calculator.

Formula

The core formula for Zerodha brokerage on equity trades is:

• Delivery trades: Brokerage = ₹0 (free), but STT = 0.1% on both buy and sell value.
• Intraday trades: Brokerage = 0.025% per executed order, capped at ₹20 per order. STT = 0.025% on sell value only.
• F&O trades: Brokerage = ₹20 per executed order (flat). STT = 0.05% on sell value (options) or 0.0125% on sell value (futures).

In Excel, the formula typically looks like this (for a cell):

=MIN(20, 0.00025*BUY_PRICE*QUANTITY) + MIN(20, 0.00025*SELL_PRICE*QUANTITY)

For delivery, the brokerage is simply 0. The total charge includes brokerage + STT + exchange transaction charges (0.00002 or 0.0001) + SEBI fees (0.00002) + GST (18% on brokerage and transaction charges). The exact rates vary by exchange and segment, so always verify with the latest tariff sheet.

Worked Example

Using the default values from the calculator: Buy price = ₹100, Sell price = ₹105, Quantity = 100, Trade type = Delivery, Exchange = NSE.

1. Buy value = 100 × 100 = ₹10,000
2. Sell value = 105 × 100 = ₹10,500
3. Brokerage = 0 (delivery)
4. STT = 0.001 × (10,000 + 10,500) = ₹20.50
5. Exchange transaction charges = 0.00002 × (10,000 + 10,500) = ₹0.41
6. SEBI fees = 0.00002 × (10,000 + 10,500) = ₹0.41
7. GST = 18% of (0 + 0.41 + 0.41) = ₹0.15
8. Total = 0 + 20.50 + 0.41 + 0.41 + 0.15 = ₹21.47

The calculator block gives ₹21.47 for the total, matching this step-by-step calculation.

Why Build Your Own Excel Formula?

Zerodha provides a web-based calculator, but an Excel version is useful for:

• Comparing scenarios offline without internet.
• Keeping a personal record of past trades with charges.
• Adjusting for changes in tax rates or new charges.
• Automating calculations for multiple trades at once.

It also helps you understand exactly how each charge is computed, which can be opaque on the website.

How to Set Up the Excel Formula

Follow these steps to create your own calculator in Excel:

1. Open a new spreadsheet and label columns: Trade Type, Buy Price, Sell Price, Quantity, Exchange.
2. In the Brokerage column, enter: =IF(A2="Delivery",0,MIN(20,0.00025*B2*D2)+MIN(20,0.00025*C2*D2))
3. In the STT column, enter: =IF(A2="Delivery",0.001*(B2*D2+C2*D2),IF(A2="Intraday",0.00025*C2*D2,0.0005*C2*D2))
4. Add columns for Exchange transaction charges, SEBI fees, GST, and Total.
5. Use absolute references for rates if you want to change them easily.

Remember to use the correct STT for F&O: futures 0.0125% on sell, options 0.05% on sell. The formula above uses 0.05% for both, which is a simplification.

Common Mistakes and Pitfalls

• Mixing up buy and sell STT: STT is charged on both sides for delivery, but only on sell for intraday and F&O.
• Using wrong brokerage cap: The ₹20 cap is per order, not per trade. If you buy and sell, that’s two orders, so two caps.
• Ignoring GST: GST is applied to brokerage and transaction charges, not to STT or SEBI fees.
• Rounding errors: Charges are rounded to the nearest paisa, so round your final total to 2 decimals.

Limitations of the Formula

This formula works for standard equity and F&O trades on NSE/BSE. It does not cover:

• Commodity trades (different rates).
• Currency derivatives (different STT and transaction charges).
• Delivery of F&O contracts (rare, but has different STT).
• Special schemes like brokerage-free delivery (already included) or any new regulatory changes.

Always cross-check with Zerodha’s official calculator or your contract note for actual charges.

Frequently Asked Questions

Is Zerodha brokerage really zero for delivery?

Yes, Zerodha charges ₹0 brokerage on equity delivery trades. However, you still pay STT, exchange transaction charges, SEBI fees, and GST. So “zero brokerage� does not mean zero cost.

How is STT calculated on intraday trades?

STT on intraday equity is 0.025% of the sell value only. For example, if you sell ₹10,000 worth of shares intraday, STT is ₹2.50. There is no STT on the buy side for intraday.

What is the ₹20 cap on brokerage?

For intraday and F&O trades, Zerodha charges 0.025% (or ₹20 per order for F&O) but never more than ₹20 per executed order. So a trade of ₹1,00,000 would cost ₹20, not ₹25.

Can I use this formula for options trading?

Yes, but you need to adjust the STT rate. For options, STT is 0.05% on the sell value (premium). The brokerage remains ₹20 per order. The formula above uses 0.05% for both futures and options; for futures, use 0.0125%.

Does the formula include GST?

Yes, the total in the calculator includes 18% GST on brokerage and transaction charges. GST is not applied to STT or SEBI fees.

Why does my contract note show slightly different charges?

Contract notes may include additional charges like stamp duty (0.005% on buy) or regulatory fees. The formula covers the main charges but may not include every minor fee. Always refer to the official tariff sheet.

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in t | Trade type | Delivery=1, Intraday=2, F&O=3 | 1 | 0
in p | Buy price | ₹ | 100 | 0
in q | Quantity | shares | 100 | 0
in s | Sell price | ₹ | 105 | 0
in ex | Exchange | NSE=1, BSE=1 | 1 | 0
out brokerage | Brokerage | ₹ | IF(t=1,0,IF(t=2,MIN(20,0.00025*p*q)+MIN(20,0.00025*s*q),MIN(20,0.00025*p*q)+MIN(20,0.00025*s*q))) | 2
out stt | STT | ₹ | IF(t=1,0.001*(p*q+s*q),IF(t=2,0.00025*(p*q+s*q),0.0005*(p*q+s*q))) | 2
out total | Total charges | ₹ | brokerage+stt+0.00002*(p*q+s*q)+0.0001*(p*q+s*q)+0.00002*(p*q+s*q) | 2