0.50% Default delivery brokerage		₹20 F&O (Derivative Value Plan ₹199/yr)		3-in-1 Bank + Trading + Demat
₹999 Account opening charge		2M+ Active clients		3.9/5 CSB Rating

HDFC Securities Limited (HSL) is a full-service stockbroker incorporated in 2000 as a subsidiary of HDFC Bank — one of India's two largest private sector banks. Following the 2023 merger of HDFC Ltd with HDFC Bank, HDFC Securities benefits from the consolidated HDFC group's massive balance sheet and branch network. Registered with SEBI, and a member of NSE, BSE, and MCX (as well as both NSDL and CDSL depositories), HDFC Securities serves over 2 million active clients as of 2026, ranking among India's top five brokers by trading volumes.

Like ICICI Direct, HDFC Securities is a full-service broker — its primary value proposition is the combination of HDFC Bank's 3-in-1 account (bank + trading + demat), research and advisory services, relationship manager access, and physical branch support, rather than rock-bottom brokerage. The default brokerage of 0.50% on delivery is higher than ICICI Direct's 0.29% and significantly higher than discount brokers' ₹0. However, the Derivative Value Plan at just ₹199/year brings F&O brokerage to ₹20/order, matching discount broker rates. The Equity Value Plans (₹199–₹5,999/year) reduce delivery brokerage to as low as 0.10%. Understanding these plans is critical before opening an account.

Important caveats on account opening: HDFC Securities charges ₹999 for account opening — unlike most brokers that offer free account opening. Additionally, Value Plans (including the Derivative Value Plan) are only available to customers who have an HDFC Bank savings account linked with an active Power of Attorney (POA). Non-HDFC bank customers can still open a 2-in-1 account (trading + demat) but cannot access Value Plan rates.

Brokerage (default plan)

1.9

Brokerage (Deriv Value Plan)

3.7

Research & advisory

4.4

3-in-1 account & banking

4.6

NRI support

4.2

Trading platform

3.8

Customer support

4.1

Trust & brand stability

4.8

Overall Rating

3.9

Ratings based on independent testing, verified user reviews, SEBI complaint data, and platform benchmarking. Updated March 2026. Default brokerage rated separately from Derivative Value Plan as they represent meaningfully different cost structures.

All charges verified from hdfcsec.com (official), Chittorgarh, InvestorGain, and Paisowala as of March 2026. HDFC Securities has two tiers: a Standard plan (default, high brokerage) and Value plans (subscription-based, lower brokerage). Understanding which plan applies to you is critical before trading.

Reduces all derivatives to ₹20/order. First year free on new account opening. Auto-renews annually. Requires HDFC Bank linked account + active POA. Applicable only for resident customers.

Reduces delivery brokerage from 0.50% to as low as 0.10%. Valid for 360 days, auto-renews. Requires HDFC Bank + POA.

Note: Exact plan brokerage rates vary. Verify current rates from hdfcsec.com/brokerage-plans. Rates above are approximate ranges from Chittorgarh and InvestorGain (March 2026).

HDFC Securities' 3-in-1 account integrates an HDFC Bank savings account, HDFC Securities trading account, and HDFC Bank demat account. This creates seamless settlement: share purchases are automatically debited from the linked bank, sale proceeds settle into the bank account without manual transfer instructions. The ₹999 account opening fee includes all three accounts. You can link up to five HDFC Bank savings accounts and five demat accounts to one trading account. For existing HDFC Bank customers, the trading account can be added to an existing bank account by simply opening an incremental trading account.

enCash is HDFC Securities' same-day payout facility. When you sell shares, the proceeds — up to ₹5 lakh — are credited to your linked HDFC Bank account on the same day, without waiting for T+2 settlement. This applies to selective stocks and normal delivery brokerage is charged. For investors who frequently sell holdings and want immediate access to funds for reinvestment or withdrawal, enCash removes the 2-day settlement delay. The facility is available on the website and app.

InvestRight App (Android and iOS): HDFC Securities' primary mobile platform with 4.7 Play Store rating and 10L+ downloads. Features include live market data, options Greeks, payoff visualization, position analytics, portfolio tracker, IPO application, and trade summaries. InvestRight Web: Revamped browser-based platform compatible with Chrome, Safari, and Firefox for seamless desktop trading. ProTerminal: A paid (₹1,999/year, included free with Derivative Value Plan) installable desktop trading terminal designed for professional and active traders. Features include real-time streaming data, sentiment analysis, predictive data analysis, global market trends, news analysis, 100+ technical indicators, and advanced charting. Digify/HDFC Money: A separate digital platform for mutual fund investment that does not require a demat or trading account — for customers who only want to invest in MF. NxtOption and InstaOptions: Dedicated advanced options trading platforms available to derivatives subscribers.

HDFC Securities maintains a full research desk providing stock recommendations (buy/sell/hold with price targets), sector reports, IPO analysis, daily market commentary, technical and fundamental research, and mutual fund ready reckoners. Research is available free to all account holders. Arya is HDFC Securities' AI-powered intelligent chatbot for voice-enabled investing — available to place orders, check portfolio, and navigate the platform by voice command. The research team covers BSE 500 stocks and key sectoral themes.

HDFC Securities covers 30+ products: Equity (delivery, intraday, BTST), Equity F&O, Currency Derivatives, Commodity (MCX), Mutual Funds (30+ AMCs, SIP, ELSS), IPO, ETF (zero brokerage in Value 3999/5999 plans), Bonds, NCDs, Corporate Fixed Deposits, Sovereign Gold Bonds, G-Secs and T-Bills, NPS, Insurance, US Stocks (HDFC Global Investing), Smallcase (Basket Investing), Stock SIP (systematic equity purchase), and PMS/AIF for HNI clients. BSPL (Buy Stocks Pay Later) is HDFC's MTF facility with 4x buying power.

• You are an HDFC Bank customer who wants a seamless 3-in-1 account — the integration between HDFC Bank savings, trading, and demat accounts is the smoothest available, with enCash adding same-day payout capability up to ₹5 lakh.
• You are an F&O trader who wants ₹20/order at an institutional broker — subscribe to the Derivative Value Plan (₹199/year, first year free) immediately after opening. This brings F&O to ₹20/order with HDFC Bank's institutional trust and includes ProTerminal access.
• You are an NRI outside US/Canada who wants a full-service Indian broker — HDFC Securities offers NRE/NRO PIS accounts with equity, F&O, MF, and IPO access. The HDFC Bank NRI banking relationship makes fund management seamless.
• You want SEBI-backed research and professional advisory — full research team covering 500+ stocks, IPOs, and mutual funds at no extra cost.
• You want 250+ physical branches for in-person support — HDFC Bank's branch network provides the most extensive physical support of any broker in India.

• You don't have an HDFC Bank account — without HDFC Bank + POA, you cannot access Value plan rates. Non-HDFC bank customers are stuck on the expensive Standard plan (0.50% delivery). Consider ICICI Direct instead for a comparable full-service experience.
• You are a US or Canada-based NRI — explicitly not served. Use ICICI Direct which supports US-based NRI account opening online.
• You want a free professional trading terminal — ProTerminal costs ₹1,999/year if not on Derivative Value Plan. Zerodha, Dhan, TradeSmart all offer free terminals.
• You want the lowest possible F&O brokerage — ₹20/order (with Derivative Value Plan) matches discount brokers but mStock and Shoonya offer ₹5/order, 4x cheaper.

HDFC Securities and HDFC SKY are two separate products under the HDFC umbrella and serve fundamentally different customer profiles. HDFC SKY is a discount broker — ₹0 delivery, ₹20 F&O, ₹0 account opening, ₹240/year AMC, modern app-first interface, no relationship manager. HDFC Securities is a full-service broker — percentage-based brokerage (0.50% default delivery), ₹999 account opening, ₹750/year AMC, research desk, relationship manager, physical branch support, 3-in-1 banking integration. Existing HDFC Bank customers who want banking integration and research support: HDFC Securities. Cost-conscious traders and investors wanting zero delivery brokerage and modern platforms: HDFC SKY.